VALENCIA, CALIF. — Flight Line Products has leased 58,000 square feet at an industrial building in Valencia. The building is located at 28939 N. Ave. Williams. The new space will allow the airline industry supplier to expand within the Valencia area, where it is headquartered. The company was represented by Yair Haimoff of NAI Capital’s Encino office. The landlord, 12800 Wentworth LLC, was represented by David Young and Chad Gahr of the same firm.
SPARTANBURG, S.C. — Westbridge Partners and TMS Development have reached an agreement to purchase the historic Drayton Mill, two 111-year-old former mill buildings located minutes from downtown Spartanburg. Westbridge and TMS will purchase the buildings from property owner Pacolet Milliken. The development team, headed by Pacolet Milliken, will develop 288 apartment units in the former mills, which feature 16-foot ceilings, maple floors and heavy timber construction. The project team features Durham, N.C.-based architect Belk Architecture, historic consultant Meek Architecture and Atlanta-based general contractor Gay Construction Co. In addition to the apartments, Pacolet Milliken plans to develop an event space, restaurant, community center and office space at the 230-acre Drayton Mill site. The development will be connected to the Spartanburg Trails & Greenway Master Plan via a one-mile greenway. Construction is slated to begin this spring, pending approval from the National Park Service.
ALEXANDRIA, VA. — Clarion Partners LLC, a real estate investment manager, has acquired a majority condominium interest in Carlyle Overlook, an office property located in the Carlyle district of Alexandria. The purchase price was approximately $65.8 million. Clarion purchased the top five floors, ground-floor retail and parking at the property, which is 91.4 percent leased. The remaining interest of the 126,462-square-foot, Class A office building is held by the American Society of Clinical Oncology, which is headquartered in the building.
ORLANDO, FLA. AND FORT SMITH, ARK. — Inland Real Estate Corp. has acquired two shopping centers for approximately $63.3 million. The properties include the Goldenrod Marketplace in Orlando and the 415,000-square-foot Fort Smith Pavilion in Fort Smith. Inland purchased about 91,500 square feet of Goldenrod Marketplace, and the company plans to soon acquire the remaining 32,600 square feet, which is under development. Goldenrod Marketplace features a Marshalls and LA Fitness, as well as Taco Bell and KFC outparcels. Inland’s purchase of Fort Smith Pavilion included the assumption of a $33.2 million loan. Fort Smith Pavilion’s tenant roster includes Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Old Navy, Petco, Michaels, Books-A-Million, Shoe Carnival and Ulta Beauty.
MIAMI — CBRE has arranged $38 million in financing for the Hilton Garden Inn and Homewood Suites by Hilton in Miami. The 189-room Hilton Garden Inn and the 124-room Homewood Suites are located at the intersection of Palmetto Expressway and N.W. 36th Street, less than one mile from Miami International Airport. Jonathan Rice of CBRE Hotels | Finance and David Borge of CBRE Capital Markets Debt & Equity Finance arranged the loan on behalf of the borrower, Economos Properties.
COLUMBIA, S.C. — NAI Earle Furman’s multifamily division has arranged the sale of the Palms at Premier Park, a 240-unit apartment complex located at 1155 Clemson Frontage Road in Columbia. The Class B community, which was built in 2008, sold for approximately $19.4 million. Charleston, S.C.-based Companion Foundation and Companion Associates Inc. purchased the community from Greensboro, N.C.-based BRC Columbia LLC. Palms at Premier Park was 91 percent occupied at the time of sale.
ANN ARBOR, MICH. — Glimcher Realty Trust has purchased Arbor Hills, an open-air retail center in Ann Arbor totaling 85,000 square feet, for approximately $52.6 million. The North Shore Property Group and Campus Realty developed the center, which held its grand opening in August 2013. The property is approximately 87 percent leased to tenants including Anthropologie, Arhaus, lululemon, Madewell and The North Face. Glimcher purchased a 93 percent interest in the center through a newly formed joint venture. The acquisition was funded primarily through a combination of a property level debt and working capital.
TOLEDO AND WATERVILLE, OHIO — Devonshire REIT Inc., a private real estate investment trust, has acquired five retail properties in Ohio for $31 million. Four of the properties are located on Monroe Street in Toledo. These properties include Monroe Street Square Shopping Center, a 124,904-square-foot, Hobby Lobby-anchored center; Bed, Bath & Beyond Plaza, a fully leased, 55,139-square-foot retail property; the 45,594-square-foot Office Depot Plaza; and a 9,860-square-foot property fully occupied by Pier 1 Imports. Devonshire also acquired 125 acres of the 350-acre, mixed-use Villages at Waterville Landing development in Waterville. The 125 acres are zoned for retail and currently include a new 80,000-square-foot Kroger, a Farmers & Merchants State Bank branch and a Speedway fuel center that is under construction. Goldman Sachs Mortgage Company provided financing for the Monroe Street acquisitions and for the refinancing of the first phase at Franklin Place. The financing package totaled $24 million. The properties were purchased from local real estate developers and investors, Tom Helberg and Thomas Schlachter.
HORSHAM, PA. — Berkadia Commercial Mortgage LLC has provided three acquisition loans totaling $28 million for Capital Senior Living Corp. Lisa Lautner, senior vice president of Berkadia’s seniors housing and healthcare group, originated the loans for the seniors housing properties located in Ohio, Wisconsin and Georgia.Lautner arranged a $11.9 million loan through Fannie Mae for Hyland Park of Fitchburg in suburban Madison, Wis. The 10-year loan includes a fixed interest rate and 30-year amortization schedule. The property features 82 independent and assisted living units and is 98 percent occupied. Berkadia also provided a $7.6 million loan through Fannie Mae for Woodlands of Middletown, located in suburban Cincinnati. The senior living community features 61 assisted living and memory care units, which have studio and one-bedroom layouts, as well as companion suites. The 10-year loan includes a fixed interest rate and 30-year amortization schedule. The property is currently 93 percent occupied. In addition to the Fannie Mae financings, Lautner arranged an $8.5 million loan through Berkadia’s proprietary bridge lending program for Peachtree Plantation, a 64-unit assisted living and memory care facility located in Oakwood, Ga.
NORTH OLMSTED, OHIO — Marcus & Millichap has arranged the $17.8 million sale of the North Olmsted Towne Center, a 95,446-square-foot shopping center in North Olmsted, approximately 17 miles southwest of Cleveland. The sales price equates to $186 per square foot. Scott Wiles and Craig Fuller in Marcus & Millichap’s Cleveland office, along with Erin Patton in the firm’s Columbus office, represented the seller, a local Cleveland investment group. Wiles, Fuller, Patton and Dustin Javitch, who is also in the Cleveland office, advised the buyer, an out-of-state private investor. The property is located in the center of North Olmsted’s commercial district at 25100 Brookpark Road, east of the intersection of Brookpark Road and Great Northern Boulevard. Shadowed by Target and a Walmart Supercenter, tenants at the North Olmsted Towne Center include David’s Bridal, The Tile Shop, Jimmy John’s, La-Z-Boy, Men’s Wearhouse, Moe’s Southwest Grill, Party City and Pearle Vision.