SCOTTSDALE, ARIZ. — CBRE has brokered the sale of two office buildings in Scottsdale totaling 223,131 square feet for a combined $44.2 million. The properties include the 106,931-square-foot Scottsdale Gateway I, which is located at 9201 E. Mountain View Road; and the 116,200-square-foot 92 Mountain View, which is located at 10001 N. 92nd St. Constructed in 1998, Scottsdale Gateway I is a two-story, Class A facility that was 91 percent leased to five tenants at the time of the sale. Built in 1996, 92 Mountain View is also a two-story, Class A facility and is fully leased to CVS Caremark. Barry Gabel, Chris Marchildon, Kevin Shannon, Ken White and Michael Moore of CBRE represented the sellers, TR Scottsdale Gateway I Corp. and TR 92 Mountain View Corp., in the transaction. Jenifer Ratcliffe, Erin Curry and David Krumwiede of LPC Realty Partners Ltd. also assisted in the transaction. Equus Capital Partners purchased the two assets and has retained CBRE to manage the properties. Bryan Taute of CBRE will lease the buildings.
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RENTON, WASH. — Johnson Capital has arranged $27.6 million in permanent financing for Bristol I at Southport, a 188-unit apartment property in the Seattle suburb of Renton. Completed in 2002, the Class A complex includes studio, one-, two- and three-bedroom residences, as well as 10,037 square feet of commercial space. Amos Smith and Sean Skelton worked on behalf of the borrower, a privately owned development company, to secure the 15-year loan through an insurance company. Proceeds from the loan were used to retire existing debt and fund renovations of the property, such as interior refurbishments and a “re-skinning” of the exterior to maintain consistency with the adjacent Bristol II at Southport.
CARSON, CALIF. — NAI Capital has brokered the sale of a 50,078-square-foot flex property in Carson for $7.3 million. Constructed in 1972 and renovated in 2002, 2009 and 2012, the structure features a mix of office, conference and open/bullpen space, as well as heavy power and ground-level loading capabilities. Located on 3.1 acres at 16941 Keegan Ave., the facility is in proximity to the 91, 110 and 405 freeways. Timec Co. Inc., a provider of asset management, maintenance and small project services for the energy and food industries, fully occupies the facility on a triple-net basis. Ryan Campbell of NAI Capital, along with Tony Naples of Lee & Associates, represented the buyer, a private investor. Colliers International represented the seller, Microtek Inc.
ARLINGTON, VA. — Finmarc Management Inc. has purchased an 85-unit apartment community located at 3409 Wilson Blvd. in Arlington for $39.9 million through a joint venture partnership with The Goldstar Group. The eight-story property was formerly an AKA Luxury Suites Residences. The property is located approximately two blocks away from the Virginia Square Metro Station and within walking distance of stores and restaurants in the Rosslyn and Ballston neighborhoods. Finmarc plans to invest $6 million to upgrade the property and convert it into a luxury condominium community. The Goldstar Group will manage the community. Alexandria, Va.-based McWilliams | Ballard will begin selling the condominium units in September. Wells Fargo provided senior debt for the community, and Metropolis Capital Finance arranged debt and equity.
BIRMINGHAM, ALA. — Grandbridge Real Estate Capital has provided a $21.2 million acquisition loan for Lake Heather Reserve at Inverness, a 252-unit, Class A apartment community in Birmingham. Mike Ortlip, Josh Davis and C.J. Webb of Grandbridge originated the Fannie Mae DUS Structured ARM loan.
HALETHORPE, MD. — Enterprise has opened The Greens at English Consul, a $14.6 million seniors housing community located at 4120 Oak Road in Halethorpe in Baltimore County. The property features 72 one-bedroom and 18 two-bedroom apartments affordable for seniors earning up to 60 percent of the area’s median income. In addition to developer Enterprise, the design team includes architect Grimm + Parker and general contractor The Whiting-Turner Contracting Co. The development includes a library with computer terminals, a community room, TV lounge and sports bar, activity room, laundry room, mail room and fitness center. Bank of America provided construction financing for the project. Financing also came via government funds, a grant, bond, construction loan and developer equity.
TAMPA, FLA. — Gramercy Property Trust Inc., a New York-based real estate investment trust (REIT), has acquired a 176,000-square-foot production and warehouse bottling facility in Tampa. The REIT purchased the asset for $9.5 million in an all-cash transaction. The property is fully leased through January 2020 to an unnamed beverage producer.
ORLANDO, FLA. — Continental Real Estate Cos. (CREC) has arranged the $8.5 million sale of Parkway Plaza, a 65,000-square-foot shopping center located one-half mile from The Mall at Millennia in Orlando. The Publix-anchored property is located at the crossroads of American Boulevard and John Young Parkway. Warren Weiser and Harry Blyden of CREC represented the seller, a tenant-in-common (TIC) ownership group managed by Los Angeles-based National Asset Services. The buyer was J-9 Land Partners LLP, a private investment firm based in Ormond Beach, Fla. Parkway Plaza is 95 percent leased to Publix, Chase Bank, Radio Shack, Subway and Little Caesar’s Pizza.
WILMINGTON, ILL. — Ledcor Construction Inc. has broken ground on a 1.7 million-square-foot regional distribution center at Ridgeport Logistics Center, a 1,500-acre, rail-served intermodal park in Wilmington, 17 miles south of Joilet. Ridge LEGO LLC on behalf of Michelin contracted with Ledcor to complete the project. Ledcor is scheduled to finish the three-building facility in the summer of 2015. Ridge Development, the industrial arm of Transwestern Development Co., is developing the new facility. Itasca, Ill.-based Cornerstone Architects Ltd. is the lead architect for the project. Vernon Hills, Ill.-based Manhard Consulting Ltd. will provide civil engineering design. Ledcor has completed more than $8.5 million in infrastructure work at the RidgePort Logistics Center.
MINNEAPOLIS — Loews Hotels & Resorts has entered into an agreement to purchase the 255-room Graves 601 Hotel Wyndham Grand in Minneapolis from the Graves Hospitality Corp. for an undisclosed price. The acquisition is expected to close in early July. Graves 601 Hotel is the fourth major hotel purchase announced by Loews Hotels in the last two years. Graves 601 is located directly across the street from the Target Center and is connected by the Minneapolis Skyway System, an interlinked collection of enclosed pedestrian footbridges. The hotel features two restaurants and bars, more than 9,000 square feet of meeting and event space, and a recently renovated spa and a fitness center.