AUSTIN — SouthStar Communities, a residential real estate development company, will relocate its corporate headquarters to Austin. The firm is known for master-planned communities throughout the Southern U.S., including Vintage Oaks in New Braunfels, the fastest-growing neighborhood in the 25-county South-Central Texas Hill Country region. SouthStar’s new office is located near the intersection of Highway 360 and Bee Cave Road.
Property Type
RIVERSIDE, CALIF. – The 208-unit View Pointe Apartments in Riverside has sold to DLPG Real Estate Investment Fund for $32 million. The community is located at 5059 Quail Run Road in the submarket of Canyon Crest. It is less than a mile from the University of California, Riverside. The seller, a private Bay Area investment group, was represented by Dean Zander, Vince Norris and Spencer Scott of Hendricks-Berkadia.
CAMPBELL, CALIF. – The 225-unit Kirkwood Village Apartments in Campbell has received a $25-million refinance. The fully leased community was built in the early 1960s. It is located at 1630 W Campbell Ave. in the San Jose suburb. The long-term, fixed-rate loan was secured by Kenneth M. Fox in Cohen Financial’s San Francisco office on behalf of the local real estate investor/owner/developer. It was funded by Lincoln Financial Group.
PARK CITY, UTAH — Summit Center, an 83,000-square-foot retail and office complex in Park City, has sold to Kai’Ohu Summit for an undisclosed sum. This is Kai’Ohu’s first commercial acquisition in Utah. The six-building center is located at 2700 Rasmussen Road. It is home to tenants like EMC2, iSchool Campus, and CrossFit Park City. The transaction was executed by Bryce Blanchard of Newmark Grubb ACRES.
REDLANDS, CALIF. – A 96,997-square-foot portion of thePavilion at Redlands shopping center has sold to a Chinese private investor for $17.7 million. The portion that sold is located at 2054-1094 Redlands Blvd. This part of the property contains a 52,924-square-foot Food 4 Less, in addition to about 20 smaller retailers, including Payless Shoe Source, Verizon, GameStop, Little Ceasers, Metro PCS, H&R Block and Supercuts. The property is currently 99 percent leased. CBRE’s Dennis Zhangrepresented the all-cash buyer. The sellerwas an affiliate of Foothill Village Property, LP.
PHOENIX – A four-property, Phoenix-based Walgreens portfolio has sold to an unnamed buyer for $15.9 million. The Arizona properties were part of a larger transaction that included five additional Walgreens and one CVS drugstore located throughout the nation. The drugstores contained a mix of both long- and short-term, double- and triple-net leases. About half of the transactions were off-market deals, according to Ryan Barr and Ryan Bennett of Lee & Associates-North San Diego County’s Barr & Bennett Net Leased Group, who represented the buyer.
OCOEE, FLA. — Marcus & Millichap has brokered the $9.6 million sale of a retail building anchored by LA Fitness, located at 1560 E. Silver Star Road in Ocoee, about 13 miles west of Orlando. LA Fitness occupies 93 percent of the 51,160-square-foot center, which has an additional 3,526-square-foot vacant space. Lori Schneider of Marcus & Millichap's Fort Lauderdale office represented the seller, a private investor from Raleigh, N.C. Schneider also secured and represented the buyer, a REIT based in Boynton Beach, Fla.
LAUREL, MD. — Sperry Van Ness | Small Shah Commercial Advisors has brokered the sale of a Hampton Inn hotel, located on Braygreen Road in Laurel. The buyer, Neema Laurel LP, purchased the hotel for approximately $6.4 million. Shailesh Shah of Sperry Van Ness | Small Shah Commercial Advisors represented the seller, Mt. Laurel Hospitality, in the transaction.
TAMPA, FLA. — Industrial Property Group has arranged the $5 million sale of 41 Industrial Center, three office/warehouse buildings totaling 196,636 square feet at 5100 Causeway Blvd. in Tampa. Jeff Lamm and Tom Gibbs of Industrial Property Group represented the seller, 41 Industrial Center LP, in the transaction.
ROANOKE, VA. — Cronheim Mortgage has arranged $6.6 million in acquisition financing for a new 103,402-square-foot distribution facility, located in the Roanoke Centre for Industry & Technology (RCIT) in Roanoke. The RCIT is a business park that houses tenants such as Orvis Inc., Elizabeth Arden, BellSouth and Advance Stores Co. Dev Morris and Andrew Stewart of Cronheim arranged the 13-year loan through Aviva Life and Annuity Co. at a fixed 3.8 percent interest rate. Morris and Stewart arranged the loan on behalf of the borrower, Monmouth Real Estate Investment Corp.