SAN DIEGO – Kiernan Companies has purchased 10.1 acres of industrial land in San Diego for $3.6 million. The land is located at 10138 Airway Road in the Otay Mesa submarket. It resides within the Airway Business Center. Kiernan was represented by Brian Rolens and Michael Bauer of Fischer & Company. The seller, MS Development Company LLC, was represented by CBRE’s Rob Hixson, Rich Kwasny and Alexandra Allsup.
BEND, ORE. — Walgreens preferred developer Seven Hills Properties has purchased a 1.8-acre land parcel in Bend for $2.8 million. The site is on the southwest corner of Third Street and Franklin Avenue. It stretches for a full city block. Construction on the new Walgreens will begin next month, with Kirby Nagelhout serving as general contractor.
HENDERSON, NEV. — Valley Freeway Commerce Center, a 229,000-square-foot industrial center in the Las Vegas submarket of Henderson, has sold to Harsch Investment Propertiesfor an undisclosed sum. The four-building center is located at 7565, 7585, 7665 and 7685 Commercial Way. It is currently 58 percent leased. Harsch was represented by Mike Delew and Greg Pancirov of Colliers International. The seller was Iyar Realty ADA Compliant Limited Partnership.
DENVER – The Artisan, a 434-unit apartment community in Denver, has sold to Peak Capital Partners for $33 million. The community is located at 10025 East Girard Ave. It is 98 percent leased. The seller, Prime Residential, was represented by HFF’s Jordan Robbins and Jake Young.
CITY OF INDUSTRY, CALIF. – The Unical Industrial Building in the City of Industry has received $26.7 million in acquisition financing. The 472,876-square-foot building is located at 680 S. Lemon Ave. Financing was based on a 17-year term and a 17-year amortization schedule.It was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office on behalf of the new owner-user.
RANCHO CUCAMONGA, CALIF. – A 138,595-square-foot industrial property in Rancho Cucamonga has sold to CT Realty Investors for $9 million. The property is located at 10401 Seventh Street. The seller, Waitex International, will lease back the property. The rate and terms of that lease were not disclosed.CT’s newest acquisition is attached to a 177,550-square-foot building that was purchased by the firm last year. That property is located at 10404 Sixth Street and is fully leased to GiTi Tire USA Ltd.CT plans to redevelop both properties once Waitex’s lease expires. GiTi has agreed to a new long-term lease for both buildings that will commence once the renovations are completed.Jamie Harrison of Lee & Associates Investment Services Group in Los Angeles represented both the buyer and the seller in this transaction.
FAYETTEVILLE, ARK. — Inland American Communities Group Inc., a subsidiary of Inland American Real Estate Trust Inc., has acquired the Domain at Fayetteville, a 654-bed student housing community near the University of Arkansas, for $42 million. The property was recently completed and is fully leased for the 2013-2014 school year. The property is located within walking distance of the University of Arkansas campus on the university shuttle route. The property's amenities include a luxury clubhouse with a game room, 24-hour fitness center, resort-style pool, theater and an outdoor kitchen with grilling stations. The community will be rebranded as University House. In another recent transaction, Inland American Communities Group purchased HUB on Campus, a 640-bed student housing property near Arizona State University, for $103 million.
BIRMINGHAM, ALA. — Steadfast Income REIT has purchased Tapestry Park, a 223-unit apartment community located five miles east of downtown Birmingham, for $32.4 million. Tapesty Park is Steadfast Income REIT's first purchase in Alabama. The community opened in September 2012 and is currently 94 percent occupied. The property offers one-, two- and three-bedroom apartments with an average rent of $1,200 per month. Tapestry Park's amenity package includes a resort-style swimming pool, WiFi hotspots, a spa, 24-hour fitness center, outdoor fireplace with a lounge, clubhouse with a media center, barbecue area and a dog park. The interior of the units features stainless steel appliances, washer/dryers, nine-foot ceilings, faux wood flooring, granite countertops and private balconies and patios.
PEACHTREE CITY, GA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $10.8 million in refinancing for a 301,704-square-foot industrial warehouse asset in Peachtree City. Tim Kinney of MMCC's Atlanta office arranged the 10-year loan with a 5.4 percent fixed interest rate and a 30-year amortization schedule through a CMBS lender.
TAMPA, FLA. — Franklin Street Capital Advisors has negotiated and closed a 10-year, approximately $8.5 million loan through Fannie Mae to help reposition a 216-unit apartment community in Tampa. Drew Jennewein, Andrew Wright and Danny York of Franklin Street managed the competitive bid process, as well as the loan structuring negotiations with the lender on behalf of the borrower. The non-recourse loan includes two years of fixed interest at 3.96 percent.