HOUSTON — NAI Houston has arranged the lease of 22,240 square feet for Tuff Shed, a provider of installed storage buildings and garages, in Houston’s Southwest Outer Loop industrial submarket. The tenant will occupy the entire freestanding warehouse facility located at 11526 Harwin Drive. Chris Kugle of NAI represented the tenant in the negotiations, while Clay Rubel of Colliers International represented the undisclosed landlord.
Property Type
TUCSON, ARIZ. — Clarion Partners has acquired the 183-unit Retreat at Tucson, a new student housing complex, near the University of Arizona in Tucson. The 774-bed community is located at 1000 E. 22nd Street about 1.5 miles from the campus. A shuttle bus will transport residents to and from the university. The project was completed this past August. It is currently 99.6 percent leased. Clarion completed the transaction on behalf of one of its separate account clients.
GARDEN GROVE, CALIF. – Benedict Canyon Equities Inc. has purchased the 148-unit City Villas apartments in Garden Grove for $28 million. The community is located at 13061 Lampson Ave. across from Twin Lakes Freedom Park. It was built in 1964 on 9.5 acres. The seller, Fowler Property Acquisitions, was represented by Stewart I. Weston of Institutional Property Advisors.
SACRAMENTO, CALIF. – A seven-property industrial and flex office portfolio has received $38 million in financing. The portfolio includes a total of more than 1 million square feet throughout California, Washington, Colorado and Missouri. The portfolio includes: Sunrise Business Center in Rancho Cordova, as well as Bradshaw Business Park and Fruitridge Industrial Center in Sacramento, Calif.; Andover Executive Park in Tukwila and West Valley Distribution Center in Kent, Wash.; and Inverness Business Park in Englewood, Colo. The portfolio is 52 percent leased. Financing was arranged by HFF’s Lloyd Minten, Paul Brindley and Tom Wilson. They worked on behalf of a joint venture between a subsidiary of Oaktree Capital Management and ScanlanKemperBard Companies. The adjustable-rate loan was placed with Latitude Management Real Estate Investors. The loan’s proceeds were used to acquire the portfolio.
LAS VEGAS – A 13,000-square-foot office building in Las Vegas has sold to Daniel Negari, CEO of XYZ.com LLC, for an undisclosed sum. The building is located at 2121 E. Tropicana. plans to transform the building into college/office space that will house employees working on his newly acquired domain extensions, .xyz and .College. The building, which is currently named BLOKHAUS, will be rebranded as XYZHAUS. Negari was represented by CBRE’s Marlene Fujita Winkel. The Seller, 2121-HAUS, LLC, was represented by Charles Moore and Ashley Kolaczynski, also of CBRE.
SCOTTSDALE, ARIZ. – A trio of units within the Mountain View Office Suites in Scottsdale has sold to SH Property LLC for $2.1 million. The 10,137-square-foot medical office building is located at 9787 N. 91st Street. It was fully leased at the time of sale. The building is anchored by Scottsdale Endoscopy Center. SH Property represented by Bob Winegar and Lance Richards of Pierpont Equity Group. The seller, Phaedrus LLC, was represented by Andrew Fosberg and Steve Fernandez of CBRE’s Phoenix office.
LOS ANGELES – An eight-unit apartment building in Los Angeles has sold to the Norman Green Trust for $1.7 million. The community is located at 12757 Mitchell Ave. in the Mar Vista submarket. The 1031 exchange buyer was represented by Manual Galvan of Chris Walker Realty. The seller, a local, private individual, was represented by Michel Hibbert of Charles Dunn Company.
ALEXANDRIA, VA. — Inland American Lodging Group Inc., a wholly owned subsidiary of Inland American Real Estate Trust Inc., has acquired the 107-room luxury boutique Lorien Hotel & Spa in Alexandria, Va. Inland purchased the hotel for approximately $45 million. The hotel is located along King Street in historic Old Town Alexandria. Constructed in 2009, the hotel offers 6,500 square feet of flexible meeting space, a full-service spa and fitness center and three culinary venues created by award-winning chef, Robert Wiedmaier. The Lorien Hotel & Spa represents the 10th hotel Inland American has acquired this year.
SPANISH FORT, ALA. — Rock Apartment Advisors, a Birmingham, Ala.-based subsidiary of Harbert Realty Services, has arranged the sale of The Vinings at Spanish Fort, a 240-unit, Class A apartment community. The property, located in Spanish Fort in the Eastern Shore submarket of Mobile, sold for approximately $22.1 million. Bo Furry of Rock Apartment Advisors represented the seller, New York-based Somerset Partners LLC, in the transaction.
ATLANTA — Scott & Associates Inc. has acquired Circle 75 Office Park, a three-building office complex totaling 710,000 square feet. The office park is located on Circle 75 Parkway in Atlanta’s Cumberland/Galleria submarket. This is the first time the property has traded hands in more than 30 years, according to Scott & Associates. SK Commercial Realty will handle the leasing, management and project consulting services for the property.