ARLINGTON, TEXAS — UCR Investment Sales has arranged the sale of Arlington Park Square, a 94,125-square-foot retail center located in Arlington. The property is located at the northeast corner of South Cooper Street and West Arbrook Boulevard. The Parks at Arlington Mall anchors the property. Fitness Connection is the shadow anchor. The property was 47 percent occupied at the time. Five retail pad sites, including ground leases for Jack in the Box, Rockfish Seafood Grill and Raising Cane’s, were also part of the transaction. Adam Howells, Jace Hinderland and Jessica Donnelli of UCR marketed the property on behalf of the Dallas-based seller. Bo Avery, president of TriMarsh Properties, purchased the center for an undisclosed sales price.
LOS ANGELES – A joint venture between Barker Pacific Group and Rockwood Capital has purchased Westlake Spectrum, a 107,381-square-foot office property in the Los Angeles submarket of Westlake Village, for an undisclosed sum. The Class A property is situated near the 101 Freeway in an area known as the Technology Corridor. The two-building property is about 85 percent occupied. The main tenant is Securitas USA, a private security services firm. The seller was TA Associates.
PORTLAND, ORE. – A fund sponsored by CBRE Global Investors has acquired Arbor Heights, a 348-unit apartment community south of Portland, for an undisclosed sum. The garden-style community is located at 15199 SW Royalty Parkway in Tigard. The community is currently 96 percent occupied. The team will execute a capital improvement program to address deferred maintenance, enhance curb appeal and upgrade certain interior features, as and well as common-area amenities. Unit upgrades will include updated lighting and plumbing fixtures, blinds, stainless steel appliances, new countertops and flooring. Common-area upgrades include clubhouse modernization, fitness center expansion and pool deck enhancements.
SAN PEDRO, CALIF. – The Bascom Group has acquired the 89-unit San Pedro Bank Lofts for $23.8 million. The loft-style apartment community is located at 407-409 West 7th Street in the Los Angeles submarket of San Pedro. The community is situated three blocks from the waterfront in the city’s Arts District. It was originally built in 2008 as a condominium project. San Pedro Bank Lofts features a fitness center and four public courtyards. This is the ninth multifamily acquisition for Bascom’s second discretionary equity fund. The fund is targeting well-located properties with value-add upside. Bascom plans to upgrade the units. The sale was executed by Brian Russell of Eastdil Secured. Debt financing was arranged by Brian Eisendrath and Brandon Smith of CBRE Capital Markets.
ALPHARETTA, GA. — Developer North American Properties (NAP), Alpharetta Mayor David Belle Isle and other dignitaries and business professionals officially opened Avalon for business yesterday morning. The $600 million development features single-family homes, chef-driven restaurants and national eateries, a Whole Foods Market, apparel retailers, a gym, 12-screen Regal theater, dog park and upscale apartment residences. Retail tenants include Arhaus, Banana Republic, Columbia, Everything But Water, J. Crew, lululemon athletica, Orvis, Pottery Barn Kids, Ted’s Montana Grill and West Elm. Phase II of Avalon, which has been approved for construction, includes 85,000 square feet of retail and restaurant space and is scheduled to open in fall 2016.
THOMSON, GA. — Hollander Sleep Products has selected Red Rock Developments to construct its 200,000-square-foot manufacturing and warehouse facility in Thomson. The property will be Hollander’s 10th manufacturing facility in the United States. The company’s bedding products include Laura Ashley, Ralph Lauren, Beautyrest and Waverly.
PONTE VEDRA BEACH, FLA. — Cocke Finkelstein Inc. (CFI) has acquired Remington at Ponte Vedra Lakes, a 344-unit apartment community in Ponte Vedra Beach, for $35.4 million. CFI’s apartment management subsidiary CFLane will manage the property, which was 96 percent occupied at the time of sale. Built in 1986, Ponte Vedra Lakes features a racquetball court, fitness center, playground, two swimming pools, car care center, dog park and lakeside vistas. The garden-style apartment community is located within a three-minute drive to public beach access. The property is the 40th Florida apartment community in CFLane’s management portfolio. CFI plans to implement a multimillion dollar renovation plan for the community in the near future.
LITHIA SPRINGS, GA. — PointOne Holdings has acquired Madison at Waterford Apartments, a 344-unit, Class B apartment community in Lithia Springs, for $18.7 million. PointOne Holdings will rebrand the community as Waterford Point. The apartment complex was 93 percent leased at the time of sale. The property’s amenity offerings include two swimming pools, two tennis courts, a fitness center, indoor racquetball court, car care center, detached garages, picnic areas and a walking trail. The apartment residences average 905 square feet. Walker & Dunlop arranged a $14.7 million acquisition loan through Freddie Mac on behalf of PointOne Holdings, which also plans to invest $2.4 million in capital improvements.
NEW YORK CITY — GFI Realty Services has arranged the sale of a four-building multifamily portfolio in Brooklyn’s Bay Ridge and Midwood neighborhoods for $60.3 million or $232,000 per unit. The properties include 465-476 84th Street in Bay Ridge, 2566 Ocean Avenue, 1745 East 12th Street and 1811 Quentin Road in Midwood. Daniel Shragaei and Yosef Katz of GFI represented both the buyer and the seller in the off-market transaction.
MASSAPEQUA, N.Y. — NorthMarq Capital has arranged $21.5 million in refinancing for Southgate Shopping Center in Massapequa. Located at 4900-4914 Merrick Road, the 117,960-square-foot center is occupied by King Kullen Supermarket and U.S. Post Office, among others. Charles Cotsalas and Ernest DesRochers of NorthMarq secured the loan, which features a 15-year term with 10 years interest-only payments and a 30-year amortization schedule. NorthMarq arranged the financing through its correspondent relationship with a life insurance company.