LA QUINTA, CALIF. — The 223-unit Mediterra Apartments in La Quinta has recieved $21 million in acquisition financing. The community is located at 43-100 Palm Royale Drive. The loan features a 10-year term, two years interest-only and a 30-year amortization schedule. Financing was arranged by Robert R. Hervey of NorthMarq Capital. The transaction was co-brokered with Troy Tegeler of CBRE Capital Markets.
Property Type
LOS ANGELES — North Ranch Office Building in the Los Angeles submarket of Westlake Village has sold to Chippewa Enterprises for $7.7 million. The 45,000-square-foot building is located at 31225 La Baya Drive. It was 48 percent leased at the time of sale. Jeff and Travis Albeeof Sperry Van Ness represented both the all-cash exchange buyer and the unnamed seller in this transaction.
TEMECULA, CALIF. — Old Town Center, a 29,502-square-foot, mixed-use development in Temecula, has sold to Fair Oaks Valley, LLC, for $7.6 million. The center is located at 28544 Old Town Front Street in the Historic Downtown District of Temecula. It was built in 2009. Old Town Center is fully occupied by tenants like Edge Restaurant, Crush & Brew, La Point Wealth Management, Reliable Realty, Southwest Desert Insurance, Living Yoga Center, Cornerstone, Eye Eco, and Canela Software. Fair Oaks was represented by Jim Ashcraft and Bill Harp of Ashcraft Investment Company. The seller, Old Town Center 1, LLC, was represented by Chuck Wasker of Colliers International and Mark Kagan of Kagan Commercial Real Estate.
LOS ANGELES — The Burlington Apartments, a 48-unit multifamily community in Los Angeles, has sold to Armor Family Trust for $3.4 million. The community is located at 625 S. Burlington Ave. in the Westlake District. Armor Family Trustwas represented by Allen Afshar of Sperry Van Ness. The unnamed seller was represented by Michael Chang and Brian Heller of the same firm.
LITTLETON, COLO. – Villager Square, a 37,458-square-foot retail property in Littleton, has sold to an unnamed buyer for $3.2 million. The center is located at 9012-9142 West Ken Caryl Ave. The buyer was represented by Jeff Johnson of the Johnson Ritter Team.
SANDY SPRINGS, GA. — Core Property Capital has selected SRS Real Estate Partners to lease Sandy Springs Gateway, Core’s new 21-acre mixed-use development underway in Sandy Springs, a suburb of Atlanta. The new development will be located at the intersection of Roswell Road and Windsor Parkway. Core Property Capital is developing the office and retail portions and JLB is developing the multifamily component of Sandy Springs Gateway. The property’s tenant roster will include Tupelo Honey Café, Urban Cookhouse, CVS/pharmacy, an unnamed restaurant concept and a specialty grocer. Core Property has begun demolition on the site and construction is expected to wrap up in spring 2015. Lily Heimburger and Adrienne Crawford of SRS Real Estate Partners represented Core Property Capital in the lease transactions with its new tenants. Sarah Williams of SRS represented Urban Cookhouse and Howard Zoldessy of Southern Management & Development LP represented Tupelo Honey Café. The additional tenants did not have broker representation.
WINCHESTER, VA. — Atlanta-based Cocke Finkelstein Inc. has acquired Peppertree Apartments, a 194-unit apartment community in Winchester, about 80 miles west of Washington, D.C. The garden-style property, which was 94 percent occupied at the time of sale, sold for $14.1 million. CFLane, the apartment management subsidiary of Cocke Finkelstein Inc., will manage the community.
ORLANDO, FLA. — McCraney Property Co. has signed a 10-year lease for a 200,000-square-foot build-to-suit in its Bent Oak Industrial Park project in Orlando. The tenant, national apparel distributor Bodek and Rhodes, will relocate from its current Orlando warehouse and expand from 140,000 square feet to 200,000 square feet. Construction of the 700,000-square-foot Bent Oak Industrial Park is slated to begin within the next 45 days with occupancy expected to begin in December. Matthew Sullivan, Wilson McDowell and Bobby Isola of Colliers International represented McCraney Property Co. in the lease negotiation. McCraney’s in-house team on the transaction included Steven McCraney, James Marvel and Andrew Jacobson. Scott Williamson and Rick Schuhwerk of JLL represented Bodek and Rhodes, which was also self-represented by Rich Weisbrod.
JACKSONVILLE, FLA. — Grandbridge Real Estate Capital has arranged an acquisition loan for Cross Creek Apartments, a 292-unit multifamily community in Jacksonville. The financing totaled approximately $5.4 million. The property features a clubhouse, laundry facilities, pool and playground. Michael Balan of Grandbridge’s Miami office originated the 10-year loan with a 30-year amortization schedule through a CMBS lender on behalf of the borrower, a Mexico-based real estate investor.
CHICAGO — Marcus & Millichap has arranged the sale of a seven-unit apartment property in Chicago for $1.3 million. The property is located at 4101 N. Monticello Ave. and is approximately one block north of the Irving Park Road and Elston Avenue intersection. The recently renovated building consists of a mix of two- and three-bedroom apartments. The units feature granite countertops and stainless steel appliances. Kyle Stengle of Marcus & Millichap listed the property on behalf of the seller, a private investor. Stengle also represented the buyer, whose name was undisclosed.