HOUSTON — Henry S. Miller Brokerage has arranged the sale of approximately five acres in Houston for the construction of Ditch Witch’s new 20,000-square-foot earth-moving equipment dealership. Craig/Houston Properties LLC purchased the lot, which is located along I-45, on behalf of Ditch Witch, a 40-year-old, family-owned company serving southeast Texas. Construction of the new facility will begin this summer, and Ditch Witch will relocate from a current location on West Little York Road upon completion. Doug Bates and Joel Hill of Henry S. Miller represented the buyer in the transaction. Reda Martin of Claridge Properties and George Jones of CBRE represented the seller, DNH LLC.
Property Type
LAS VEGAS — LBG Real Estate Cos. LLC, in partnership with Blue Vista Capital Management LLC, has sold the Southwest Marketplace retail property in Las Vegas for $30.4 million. Philips Edison acquired the property. Developed in 2007, the 115,720-square-foot shopping center is located at the intersection of Rainbow Boulevard and Windmill Lane. Smith’s Food and Drug, a wholly owned subsidiary of The Kroger Co., anchors the facility. The site also includes Smith’s Gas, as well as two pad sites for future development. LBG acquired the asset in July 2011, at which time the space was approximately 50 percent leased.
PALO ALTO, CALIF. — Cohen Financial has arranged a $29.8 million loan for the refinancing of a 50,000-square-foot office building in Palo Alto. Located at 130 Lytton Ave., in proximity to Palo Alto Caltrain station, the four-story structure is fully leased to Amazon subsidiary A9. Paul Schroeder of Cohen Financial originated the fixed-rate, seven-year loan through Sun Life of Canada. According to the Silicon Valley Business Journal, Rockwood Capital purchased the asset in November 2013.
LONG BEACH, CALIF. — Meta Housing Corp. has broken ground on Long Beach & 21st Apartments, a $16.4 million, 41-unit seniors housing property in Long Beach. To be located at 2114 Long Beach Blvd., the affordable housing complex will offer one- and two-bedrooms residences for adults ages 55 and older. Amenities will include a community activity room, community kitchen, library and rooftop deck. Meta Housing is partnering with PATH Ventures in the development of the project. PSL Architects has designed the facility to achieve LEED Silver certification. Bank of America provided construction financing and equity for the project. Completion is slated for the summer of 2015.
COVINA, CALIF. — Argent Retail Advisors has arranged a 42,000-square-foot retail lease at Grand Covina Plaza in the Los Angeles suburb of Covina for Stater Bros. Supermarket. Constructed in 1956 and remodeled in 1992, the 112,000-square-foot Grand Covina Plaza houses tenants including Dollar Tree, KFC, 7-Eleven, H&R Block and RadioShack. Stater Bros. Supermarket will occupy space previously leased by Albertsons and is set to move in during the fourth quarter. Terry Bortnick of Argent Retail Advisors represented the property owner, locally based Grand Covina Plaza LLC, in the 15-year lease agreement.
FORT LAUDERDALE, FLA. — Stiles Construction has topped off construction on Elan 16Forty, a 261-unit luxury apartment community at 1640 E. Sunrise Blvd. in downtown Fort Lauderdale. Greystar owns the project and will operate it upon completion in September. Elan 16Forty will feature one-, two- and three-bedroom units ranging in size from 686 to 1,599 square feet. The community will feature 2,300 square feet of ground-level retail space, a gourmet demonstration kitchen, community room, business center, game room, resort-style swimming pool, sun deck with cabanas, outdoor grilling stations and a rooftop terrace.
DAVENPORT, FLA. — NorthMarq Capital has arranged a $36.3 million loan to refinance Victoria Park Apartments, a 348-unit multifamily community located at 1000 Victoria Park Blvd. in Davenport, about 35 miles southwest of Orlando. Melissa Marcolini Quinn and David Schofield of NorthMarq’s Orlando office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender.
BOCA RATON, FLA. — Meridian Capital Group LLC has arranged $31 million to refinance seven unanchored shopping centers in Orlando, Tampa, Kissimmee, Sanford and Sarasota. The properties total 200,000 square feet and house 80 tenants. The retail centers include Westchase Town Center in Tampa; The Gateway and Osceola Gateway in Kissimmee; The Shoppes of East Colonial and Hunter Creek Shoppes in Orlando; Sanford Town Center in Sanford; and Sarasota Palms Plaza in Sarasota. Michael Brown and Adam LeBlanc of Meridian’s Boca Raton office arranged the 10-year, non-recourse loan through a CMBS lender. The loan has a fixed interest rate of 4.88 percent and features five years of interest-only payments.
CORAL GABLES, FLA. — Grandbridge Real Estate Capital has closed a $24.5 million first mortgage loan for The Mile at Coral Gables, a 13-story luxury apartment project under construction at 3622 S.W. 22nd St. in Coral Gables. Once complete, the property will feature 3,000 square feet of ground-level retail space and 119 apartment units, with amenities including a swimming pool, fitness center and 175-space parking garage. Phil Carroll of Grandbridge originated the three-year interest-only loan through an unnamed bank.
LEXINGTON, S.C. — Newmark Grubb Wilson Kibler has brokered the $5.5 million sale of a two-story, 51,512-square-foot office building located at 113 Reed Ave. in Lexington. TD Bank currently occupies the property. Jeremy Wilson of Newmark Grubb Wilson Kibler represented the buyer, ET Lexington LLC, in the transaction. Ben Kelly of NAI Avant represented the seller.