PHOENIX – City 15, a 161-unit apartment complex in Phoenix, has sold to Retirement Concepts for $10.8 million. The 26-building complex is located at 4728 N. 15th Street. The community was built in 1969. It was 96 percent occupied at the time of sale. The seller, Mica Creek-Sagamore Capital Partners, was represented by Brett Polachek and Jim Crews of Cushman & Wakefield.
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LAKE FOREST, CALIF. — Foothill Center, a 19,400-square-foot shopping center in the South Orange County submarket of Lake Forest, has sold to a China-based investor for $7.6 million. The non-anchored retail strip center is located at 20641-20671 Lake Forest Drive, just north of Interstate 5 and Highway 241. The center is 95 percent occupied. Notable tenants include Baja Fresh, Enterprise Rent-A-Car and Wasabi Sushi. The buyer represented itself in this transaction, while the seller, The Mayfield Trust, was represented by Matthew Mousavi and Patrick Luther of Faris Lee Investments.
PANORAMA CITY, CALIF. – The 16-unit Villa De Fano Apartments in Panorama City has sold to a buyer in a 1031 exchange for $2.8 million. The community is located at 9413 Van Nuys Blvd. It was built in 1987. The buyer was represented by Joshua Levy and Matthew Dobson of Newmark Grubb Knight Frank. The private seller was represented by Warren Berzack and Slavic Zlatkin of Berzack Investment Property Advisors, a multifamily specialty group of Lee & Associates.
DEERFIELD BEACH, FLA. — Skanska USA has signed a $47 million contract to renovate and expand the Broward Health North Campus in Deerfield Beach. The project will include a 34,444-square-foot emergency department with trauma bays, operating rooms, more than 50 new examination rooms and a new 22,604-square-foot energy plant. Skanska will begin construction on the project in August, and the entire project is slated for a summer 2016 completion.
ALEXANDRIA, VA. — Finmarc Management Inc. has purchased Waterfront Center I and II in Alexandria from Gates Hudson for $31.5 million. The two office buildings total more than 150,000 square feet and are cumulatively 69 percent leased. Waterfront Center I, located at 801 N. Fairfax St., was delivered in 1971, and Waterfront Center II, located at 209 Madison St., was delivered in 1987. With the transaction, Finmarc Management has acquired or disposed of more than $427 million worth of properties in the last 24 months.
CHARLOTTE, N.C. — Grandbridge Real Estate Capital has arranged a $53 million loan to refinance a 13-asset industrial portfolio located in the Charlotte MSA. The portfolio totals more than 1.7 million square feet. Chris Caison of Grandbridge arranged the loan with a fixed interest rate through an unnamed life insurance company on behalf of the owner, Charlotte-based Beacon Partners. Beacon Partners leases and manages more than 9 million square feet of office and industrial space in the Carolinas. C.J. Webb of Grandbridge assisted in the deal.
ASHEVILLE, N.C. — Capstone Apartment Partners has brokered the $14.8 million sale of the historic Kenilworth Inn Apartments in the Biltmore Village in Asheville. The 93-unit multifamily community was fully occupied at the time of the sale. The apartment community, originally built in 1892 and renovated in 2003, is listed on the National Register of Historic Places. Austin Green and Alex McDermott of Capstone Apartment Partners’ Charlotte office represented the seller, Kenilworth Apartments LLC, in the transaction. Saratoga Capital LLC was the buyer.
MIAMI LAKES, FLA. — Sperry Van Ness South Commercial Real Estate Advisors has arranged the $6.2 million sale of 65,000 square feet of fractured office condos located at 14750 N.W. 77th Court in Miami Lakes. BB&T Bank sold 90 percent of the building’s office condos to the new ownership group, Kislak. Rene Vivo of Vivo Real Estate Group represented Kislak in the transaction. Matthew Rotolante, Caroline Camus and Eric Amat of Sperry Van Ness represented BB&T Bank.
DES MOINES, IOWA — Hubbell Realty has opened 7th Street Brownstones, a $6.8 million multifamily community in downtown Des Moines. 7th Street Brownstones features 34 two-story, three-bedroom rental townhomes. The development is located at 325 SW 7th St. Features in the brownstones include walk-in closets, stainless steel appliances, washers/dryers, granite countertops, two-car garages and rooftop patios. Hubbell Realty hosted a grand opening for the new community on Tuesday, July 1. Twenty-two of the brownstone units are complete and leased. The remaining 12 are under construction. Hubbell Construction Services is the contractor, while Hubbell Apartment Living will manage the property.
DUBLIN, OHIO – CASTO has completed the redevelopment of Sawmill Square Shopping Center in Dublin, a suburb of Columbus. The Sawmill Square redevelopment included the addition of a 171,684-square-foot Walmart Supercenter, which shadow anchors the 39,000-square-foot retail center as well as McAlister’s Deli, Sally Beauty Supply and GameStop. In addition, Sawmill Square has a renovated façade, new signage and total replacement of common areas including parking areas, landscaping and site lighting. Exisiting retailers at the center include Z Salon, The UPS Store, Thai Orchid, Huntington Bank, Skyline Chili, Burger King, Goodyear and PNC Bank. The center was originally developed in 1982. John Miller of State Street Capital Realty is the leasing agent for the property.