LEWISVILLE, TEXAS — Starplex Cinemas will open a new location at the Castle Hills Marketplace development of Cencor Realty Services in Lewisville, a northern suburb of the Dallas/Fort Worth Metroplex. The new theater, due for completion in the fall of 2014, will co-anchor the community center with a 123,000-square-foot Kroger Marketplace. Features will include 100 percent digital projection, 3D technology, reclining seats and a café and bar. Castle Hills Marketplace is planned for the southwest corner of SH-121 and Josey Lane.
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HOUSTON — NAI Houston has arranged the lease of a 99,965-square-foot industrial building in northwest Houston. The warehouse facility, part of Silber Road Business Center II, is located at 1246 Silber Road. Office furniture company Jimenez Contract Services LLC will use the space as a distribution center. Jon Michael and Ed Bane of NAI represented the landlord in the negotiations. Bob Berry and Jeff Venghaus of Jones Lang LaSalle represented the tenant.
LOS ANGELES – Grandbridge has provided $26.5 million in first-mortgage financing to a pair of Los Angeles area apartment buildings. They include a 205-unit community in Canoga Park and a 128-unit complex in Simi Valley. The former property received $14.2 million, while the latter received $12.2 million. Both non-recourse loans were provided by Lincoln National Life Insurance Company. They contain 15-year terms and 30-year amortization schedules with interest-only features. Financing was originated by Shelley Magoffin and Perry Colligan of Grandbridge. They worked on behalf of a West Los Angeles investor.
GARDEN GROVE, CALIF. – An affiliate of CT Realty Investorshas acquired a 210,000-square-foot industrial building in Garden Grove for $26 million. The facility is located at 12131 Western Ave. within the master-planned Garden Grove Business Center. It is fully leased to direct marketing company Money Mailer LLC. This is CT’s ninth industrial acquisition this year. The company represented itself in this transaction, while the unnamed seller was represented by Michael Hartel and Mike Bouma of Voit’s Irvine office.
LOS ANGELES – A 32-unit apartment building in Venice has sold to Mastraili, LLC for $3.5 million. The community is located at 1210 Venice Blvd. in the Los Angeles submarket. It was built in 1988. Michel Hibbert and Dan Johnson of Charles Dunn Company represented both the buyer and the seller, Coastal Property, in this transaction.
LOS ANGELES — Wood Partners has introduced its new 298-unit Warner Park luxury apartment community in the Los Angeles submarket of Canoga Park. The $75-million community is located at 6701 and 6703 Eton Ave. Construction began on Warner Park in August 2011. The new community is in close proximity to the Westfield Promenade and Westfield Topanga. The Westfield Group is also planning to build an additional 1-million-square-foot commercial development in the area. The first phase, which will include a Costco, is scheduled to be delivered by the end of 2013.
FULLERTON, CALIF., LACEY, WASH. — The Hudson Team of George Elkins Mortgage Banking Company has arranged $71 million in refinancing for the Orangefair Marketplace in Fullerton and The Landing at Hawks Prairie in Lacey. The 324,806-square-foot California retail center is located at East Orangethorpe and South Harbor Boulevard in the Orange County submarket. It is currently 98 percent occupied. Notable tenants include Marshalls, Best Buy, Michaels, Skechers and Burlington Coat Factory. Orangefair was acquired by Orangefair, LLC in 2002. The company then executed a multi-million renovation that was completed in 2004. The $44.8-million, permanent, fixed-rate loan will allow the borrower to refinance. The 117,000-square-foot Washington retail center is located near the corporate headquarters of Intel and State Farm Corporation in the Olympia suburb. It is 93 percent leased. Notable tenants include LA Fitness, Red Robin, Navy Credit Union, Mattress Depot, Popeyes, Hand & Stone and Kiddie Academy. The center is shadow anchored by Costco, Home Depot and Wal-Mart Super Center.The $26.9-million loan will allow the borrower, a limited liability company operating as The Landing at Hawks Prairie, LLC, to refinance as well.
IRVINE, CALIF. – Griffin Capital has purchased the Fox global headquarters, an 82,645-square-foot, creative office building in Irvine, for $27.2 million. The building is located at 16752 Armstrong Ave. inside the Irvine Business Complex. Fox Headhas leased the building through December 2027. The motocross apparelcompany has occupied the property since last year when Shubin Nadal Associatesrepositioned it from an industrial building to a creative office space. It is one of only a few stand-alone creative office buildings in Orange County. The facility features an open floor plan andglass conference rooms, as well as a BMX track and fire pit. Fox Head also plans to add a skate park. Griffin Capital represented itself in this transaction, while the sellers, Shubin Nadal Associates and Penwood Real Estate Investment Management, were represented by CBRE’s Kevin Shannon, Bob Smith, Paul Jone and Ken White.
VIRGINIA BEACH, VA. — Phillips Edison-ARC Shopping Center REIT Inc. has acquired Courthouse Marketplace, a 106,863-square-foot shopping center located in Virginia Beach, for $16.1 million. Harris Teeter anchors the property, which includes other tenants such as The UPS Store, Great Clips and Wendy’s. The property is located across the street from the Municipal Center and Courthouse Complex. Additionally, Phillips Edison-ARC has recently purchased two other grocery-anchored shopping centers: The Fresh Market Shopping Center in Normal, Ill., and Pioneer Plaza in Springfield, Ore.
RALEIGH, N.C. — Federal Capital Partners has purchased Tree Top Apartments, a 206-unit apartment community located at 1328 Steinbeck Drive in Raleigh. Federal Capital purchased the garden-style community for $10.5 million. The property’s amenities include a clubhouse with a club room and fitness center, a playground, volleyball court, lighted tennis court and swimming pool. Brandon Whitesell and Alex Brown of Cushman & Wakefield represented the seller in the transaction.