MILLSBORO, DEL. — The KLNB retail investment sales group has brokered the $37 million sale of Peninsula Crossing, a 330,000-square-foot regional power center in Millsboro, a city in southeast Delaware. Cole Real Estate Investments purchased the shopping center, which is located on Route 113. Lowe’s Home Improvement, BJ’s Wholesale Club and PetSmart anchor the property. Andy Stape, Mat Adler, and Vito Lupo of the KLNB represented the seller, Millsboro Towne Center LLC, in the transaction.
MASSAPEQUA, N.Y. — NorthMarq Capital’s New York City office has arranged $25 million in permanent mortgage financing for Sunrise Promenade Associates. The loan is secured by Sunrise Promenade Shopping Center, a 165,939-square-foot retail property in Massapequa, a city located on the South Shore of Long Island. Ernest DesRochers, senior vice president and managing director, and Charles Cotsalas, senior director at NorthMarq, arranged the loan through Lincoln National Life Insurance. The 10-year loan includes a 25-year amortization schedule. The Sports Authority, Babies “R” Us, Barnes & Noble and Pier 1 Imports anchor the property.
PHILADELPHIA — Marcus & Millichap Capital Corp. (MMCC) has arranged $5.3 million in construction financing for a 40-unit apartment project in Philadelphia. Kristopher Wood and John Banas, both directors in MMCC’s Philadelphia office, arranged the five-year loan at a fixed interest rate of 4.7 percent. The loan features a 25-year amortization schedule. The financing represents 80 percent of the total cost of the project.
DALLAS — A partnership of Performance Properties LLC has acquired the 416-unit Vista Buena Apartment Homes complex in North Dallas. Located at 13350 Manham Road, the property was 98 percent occupied at the time of sale and offers one-, two- and three-bedroom floor plans ranging from 564 to 1,419 square feet. Vista Buena, originally constructed in the mid to late 1970s, is in close proximity to several large area employers, including Texas Instruments Inc. David McQuiad and Todd White of Performance Properties represented the partnership in the transaction, while Tom Flood of Multifamily Advisory Partners represented the seller, Santa Maria LLC. Steve Heldenfels and De’on Collins of HFF represented the acquisition lender, ViewPoint Bank.
FORT WORTH, TEXAS — General contractor Weis Builders has completed the first phase of The Villas of Hulen Bend, a $12 million affordable independent living community in Fort Worth. The first phase of the HUD-financed property, which is specifically designed for active seniors, consists of 138 units in one- and two-bedroom layouts. Amenities include a pool, putting green, gazebo and community garden with greenhouse, and select units have an attached garage. Trinity Courtyard LP acted as developer on the project, which is located at 6150 Oakmont Trail, and RPGA Design Group Inc. served as architect.
HOUSTON — Johnson Capital has arranged a $7.8 million refinancing loan for Vineyard Trace Apartments, a 238-unit multifamily complex in Houston. The two-building property, located at 15414 Kuykendahl Road, was built in 1979 and features a separate laundry facility and swimming pool. The FHA Section 223(a)(7) non-recourse loan includes an interest rate in the high-3 percent range and a 35-year amortization schedule. Scott Graber of Johnson Capital arranged the terms of the loan on behalf of sponsor HM Equity, which has owned and operated the asset through a special purpose entity since 2008.
LANCASTER, TEXAS — Marcus & Millichap has brokered the sale of The Meadows, a 120-unit multifamily property in the southern Dallas suburb of Lancaster. Originally constructed in 1981, the single-building property is located at 1500 N. Bluegrove Road and was 95 percent occupied at the time of the sale. Al Silva of Marcus & Millichap marketed the property on behalf of the seller, CJ Meadows Properties LLC. Silva also secured the buyer, an out-of-state partnership, for which Marcus & Millichap Capital Corp. arranged a seven-year Fannie Mae acquisition loan.
BEAVERTON, ORE. – A joint venture between Holland Partner Group and an affiliate of Heitman has purchased the 279-unit Waterhouse Place apartments in Beaverton for an undisclosed sum. The community is located at 600 NW 158th Ave. next to the Cornell Oaks Corporate Center. It is less than a mile from Nike’s world headquarters. Other nearby corporate headquarters include Intel, Tektronix and Columbia Sportswear. The complex was partially renovated in 2009. The seller, a joint venture between Guardian Real Estate Services and a value-added fund advised by UBS Global Asset Management, was represented by HFF’s Ira Virden, Sean Deasy and Kerry Hughes.
REDMOND, WASH. – A 210,321-square-foot FedEx industrial property in Redmond has received $39 million in acquisition financing. The ground distribution facility is the largest industrial building in Redmond. It is leased to a subsidiary of FedEx Corporation. The loan boasts a 20-year term, a 20-year amortization schedule and a sub-4 percent interest rate. It was provided by State Farm Life Insurance. Financing was arranged by Mike Wood of NBS Financial Services.
SANTA ANA, CALIF. – A 48-unit apartment building in Santa Ana has sold to a limited liability company for $5.2 million. The community is located at 311 South Oak Street. It was built in 1987. The LLC was represented by Gordon Reeseand Daniel Blackwell of Marcus & Millichap. The seller, a living trust, was represented by Stephen T. Soqui of the same firm. This transaction was part of a two-property sale that included another 57-unit property in Santa Ana.
