ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Trinity Oaks, a 206-unit multifamily complex in Arlington. Constructed in 1981, the Class B property is located at 811 Northeast Green Oaks Blvd. and offers studio, one- and two-bedroom apartments in six different layouts. Michael Ware and William Jarnagin of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer in the transaction was not disclosed.
Property Type
SCOTTSDALE, ARIZ. — Kierland Fairways Office Plaza, a 55,268-square-foot office building in North Scottsdale, has sold to an affiliate of Montana Avenue Capital (MAC). The building is located at 14614 N. Kierland Blvd. The property will undergo an extensive renovation. The seller was Abart Properties. The transaction was executed by Luke Walker, Dave Carder and Eric Schultz of CBRE’s Phoenix office.
NEWPORT BEACH, CALIF. — Newport Center Anacapa Associates has received a $7-million loan to acquire Beacon Bay Auto Wash, a car wash that sits on 1.26 acres of developable land in Newport Beach. The transaction was valued at $12 million. The car wash is located at 150 Newport Center Drive across from Fashion Island. It has been in operation since 1970. The new owner plans to re-entitle the property for a boutique hotel. The hotel is anticipated to open by the end of 2014. The loan was provided by Karlin Real Estate. Newport Center Anacapa Associates is composed of a trio of prominent local developers.
FONTANA, CALIF. — Intsel Steel West, LLC, has purchased a 50,000-square-foot distribution facility in Fontana. The purchase price was not disclosed. The facility is located at 13338 Napa Street. Intsel will use the facility to warehouse, store, and distribute structural steel purchased in bulk to redistribute to fabricators and end-users. This will be the company’s first distribution facility in California, though Intsel did have an office in Lake Forest. Intsel is a wholly owned subsidiary of Triple-S Steel Holdings, Inc.
LOS ANGELES — The Great Frog, a London-based handcrafted jewelry store, has signed a three-year lease for 910 square feet in the Beverly Grove district of Los Angeles. The space is located at 7955 Melrose Ave. Ed Sachse and Michael Pakravan of Kennedy Wilson Brokerage Group represented both The Great Frog and the landlord, John Jannick, in this lease transaction.
SAN DIEGO – The 15-unit City Heights in San Diego has sold to 48th Street Partners for $1.7 million. The community is located at 4055 48th Street, just north of University Avenue. The buyer was represented by Chris Siedenburg of Apartment Consultants Inc. The seller, William A. & Gaye L. Stennett, represented themselves in this transaction.
TEGA CAY, S.C. — Red Capital Partners LLC has provided a $26.2 million construction loan for The Wellmore of Tega Cay, a new Class A seniors housing facility in Tega Cay, a suburb of Charlotte, N.C. The 150,000-square-foot, 152-unit campus will offer assisted living, memory care and skilled nursing services. Upon completion, affiliates of Maxwell Group Inc. will operate the project. Red Capital provided the loan to an affiliate of CNL Healthcare Properties.
WINCHESTER, VA. — Capstone Apartment Partners has arranged the sale of Peppertree Apartments, a 194-unit, garden-style apartment community located in Winchester, a city in western Virginia. Atlanta-based CF Lane purchased the apartment property from The Related Cos. for approximately $14.1 million. The community was 96 percent occupied at the time of sale and features a fitness center, swimming pool, tennis courts and two playgrounds. Andrew Klenk, Brian Ford, Beau McIntosh and Todd Conner of Capstone Apartment Partners represented the seller in the transaction.
PETERSBURG, VA. — Rendina Cos. has completed the development of Southside Regional Medical Arts Pavilion, a $10 million, 32,500-square-foot healthcare facility in Petersburg. The property is located adjacent to the Southside Regional Medical Center at 200 Medical Park Blvd. The facility will be the new home for Southside Regional Medical Center’s Cancer Center and a new women’s imaging center.
BALTIMORE — HFF has arranged the sale of Halstead at Guilford, a 234-unit, 14-story high-rise apartment building in Baltimore’s Guilford neighborhood. The property, renovated in 2006, features a 3,000-square-foot fitness center, rooftop pool, club room, movie theater, library/business center, gaming room, laundry center and gated dog park. The units average 1,147 square feet. David Nachison, Alan Davis, Brenden Flood and Bret Thompson of HFF represented the seller, The DSF Group, in the transaction. Cornerstone Real Estate Advisers purchased the asset for an undisclosed amount.