HOUSTON — Full-service commercial real estate firm Finial Group has arranged a 13,000-square-foot industrial lease in Houston for Core Refractory Systems, a provider of refractory products and services. Located at 4555 Homestead Road, the property is in close proximity to I-610. Reed Vestal and Ross Thomas of Finial Group represented the tenant in the lease negotiations. Lee Paris internally represented the landlord, Warehouse Associates.
Property Type
PHOENIX — One Agave Center, a 20,818-square-foot office project in Phoenix, has sold to a company formed by Griffin Partners for $9.8 million. The project is located at 8950 South 52nd Street. Eric Wichterman, Mike Coover, Mike Beall and Chris Walker of Cassidy Turley represented both the buyer and seller, One Agave LLC, in this transaction.
CHANDLER, ARIZ. – Sprint has signed a lease for 12,394 square feet at the Chandler Midway office building. The 189,000-square-foot building is located at 5710 West Chandler Blvd. in Chandler. It is situated near Chandler Regional Hospital. The building is currently 45 percent leased. Sprint was represented by CBRE’s Dave Barrett. The landlord, ViaWest Properties, was represented by Mark Stratz, Tyler Wilson and Scott Baumgarten of Cassidy Turley’s Office Group.
DENVER — H&M has signed a lease for 20,000 square feet of space at The Orchard Town Center, a 914,000-square-foot, open-air regional retail center in the Denver submarket of Westminster. The center is located on the northwest corner of Interstate 25 and 144th Avenue. It is anchored by Macy’s, JCPenney, SuperTarget, AMC Theatres, REI and Lifetime Fitness. Other notable tenants include Forever 21, Chico’s, Victoria's Secret, Eddie Bauer, Old Navy, ULTA Beauty and Ross Dress for Less. Vestar acquired the center two months ago for $123.5 million in an all-cash transaction.
LONG BEACH, CALIF. – Local developer Urbana Development, LLC, has acquired five acres of land Douglas Park in Long Beach. The developer plans to build two Class A medical office buildings that total 90,000 square feet on the site. The land was part of a 160-acre plot that is situated adjacent to Long Beach Airport. It was acquired by SARES•REGIS Group (SRG) from Boeing Realty Corp. in 2012. This is the first land sale SRG has executed on the site. SRG plans to develop up to 3.2 million square feet of premier office, industrial and retail facilities on the site. Urbana was represented by Jeff Colburn and Shaun McCullough at the Long Beach office of Lee & Associates. SRG was represented by Rick Warner and John Ayoob in CB Richard Ellis’ South Bay office.
TEMPE, ARIZ. — Alberta Development Partners has received $5.7 million to acquire and entitle a 1.86-acre, mixed-use development land site in Tempe. The site is located on the northwest corner of University Drive and Ash Avenue in the Mill Avenue District of Downtown. Alberta plans to develop 40,000 square feet of ground-floor retail and 187 high-rise apartment units on the site. The loan was provided by PCCP, LLC.
LANDOVER, MD. — Finmarc Management Inc. has sold a 216,000-square-foot warehouse property in Landover for approximately $31.7 million. The asset is located at 1701 Brightseat Road and currently serves as a temperature-controlled warehouse for the United States Library of Congress to store documents, books, photographs, periodicals and archival records. The warehouse is leased to the General Services Administration through Jan. 31, 2022. Marc Rampulla, Scott Frankel, Marcy Owens Test and Edward Welbourn of CBRE represented Finmarc in the transaction. The buyer was Charlotte, N.C.-based Salus Property Investments.
CONCORD, N.C. — KBS Legacy Partners Apartment REIT, a public non-traded REIT sponsored by KBS Capital Advisors LLC and Legacy Partners Residential Realty LLC, has purchased Legacy at Concord for $28 million. The Class A, 240-unit apartment community is located in Concord, a suburb of Charlotte. The property was 91 percent occupied at the time of sale.
ANDERSON, S.C. — Multi Housing Advisors (MHA) has arranged the $18.5 million sale of Walden Oaks, a 240-unit apartment community in Anderson. Jordan McCarley and Marc Robinson of MHA represented the seller, Hathaway Development Partners, and were the only brokers in the transaction. Chartwell Holdings purchased the community, which was built in 2007.
ATLANTA — The RADCO Cos., an Atlanta-based investor of distressed multifamily assets, has acquired Defoors Ferry West, a 297-unit apartment community in Atlanta, for $16 million. The distressed apartment community is located at 2788 Defoors Ferry Road in Atlanta’s West Midtown neighborhood. The property contains 48 two-bedroom/two-bath units, and the remaining apartments are all two- and three-bedroom townhomes. The community was 99 percent occupied at the time of sale, excluding 10 down units that are being restored as part of the contract. RADCO financed the acquisition through both bridge debt and private equity. To date, RADCO has raised $93 million of private equity to fund its acquisitions. The firm’s current multifamily portfolio consists of 5,700 units in Georgia, Illinois, Indiana and Oklahoma.