PHOENIX – A 28,520-square-foot industrial building in Phoenix has sold to Aim Wholesale for $2 million. The building is located at 2757 E. Chambers Street in the Southern Gardens Industrial Building. It had been occupied by plumbing products distributor Bobier Sales since 2006. Aim Wholesale will be expanding from its former 19,000-square-foot space. The purchasing entity was Syllar Enterprises. The seller was 2757 E Chambers LLC. Steve Bodeman of DAUM’s Phoenix office represented both parties in this transaction.
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LOS ALTOS, CALIF. -Jos. A. Bank has signed a 10-year lease for 4,087 square feet at the Colonnade mixed-use development in Los Altos. The space is located at 4750 El Camino Real in Silicon Valley. The new store will sit adjacent to Whole Foods and directly across from San Antonio Shopping Center. Colonnade is being developed by Sares Regis Group of Northern California and Pritzker Realty Group. Jos. A. Bank was represented by Laura Tinetti of SRS Real Estate Partners. Sares Regis was represented by Randol Mackley and Steve Gazzera of the same firm.
BOCA RATON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap serving institutional and major private investors, has arranged the $74.7 million sale of Mizner Court at Broken Sound, a 450-unit multifamily community located at 6503 N. Military Trail in Boca Raton. Still Hunter III of IPA represented the seller, CLP Mizner Court LLC, in the transaction. The buyer was Mizner Court Holdings LLC. The apartment community’s amenity package includes a recently remodeled lakefront clubhouse, two lakefront resort-style pools, two poolside spas, lakefront lounge areas, a fitness center, two lighted tennis courts, lakefront walking paths and a gated entrance with a guardhouse.
OCEAN CITY, MD. — Vista Capital Co. has arranged $47 million in financing for a 210-room, 13-story Holiday Inn Hotel & Suites in Ocean City. The hotel features an oceanfront pool, an oceanfront children’s pool with a lazy river and water slides, a four-story atrium, three restaurants and approximately 1,000 square feet of meeting space. Vista Capital arranged the non-recourse, fixed-rate loan through a European investment bank. The borrower is using the loan to refinance an existing loan from 2007.
ATLANTA — NXT Capital has provided a $17 million acquisition loan for Cityscape at Midtown, a 192-unit apartment community in Atlanta’s Midtown neighborhood. Faron Thompson and John Bray of JLL arranged the loan, which is NXT Capital’s fourth transaction in Midtown Atlanta.
MARIETTA, GA. — CBRE has brokered the sale of Stratford Ridge, a 446-unit apartment community in Marietta, approximately two miles from the site of the new Atlanta Braves stadium opening in 2017. The property recently underwent capital improvements to its pool, clubhouse and fitness center. Brad Simmel of CBRE represented the seller, MESA Capital, in the transaction. Simmel worked closely with the new owner, Bridge Investment Group Partners, as well.
BLUFFTON, S.C. — Banyan Investment Group and Investra Investments have formed their second joint venture this year to purchase the 112-room Holiday Inn Express & Suites in Bluffton. The hotel features 1,250 square feet of meeting space, a business center and seasonal outdoor swimming pool. The hotel is located six miles from Hilton Head, 25 miles from Savannah and 90 miles from Charleston. The joint venture purchased the asset from Veritas Hospitality Group, a division of the Stafford Cos. Loxi Hospitality provided advisory services in the transaction.
CARMEL, IND. — Leo Brown Group has opened two senior living communities in the Indianapolis area and began construction on two new senior living communities in Ohio and Kentucky. The four projects combined total $66 million in new investment by the Carmel-based developer, owner, and operator of healthcare properties. The newly open properties include Traditions at Solana, a 105-unit senior community within the new Solana at the Crossing residential development; and Traditions at Reagan Park, an 82-unit assisted living and memory care community. The $16.7 million Traditions at Solana project is located at 78th Street and Keystone Avenue. The $11.5 million Traditions at Reagan Park is located in Avon just west of the Indiana University Health West hospital campus. The new facility is part of the larger Reagan Park senior living campus developed by Leo Brown Group. Both projects opened in June. Through its management company affiliate, Traditions Management, Leo Brown Group will run day-to-day operations at both of the communities. Leo Brown Group broke ground on Middleton of Granville in Ohio and plans to break ground on Traditions at Beaumont in Kentucky. Middleton of Granville is a joint venture between Leo Brown Group and Columbus, Ohio-based Continental Real Estate …
LISLE, ILL. — NorthMarq Capital has arranged a $60 million loan to refinance Arboretum Lakes, a 734,000-square-foot, Class A office park in Lisle located within Chicago’s East-West corridor. Jeff Cherner of NorthMarq Capital’s Chicago regional office structured the 10-year loan with a 25-year amortization schedule. NorthMarq provided financing for the borrower through its correspondent relationship with a life company.
INDIANAPOLIS — Steadfast Apartment REIT has acquired a 307-unit apartment complex in Indianapolis for $27.9 million. Harrison Place is located at 5821 Beatle Drive. Constructed in 2001 on nearly 22 acres, the apartment community features one-, two- and three-bedroom apartments, and two- and three-bedroom cottages. The property was 95 percent occupied at the time of sale. Average in-place rents are $828. Amenities at the complex include a clubhouse/leasing office, fitness center, business center, laundry facility, swimming pool and a tenant lounge. The units also include refrigerators, microwaves, washer/dryer hook-ups and private patios or balconies. Steadfast plans to make interior improvements that will include upgrading the appliances and adding vinyl plank wood flooring. The acquisition of Harrison Place is the REIT’s second acquisition this year. In May, the REIT acquired the 176-unit Villages at Spring Hill in Spring Hill, Tennessee.