SANTA MONICA, CALIF. – A half-acre land parcel in Santa Monica has sold to Q6 Real Estate, Inc. for $7 million. The parcel is located at 1402 Santa Monica Blvd. The owner, which is an affiliate ofthe Quinn Automotive Group, plans to build a two-story car dealership franchise on the lot. A gas station is currently situated on the property. The 33,700-square-foot MINI of Santa Monica is slated for completion in mid-2016. Joseph Gabbaian of Avison Young’s West Los Angeles office represented both the buyer and the seller, SBZ Partnership, in this transaction.
CORONA, CALIF. — Corona Hills Town Center, a 54,379-square-foot retail center, has received a $5.5-million refinance. The property is located at107-131 N. McKinley Street in Corona. It is shadow-anchored by Food-4-Less. Financing was secured by Blake Melstrom of Pacific Southwest Realty Services through a local conduit lender.
ST. PETERSBURG, FLA. — A joint venture between affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partners, has acquired a 17-story, 187,000-square-foot office building in downtown St. Petersburg for $20 million. The Class A office building, formerly known as Wells Fargo Plaza, is located at 150 Second Ave. North. In June, Wells Fargo vacated its 22,000-square-foot office at the property, dropping the building's occupancy to 65 percent. Larry Feldman of Feldman Equities will spearhead leasing and redevelopment efforts at the property, and Tower Realty Partners will handle management responsibilities. Dale Peterson of CBRE's Tampa office arranged the deal. This is the second acquisition in downtown St. Petersburg for the joint venture. About two years ago, the joint venture bought the 242,000-square-foot City Center office building. The property, which was 44 percent occupied at the time of purchase, is now 94 percent occupied.
ORLANDO, FLA. — McCraney Property Co. (MPC), an industrial real estate developer and manager, has completed construction on Dade Paper Co.'s new 150,000-square-foot distribution center in Orlando. The facility is located in MPC's 25-acre John Young Business Park. The property is the first of three properties in John Young Business Park that MPC has committed to develop in its joint venture arrangement with Clarion Partners. The other two spec projects, totaling 243,236 square feet, will break ground this month with an expected completion in first quarter 2014.
LAKE MARY, FLA. — McKinley, an Ann Arbor, Mich.-based real estate owner and operator, has sold Lake Emma Corporate Park, a 245,000-square-foot office complex in Lake Mary, approximately 20 miles north of Orlando. McKinley was appointed as receiver in August 2011 and was subsequently retained as property manager. During its time as manager, McKinley successfully negotiated a tax appeal, completed an extensive HVAC replacement, increased occupancy, reduced operating costs and enhanced the overall property appearance.
KEY WEST, FLA. — Cronheim Mortgage has secured $10.6 million for a 104,000-square-foot Home Depot property located on North Roosevelt Blvd. in Key West. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged financing on behalf of the borrower, Industries Exchange No. 2 LLC. The loan was structured over 19 years and 10 months at a 3.63 percent interest rate.
JACKSONVILLE, FLA. — Franklin Street, a full-service commercial real estate firm, has closed the sale of an 8,050-square-foot warehouse/office facility, located at 5760 Mining Terrace in Jacksonville. The property is located within the South Jacksonville Industrial Park. National Loan Corp. sold the property to Specialty T's, a company that specializes in silk screen printing, for $260,000, or $32.30 per square foot. Monte Merritt of Franklin Street's Jacksonville office represented the seller in the transaction.
CHICAGO — Essex Realty Group Inc. has arranged the $4.8 million sale of 1832-42 N. Humboldt, a 45-unit multifamily building located in Chicago’s Logan Square neighborhood. The property includes 31 one-bedroom units and 14 two-bedroom units. Doug Imber and Kate Varde of Essex were the brokers in the transaction. Jill Sickle of Hanover Hamilton Investments purchased the property.
KANSAS CITY, MO. — Terracap Investments Inc. has acquired Shadow Creek Apartments in Kansas City. Diversified Asset Management Co. sold the 231-unit apartment community, which was 93 percent occupied at the time of sale. The purchase price was undisclosed. Shadow Creek, located at 5417 E. 96th Place, includes 13 apartment buildings, a clubhouse and a maintenance garage. Aaron Mesmer of Block Real Estate Services represented Diversified Asset Management Co. in the transaction. Michael Block, also of Block Real Estate Services, represented Terracap Investments.
WATFORD CITY, N.D. — Oppidan Investment Co. has purchased a two-acre parcel adjacent to its Pheasant Ridge Apartments in Watford City. The company plans to begin construction on a second apartment building at the site in September. The 42-unit Pheasant Ridge Apartments II will feature one-, two- and three-bedroom units. The apartment development is located at 1005 S. Pheasant Ridge Road.