CERRITOS, CALIF. — Cerritos Corporate Center, a 460,356-square-foot industrial business park, has sold to Angelo Gordon for $42.5 million. Gordon worked in partnership with Crowsnest Properties. The center is located at 13810-13950 Cerritos Corporate Drive in Cerritos. The institutional-quality business park is composed of seven free-standing buildings on three parcels. It is currently 95 percent leased. The seller, The Abbey Company, was represented by CBRE’s Kevin Shannon, Darla Longo, Barbara Emmons, Scott Schumacher, Rick McGeagh and John Biven.
PORTLAND, ORE. – The 165-unit Cathedral Apartments development in Portland has received $21.4 million in construction/permanent financing. The community will be located at 8680 North Ivanhoe Street. The 42-year loan features a 4.76 percent fixed rate. It was arranged by HFF’s Thomas Wilson on behalf of St. Johns Ivanhoe LLC. Financing was provided by Greystone, an FHA multifamily lender. The project is hoping to achieve LEED-Platinum certification. If successful, Cathedral Apartments will be the first LEED-Platinum-certified construction project in the nation that was completed by HUD. The project is being developed by W&K Development.
PHOENIX — Velocity Retail Group has completed the disposition of six Phoenix-area properties that were formerly home to Albertson’s grocery stores. The properties were all owned by a partnership that was looking to sell in 2012 when the Phoenix market seemed to be “saturated with big boxes,” according to Velocity’s press release. The release also notes that four of these buildings were in the Southeast Valley, “which had been hardest hit by big box vacancy.” The final building, a 50,394-square-foot property located at 409 N. Litchfield Road in Goodyear, recently closed escrow. The six buildings contained a total of 350,000 square feet. All have closed escrow over the past few months. Velocity notes the buildings sold to investors, retailers and even to a charter school.The seller, ACC Retail Associates, LLC, is an entity controlled in a joint venture by Praedium Group and ScanlanKemperBard Companies.
SANTA ANA, CALIF. — The Arbors, a 160-unit apartment complex in Santa Ana, has sold to CW Investment Group LLC for $28 million. The community is located at 1100-1200 East Fairhaven Ave. The buyer was represented by Daniel Blackwell of Marcus & Millichap. The unnamed seller was represented by Stewart I. Weston and W. Michael Cavner of Institutional Property Advisors (IPA).
GRESHAM, ORE. – The 264-unit Columbia Trails Apartments inGresham has received $20.3 million in first-mortgage refinancing. The community is located at 1112 NW 15th Street just east of Portland. The low-leveraged loan was based on a 10-year, interest-only term. Financing was arranged by Ron Peterson of NorthMarq Capital’s Seattle regional office through the firm’s seller-servicer relationship with Freddie Mac.
WASHINGTON, D.C. — MAC Realty Advisors has arranged the sale of the Flats at Blagden Alley development sites in Washington, D.C., to a local developer. Flats at Blagden Alley will be a mid-rise, transit-oriented community located at 917 M St. and 1212 9th St., across the street from the Mount Vernon Square/Convention Center Metro Station. MAC Realty Advisors represented the seller, Self Help Ventures Fund, in the transaction. Bruce Levin, Andrew McAllister and Ben Lazarus of MCA led the marketing effort for the transaction.
VIRGINIA BEACH AND RICHMOND, VA. — Morgan Property Group LLC (MPG) has acquired two sites in Virginia for the development of two new freestanding 7-Eleven stores. One site is located at the southwest corner of General Booth Boulevard and Dam Neck Road in Virginia Beach. The other is located at the southeast corner of West Broad Street and Pemberton Road in Richmond. Once the two stores are developed, MPG will have developed seven 7-Eleven properties in Virginia in the past two years. MPG purchased the Virginia Beach location through its affiliate SDC VII General Booth LLC for approximately $1.1 million. The new property will feature a 3,010-square-foot convenience store and four pumping stations. Construction is expected to start later this year and wrap up in the second quarter of 2014. MPG purchased the Richmond site through its affiliate SDC VI Broad LLC for a little more than $1 million. Construction is expected to start in October and wrap up in the first quarter of 2014. MPG purchased the sites from Doswell Ventures LLC in both transactions.
ROANOKE, VA. — Cushman & Wakefield | Thalhimer has arranged the $1.4 million sale of Shops at Pheasant Ridge, a 13,740-square-foot retail center located at 4335 Pheasant Ridge Road in Roanoke. John Nielsen and Bob Copty of Cushman & Wakefield | Thalhimer represented the seller, Quatros Amigos Partnership, in the transaction. The buyer was Summers Properties LLC. Goodwill will lease a portion of the retail center.
ST. LOUIS — Phillips Edison–ARC Shopping Center REIT Inc. has acquired an 112,300-square-foot, grocery-anchored shopping center in St. Louis for $9.5 million. South Oaks Plaza is fully leased and anchored by a Shop 'n Save grocery store. Pace-South County Associates LLC sold the shopping center, which is located on 10.2 acres. Phillips Edison–ARC also recently acquired the 74,616-square-foot Contra Loma shopping center in Antioch Calif., for $7.2 million.
NOVI, MICH. — Hyatt Hotels Corp. and Packard Hospitality Group have celebrated the opening of the 126-room Hyatt Place Detroit/Novi. Attached to Suburban Collection Showplace as an expansion to the Diamond Banquet and Conference Center, the new six-story hotel will be the first Hyatt-branded hotel in Novi, a northwest suburb of Detroit. The hotel features more than 9,000 square feet of meeting space, complimentary Wi-FI, interior pool and A Coffee to Cocktails Bar.