SAN DIEGO – Convoy Business Center, a 27,909-square-foot office building in the San Diego submarket of Kearny Mesa has sold to Central Data Services for $3.8 million. The building is located at 7071 Convoy Court. It was built in 1973 and renovated in 2012. It was about 63 percent leased at the time of sale. Central Data was represented by Jon Boland and Garrett Fena of Voit Real Estate Services. The seller, Self Procured Properties, was represented by CBRE’s Paul Lafrenz and Melissa Foster.
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DENVER – An 11-unit apartment complex in Denver has sold to an unnamed buyer for $2.7 million. The community is located at 1485 Clayton. It was renovated this past year. The unnamed seller was represented by Jeff Johnson of the Johnson Ritter Team at Pinnacle Real Estate Advisors.
PHOENIX – The 52-unit Missouri Breaks apartment complex in Phoenix has sold to EQ Missouri 51 LLC for $2.1 million. The complex is located at 1637 E. Missouri Ave. The seller was 1637 E. Missouri Avenue LLC. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in this transaction.
SANTA ROSA BEACH, FLA. AND PEACHTREE CITY, GA. — Dominion Partners has recently broken ground on two seniors housing communities in Santa Rosa Beach and Peachtree City totaling $38.8 million. The projects include the construction of the new $13.8 million Somerby at Santa Rosa Beach in the Florida Panhandle and the $25 million expansion of Somerby of Peachtree City. The Santa Rosa Beach community will feature 52 assisted living units and 24 memory care units. The expansion of the Peachtree City facility include the addition of 12 new villas and 100 independent living apartments in a four-story building. Rule Joy Trammell + Rubio is the architect for both projects. Maxus Construction is the general contractor for the Florida facility. Hoar Program Management is the project manager, DPR Hardin is the general contractor and Eberly & Associates is the landscape architect. In addition to the new construction, Birmingham, Ala.-based Dominion Partners is planning to bring two new facilities to Nashville, Tenn. and Sandy Springs, Ga.
WASHINGTON, D.C. — HFF has arranged the sale and acquisition financing for a 31,340-square-foot office building located at 450 H St. N.W. in Washington, D.C. The office building is fully leased to the District of Columbia’s Department of Youth Rehabilitation Services for the next 11 years. Dek Potts, Andrew Weir, Jim Meisel, Steve Conley, Matt Nicholson and Dave Baker of HFF represented the seller, Brookfield Real Estate Opportunity Fund, an affiliate of Brookfield Asset Management. Dan McIntyre of HFF arranged the 10-year acquisition loan through a CMBS lender on behalf of the buyer, an affiliate of Harbor Group International. The buyer plans to remodel the property in the second quarter in hopes to achieve LEED certification.
TAMPA, FLA. — Mark Scott’s Commercial Mortgage Capital (CMC) has arranged a $16.1 million loan for Independence Realty’s flex portfolio in Tampa. The three facilities include the 95,761-square-foot, three-building Corporex Plaza; the 75,378-square-foot, two-building Brandywine Business Center; and the 42,655-square-foot, two-building President’s Plaza. CMC arranged the 10-year, non-recourse loan with a fixed interest rate and a 30-year amortization schedule.
LAKE MARY, FLA. — Chris and Dana Mahnken of Lake Mary plan to develop a 32,000-square-foot office and retail building at East Crystal Lake Avenue in Lake Mary. The mixed-use property will be adjacent to the planned Lake Mary SunRail Station platform and across from a new 200-unit luxury apartment project. SunRail is a planned $1.2 billion commuter rail line in Central Florida. The property, known as Station Pointe at Lake Mary, will feature a coffee shop, sandwich shop, drug store, dry cleaner and beauty salon, along with office space. Construction is slated to begin in 2015. Realtor Rick Bavec has begun pre-leasing the development on behalf of the development team.
WISCONSIN DELLS, WIS. — Marcus & Millichap has arranged the $1.2 million sale of a 228-room hospitality property in Wisconsin Dells, approximately 54 miles north of Madison. Dells Island Resort & Conference Center is located at 655 N. Frontage Road. Jon Ruzicka, Gordon Allred and Chris Gomes of Marcus & Millichap represented the seller, a bank/financial institution. Ruzicka and Allred also represented the buyer, a limited liability company. Matthew Fitzgerald of Marcus & Millichap assisted in closing the transaction.
CHICAGO — Reed Construction has completed 16,000 square feet of speculative office suites in Chicago’s Wrigley Building for Zeller Management Corp. The 502,000-square-foot property is located at 400 N. Michigan Ave. The build-out on the 7th floor of the building included the construction of walls, ceilings and glass office fronts. The divisible space features open workspace, private offices, conference rooms and pantries. Jason Gunderson was the senior project manager for Reed Construction. Griskelis Young & Harrell provided the architectural services. Zeller Realty Group is the leasing agent for the property. The Wrigley Building was constructed in 1921.
BROOKFIELD, WIS. — The Boulder Group has brokered the $2.4 million sale of a single-tenant, PNC Bank ground lease in Brookfield approximately 12 miles east of Milwaukee. The property is located at 12821 W. Bluemound Road. PNC Bank is the sole occupant of the recently constructed 4,020-square-foot retail building. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a private investor from the West Coast, and the seller, a Midwest based developer.