LONE TREE, COLO. – The 208-unit Regency at RidgeGate apartment complex in Lone Tree has received $22.5 million in financing. The community is located at 10320 Commonwealth Street southeast of Denver. It was 88.5 percent leased at the time of funding. The 25-year, fully amortizing loan carries a fixed rate of 4.55 percent. The loan was funded prior to full stabilization. Proceeds will replace the property’s maturing construction financing. The community was completed this past August. Financing was arranged by HFF’s Eric Tupler, Josh Simon and Leon McBroom through Nationwide Insurance, a correspondent lender. HFF worked on behalf of Regency Residential Partners.
CARLSBAD, CALIF. — Drawbridge Realty Trust has purchased Pacific View Corporate Center, an 80,862-square-foot office building in Carlsbad, for $22.3 million. The Class A building is located at 5759 Fleet Street within the Carlsbad Ranch subdivision. It is fully leased to Synteract and RF Micro Devices. Drawbridge was represented by Rick Reeder, Joe Anderson and Dennis Visser of Cassidy Turley. The seller, TA Associates Realty, was represented by Jeff Cole, Ed Hernandez, Michael Roberts and Brunson Howard of C&W Capital Markets Division.
DENVER — Artis Real Estate Investment Trusthas purchased 161 Inverness, a 256,767-square-foot trophy office building in Denver that is fully leased to DirecTV, for $71 million. The Class A building is situated within the Inverness Business Park. It was built in 1997 and sits adjacent to the pedestrian bridge for the Dry Creek Station, which offers light rail access.
CAMPBELL, CALIF. — Rockwood Capital and Four Corners Properties have acquired Water Tower Plaza, a 100,000-square-foot office and retail property in Campbell, for an undisclosed sum. The plaza is located at 300 Orchard City Drive in the San Jose submarket.The building was originally constructed as the Hyde Cannery in 1887. It housed fruit and canning companies until 1971 when it was converted into a retail property. It became a mixed-use property that featured office and retail space in the 1980s. The seller was Water Tower 1, LLC.
LAS VEGAS — MVP REIT Inc. has purchased a 47,500-square-foot office building in Las Vegas for $15 million. The building is located at 8880 W. Sunset Road. It is fully leased to a mix of medical and professional tenants that include the corporate headquarters for MVP, which occupies 4,190 square feet. All tenants are under triple-net leases. This sale was part of a larger, five-property portfolio that was acquired by MVP for $48.6 million this past August.
LAKEWOOD, COLO. – The 41-unit Jewel Park apartment complex in Lakewood has sold to a local buyer for $2.3 million. The community is located at 8983 West Jewell Ave. It was built in 1971. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and the seller, Jewell 30, LLC, in this transaction.
SHEPHERDSVILLE, KY. — Dermody Properties has commenced construction on LogistiCenter at I-65, a 631,336-square-foot industrial development located in Shepherdsville, about 15 miles south of downtown Louisville. The property will be located at 972 Conestoga Parkway in the Settlers Point Business Park. The development will feature 36-foot clear ceiling heights, T-5 lighting and 2,000 linear feet of exposure on I-65.
CHESTERFIELD COUNTY, VA. — Norfolk, Va.-based Robinson Development Group has plans to break ground on a new Class A, luxury apartment community in Chesterfield County in the fourth quarter. The new community will be located on Charter Colony Parkway within the 725-acre, mixed-use CenterPointe development near the Bon Secours St. Francis Medical Center, about 16 miles west of Richmond. Hank Boyd of BB&T's Norfolk office originated construction financing for the project, which is slated to open in fall 2014. The project is a joint venture between Robinson Development and Drucker & Falk, which will provide leasing and management services for the facility. This will be the joint venture's second apartment project.
SPARTANBURG, S.C. — Marcus & Millichap has brokered the $4.8 million sale of Timber Creek, a 116-unit apartment community located at 501 Camelot Drive in Spartanburg. The community was built in 1972 and renovated in 2008. Timber Creek was 98 percent occupied at the time of sale. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap's Charleston, S.C., office represented the seller and the buyer, both limited liability companies, in the transaction.
MINNEAPOLIS — The Opus Group has completed the construction of a new student housing and retail complex, The Station on Washington in Minneapolis near the University of Minnesota. The 97-unit property includes 156 bedrooms and approximately 11,000 square feet of ground-floor retail. Walgreens, occupying 7,000 square feet, opened in mid-August and Haiku Sushi will occupy about 4,000 square feet later this month. Amenities at the complex include private underground parking, top-floor clubroom with televisions, shuffleboard and views of downtown Minneapolis. Opus Development Co. LLC served as the developer and Opus Design Build was the contractor. Minneapolis-based Elness Swenson Graham Architects Inc. was the project architect, and Opus AE Group LLC managed the structural engineering and interior design.