LOS ANGELES — Universal Music Group (UMG) has leased 146,636 square feet at LNR Warner Center in the Los Angeles submarket of Woodland Hills. The seven-building campus is located at 21301 Burbank Blvd. The 10-year lease is estimated at a reported $46 million. UMG will occupy the top four floors of the five-story building. This is the largest relocation lease by square footage in the San Fernando Valley so far this year, according to CBRE, which represented UMG. The music company plans to consolidate its two existing Woodland Hills offices. The new lease will commence this February. UMG’s Santa Monica offices will not be affected by the relocation. The company was represented by CBRE’s Paul Stockwell, Josh Leibowitz and Jeremy Charles. Hines was represented in-house by Todd Later and Eric Lyon.
Property Type
LAFAYETTE, COLO. – The 254-unit Prana Apartment Homes in Lafayette has received a $34.5-million refinance. The community is located at 550 Viridian Drive. It sits adjacent to the Exempla Good Samaritan Medical Center and Kaiser’s Rock Creek Medical Offices in southeastern Boulder County. The funds will be used to replace a HUD loan that had a much higher rate. That loan was closed to prepayment until last month.The new 10-year loan features a fixed interest rate of 4.74 percent. It also contains five years of interest-only amortization and some cash-out proceeds above the existing loan balance. HFF’s Josh Simon, Eric Tuplerand Chad Murraysecured the new Fannie Mae loan for LLJ Stratford Prana LLC.
CHANDLER, ARIZ. – Oregon Pacific Investment and Development Company has acquired the 252-unit Pinnacle Queen Creek apartment complex in Chandler for $33.3 million. The community is located at 800 W. Queen Creek Road. It was built in 1999. David Fogler and Steven Nicoluzakis of Cassidy Turley represented the seller, Pinnacle at Queen Creek LLC, in this transaction. The company is controlled by The Northwestern Mutual Life Insurance Company and Essex Property Trust.
RENO, NEV. — The Alexander at South Virginia, a 350-unit apartment complex in Reno, has received a $33.2-million loan. The community is located at 11380 S Virginia Street. It is 96 percent occupied. The 10-year, fixed-rate permanent financing was used by RPM Company to acquire the property. The full-term, interest-only loan was arranged by David Bleiweiss and Anthony Ansevin of Berkadia Commercial Mortgage’s Orange County office through Freddie Mac.
DAYTONA BEACH, FLA. — Landmark Apartment Trust, a publicly registered multifamily real estate investment trust, has purchased Andros Isles, a 360-unit, newly constructed apartment community at 100 Acklins Circle in Daytona Beach. The property was 95 percent occupied at the time of the sale. Delivered in August 2012, the gated community is comprised of one-, two- and three-bedroom apartments. The island-inspired property features private patios and balconies, gourmet kitchens, walk-in closets, in-home washers and dryers and iPod docking stations with surround sound. The community’s amenity package includes a resort-style swimming pool with a patio bar, poolside grills and a clubhouse with a fitness center, business center and game room.
GERMANTOWN, TENN. — Trademark Property Co. has begun the overhaul and expansion of Saddle Creek, its lifestyle center located in the affluent Memphis suburb of Germantown. General contractor Linkous has begun the demolition of 20,000 square feet of space on the southwest side of Poplar Avenue and West Street. Construction will begin soon on 40,000 square feet of new retail space. The expansion, expected to deliver in spring 2015, will bring Saddle Creek to a total of 168,000 square feet. Trademark will also upgrade Saddle Creek’s lighting, signage, plazas and landscaping. Saddle Creek’s tenant roster includes Anthropologie, Apple, Banana Republic, Brooks Brothers, Chico’s, Coach, Free People, J. Crew, kate spade new york and Madewell. Trademark has managed and leased the property since 2011.
HERNDON, VA. — Rappaport has closed on a $65 million first mortgage loan to refinance Worldgate Centre, its 230,000-square-foot retail center located at the intersection of Dulles Toll Road and Elden Street in Herndon. Rappaport purchased the asset in 2000. Worldgate Sport & Health anchors the property, and other tenants include a nine-screen AMC Theatre, Starbucks Coffee, TGI Friday’s, Subway, Qdoba Mexican Grill, Cold Stone Creamery and FedEx Kinko’s. The Ackman-Ziff Real Estate Group arranged the 10-year non-recourse loan through a CMBS lender on behalf of Rappaport.
MIAMI — Cohen Financial has secured a $38.2 million bridge loan for the acquisition of land and pre-development of River Landing, a mixed-use development in Miami. Upon completion, River Landing will feature 428,542 square feet of retail space and 508 multifamily units. Kevin O’Grady, Daniel Sheehan, Gregory Newman and Eric McGlynn of Cohen Financial secured the loan with North Star Realty Finance Corp. on behalf of the borrower, River Landing Development LLC.
RALEIGH, N.C. — HFF has secured a $16.6 million construction loan for the development of Aloft Raleigh, a 135-room hotel at 2100 Hillsborough St. near North Carolina State University in Raleigh. Upon completion in fall 2015, the hotel will feature a fitness center, swimming pool, outdoor deck and WXYZ Bar, in addition to the brand’s Re:Mix lounge, Re:Fuel dining area and In-Touch business center. Mark Remington of HFF arranged the five-year construction loan through First Tennessee Bank on behalf of the borrower, a partnership between The Bernstein Cos., TME Investments and Michael Sandman.
CHICAGO — KBS Real Estate Investment Trust III has arranged a total of 71,043 square feet of leases at the 500 West Madison tower in Chicago, which was acquired by the REIT in December 2013. The leases included a lease extension for Lincoln International for a 47,423-square-foot space; a lease expansion for Here North America to occupy 12,214 square feet; a new lease for a 9,925-square-foot space for Inventus; and a 1,481-square-foot lease extension for Alliance Tech Group. Lisa Davidson and Tiffany Winne of Studley represented Lincoln International in its lease; Todd Lippman and James Whalen of CBRE represented Here North America; Jonathan Gordon and Jordan Mellovitz of Cushman & Wakefield represented Inventus; and Jesse Slack of MB Real Estate represented Alliance Tech Group. Michael Lirtzman and Courtney Baratz of Transwestern represented KBS REIT III in the transactions. 500 W. Madison is a 1.46 million-square-foot office tower. The 40-story building consists of office and retail space. The property sits above the Ogilvie Transportation Center, one of two main suburban train stations connecting the Chicago suburbs with downtown, and provides direct access to city trains, buses and expressways. The tower’s first two levels contain nearly 64,000 square-feet of retail space with …