OCEANSIDE, CALIF. — Flags on Mission Shopping Center, a 107,600-square-foot retail center in Oceanside, has sold to Doerken Properties Inc. for $12.6 million. The center is located at 1527 Mission Ave. Marc Dudzik and Bo Havlik of Lee & Associates – North San Diego County represented both the buyer and seller, Mission Avenue Investors, in this transaction.
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CLAREMONT, CALIF. – A 79,800-square-foot office property on the Keck Graduate Institute (KGI) Applied Life Science Campus in Claremont has received $8.5 million in financing. The two-story, single-tenant building is occupied by Technip North America. It is also known as the Technip building. The project management, engineering and construction leader for the energy industry recently signed a new 10-year lease at the property. The new 10-year loan has a fixed interest rate in the mid-5 percent range and a 25-year amortization schedule. It was arranged by Geoffrey Arrobio of Johnson Capital’s Downtown Los Angeles office. Financing was provided by EverBank. KGI plans to use the financing to expand its on-campus pharmaceutical program.
COLORADO SPRINGS, COLO. – The 207-unit Whispering Pines Apartments in Colorado Springs has received $4.3 million in acquisition financing. The community is located at 3030 East Fountain Blvd. Financing contains a three-year term and a 25-year amortization schedule. It was arranged by Gregory T. Benjamin of NorthMarq Capital’s Denver office through the firm’s relationship with a regional bank.
LOS ANGELES — Sitex Group, a fully integrated private equity firm that specializes in industrial real estate investments in major U.S. markets, has opened an office in Los Angeles. The firm’s Southern California operations will be run by Eric Ruehle, a former vice president of investments at CenterPoint Properties. The expansion will allow the firm to diversify its portfolio by acquiring industrial properties via established local relationships. Sitex’s new office will be located at 1500 Rosecrans Ave. in Manhattan Beach. It is the firm’s third office in the U.S. and its first on the West Coast.
NEW YORK — American Realty Capital Hospitality Trust Inc. has acquired interests in six hotels in the Southeast and Northeast for a total investment of $106.5 million. The real estate investment trust (REIT) purchased fee simple interests in the Courtyard Inner Harbor Hotel in Baltimore; the Courtyard Providence Downtown Hotel in Providence, R.I.; and the Homewood Suites in Stratford, Conn. ARC Hospitality also purchased a leasehold interest in the Georgia Tech Hotel & Conference Center in Atlanta’s Midtown neighborhood. Additionally, ARC Hospitality purchased joint venture interests in the Hilton Garden Inn in Blacksburg, Va., and the Westin Virginia Beach Town Center in Virginia Beach, Va. Combined, the six hotels total 1,181 rooms and about 38,960 square feet of meeting space. American Realty Capital Hospitality Properties LLC and Crestline Hotels & Resorts LLC, which is ARC Hospitality’s property manager, manage the six hotels.
NORTH CAROLINA — Berkadia Commercial Mortgage LLC has originated $85.9 million in financing for a portfolio of 15 seniors housing communities in North Carolina. Christopher Fenton of Berkadia worked with subsidiaries of Chevalier Group to secure the 35-year, fixed-rate financing through HUD’s 232/223(f) program. The loans are fully amortizing and feature a fixed 4.03 percent interest rate. Meridian Senior Living operates the 15 facilities, which consist of 1,136 beds and are approximately 90 percent occupied. The borrower will use the loans to refinance prior debts, which Berkadia originated in conjunction with GE Capital Healthcare Financial Services in 2012.
SPARTANBURG, S.C. — Cushman & Wakefield’s capital markets group has brokered the sale of the Adidas U.S. Distribution Center, a 1.9 million-square-foot distribution campus in Spartanburg, for an undisclosed price. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield’s Atlanta office, along with Chris Norvell and Brian Young of the Carolinas Cushman & Wakefield | Thalhimer’s capital markets group, represented the sellers, Real Estate Capital Partners and IVG Institutional Funds. The buyer was undisclosed.
HANOVER, MD. — Terreno Realty Corp. has purchased a 159,000-square-foot industrial property in Hanover for approximately $18 million. The asset is located at 7190 Parkway Drive, about three miles away from the Baltimore/Washington International Airport. The asset includes 32 loading docks, trailer storage and parking for 207 cars. The property is fully leased to two tenants. The seller was undisclosed.
NORCROSS, GA. — United Arab Shipping Co. has purchased a 50,000-square-foot, two-story office building at 5515 Spalding Drive in Norcross for an undisclosed price. Bob Misdom of Cresa Atlanta represented the buyer in the transaction. The buyer plans to consolidate existing offices in Cranford, N.J., Norfolk, Va., and Savannah, Ga., to its new metro Atlanta location. Peter McGuone and Bryan Heller of CBRE’s Atlanta office represented the seller, Land Investment Partners, in the transaction.
TRAVERSE CITY, MICH. — Commercial Property Advisors and Hunter Hotel Advisors have arranged $18 million CMBS loan for the refinancing of three hotels in Traverse City. The fixed-rate, 10-year loan has a 25-year amortization schedule. The hotels, which include Best Western, Cambria Suites and Comfort Inn, total 204 rooms. Cary Belovicz of Commercial Property Advisors and Angelo Stambules of Hunter Hotel Advisors arranged the loan for an undisclosed borrower.