SAN JOSE, CALIF. – A 122,265-square-foot building in San Jose that is triple-net leased to Home Depot has sold to an unnamed buyer for $15.7 million. The building is located off California State Route 87 at 635 West Capitol Expressway. The seller, an institutional investor, was represented by Mike James of Marcus & Millichap’s Encino office.
Property Type
OCEANSIDE, CALIF. – The 88-unit Forest Glen Condominiums in Oceanside has sold to an unnamed buyer for $14.2 million. The community is located at 612 Los Arbolitos Blvd. It was built in 1977. The buyer was represented by Stewart I. Weston of Marcus & Millichap. The unnamed seller was represented by Christopher Zorbas of the same firm.
PHOENIX – A 113,827-square-foot industrial/flex building in Phoenix has sold to Verde Investments for $9.4 million. The building is located at 317 S. 48th Street. Verde Investments is owned by Ernie Garcia, owner and Chairman of the Board of Phoenix-based DriveTime Automotive Group. The firm has yet to announce any future plans for the building. Verde was represented by Tom Adelson of CBRE’s Phoenix office and Fred Darche of Lee & Associates. The seller, Second Berkshire Properties, was represented by Mike Haenel, Andy Markham and Will Strong of Cassidy Turley.
SEATTLE – The University District Building, a 79,513-square-foot office building in Seattle, has received a $9-million refinance. The building is occupied by the University of Washington. It is located at 1107 NE 45th Street in the U District. The 10-year loan features a 25-year amortization schedule and a sub-5 percent interest rate. It was secured by Ken Griggs and Paddy Ryan of NBS Financial Services. The pair also collaborated with Mike Wood. NBS represented the lender, Riversource Investments, in this transaction.
BALTIMORE — Eastern Union has arranged a $21.5 million CMBS loan for the conversion of the Equitable Building, located at 10 N. Calvert St. in Baltimore, into a 180-unit apartment building. The borrower, JK Equities, is investing a total of $32 million in the repositioning of the nine-story asset. Ira Zlotowitz and Meir Kennser of Eastern Union arranged the three-year loan with a fixed 4.91 percent interest rate through Natixis Global Asset Management.
ATLANTA — PCCP LLC has provided a senior loan to Atlanta-based Portman Holdings for the acquisition and partial repositioning of a 27-story office building located at 230 Peachtree St. in downtown Atlanta. Portman Holdings plans to convert floors two through nine into a 200-room Hotel Indigo, an Intercontinental Hotel Group brand hotel. The rest of the 414,768-square-foot building will remain office space. The property was 46 percent occupied at the time of the sale. Hospitality Ventures Management will manage the Hotel Indigo upon completion.
ST. PETERSBURG, FLA. — The Allen Morris Co. has purchased two acres of undeveloped land at 700 First Ave. South in downtown St. Petersburg for approximately $5.3 million. The site, which spans a full city block, will be the location of the developer’s new 348-unit multifamily community, The Hermitage Apartment Homes. The apartment community will feature a rooftop pool and spa, fitness center, outdoor grilling area, demonstration kitchen and a private dining/meeting room. The Allen Morris Co. will break ground on the property in July and open for occupancy in the fourth quarter of 2015.
WILLIAMSBURG, VA. — Mid-Atlantic Commercial has arranged the sale of a 18.5-acre site at 6401 Richmond Road in Williamsburg. The existing Willamsburg Outlet Mall will be demolished to make way for a new grocery-anchored shopping center. Monty Spencer, Jim Carr and David Clarke of Mid-Atlantic Commercial represented the buyer, Lightfoot Marketplace Shopping Center LLC, in the transaction. The new shopping center, known as Lightfoot Marketplace, will be anchored by Harris Teeter, and Walgreens will be the property’s junior anchor. Lightfoot Marketplace is slated to open in the fall of 2015.
TUPELO, MISS. — Marcus & Millichap has brokered the sale of Vista Ridge, a 160-unit multifamily community located at 699 Nation Hills Drive in Tupelo. Mason Green of Marcus & Millichap’s Fort Worth, Texas, office represented the seller, a Texas-based limited partnership, and the buyer, a Dallas-based REIT. The buyer assumed an existing 40-year HUD 221(d)(4) loan on the property, which was constructed in 2009. Anne Williams of Marcus & Millichap, the firm’s broker of record for Mississippi, assisted in the transaction. The terms of the sale were undisclosed.
DETROIT — Bernard Financial Group has arranged a $24.5 million, non-recourse CMBS loan to refinance a 23-story office building in Detroit. The building is located at 1001 Woodward Ave. The property has attached parking and ground-floor retail containing 298,517 square feet of net rentable area and 729 parking spaces. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan on behalf of the borrower, 1001 Webward LLC. The CMBS lender is a servicing correspondent of Bernard Financial Group. Bedrock Real Estate Services operates the office building.