WASHINGTON TOWNSHIP, MICH. — Landmark Commercial Real Estate Services Inc. has arranged the $13.4 million sale of the Orchard Square Shopping Center in Washington Township. Kroger, Dollar Tree and O’Reilly Auto Parts anchor the 92,450-square-foot shopping center. Kevin Baker and Daniel Kukes of Landmark represented the buyer, a non-traded REIT, and the seller, a Michigan-based full services commercial, residential and industrial firm.
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LOVELAND, OHIO — Cassidy Turley has arranged the $2.3 million sale of a 70,350-square-foot manufacturing and distribution center in Loveland. Pioneer Real Estate Investments sold the industrial facility located at 107 Northeast Drive to Red Carpet Studios. Tom McCormick and Ben McNab of Cassidy Turley’s Cincinnati office represented Pioneer Real Estate Investments in the sale. Red Carpet Studios is planning to expand its office and warehouse operations at the new location.
BUCKTOWN, ILL. — A new Mariano’s grocery store has opened at the intersection of Ashland and Webster Avenue in the Bucktown neighborhood. Mariano’s leased the freestanding, 80,000-square-foot building for 20 years from owner Chicago Ashland Webster LLC. Transwestern’s project management team, led by Robert Klinger, completed the project in eight months. The new development marks the 23rd Mariano’s store for Milwaukee-based Roundy’s Inc., a grocer in the Midwest.
FORT COLLINS, COLO. — Ramco-Gershenson Properties Trust has acquired Front Range Village in Fort Collins for $128.3 million. The center is located at 2720 Council Tree Ave. Front Range Village contains 810,000 square feet. Ramco-Gershenson has acquired 460,000 square feet of the center. Front Range is shadow anchored by Target and Lowe’s. Other notable tenants include Sprout's Market, DSW, Cost Plus World Market, Staples, Party City, Toys 'R Us/Babies 'R US, and The Sports Authority. The center also includes 78,000 square feet of office space. Notable office tenants include Microsoft and CA Technologies. Front Range is also home to the Southeast Branch of the Fort Collins Public Library.
SACRAMENTO, CALIF. – The 445,984 –square-foot Bank of the West Tower in Sacramento has received a $90-million refinance. The Class A tower is located at 500 Capitol Mall. The tower is situated next to the office of U.S. Immigration and Customs, and within walking distance of the Gold Line train. Financing was arranged by Jeff Haskellof NorthMarq Capital’s San Franciscooffice through the firm’s correspondent relationship with a life insurance company.
LOS ANGELES – A nine-property multifamily portfolio in Los Angeles has received $80 million in refinancing. The 10-year, fixed-rate financing was arranged through Freddie Mac’s Fast Track Early Rate-Lock Program, which allows borrowers to lock in an interest rate and loan amount shortly after their application is filed with minimal documentation. The loan features a 3.5-month early rate lock, 4 percent interest rate, 65 percent loan-to-value ratio and a 30-year amortization schedule. The portfolio contains about 900 units. They are 95 percent occupied. The loan was originated by Allan Freedman of Berkadia Commercial Mortgage LLC.
SPARKS, NEV. — Standard Management Co. has acquired the 296-unit Eastland Hills in Sparks for $27.5 million. The community is located at 1855 Baring Blvd. Eastland Hills was built in 1998. Community amenities include a fitness center, heated pool and year-round spa, tennis court and barbecue areas. Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni and Kenneth N. Blomsterberg represented both the buyer and seller, A.G. Spanos Cos., in this transaction. The community is situated near the Sierra Nevada Mountains and Truckee Meadows. It is about four miles from Reno, where Tesla Motors recently announced it will open a new $5-billion battery factory. The facility will house 6,500 employees.
ONTARIO, CALIF. — PPF Industrial LLC has acquired a 386,598-square-foot industrial building in Ontario for $23.8 million. The building is located at 1671 Champagne Ave. The property is situated just east of Interstate 15 and south of Interstate 10 in the Inland Empire West industrial warehouse/distribution submarket. The area is serviced by the Union Pacific Railroad. Notable tenants at the building include Precision Foam LLC, Pacific Urethane and Bericap LLC. The space was renovated and retrofitted in 2011. Darla Longo, Barbara Emmons and Rebecca Perlmutter of CBRE’s Ontario office represented both the buyer and seller, CT Realty, in this transaction.
MIDLAND, TEXAS — Institutional Property Advisors has arranged the sale of 352 multifamily units in Midland. The property name was not disclosed. Will Balthrope and Drew Kile with IPA represented the seller and procured the buyer in the transaction. The property was built in 1982 and is located off State Highway 250.
AUSTIN — Cousins Properties Inc. has signed five new leases totaling 157,279 square feet at Colorado Tower in downtown Austin. The 373,000-square-foot, Class A property is now 95 percent leased, up from 51 percent in June. Companies leasing space in the building include Parsley Energy Inc., Atlassian Inc., IPSoft Inc., Kelly Hart & Hallman LLP and Invesco Management Group Inc. Rachel Coulter and Kevin Kimbrough with Oxford Commercial represented Cousins in the transactions. Colorado Tower is expected to be complete this December. The building will be the first high-rise office tower developed in downtown Austin since 2003.