BURBANK, CALIF. — Rexford Industrial Realty has acquired a 130,800-square-foot industrial property in Burbank for $15.4 million. The two-building property is located at 2980-2990 N. San Fernando Blvd. It is triple-net leased to Senior Aerospace. The seller was First Industrial. The buyer and seller were represented by John Minervini, Erik Larson, Robin Dodson, Chris Tolles, Jeff Chiate and James Carpenter of Cushman & Wakefield.
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SAN DIEGO — SR Commercial has acquired Morena Business Center, a 62,814-square-foot flex/office project in the San Diego submarket of Rose Canyon/Morena District, for $9.2 million. The three-building property is located at 2620-2640 and 2645 Financial Court. Notable tenants include Destination Concepts, Europen Tile, American Geotechnical, Gemini Energy and Envision. Bryce Aberg, Brant Aberg and Brad Tecca of Cassidy Turley’s San Diego office represented both the buyer and the seller, Feher Family Trust, in this transaction. Holliday Fenoglio Fowler also provided $6 million in financing to SR Commercial.
SAN DIEGO — DefenseWeb Technologies has signed a 90-month lease for 46,138 square feet at Seaview Corporate Center in San Diego. The Class A building is located at 10188 Telesis Court. It offers lifestyle amenities, such as an on-site café and deli, fitness center, heated lap pool, tennis and basketball courts, and direct access to jogging and biking trails. The software solutions creator was represented by Bob Rodewald of James Crone & Associates. The landlord, John Hancock Life Insurance Company (USA), was represented by Brett Ward, Bill Cavanagh and Michael Cassolato of Cassidy Turley’s San Diego office.
FRESNO, CALIF. – The 190-unit Willow Lakes Apartment Homes in Fresno has received a $6.6-million loan. The community is located at 190 N. Willow Ave. It was built in 1987. The three-year, interest-only loan was arranged by Lanford Tobe of Johnson Capital's Sacramento office. It was provided by Streamline Realty Funding under its bridge program. The non-recourse financing includes two one-year extension options. It represents 85 percent of the purchase price, with an interest rate in the low 5 percent-range.
RICHMOND, VA. — Lingerfelt CommonWealth Partners has acquired Richmond Marriott West, a 242-room hotel located in Richmond’s affluent Glen Allen suburb. The hotel is part of Innsbrook Corporate Center, a mixed-use park with more than 8 million square feet of office space, stores, restaurants and multifamily housing. Lingerfelt’s affiliate, CommonWealth Lodging, will manage the hotel and oversee its multi-million renovation, which will wrap up by summer 2015. The hotel will remain open during the planned renovations. Lingerfelt, which is headquartered in the Innsbrook Corporate Center, owns roughly 1 million square feet of office space in close proximity to the hotel.
CANTON, GA. — NorthMarq Capital has arranged a $24.2 million loan for the Lodge at Bridgemill, a 150-unit seniors independent living community in Canton, a northern suburb of Atlanta. Melissa Marcolini Quinn of NorthMarq’s Orlando office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender for an undisclosed borrower.
COVINGTON, GA. — Dougherty Mortgage LLC has originated a $13.2 million HUD 223(f) loan to refinance Wellington Ridge, a 220-unit apartment community in Covington. Dougherty’s Minneapolis office arranged the 35-year loan with a 35-year amortization schedule on behalf of the borrower, Lochridge Newton LP.
MIAMI BEACH, FLA. — KBS Realty Advisors has signed 18,396 square feet in new leases at its 555 Washington building in Miami Beach. The leases bring the Class A, 64,617-square-foot office and retail property to 96.5 percent occupancy. CVS/pharmacy has signed an 11,569-square-foot lease, and Bok’s Restaurant Group has signed a 6,827-square-foot lease for a Soo Woo Japanese & Korean Steakhouse. CVS/pharmacy is expected to open its store in August. Aaron Butler of Avenue Real Estate Partners represented KBS in both lease transactions.
ATLANTA — Bull Realty has completed the second expansion in less than two years of its office space at 50 Glenlake Parkway in Atlanta’s Central Perimeter submarket. Bull Realty now occupies 15,075 square feet, increasing its footprint by roughly 3,000 square feet. The office features a large open coffee shop area looking in on the company’s Studio One, a radio/video studio where the nationally syndicated “Commercial Real Estate Show” is produced. The space now has a new game room with a pool table, ping pong, dartboard, Bluetooth sound system and flat screen TVs. The space also includes a new high-tech meeting room, a lounge with a large video screen and an executive boardroom. Facilitec designed the space and consulted on the office’s furniture. Bull Realty’s cubicles were also replaced with modern pods. Bull Realty's current specialties include office, retail, industrial, multifamily, healthcare, land, seniosr housing, student housing, automotive properties, self storage, daycare and single-tenant net lease properties.
CINCINNATI — Mascia Development has acquired a three-building medical office portfolio in Ohio and Kentucky for more than $6.7 million. The New York-based real estate firm purchased Mercy Health’s Cincinnati Sports Medicine & Orthopaedic Center office building portfolio. Properties in the portfolio include a 16,283-square-foot building located at 10633 Montgomery Road in Cincinnati; a 7,793-square-foot property located at 12115 Sheraton Lane in Springdale, Ohio; and a 5,670-square-foot building located at 328 Thomas More Parkway in Crestview Hills in northern Kentucky. Mascia Development will lease back the purchased medical office spaces to Mercy Health.