LOS ANGELES — The Balcony at Beverwil, a 75,000-square-foot retail center in Los Angeles, has received a $28-million loan. The center is located on the southeastern corner of Pico Boulevard and Beverwil Drive. It was built in 1996. The current owner acquired the asset in 2007. It assumed a $30-million securitized loan from PNC Bank upon acquisition. The new 10-year loan has a 30-year amortization schedule and an interest rate in the mid-4 percent range. It was provided by Allstate. The loan was originated by Pacific Southwest Realty Services.
SEBASTOPOL, CALIF. — The Barlow, a 212,000-square–foot, mixed-use industrial and retail lifestyle center in Sebastopol, has received two loans totaling $28.8 million. The center is located at 6770 McKinley Street. It is anchored by Kosta Browne Winery. The Barlow features two full-scale production wineries, four wine tasting rooms, two breweries, a gin and vodka distillery, a coffee roaster, two restaurants, a grocery store, a tea company, a full-scale production bakery and various other artisan producers. The project’s remaining space may be utilized by a boutique hotel with a spa. Financing was arranged by Ethan Schelin of Lucent Capital.
WASHINGTON, D.C. — Cassidy Turley has negotiated 21 coterminous leases for the relocation of the Washington Design Center, a collection of showrooms featuring interior design architectural firms in Washington, D.C. The Washington Design Center will relocate to 120,000 square feet of space at Franklin Court, a 440,874-square-foot office building located at 1099 14 St. N.W. in downtown Washington, near the new CityCenterDC development. Starting in mid-2014, the following showrooms will be featured in the new Washington Design Center: AmericanEye, Arc-Com Fabrics, Century Showrooms, Cowtan & Tout, Doris Leslie Blau, Duralee Fabrics, F. Schumacher & Co., Fabricut, Galleria International, Hines & Co., Holland & Sherry, Holly Hunt, J. Lambeth & Co., Kravet, Michael Cleary, Osborne & Little, Pindler & Pindler, Robert Allen, Romo, Scalamandre and Stark Carpet. The new space will occupy the second, third and fourth floors, with additional retail offered on the ground level. Each showroom will feature a glass storefront and access to the plaza level of Franklin Court for product displays and events. Art Santry, Kurt Richter, Richard Bernstein, Jared Thal, and Steve Braun of Cassidy Turley represented the tenants in the transaction. Richard Tonner, Laurie McMahon and Zeke Dodson, also of Cassidy Turley, represented Franklin Court’s …
SUNRISE, FLA. — HFF has brokered the $16.1 million sale of The Gateway at Seagrass, a 40,136-square-foot retail center in Sunrise. The retail center’s tenant roster includes Starbucks Coffee, Chipotle Mexican Grill, GameStop, Mattress Firm and Subway. South Florida’s only IKEA store shadow anchors the property. Danny Finkle, Luis Castillo and Rob Saracco of HFF represented the seller, Stiles, in the transaction. Karen Reiter, Michael Matluck and Adam Freeman of ICS Realty represented the buyer, Gateway at Sawgrass Investments LLC. Alex D. Sirulnik Esq. was the buyer’s legal counsel.
CHAPEL HILL AND HIGH POINT, N.C. — NorthMarq Capital has arranged two acquisition loans totaling approximately $13.7 million for two apartment communities in North Carolina. The communities include the 144-unit Timberlyne Apartments at 200 Westminster Drive in Chapel Hill and The Crossing at Chester Ridge Apartments, a 152-unit apartment complex at 2122 Crossing Way in High Point. Brett Mason of NorthMarq’s Raleigh office arranged a three-year loan through a bridge lender for the Timberlyne Apartments acquisition. Mason also arranged a 10-year loan for the The Crossing at Chester Ridge purchase. Mason arranged the loan with a 30-year amortization schedule through a Fannie Mae DUS lender.
PARKVILLE, MD. — The Greysteel Co. has arranged the sale of Joppa-Perring Retail Center, a 39,500-square-foot property fully leased to Savers Thrift Superstore, the largest for-profit thrift store chain in North America. The store, which sold for approximately $6.9 million, is located in Parkville, about seven miles northeast of Baltimore. The property also includes a Checker’s restaurant. Gil Neuman of Greysteel represented the seller, Heritage Properties Inc., and procured the buyer, Joppa Mart LLC, in the transaction.
CHESAPEAKE, VA. — CBRE|Hampton Roads has brokered the sale of Great Bridge Apartments, a 100-unit multifamily community located in Chesapeake’s Great Bridge neighborhood near Battlefield Boulevard. Dan Johnson and Hank Hankins of CBRE|Hampton Roads represented the seller, Baltimore-based Property Capital Group, in the transaction. North Bay Group purchased the apartment community from Property Capital for an undisclosed amount. Great Bridge Apartments is part of an eight-property, 1,640-unit multifamily portfolio that CBRE is marketing.
MINNEAPOLIS — Grandbridge Real Estate Capital has closed a $4.2 million first-mortgage loan secured by Charlestown Apartments, a 109-unit apartment property in Minneapolis. Tony Carlson of Grandbridge originated the refinancing. A local bank funded the five-year loan, which includes a fixed interest in the mid-three percent range and a 20-year amortization schedule. The loan equates to less than $40,000 per unit and was used to pay off the borrower’s existing debt and fund property improvements.
STERLING HEIGHTS, MICH. — Bernard Financial Group has arranged a $1.7 million loan for two single-tenant manufacturing buildings in Sterling Heights, a northern suburb of Detroit. Dennis Bernard and David Dismondy of Bernard arranged the financing on behalf of Fifteen Mile & Product Drive LLC. Assurity Life Insurance Co. was the lender.
KANSAS CITY, MO. — Block & Co. Inc. has arranged the sale of the Shoppes at Shoal Creek in Kansas City. The purchase price was undisclosed. An entity owned by Pine Tree Commercial Realty LLC, in partnership with Wanxiang America Corp., purchased the 130,000 square-foot property. Shoppes at Shoal Creek is located at the northwest corner of 152 Highway and Flintlock Road. Best Buy and Office Max anchor the center. David Block, president of Block & Co., represented the sellers, Shoal Creek Center BWG LLC and Shoal Creek BW Five LLC, in the transaction. Block and Becky Goodman of Block & Co. Realtors are serving as the leasing agents for the property.