NEW YORK CITY — Friedman-Roth Realty Services has brokered the sale of two adjacent four-story buildings in Midtown East for $11.1 million. Located at 988 and 990 Second Avenue, the 9,180-square-foot, triple-net leased properties feature five residential apartments and a sushi restaurant. Jim Mann and Lily Ren of Friedman-Roth represented the buyer, a private investor, and Richard Libbey of M.A. Salazar represented the seller, a long-time family investor, in the transaction.
Property Type
DALLAS — Wood Partners LLC has begun construction on Alta Farmers Market, a 313-unit apartment community located near the Dallas Farmers Market in downtown Dallas. Wood Partners expects to deliver the property in late 2015, with pre-leasing to begin in the second quarter of 2015. The four-story community will feature a rooftop deck and lounge, parking garage, club room, fitness center, a swimming pool, two courtyards with water features, a grilling area, fire pit and covered lounge between the two courtyards. Good, Fulton & Farrell designed the apartment complex, which offers one-, two- and three-bedroom units with stainless steel appliances, recycled glass countertops, faux wood flooring and new fixtures and lighting.
McALLEN, TEXAS — Lockard Cos., a Cedar Falls, Iowa-based real estate firm, has sold a 7.2-acre land parcel in its Dove Town Square shopping center to Wal-Mart Stores Inc. The site, located at the northeast corner of North 23rd Street and West Dove Avenue in McAllen, will house a 41,117-square-foot Walmart Neighborhood Market.
TULSA, OKLA. — Johnson Capital has arranged a $13.3 million loan for Coppermill Apartments, a 544-unit multifamily community at 7110 S. Granite Ave. in Tulsa. The apartment complex, built in 1978, features a swimming pool, two tennis courts and a sand volleyball court. Brett Patrick of Johnson Capital arranged the 10-year loan with a 30-year amortization schedule through Fannie Mae on behalf of the borrower, a California-based investment group.
FORT WORTH, DALLAS AND HOUSTON — Love Funding has closed $12.6 million in loans to refinance a group of affordable seniors housing facilities in Texas. The properties include Park Meadow Apartments in Fort Worth, Prairie Creek Apartments in Dallas and Lakeview Place Apartments in Houston. A nonprofit subsidiary of Volunteers of America (VOA) owns and manages all three communities. Tammy Tate of Love Funding’s Knoxville, Tenn., office arranged the loans through HUD’s 223(f) program, replacing the former HUD 202 loans. The VOA has the option to use the loan proceeds to fund extensive upgrades to the three properties.
CARSON, CALIF. – A 50,078-square-foot flex/office property in Carson has sold to a private investor for $7.3 million. The property is located at 16941 Keegan Ave. It was built in 1972 and renovated in 2002, 2009 and 2012. The building is fully leased to Timec Company and guaranteed by the Parent company, Transfield Services. The buyer was represented by Ryan Campbell of NAI Capital’s San Gabriel Valley East office and Tony Naples of Lee & Associates. The unnamed seller was represented by Colliers.
MISSION VIEJO, CALIF. — HighPark Corporate Center, a 37,579-square-foot office building in the Orange County submarket of Mission Viejo, has sold to CK HighPark LLC for $6.6 million. The building is located at 23351-23361 Madero. It is 93 percent leased to four tenants, including Holt Integrated Circuits. CK HighPark was represented by Bratun Real Estate. The seller, Madero LLC & Wyocal LLC, was represented by Dan Vittoneand Alan Pekarcik of Avison Young and Trent Walker of Voit Real Estate Services.
COSTA MESA, CALIF. — Haynes and Boone has leased 22,466 square feet at Plaza Tower in Irvine. The law firm will be located at 600 Anton Blvd., which is adjacent to South Coast Plaza and the Segerstrom Center for the Arts. The firm will occupy the space by September. It is relocating from Irvine Towers. Other tenants at the Class A tower include Dorsey and Whitney, Bingham McCutchen, Baker & Hostetler and Snell & Wilmer. Plaza Tower was represented by Rick Kaplan, Robert Lambert and Matt Moore of Cushman & Wakefield.
GLENDALE, ARIZ. — Talavi Business Park, a 24,180-square-foot office complex in Glendale, has sold to the Heart and Vascular Center of Arizona for $2.3 million. The Class B complex is located at 5810 West Beverly Lane. Ironwood Glendale LLC purchased the property on behalf of the heart and vascular center. The seller, the Coneen Family Trust, was represented by Cassidy Turley’s Eric Wichterman and Mike Coover.
TYSONS CORNER, VA. — Calkain Cos. has brokered the $24.7 million sale of a CVS/pharmacy store at 8117 Leesburg Pike in Tysons Corner, about 16 miles west of Washington, D.C. The asset sold for the lowest cap rate (4.97 percent) of any CVS/pharmacy sale in the United States, according to Calkain. Jonathan Hipp, Andrew Fallon and Jonathan Florin of Calkain represented the sellers, Regency Centers and J. Donegan Co., in the transaction. The buyer, an unnamed entity based in the Middle East, purchased the property in conjunction with The Rappaport Cos.