NEWPORT BEACH, CALIF. – A five-property multifamily portfolio based in Orange County has received $90.4 million in refinancing. The assets were located in La Habra, Fullerton, Anaheim, Costa Mesa and Buena Park. The local owner/operator built four of the five properties in the 1970s. Each boasts about a 95 percent occupancy rate. The properties received fully amortizing loans with fixed rates in the mid-4 percent range. The transaction was negotiated by Seth K. Grossman of Meridian Capital Group in partnership with Greg Reed and Kristen Croxton of Beech Street Capital. The loans were placed with a life insurance company lender.
IRVINE, CALIF. – Griffin Capital Corp. has acquired an 82,645-square-foot creative office building in Irvine for $27.2 million. The Class A building is located at 16752 Armstrong Ave. near Tustin Legacy. Motorcross accessories and apparel company Fox Head recently signed a 15-year lease at the facility. The sellers, Shubin Nadal Realty Investors and Penwood Real Estate Investment Management, were represented by Newmark Grubb Knight Frank (NGKF) and CBRE. NGKF also negotiated the Fox Head lease.
BOCA RATON, FLA. — Avison Young has arranged the sale of a 160,000-square-foot office building, located at 8051 Congress Ave. in Boca Raton. The transaction is the largest office building sale in Palm Beach County this year. Keith O'Donnell, Greg Martin and Jonathan Senn of Avison Young's South Florida office represented the seller in the transaction. The buyer, SBA Communications Corp., plans to use the four-story property as its corporate headquarters. Gregory Katz of Studley represented the buyer.
RALEIGH, N.C. — Bell Partners Inc. has purchased the Woodlands at Wakefield Plantation, a 360-unit, garden-style apartment community located in northeast Raleigh. Bell Partners will manage the community and rebrand it as Bell Wakefield. The community features a clubhouse, fitness center, resort-style pool, WiFi access, poolside gazebo with a grill and a cyber cafe. So far in 2013, Bell Partners has invested $275 million in apartment communities, including the purchase of Bell Wakefield.
ATLANTA — Colliers International has closed two industrial leases in metro Atlanta totaling 425,627 square feet. MacPherson's, an art supplies distributor, leased 196,215 square feet of space at Shawnee Ridge Industrial Park in Suwannee. The company will consolidate its existing Atlanta space and its space in metro Chicago at the new location. Brent Weitnauer and Chip Watson of Avison Young represented the tenant in the lease deal. McLane Co. Inc., a grocery and food service supply chain solutions firm, renewed its 229,412-square-foot lease at 3500 Corporate Parkway in Forest Park. Bob Luttrell of Jackson & Cooksey represented the tenant in the lease deal. Darren Ross and Lee Cardwell of Colliers International's Atlanta office represented the landlord, James Campbell Co., a real estate investment firm based in Hawaii, in both lease transactions.
MABELVALE, ARK. — Dougherty Mortgage LLC has closed a $1.4 million loan to refinance Phase II of The Orchards at Mabelvale, a 51-unit affordable housing community located in Mabelvale. Dougherty's Minneapolis office arranged the 17-year loan.
KENOSHA, WIS. — Amazon.com Inc. has announced plans to open a 1 million-square-foot fulfillment center in Kenosha, a southern suburb of Milwaukee. At the new facility, Amazon employees will pick, pack and ship small items to customers like books, electronics or consumer goods. KTR Capital Partners is building the project, which will create more than 1,000 full-time when it opens, according to Amazon. The Seattle-based online merchant's plans for the distribution center was publicly confirmed when the Kenosha Common Council on Oct. 7 approved a plan for the city to spend $17 million through a tax incremental financing district, according to the Journal Sentinel. That money will be repaid within an estimated seven years by the distribution center's new property taxes.
NAPERVILLE, ILL. — Thorofare Capital has arranged $11.5 million in financing for the acquisition of a 242-room Wyndham hotel in suburban Chicago, which will be converted to a Sheraton. The hotel features 25,000 square feet of conference and ballroom space and is located in Naperville. Starwood Hotels & Resorts recently signed a 20-year franchise agreement for the property.
BARTLETT, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 32,580-square-foot Kentucky Fried Chicken/Taco Bell ground lease in Bartlett, a western suburb of Chicago. The property sold to a cash buyer from Illinois. A Chicago-based developer and property owner sold the property. The freestanding building is located at 960 Route 59 and is adjacent to The Home Depot. Chad Firsel of Quantum Real Estate Advisors Inc. represented the seller in the transaction.
OAK BROOK, ILL. — International engineering services company Middough Inc. has signed an extension of its existing lease at 700 Commerce Drive in Oak Brook, totaling 68,748 square feet. Robert Sevim, executive managing director of Studley’s Chicago office, represented Middough. Jeff Mann of CBRE represented the landlord, Principal Financial.