HUNTINGTON PARK, CALIF. – The 184-unit Huntington Plaza Apartments has debuted in Huntington Park. The low-income seniors housing community is located at 6330 Rugby Ave. in South Los Angeles. It was previously known as City Housing Rugby. The community was renovated by WNC, which provided $5.6 million in low-income housing tax credit (LIHTC) equity for the acquisition and rehabilitation of the project. The total cost was $30.2 million.
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SCOTTSDALE, ARIZ. — South Hill Design Corp. has leased 30,500 square feet of industrial/flex space in Scottsdale. The space is located at 7400 E. Tierra Buena Lane inside the Scottsdale Airpark submarket. The jewelry design and marketing firm will utilize the space for its corporate offices and fulfillment center. South Hill was represented by John Quatrini of Shell Commercial. The landlord, Hewson Development Corp. and GH Scottsdale I, was represented by Mark Linsalata of Lee & Associates.
PHOENIX — The Leona Group has leased 15,054 square feet at Catalina Terraces in Phoenix. The Class A office building is located at 7878 North 16th Street. The Leona Group, which provides services to charter schools, will use the space for its corporate headquarters. It was represented by Justin Himelstein of Cassidy Turley. The landlord, Catalina Terraces Operating Associates, a company formed by Rosemont Realty, was represented by Phil Breidenback, Keith Lambeth, Lindsey Carlson and Ryan Timpani of Colliers International.
MIAMI — ZOM has commenced construction on Montage at Met 3, a 32-story, 462-unit high-rise apartment building in downtown Miami. The residential units will be built atop a ground-level Whole Foods and a 12-level parking garage. The new tower will be part of Met 3, a mixed-use development located at the northeast corner of SE 2nd Avenue and SE 3rd Street. The project is a joint venture between ZOM and an investor account advised by UBS Global Asset Management. Montage at Met 3’s units will range from 680 to 1,450 square feet. The main amenity level is on the 13th floor, which will feature an open lounge area, fitness center, spa with treatment rooms, screening room, landscaped deck, swimming pool, yoga lawn, bocce ball court, outdoor grill and kitchen and two outdoor bars. ZRS Management LLC will manage the new apartment tower. Suffolk Construction is the general contractor of the community, which will begin pre-leasing in the fourth quarter of 2015. Broad and Cassel represented ZOM in its purchase of the site, and Stearns Weaver represented the seller.
FORT LAUDERDALE, FLA. — Brookwood Financial Partners LLC has acquired Comerica Tower, an 11-story office property in Fort Lauderdale’s central business district, for $32.5 million. Brookwood purchased the 166,098-square-foot asset from Beacon Investment Properties LLC. Comerica Tower was 82 percent occupied at the time of the sale. Christian Lee, Jose Lobon, Charles Foschini, Chris Apone, Deanna Lobinsky and Travis Herring of CBRE represented Beacon in the sale. Jonathan Kingsley of JLL also represented the seller in the transaction.
GREENSBORO, N.C. — Cushman & Wakefield | Thalhimer has arranged the sale of the Airport Distribution Center, located on Chimney Rock Road in Greensboro. The buyer, Somerset Acquisitions Inc., purchased the asset for approximately $19.2 million. Airport Distribution Center consists of five buildings totaling 764,550 square feet. The property is 87 percent leased to tenants including Ralph Lauren, FedEx Office and Bunzl. Chris Norvell, Scot Humphrey and Bill Simerville of Cushman & Wakefield | Thalhimer represented the sellers, CIP Real Estate and Blue Vista Capital. John Schultz of Triad Commercial Properties worked in conjunction with Cushman & Wakefield | Thalhimer to represent the sellers.
ECRU, MISS. — Marcus & Millichap has arranged the sale of the American Furniture Manufacturing facility in Ecru. The approximately 1 million-square-foot property, made up of five conjoined buildings, sold for roughly $10.8 million. AFM, a domestic manufacturer of upholstered furniture, has more than 12 years left on its lease. AFM has been operating out of the facility since its founding in 1998. Ben Tashakorian and Toby Boessen of Marcus & Millichap’s San Diego office represented the seller, as well as the California-based buyer, in the transaction. Anne Williams of Marcus & Millichap assisted in the transaction.
KNOXVILLE, TENN. — Knoxville-based Wood Properties has arranged a 30,000-square-foot lease at an office building south of downtown Knoxville. Brad Blackwell and George Brown of Wood Properties represented the landlord, Airport Office Partners, in the lease deal. The tenant, K12 Management Inc., will open a family support campus at the office building, which will bring roughly 300 jobs to the area.
RICHFIELD, MINN. — Oak Grove Capital has originated an $11.1 million FHA 223(f) loan for Lyndale Plaza Apartments, a 94-unit affordable housing community in Richfield. The 35-year, fully amortizing loan was used to repay existing debt. Lyndale Plaza Apartments is a Class A property with 20 percent of its units set aside for low-income tenants. The original financing package included 4 percent tax credits, tax increment financing through the city of Richfield and a floating-rate, tax exempt bond issuance from the state of Minnesota. Oak Grove was able to obtain a waiver to HUD’s “three-year rule” and structure a long-term, fixed-rate FHA loan that locked in financing costs over the entire life of the property and allowed the borrower to pay for cost overruns that occurred during construction.
NAPERVILLE, ILL. — CBRE has arranged the lease of a 25,000-square-foot anchor retail space in Naperville to Fresh Thyme Farmers Market, a full-service grocer. The space is in the Cress Creek Square shopping center, which is located at 790-796 Royal St. George Drive. Current tenant Office Max will vacate the space, and the grocer plans to open in 2015.Lynne Brackett and Marisa Roussel of CBRE represented the landlord, Arthur Goldner & Associates Inc., in the transaction. Al Rodenbostel of ARCORE Real Estate Group represented Fresh Thyme.