SEATTLE – The 36-unit Central Element in Seattle has sold to a private investor for $7.7 million. The community is located at 209 22nd Ave. South in the city’s Central Business District. It was built in 1967. Dan Swanson of Marcus & Millichap’s Seattle office represented both the buyer and the seller, a limited liability company, in this transaction.
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ALISO VIEJO, CALIF. — AEW Capital Management has purchased a 109,948-square-foot, institutional-quality building in Aliso Viejo for an undisclosed sum. The corporate headquarters building is located at 1 Enterprise Drive. The building serves as the corporate headquarters for Microsemi Corporation. It is one of the only single-tenant, Class A buildings to be constructed in the Orange County submarket after 1999. The building is leased to Microsemi through January 2021.The seller, Global Investment Advisor, was represented by CBRE’s Bob Smith, Paul Jones, Kevin Shannonand Ken White.
LOS ANGELES — Plaza La Reina, an extended-stay, hotel/retail project in the Los Angeles submarket of Westwood, will soon be completed. It will be located at 10488-52 Lindbrook Drive. Plaza La Reina, LP has tapped Bernards to finish the partially built project. It will be designed by Moule & Polyzoides.
TUSTIN, CALIF. – LTK Venture 1 has purchased the 70-unit Windsor Gardens in Tustin for $14.9 million. The community is located at 1651 Mitchell Ave. It was originally built in 1968, before it was converted into condominiums in 1985.The seller was the Laughlin Family Partnership. The transaction was executed by Pat Swanson and Brett Bayless of Colliers International’s Irvine office.
ARLINGTON, VA. — Brandywine Realty Trust and APA IV, an affiliate of The Shooshan Co., have formed a joint venture to build a 426,900-square-foot office building in Arlington’s Ballston submarket. The 20-story property, known as 4040 Wilson Boulevard, is the final phase of Liberty Center, an eight-building, mixed-use development two blocks from the Balltston Metro Station. The office building will feature 10,000 square feet of retail, 544 below-grade parking spaces and a rooftop terrace with panoramic views of Washington, D.C. The property is designed to achieve LEED-Gold certification. Brandywine and APA will each own a 50 percent interest in the office building. The Shooshan Co. will oversee development, leasing, property management and construction management for the project. Brandywine will assist Shooshan in project development, marketing and leasing services. Brandywine will also contribute up to $36 million in the project. APA IV contributed the development’s initial equity over an eight-year period.
HOMEWOOD, ALA. — Marcus & Millichap has brokered the sale of The Hill Apartments, a 122-unit apartment community located at 1840 Oxmoor Road in Homewood, a suburb of Birmingham. The community sold for approximately $22.9 million, or about $187,500 per unit. The Hill Apartments are located near the new City Hall. Patrick Jordan and Eddie Greenhalgh of Marcus & Millichap represented the seller, a local property owner, in the transaction. Jordan also represented the New Jersey-based buyer. The Hill Apartments were built in 2012 and feature a gated entry, saltwater swimming pool, gazebo, outdoor kitchen, 24-hour fitness center, and a coffee shop/business center.
BIRMINGHAM, ALA. — Multi Housing Advisors (MHA) has arranged the sales of two Birmingham apartment complexes for a total of $21.1 million. The communities include the 256-unit High Pointe and the 250-unit Brookstone. Jimmy Adams of MHA represented the seller, Ruffner Mountain, in both transactions. A limited liability company based in Michigan purchased the two communities.
JACKSONVILLE, FLA. — Namdar Realty Group has purchased the Jacksonville Regional Shopping Center, a 220,000-square-foot retail property located at 3000 Dunn Ave. in Jacksonville. The shopping center is 85 percent leased to tenants such as Winn Dixie, JC Penney, Payless Shoe Source, Cato, Hibbett Sporting Goods and GNC. CBRE represented the seller, DDR Corp., in the transaction. Namdar Realty Group was self-represented by Joel Gorjian.
KEY LARGO, FLA. — Meridian Capital Group LLC has arranged $10.1 million in acquisition financing for the Ocean Reef office property, located at 31 Ocean Reef Drive in Key Largo. Tenants at the office property include Bank of America, Northern Trust, The UPS Store and the local government. Noam Kaminetzky of Meridian Capital Group’s Boca Raton, Fla., office arranged the seven-year loan through a local portfolio lender on behalf of the borrower, a foreign sponsor. The loan includes a fixed interest rate of 3.95 percent and a 25-year amortization schedule.
DETROIT —Rock Ventures and its real estate arm, Bedrock Real Estate Services, have purchased two mixed-use properties in downtown Detroit totaling 84,000 square feet. The properties are located at 1505 Woodward Ave. and 1265 Griswold St. The eight-story, 48,000-square-foot building at 1505 Woodward was designed by renowned architect Albert Kahn and built in 1931. Its original tenant was the Richman Brothers clothing store. The six-story, 36,000-square-foot 1265 Griswold building was built in 1897 by architectural firm Spier & Rohns. Bedrock Real Estate Services brokered the acquisitions and will oversee renovations, management and leasing of the currently unoccupied spaces.