IRVINE, CALIF. – A 225,992-square-foot, Class A office building in Irvine has received $28 million in joint venture equity. Greenlaw Partners will use the equity proceeds to acquire the ownership interests of its previous venture partners. The building is located at 18301 Von Karman. The loan was arranged by HFF’s Todd Sugimoto and Jeff Sause. The equity was secured through Cigna Investments in an off-market recapitalization. HFF also advised the new partnership on the senior loan.
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SAN JOSE, CALIF. — Sares Regis Multifamily Fund, L.P., has acquired the 144-unit Alterra San Jose apartment community for an undisclosed sum. The community was built in 1988 at 1640 La Rossa Circle in San Jose. It is situated near the intersection of Almaden Expressway and CA-87. Sares Regis represented itself in this transaction. The sellers, Pacific Urban Residential and Hunt Companies, acquired the property on an off-market basis in early 2011. They were represented by HFF’s Nathan Blair and Charles Halladay.
LAS VEGAS – The 72-unit Oasis Crossings Apartments in Las Vegas has sold to Hamilton Zanze (HZ) for $7.4 million. The Class B-plus community is located at 1111 S. Cimarron Road in Summerlin/The Lakes submarket. HZ plans to implement a value-add program that will include capital improvements, expense reduction and new property management via Mission Rock Residential. This is the firm’s second recent acquisition in Las Vegas and its seventh acquisition in the Western U.S. in the past 12 months.
PHOENIX — Goodwill Industries of Central Arizona has signed a 10-year lease for 31,200 square feet at South Mountain Crossing in Phoenix. The space is located at the northwest corner of Southern Avenue and 35th Avenue. Goodwill was represented by Andy Kroot of Velocity Retail Group. The landlord was represented by Neil Board of Western Retail Advisors.
PHOENIX – The former Castle Hot Springs resort in Yavapai County has sold to CHS3, LLC for $1.9 million. The resort is located on North Castle Hot Springs Road in Castle Hot Springs, just north of Phoenix. The LLC purchased the property through an online auction. The 210-acre Castle Hot Springs resort opened in 1896. Its 118-degree natural hot spring produced 180,000 gallons of pure water daily. The seller, EktornetUS, a susidiary of Swedbank, was represented by Dave Headstream of CBRE’s Land Services Group in Phoenix. He worked in conjunction with CBRE Auction Services.
RALEIGH, N.C. — Dominion Realty Partners LLC closed the $6.3 million purchase of the site for the $63 million Charter Square office building in downtown Raleigh office building. The 11-story high-rise office tower has begun vertical construction, which is slated for completion in 13 months. Dominion Realty purchased the site from the city of Raleigh. The 242,969-square-foot office building is pre-leased to HDR Engineers, CBRE, JDavis, Eschelon Hospitality and Dominion Realty Partners. The Class A office tower will also feature 9,000 square feet of ground-level retail space. A partnership between the buyer and Prudential Real Estate Investors capitalized the purchase with financing through Regions Bank. The design team for the office building, including architect JDavis Architects and general contractor Choate Construction, is hoping to achieve LEED Platinum certification. Law firms Ellis & Winters; Quarles & Brady LLP; and Lewis Roca Rothberger LLP provided legal counsel.
WASHINGTON, D.C. — MAC Realty Advisors has arranged a $27.4 million loan for the acquisition and development of a mixed-use project located at 1921 14th St. N.W. in northwest Washington, D.C. The borrower, Madison Investments, will rehabilitate the existing buildings at the site and construct a new nine-story high-rise apartment tower. The tower will feature 56 residential units and approximately 13,000 square feet of retail space. Construction is slated to begin in June and wrap-up in early 2016. Andrew McAllister, Bruce Levin, Ben Lazarus and Caren Garfield of MAC Realty Advisors arranged the private investment/senior construction loan.
RALEIGH, N.C. — Velocis, a private equity real estate fund, has purchased a pair of medical office buildings near UNC Health Care System’s Rex Hospital in the Research Triangle. The sales price was undisclosed. The properties, known as Sunset One and Two, are 82 percent leased and total 36,000 square feet. Velocis has tapped Lincoln Harris LLC to manage and lease the properties. Gary Lyon and Michael Vulpis of Avison Young represented the seller in the transaction.
OHIO — UMH Properties Inc. has acquired eight Ohio manufactured home communities for $24.9 million. The communities include a total of 1,018 developed homesites that are situated on approximately 270 acres. The average occupancy for these communities is approximately 70 percent. With this acquisition, UMH owns 82 communities totaling 14,500 developed homesites.
INDIANAPOLIS — Fast casual chain Corner Bakery Cafe has signed a multi-unit development agreement with a new franchisee to open several restaurants in Indianapolis later this year, and more in the next six years. Last month, the company announced plans to open nine new restaurants in California's Central Valley. Corner Bakery is actively seeking to expand into new markets including Alabama, Minnesota, Missouri, North Carolina, Ohio and Tennessee.