McALLEN, TEXAS — The Boulder Group has brokered the sale of a net-leased Walgreens property in McAllen for $2.3 million. The property, built at the northwest corner of Pecan Boulevard and North 23rd Street in 1993, totals 13,029 square feet. Five years remain on Walgreens’ original 25-year lease term, and the tenant also has five renewal options of five years each. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an East Coast-based institution, in the transaction. The buyer is a Midwest-based investor.
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DENVER — Swire Coca-Cola USA has leased a 257,000-square-foot building at Enterprise Business Center at Stapleton. The center is a Class A industrial park development in the Denver submarket of Stapleton. The company plans to open a new distribution center at the facility, which will be located near the southwest corner of Interstate 70 and Havana Street. Swire Coca-Cola is one of the largest Coca-Cola distributors in the United States. It is a subsidiary of Swire Pacific Ltd. The company plans to occupy the new space next May. Once completed, Enterprise Business Center will contain a total of 1.15 million square feet throughout five buildings. Swire Coca-Cola was represented by Joe Cantalamessa of Cantalamessa Partners. The landlord, United Properties, was represented by Mike Wafer and Tim D’Angelo of Newmark Grubb Knight Frank.
WEST HOLLYWOOD, CALIF. — Hollywest Promenade, a 120,173-square-foot retail center in West Hollywood, has received $27 million in financing. The promenade is located at the intersection of Hollywood Boulevard and Western Avenue just west of Highway 101. It is 95 percent leased to tenants like Ross Dress for Less, Ralph’s, Quizno’s Subs and Jamba Juice. The 15-year, fixed-rate loan was arranged for Shooshani Developers, LLC by HFF’s Brad Black and Jeff Sause. It was placed with Aegon USA Realty Advisors, LLC, the commercial real estate investment and management arm of the AEGON Asset Management companies. Shooshani was represented by managing member Tony Shooshani.
PANORAMA CITY, CALIF. — Festival Development Corporation has purchased the leased-fee interest under The Windsor Center, a multi-tenant retail property in Panorama City. The purchase price was not disclosed. The 22,500-square-foot land parcel is located at 13750-13758 Roscoe Blvd. Both the buyer, a Festival affiliate, and the seller, an individual/personal trust, were represented by Steven Schechter and Brandon Michaels of Marcus & Millichap’s Encino office.
IRVINE, CALIF. – The Praedium Group has purchased a 355,360-square-foot office tower in Irvine for $114 million. The building is located at 2030 Main Street in the Irvine Concourse Corporate Center. The 16-story, Class A tower is one of the tallest office buildings in Irvine’s Greater Airport Area. It is 92 percent leased. This transaction is the largest office sale so far this year in Orange County, according to CBRE, which represented the seller. The unnamed institutional advisor was represented by the firm’s Kevin Shannon, Ken White, Bob Smith, Paul Jones and Sean Sullivan.
FULLERTON, CALIF. – A two-property apartment portfolio in Orange County has received a $32.7-million refinance. The portfolio includes the Streams Apartments, as well as La Villita and La Costa Apartments, which operate as one complex. The properties are all located in Fullerton. The portfolio totals 493 units and boasts about a 95 percent occupancy rate. The fixed-rate, Freddie Mac CME loans feature 10-year terms and a 30-year amortizing schedules. Financing was originated by Kristen Croxton and Greg Reed of Beech Street’s Newport Beach office on behalf of SC Development.
RENO, NEV. — Lake Washington Partners has acquired a 66-acre parcel withinSpanish Springs Business Center near Reno for an undisclosed sum. The company plans to execute a phased development that would include 1.5 million square feet of distribution/warehouse space. Construction is set to commence in 2014 with the development of 600,000 square feet of facilities.
ATLANTA — HFF has arranged $130 million in financing for an 11-property, 2.9 million-square-foot industrial portfolio located in five states. Mark Sixour of HFF’s Atlanta office arranged the financing on behalf of the borrower, Atlanta-based Industrial Developments International Inc. HFF placed a $99.8 million, three-year loan with Wells Fargo Bank and a $30.2 million mezzanine loan through AEW Capital Management. The portfolio has an average occupancy rate of 79 percent and its key tenants include Walgreen’s, L’OREAL, Menlo Logistics, Red Bull, Valspar and ADT Security. The properties include Greenspoint Business Center A, B and D in Houston (totaling 406,075 square feet); Madison Business Center A in Tampa, Fla. (385,619 square feet); Miramar Business Center F in Miramar, Fla. (63,010 square feet); Miramar Centre A in Miramar (264,074 square feet); Northpoint Industrial Center in Elizabeth, N.J. (342,705 square feet); Park South Building E in Walton, Ky. (678,363 square feet); Port Union Building J in Fairfield, Ohio (109,063 square feet); and Rock Run Business Park VIII and IX in Joliet, Ill. (692,241 square feet).
JACKSONVILLE, FLA. — The CBRE Jacksonville Multi-Housing Group has arranged the sale of The Strand, a waterfront high-rise apartment building in Jacksonville, for $53.3 million. Miami-based Crescent Heights purchased the 295-unit property, located at 1401 Riverplace Blvd. on the bend of the St. Johns River. Brian Moulder and Dhaval Patel of CBRE represented the seller in the transaction.
NAPLES, FLA. — ARA has brokered the sale of Aventine at Naples, a 350-unit, mid-rise apartment community located in Naples. Boca Raton, Fla.-based Continental Realty Corp. purchased the apartment community for approximately $43.3 million. Hampton Beebe, Avery Klann and Dick Donnellan of ARA’s Boca Raton office represented the seller, New York-based Praedium Group, in the transaction. The apartment community was built in 2002 and was 93 percent occupied at the time of sale.