MORENO VALLEY, CALIF. – An all-cash buyer has acquired TownGate Center, a 285,775-square-foot community shopping center in Moreno Valley, for $41.9 million. The center is located at 12625 Frederick Street, just east of Riverside. It is situated next to the Moreno Valley Mall. TownGate is anchored by TJ Maxx/Home Goods and Ross Dress for Less. Other notable tenants include Regency Theatres, BevMo!, ULTA, Dollar Tree, Planet Fitness and Chipotle. CBRE’s Philip D. Voorhees and the National Retail Investment Group – West (NRIG-West) team represented the buyer. Voorhees also represented the seller, a partnership between Walton Street and Fritz Duda Company, along with NRIG-West and CBRE’s Megan Read, Jimmy Slusher, John Read and Brad Rable.
Property Type
PEORIA, ARIZ. — Baron Properties has acquired the 260-unit Alta Park West apartments in Peoria for $30 million. The community is located at 9680 West Northern Ave. in the Phoenix suburb. It is situated within Park West, a 250,000-square-foot, open-air lifestyle center. Alta Park also enjoys close proximity to Westgate Entertainment District, an 8-million-square-foot shopping, dining and entertainment venue. Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap represented the seller, a venture formed by Wood Partners and Boston Capital Real Estate Partners, in this transaction.
ESCONDIDO, CALIF. — Makena Medical Center, a 43,000-square-foot medical office building in Escondido, has received a $12.1-million refinance. It is the only medical office building located near the newly constructed Palomar Medical Center. It is also the only authorized off-campus medical office building in the Escondido Research & Technology Center. The seven-year, fixed-rate loan features a 30-year amortization schedule. The funds were used to refinance a bank loan. It was arranged by Nick West of Churchill Mortgage Capital through Guggenheim Commercial Real Estate Finance.
ONTARIO, CALIF. — Chenbro Micom has acquired an 88,797-square-foot manufacturing and distribution building in Ontario for $8 million. The building is located at 2800 Jurupa Street within IIT Hofer Ranch. The Tawain-based chassis manufacturer of computer equipment and products will use the space for its North American regional headquarters. It will relocate and expand from nearby 2888 E. Spruce Street. Chenbro Micom was represented by Andrew Herron of The Saywitz Company. The seller, Industrial Income Trust (IIT), was represented by CBRE’s Jim Koenig, David Consani, Dan de la Paz and Darla Longo.
LAS VEGAS — HMS Holdings Corp. has leased 65,000 square feet at The Gramercy in Las Vegas. The 500,000-square-foot, mixed-use development is currently under development just west of the 215 beltway at Russell Road. The cost containment solutions provider for the healthcare industry plans to move into the Class A space in early summer. The Gramercy is being developed by SWLV Development LLC, a collaboration between the principals of The Krausz Companies and WGH Partners. Wells Fargo provided the financing to complete the project.
COCONUT CREEK, FLA. — Grandbridge Real Estate Capital has closed a $39.5 million fixed-rate acquisition loan for Hillsboro Bay Club Apartments in Coconut Creek, part of the Fort Lauderdale MSA. The 366-unit apartment community features a pool, fitness center and 20-acre recreational lake. Mike Ortlip of Grandbridge originated the loan through a life insurance company. Josh Davis of Grandbridge assisted in the transaction.
NORFOLK, VA. — NorthStar Real Estate Income II has originated a $39.2 million senior loan for a 225-unit, Class A apartment community in Norfolk. The property is located in Norfolk’s Ghent Historic District. The community features 14,800 square feet of ground-floor retail space. NorthStar originated the loan on behalf of the borrower, a multifamily owner and operator, with available cash and a $19.6 million advance on its secured term credit facility. An affiliate of the borrower manages the community.
CHARLOTTE, N.C. — Canyon Capital Realty Advisors LLC has provided a $12 million construction loan for Presidio, a 298-unit, Class A apartment community in Charlotte. The borrower, NRP Group LLC, will develop the community in Charlotte’s South End district at the intersection of South Church and West Morehead streets. The project will break ground in the first quarter of 2014 and deliver individual units in the fourth quarter of 2015.
WEST PALM BEACH, FLA. — A10 Capital has provided a $5 million acquisition loan for a mid-rise suburban office building in West Palm Beach. The 69,715-square-foot, Class B office building was 69 percent leased at the time of sale. Chuck Taylor of A10 Capital’s Atlanta office structured and closed the loan on behalf of the borrower, a local investor and office operator. Jason Hochman of CBRE arranged the debt placement. CBRE represented the seller in the transaction.
TAMPA, FLA. — The U.S. Green Building Council has awarded the Bank of America Plaza in Tampa LEED Gold certification. MetLife owns Bank of America Plaza, and CBRE’s Anne-Marie Ayers, Phil Weber and Erica Waltermire leases the building. CBRE’s on-site management team, which includes Julie Palmer-Nicholson, Lynn Vilmar and Doug Lawson, worked with the technical services team to garner energy savings and follow MetLife and CBRE’s commitment to sustainability.