PASADENA, CALIF. — Pasadena Clinical Physicians Neuroscience Centerhas received a $17.2-million refinance. The 49,652-square-foot medical office building is located at 630 South Raymond Ave. The loan carries a 10-year term and a 30-year amortization schedule. Financing was arranged by Ory Schwartzof NorthMarq Capital’s Los Angeles officethrough the firm’s relationship with an investment management firm.
Property Type
SAN DIEGO – The 46-unit Kenora Terrace in the San Diego submarket of Spring Valley has sold to Doug Wetton Properties for $5.6 million. The community is located at 3541 Kenora Drive near State Routes 94 and 125 and Interstate 8. It was built in 1979. The seller, Pacifica Companies, was represented by HFF’s Hunter Combs. HFF also secured a three-year, interest-only acquisition loan for the buyer through a balance sheet lender.
DENVER – A 15-unit apartment building in Denver has sold to Loving Properties Inc. for $2.5 million. The community is located at 2421 South Gaylord Street. It was built in 1958. The buyer plans to complete a renovation at the property. The company was represented by Candace Loving. The seller, JDR Properties LLC, was represented by the Calame Lewallen Team at Pinnacle Real Estate Advisors.
SAN DIMAS, CALIF. – A 21,016-square-foot retail center in San Dimas has sold to Homi Holdings, LLC, for $4.8 million. The center is located at 702 W. Arrow Highway. It is situated adjacent to the I-57 Freeway, directly across from a Lowes-anchored shopping center. The center was built in 1988 and renovated in 2012. It is fully leased to tenants like Sears Appliance Center, Sherwin Williams and T-Mobile.Brad Umansky and Frank Vora of Progressive Real Estate Partners represented both the buyer and seller, R & N Partners, LLC, in this transaction.
CASSELBERRY, FLA. — Cortland Partners has entered the metro Orlando market with the $40 million purchase of Harbor at Lake Howell, a 408-unit garden-style apartment market in Casselberry. Cortland purchased the asset from Casselberry Harbor Investors Inc. Atlanta-based Cortland owns roughly 19,000 units, located primarily in the Southeast and Texas.
RALEIGH, N.C. — Passco Cos. LLC has acquired Carrington at Brier Creek, a 270-unit luxury apartment community in Raleigh, for $37.3 million. The seller, The Connor Group, purchased the property in 2007 for $34.9 million. Passco Cos. plans to improve the community with the additions of a cyber-lounge and pet spa, as well as an upgraded fitness center and model unit. The transaction is the third multifamily acquisition in the Raleigh-Durham area during the past nine months.
WETUMPKA, ALA. — Hendricks-Berkadia has brokered the $14.4 million sale of Chapel Lakes, a 152-unit apartment in Wetumpka, just north of Montgomery. David Etchison and David Oakley of Hendricks-Berkadia represented the seller, Birmingham-based EBSCO Chapel Lakes LLC, in the transaction. The buyer, Chapel Lakes LLC, assumed an existing Fannie Mae loan and plans to develop an apartment development on adjacent land that it purchased in a separate transaction.
SPARTANBURG, S.C. — Capstone Apartment Partners has arranged the $3.1 million sale of Hillcrest Townhomes, a 138-unit multifamily community in Spartanburg. Atlanta-based Greenleaf Capital purchased the property, which was built in 1973, from Windmill Investments. The property was 88 percent occupied at the time of the sale. Alex McDermott and Austin Green of Capstone Apartment Partners represented the seller in the transaction.
HOLIDAY, FLA. — Franklin Street Real Estate Services has arranged the $2.6 million sale of a CVS/pharmacy, located at 2513 U.S. Highway 19 in Holiday. Rafeal Wright and Jonathan Graber of Franklin Street represented the seller, Holiday Sun Properties, a limited liability partnership based in southeast Florida. The buyer is a South American fund.
MOKENA, ILL. — Inland Real Estate Corp. has acquired Mokena Marketplace, a 49,000-square-foot shopping center in Mokena, for $13.7 million. The acquisition of Mokena Marketplace, located approximately 30 miles southwest of Chicago, includes retail space that is 76 percent leased to PetSmart, Party City, Sally Beauty Supply, and Lee Nails; a freestanding Chase Bank on a ground lease; and five developable out parcels. The shopping center is shadow-anchored by JC Penney and a new Meijer grocery store, which is scheduled to open this summer.