SACRAMENTO, CALIF. – A 76,158-square-foot property in the Sacramento submarket of Rancho Cordova has sold to a Chicago-based private investor for $11.1 million. The property is triple-net leased to Kohl’s. The space is located near the intersection of U.S. Highway 50 and Rancho Cordova Light Rail Station. Notable tenants in the area include Super Target, Wal-Mart, Anna’s Linens, PetSmart, Michaels, Walgreens and U.S. Bank. Kohl’s has 15 years remaining on its lease. Nicholas Coo, Matthew Mousav and Patrick Luther of Faris Lee Investments represented the seller, American Realty Capital (ARC), in this transaction. The buyer represented itself.
Property Type
MESA, ARIZ. – The 120-unit Dobson Springs apartment complex in Mesa has sold to the Standard-Mesa LLC for $9.1 million. The community is located at 1325 W. Guadalupe Road. It was built in 1980. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily represented both the buyer and seller, Synergy Dobson Springs LP, in this transaction.
SAN DIEGO – A 25,000-square-foot industrial/warehouse property in the San Diego submarket of National City has sold to Bonita Hills Holding LLC for $2.8 million. The property is located at 326 W. 30th Street. The buyer plans to use the space for storage and staging. Mark Lewkowitz of Colliers International represented the buyer. Lewkowitz also represented the seller, ZJR LLC, along with Chris Holder of the same firm.
SAN JOSE, CALIF. – AutoZone has acquired a 12,000-square-foot property in San Jose for $2.3 million. The space is located at 1717-1721 West San Carlos Street in the West San Carlos Plaza. It was formerly occupied by San Carlos Video and Payless Shoe Source. AutoZone plans to use this space for a new auto parts store. The company was represented by Jon Stansbury of Terranomics Retail Services. The seller was Juanita Brelle Revocable Trust.
LAKEWOOD, COLO. – A 20-unit apartment building in Lakewood has sold to an unnamed buyer for $1.7 million. The community is located at 1613 Allison Street. It was built in 1959. The buyer was represented by the Calame Lewallen Team at Pinnacle Real Estate Advisors. The seller was not named.
AUSTIN — Steadfast Apartment REIT has acquired two Austin-area apartment complexes in separate transactions. Club at Summer Valley and Terrace Cove are the REIT’s third and fourth acquisitions, bringing its portfolio to 1,047 apartment homes with an aggregate purchase price of $87 million. Club at Summer Valley is a 260-unit apartment complex built in 1983 on nine acres. The community is 98 percent occupied and is comprised of one- and two-bedroom apartments, one-bedroom townhomes and two-bedroom cottages. Apartments range from 563 to 1,229 square feet with average rents of $836. Terrace Cove is a 304-unit complex with one- and two-bedroom floor plans averaging 712 square feet. Built in 1986, the 13-acre complex is 98 percent occupied.
WILMER, TEXAS — USAA Real Estate Co. has acquired Dalport Trade Center, a 758,922-square-foot, Class A bulk distribution warehouse in Wilmer, from an undisclosed seller. The industrial property is located next to I-45 at Beltline Road just south of Dallas. Located in the Dalport Industrial Park, the Dalport Trade Center is 2.5 miles from the Union Pacific Intermodal center and 6.5 miles from the FedEx Ground Hub. The building was developed in 2008 by First Industrial as a Class A facility with truck courts, trailer and auto parking and five points of controlled ingress/egress.
FAIRFIELD AND EUSTACE, TEXAS — Boston Capital is investing in the construction of two apartment complexes in Texas. The first is StoneLeaf at Fairfield, a 49-unit development in Fairfield, 88 miles southeast of Dallas. The second is StoneLeaf at Eustace, also a 49-unit development located in Eustace, 60 miles southeast of Dallas. The developer is StoneLeaf Development LLC, located in Mabank. The developments will be built with tax credit equity from the Low Income Housing Tax Credit program. Both complexes will be available to families and individuals earning 60 percent or less of the Area Median Income. Both complexes will include 13 one-bedroom, 24 two-bedroom and 12 three-bedroom units in six single-story buildings.
ARLINGTON, TEXAS — LMI Capital has arranged a $7.7 million acquisition loan for a 124-unit apartment complex in the Dallas suburb of Arlington. Brandon Brown of LMI worked on behalf of the borrower to obtain a Fannie Mae loan with 80 percent leverage and a 30-year amortization schedule. The first year of the 10-year loan is interest only.
WASHINGTON, D.C. — RED Mortgage Capital LLC, the lending entity of REDCAPITAL GROUP LLC, has provided a $61 million FHA refinancing package for Capitol Park Twins and Plaza, a 648-unit high-rise apartment building in Washington, D.C. RED Mortgage Capital arranged the long-term, fully amortizing loan under FHA’s 223(f) program on behalf of the borrower, Capitol Park Apartments LP (CPALP). CPALP was able to recapitalize $1.4 million for minor renovations as a result of the financing package. The transaction was also used to create a $2 million reserve for future capital needs.