TORRANCE, CALIF. – A 248-unit apartment complex in Torrance has sold to M West Holdings LLC for an undisclosed sum. The community is located at 20900 Anza Ave. It was built in 1964 and renovated in 2008. The seller, 20900 Anza Avenue Apartments LLC, was represented by Fairfield Residential. Ron Harris, Greg Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone of Institutional Property Advisors also provided representation.
ARVADA, COLO. — Arvada West Town Center, an 83,278-square-foot retail center, has received $10.5 in refinancing. The 12-building center is located at 14405-14715 W. 64thAve. in Arvada. Notable tenants include Auto Zone, T-Mobile, Wendy’s and Big O Tires. The loan features a 15-year term and 25-year amortization schedule. The loan was arranged by John M. Stewart of NorthMarq Capital’s Denver regional office.
VICTORVILLE, CALIF. – The 220-unit Riverton of the High Desert in Victorville has received $15 million in financing. The community is located at 14374 Borego Road. The seven-year acquisition loan features a 30-year amortization schedule. It was funded under the Fannie Mae DUS ARM 7/6 Loan product line. The loan was originated by lGreg Gillam of Arbor Commercial Funding’s Manhattan Beach office.
RENO, NEV. – The 250-unit Woodside Village Apartments in Reno has sold to a Bay Area limited liability company for $14.9 million. The community is located at 4800 Kietzke Lane. It was built in 1976. Kenneth N. Blomsterberg represented both the buyer and the seller, a Reno limited liability company, in this transaction.
PORTLAND, ORE. – Law firm Bodyfelt Mount LLP has leased 7,663 square feet of space at The Spalding Building in Portland. The historic building is located at 319 SW Washington Street. The law firm will occupy the new space this summer after it relocates from its current space, just a few blocks away. It was represented by Andrew Rosengarten and Buzz Ellis of Jones Lang LaSalle. The landlord, Manchester Capital and Urban Renaissance Group, was represented by Greg Gonzalez and Joe Beehler of Colliers.
BOSTON — Senior Housing Properties Trust (NYSE: SNH) has acquired the two-building headquarters of Vertex Pharmaceuticals in Boston for approximately $1.1 billion. The pair of 15-story towers includes biomedical research facilities, corporate office space, structured parking and street-level retail space for a total of 1.65 million square feet. The property, leased to Vertex for the next 15 years, officially opened last month. Located in Boston’s Seaport District, the facilities will consolidate approximately 1,300 employees from 10 Vertex offices in Cambridge, Mass. “The acquisition of this state-of-the-art property, which is ideally located in Boston’s fastest growing downtown submarket and one of the nation’s top investment markets, represents a unique opportunity to further diversify SNH’s portfolio and increase our exposure to the medical office building segment,” says David Hegarty, president and COO of Newton, Mass.-based SNH. The trust predicts that the transaction will be immediately accretive to normalized funds from operations (FFO) per share by 6 to 8 cents per year. The deal is expected to close in the first half of this year. “Post-closing, SNH will remain solidly positioned with a strong balance sheet and committed to its disciplined strategy of acquiring high-quality, premier properties that create significant value for SNH …
BALTIMORE — HFF has secured $120 million in construction financing for the redevelopment of The Rotunda, a 661,872-square-foot mixed-use development in Baltimore. The Rotunda, which is expected to be delivered in 2016, will feature 379 luxury residential units, 170,675 square feet of retail space including a movie theater, 138,000 square feet of office space and more than 1,000 parking spots in a parking structure and surface lots. Thomas Didio, Cary Abod and Andrew Roland of HFF secured the 48-month financing through Wells Fargo Bank NA on behalf of the borrower, Grande Rotunda LLC, an entity owned by Hekemian & Co. Inc.
GREENVILLE, S.C. — Trade Street Residential has acquired The Aventine Greenville, a new 346-unit, Class A apartment community in Greenville for $42 million, or $121,000 per unit. The community is located at 97 Market Point Drive, adjacent to the Millennium Campus, a 500-acre master-planned corporate and research park. The Aventine Greenville’s amenity package includes a WiFi café, fitness center, pet park, business center, resort-style pool, pool pavilion with TVs and built-in grills. The community was 76 percent occupied at the time of sale. Trade Street obtained a $21 million mortgage to help fund the acquisition.
ATLANTA — Westin Buckhead Atlanta will begin Phase III of its hotel-wide renovation project — a $9 million upgrade to the 365 guestrooms. The hotel is located at 3391 Peachtree Road N.E. in Atlanta’s Buckhead submarket. The bathrooms in each room will be upgraded with new stone and walnut vanities and illuminated mirrors. Also, each unit will feature a 42-inch TV, LED lights in the headboards for reading and USB ports at each desk. The project will begin in April and wrap up in August. This is the final phase of the hotel’s renovation, which includes upgrades to the lobby and 30,000 square feet of meeting space.
MORRISVILLE, N.C. — Cushman & Wakefield | Thalhimer has brokered the sale of a 580,326-square-foot distribution facility located at 900 Aviation Industrial Center in Morrisville, near the Raleigh-Durham International Airport. Ares Management purchased the facility from Pearlmark Real Estate Partners for an undisclosed price. Chris Norvell and Scot Humphrey of Cushman & Wakefield | Thalhimer represented Pearlmark in the transaction. The property was 93 percent leased at the time of sale.