CULVER CITY, CALIF. – A 28-unit apartment complex in Culver City has sold to Trion Properties for $6.8 million. The community is located at 4620 South Slauson Ave. Robert Narchi of Marcus & Millichap represented both the buyer and unnamed seller in this transaction.
TEMPE, ARIZ. – Regional Acceptance Corp. has leased 40,000 square feet of space at Papago Technology Center in Tempe. The space is located at 1700 N. Desert Drive. Regional Acceptance is a division of BB&T Bank. It is a national auto finance company. Regional Acceptance was represented by JLL’s Jason Moore and Keith Lammersen. The landlord, WDP Partners, was represented by CBRE’s Bryan Taute.
LOS ANGELES – NAC|Architecture and Osborn Architects have leased 13,000 square feet in the Chinatown district of Los Angeles. The space is located at 837 North Spring Street. The lease is valued at $3.3 million. The space will serve as the new Los Angeles office for the two companies, which recently merged. The firms were represented by Armen Kazaryan of Lee and Associates. The landlord, Redcar Properties, was represented by Jim Jacobsen of Industry Partners.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-story mixed-use building located at 183-187 Avenue C in Manhattan’s Alphabet City neighborhood. Darwin Management sold the 24,534-square-foot building to Nader Shalom, a private investor, for $18.4 million. Built in 1910, the property features 43 residential units and three commercial units, which are occupied by Cafetico, a dry cleaner and a bodega. Additionally, the building features 1,090 square feet of air rights. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the deal.
INDIANAPOLIS — Milhaus Construction LLC has opened Phase I of Circa, a new Chatham-Arch historic district apartment development in Indianapolis. The $31 million project was built on the site of the former Mitchel & Scott Machine Co. at 617 N. College Ave. Circa includes 265 units, which consist of a mix of studios, one-, two- and three- bedroom units in five new apartment buildings. Three of the buildings are four stories high with private tuck-under parking garages. The other two buildings are five stories and include first floor open-air parking garages. Rents range from $900 to $2,500 per month. Construction on Phase II began earlier this summer on a half-acre site just north of Phase I. The four-story building will feature 29 apartments and 1,000 square feet of ground floor commercial space. Construction is expected to be complete by early summer of 2015. Milhaus Management LLC will manage the property. Milhaus Construction built the project. Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering collaborated on the design. Regions Bank provided the construction loan.
MAPLE GROVE, MINN. — Shingobee Builders Inc. has begun construction of a Paradise Car Wash and Detail Center in Maple Grove. The facility will be located at the former Champp’s restaurant site on Elm Creek Boulevard. The 15,600-square-foot building will provide a tunnel wash, three detail bays, customer lounge and support areas. Construction started in mid-August and is scheduled for completion early in 2015. The site is visible from I-94 and is located near the Maple Grove shopping area. Loretto, Minn.-based Shingobee Builders is a national commercial construction and development company that provides general contracting, project management and real estate services.
PRINCETON, N.J. — Cushman & Wakefield has arranged an $18 million loan for 750 College Road East in Princeton. The three-year, non-recourse loan, which was provided by Square Mile Capital Management LLC, features a floating rate. Built in 2001, the three-story, 100,000-square-foot office building is fully leased to two tenants. Gideon Gil, Sridhar Vankayala and Alex Lapidus of Cushman & Wakefield Equity, Debt and Structured Finance represented the borrower, an affiliate of ML7.
BRIDGETON, MO. — Hilliker Corp. has arranged the $890,000 sale of a 37,000-square-foot industrial building located in Bridgeton. Merged companies Tri-State Equipment Co. and Ergonomic Partners will move to the property located at 4000 Fee Fee Road. Powell Kalish of Hilliker Corp. represented the buyer, Tri-State Equipment. Andy Port and Pat Reilly of Gateway Commercial Real Estate represented the seller, Justus Holdings LLC. The combined company, which supplies lifting devices, currently has 19 employees. Tri-State Equipment plans to add three to five employees within the upcoming six months due to the new building’s increased production capacity.
ST. PAUL, MINN. — Meritex has brokered the sale of a 282,565-square-foot office building in St. Paul to an undisclosed buyer. The property, located at 444 Lafayette Road, is fully leased to the State of Minnesota-Department of Human Services. The marketing and sale of the property was part of a 677,500-square-foot, four-building portfolio sale coordinated between owners Meritex and NGP Lafayette Portfolio Owners Corp. The sellers cooperated in the joint marketing, contract negotiations, due diligence coordination and final closing for the entire portfolio. Steven Buss, Tom Holtz, Ryan Watts and Judd Welliver of CBRE represented Meritex and NGP. Meritex has been retained by the buyer as property manager for the entire portfolio. Fred Koehler, asset manager for Meritex, will be responsible for park management.
SPRINGFIELD, MASS. — Marcus & Millichap has brokered the sale of Morgan Square Apartments, a 266-unit residential property located in Springfield. A limited liability company purchased the asset for $9.1 million from an undisclosed financial institution. Converted from a manufacturing and production facility to a residential building in 1987, the property features a mix of 13 studio, 158 one-bedroom units, 24 one-bedroom lofts, 32 one-bedroom platform units, 38 two-bedroom units and one three-bedroom unit. On-site amenities include a fitness center, elevators in each building, laundry facilities and off-street parking. Victor Nolletti, Steve Witten, Gary Witten and Todd Tremblay of Marcus & Millichap represented the seller; Nolletti, Steve Witten and Gary Witten also represented the buyer in the transaction.