PLAYA VISTA, CALIF. — Marcus & Millichap has brokered the sale of The Shops at Concert Park, a portfolio of two shopping centers in Playa Vista, for $16.9 million. A foreign investor acquired the 11,828-square-foot Pacific Promenade, located at 13020 Pacific Promenade, as well as the 10,907-square-foot Seabluff Drive, located on the corner of Seabluff Drive and Runway Drive. Both properties are situated on the ground floors of mixed-used developments, each of which features 179 condominiums. Tenants at Pacific Promenade include Bank of America, Coffee Bean and Race Telecommunications. Tenants at Seabluff Drive include Playa Vista Medical Center, Playa Pilates and Pinkberry. Brandon Michaels and Janette Monfared of Marcus & Millichap represented the seller, an affiliate of Brookfield residential, in the transaction. Sharone Sabar, also of Marcus & Millichap, arranged $10.8 million in CMBS financing for the buyer.
Property Type
SAN DIEGO — HFF has arranged a $6 million loan for the acquisition and renovation of Morena Business Center, a three-building flex/industrial park in San Diego. The structures, located at 2620, 2640 and 2645 Financial Court, total 62,814 square feet. The park’s six-acre site is located east of I-5 in the Morena submarket. Tenants include Destination Concepts, American Geotechnical, Solar West Electric and Envision. Zach Koucos and Aldon Cole led the HFF team that worked on behalf of SR Commercial, a privately held, full-service commercial real estate investment company, to arrange the fixed-rate, non-recourse loan.
KING OF PRUSSIA, PA. — A joint venture between Morgan Properties and The Olayan Group has acquired a 2,671-unit multifamily portfolio from Berkshire Property Advisors for $309 million. The portfolio consists of nine apartment communities in the Maryland-Washington, D.C., corridor and Newport News, Va. The largest community in the transaction is the 606-unit Harbor Place in Fort Washington, Md. CBRE represented the seller in the transaction. The buyers plan to implement a portfolio-wide renovation program and amenity upgrades. Morgan Properties also plans to hire a number of Berkshire employees in the near future. This is the second transaction this year between Morgan Properties and Berkshire.
BOCA RATON, FLA. — HJ Sims has raised roughly $214 million for a start-up continuing care retirement community (CCRC) in Boca Raton known as Sinai Residences of Boca Raton. The property is located on the campus of the Jewish Federation of South Palm Beach County. The resort-style CCRC features 237 independent living units, 48 assisted living units, 24 memory care units and 60 skilled nursing suites. Federation CCRC Operations Corp. is the property’s developer, owner and manager. HJ Sims structured $120.7 million of tax-exempt fixed-rate bonds, $69 million of Entrance Fee Principal Redemption Bonds and $24.1 million of Draw Down Bonds. Sinai Residences of Boca Raton is slated to open in 2015. The project team includes development and marketing consultant Greenbrier Development, manager Life Care Services and architect Perkins Eastman.
WASHINGTON, D.C. — HFF has advised on the equity and debt capitalization totaling $39.4 million for the acquisition of Wingate Apartments, a 714-unit apartment community located at 4660 Martin Luther King Jr. Ave. S.W. in southwest Washington, D.C. The property consists of two components: the 385-unit Vista at Wingate, which is composed of three high-rise buildings, and the 329-unit Gardens at Wingate, a garden-style community. Brenden Flood, Cary Abod, Alan Davis, Dave Nachison and Bret Thompson of HFF arranged the debt and equity financing on behalf of the borrower, CIH Ventures Inc. HFF arranged a $27.6 million, 10-year Fannie Mae loan through M&T Bank, along with $8.5 million in equity through The Zitelman Group, $1.8 million from CIH principals and $1.5 million from a CIH private syndicate.
MYRTLE BEACH, S.C. — United Realty Trust Inc., a non-traded REIT, has purchased a triple-net leased medical office building at 945 82nd Parkway in Myrtle Beach for $15.7 million. The property is located adjacent to the Grand Strand Regional Medical Center, an acute care hospital. United Realty purchased the two-story, 44,323-square-foot property in an off-market transaction. The medical office facility is fully leased to three tenants: Carolina Health Specialists, The Cardiology/Gastroenterology Associates and Grand Strand Regional Diagnostic and Women’s Center.
ALEXANDRIA, VA. — The Greysteel Co. has brokered the sale of Mount Vernon Apartments, a boutique apartment property in Alexandria’s Del Ray neighborhood. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian, Mike Bediones and Jake Ying of Greysteel represented the seller, Latitude 38 Realty LLC, in the transaction. The buyer was 3310 Mt Vernon Ave LLC.
MADISON HEIGHTS, MICH. — Bernard Financial Group has arranged a $16 million CMBS loan to refinance Madison Place Shopping Center. The retail property contains 235,502 square feet and is located in Madison Heights, a suburb of Detroit. Tenants at the shopping center include Dunham’s Sports, Jo-Ann Fabric and Craft Stores, David’s Bridal, OfficeMax, Michaels, Dollar Tree and AMC Theatres. The property is shadow anchored by Target and Big Lots. Dennis Bernard and Kevin Kovachevich originated the loan for the borrower, Madison Place LLC.
FARMINGTON HILLS, MICH. — NAI Farbman has arranged the lease of a 14,240-square-foot office building in Farmington Hills for Schneider Resources Inc., a national provider of truckload, logistics and intermodal services. Schneider will occupy space in the 696 Centre located at 27555 Farmington Road. 696 Centre is a 266,000-square-foot, newly renovated Class A office building that features a full-service gym and cafeteria. Schneider Resources plans to utilize the space as a regional corporate sales office. Ninety employees will work out of Schneider’s new location. Jeff Cavazos and Laney Cavazos of NAI Farbman represented the tenant. Farmington Road Office Building LLC is the landlord.
SCHAUMBURG, ILL. — CBRE has arranged the lease of a 10,681-square-foot office space in Schaumburg for Trelleborg Sealing Solutions, a global supplier of polymer-based critical sealing solutions. The company will occupy space in the Woodfield Preserve Office Center located at 20 N. Martingale Road. The firm is relocating its Midwest sales office from a site in Hanover Park, Ill. Bill Saviski of CBRE represented Germany-based Trelleborg Sealing Solutions in the transaction. Rob Graham of CBRE represented the landlord.