IRVINE, CALIF. – The Alzheimer’s Association has purchased a 30,000-square-foot office building in Irvine for $5.1 million. The association will use the office building as its new Orange County headquarters. The property is located at 2515 McCabe Way. The building is set to begin a five-month renovation in September 2013. The transaction was executed by David Girty and Marty Stradtman of Coldwell Banker Commercial.
TEMECULA, CALIF. – A 13,630-square-foot retail building in Temecula has sold to Aro Partners for $3.5 million. The free-standing building is located at 40810 Winchester Road. It is 75 percent leased to Hallmark and Beauty One Cosmetics Supply store. The property fronts the Promenade Temecula. The 1031 exchange buyer was represented by Nick Frasco of Voit. The seller, Temecula Pad H LLC, was represented by Jeff Conover of Faris Lee Investments.
JACKSONVILLE, FLA. — Hendricks-Berkadia Real Estate Advisors has arranged the $19.2 million sale of Addison Landing Apartments, a 289-unit multifamily community located at 9455 103rd St. in Jacksonville. The community's amenities include a controlled-access gate, swimming pool, fitness center, business center and 24-hour maintenance services. Cole Whitaker, Hal Warren and Jason Stanton of Hendricks-Berkadia represented the seller, Jacksonville Zone LLC, in the transaction. St. Petersburg, Fla.-based WRH Income Properties acquired the property from Jacksonville Zone.
RICHMOND AND CHESTER, VA. — Arbor Commercial Mortgage LLC has arranged two FHA-insured multifamily loans totaling more than $29 million. Hal Reinauer of Arbor's Boston office arranged a 40-year, $22 million construction loan for Shafer Grace, a planned apartment community in Richmond that will include 152 units. The loan features a 40-year amortization schedule. Planned amenities include a fitness center, roof deck, clubhouse, washer/dryer units, garage parking, storage and Internet, phone and cable included in the rent payments. Reinauer also arranged a 37-year, $7.3 million refinance loan for Chesterfield Gardens Apartments, a 105-unit community in Chester, located 17 miles south of Richmond. The loan features a 37-year amortization schedule. Amenities include a clubhouse, 24-hour fitness center, swimming pool, tennis court and playground.
ORLANDO, FLA. — Stirling Sotheby's International Realty has arranged a six-year, $1.5 million lease for 10,000 square feet of office space at The Plaza, an office building located at 121 S. Orange Ave. in downtown Orlando. The tenant, Team Gemini LLC, a sustainable project design and development firm, will occupy the penthouse space that features a rooftop garden terrace. John Kurtz of Stirling Sotheby's International Realty represented the tenant and the landlord, ACM DT Properties LLC, in the lease deal. The new office space will serve as the world headquarters of Team Gemini, which is expanding due partly to its $300 million planned project in Ohio.
GASTONIA, N.C. — Chyrch Realty has arranged a 3,000-square-foot lease for Class A flex space at 1821 Wren Road, located within the Gaston Business Park in Gastonia, about 22 miles west of Charlotte The five-year lease features a five-year extension option. Jennifer Church of Chyrch Realty represented the owner, COW-III LLC, in the lease transaction. Marty McLaughlin of Piedmont Properties represented the tenant, Invacare Outcomes Management LLC, a subsidiary of Invacare Corp. The Elyria, Ohio-based Invacare Corp. is a medical products manufacturer and distributor.
OLATHE, KAN. — Johnson Capital has arranged a $17.2 million loan for a 227-unit multifamily property in Olathe, about 25 miles south of Kansas City. The borrowers developed Somerset Oaks Apartments, which is located at 813 S. Mur-Len Road, in 1999. Amenities at the complex include a 24-hour fitness center, business center with wireless Internet, clubhouse and a swimming pool with waterfall and wading pool. A life insurance company provided the 25-year, fully amortizing loan. Proceeds of the loan were used to refinance existing debt. Thomas Cohen, principal, and John Schorgl, vice president at the Johnson Capital’s Kansas City office, arranged the loan.
EAST LANSING, MICH. — Arbor Commercial Mortgage LLC has funded an $8.1 million FHA 223(f) loan for the refinancing of Capitol Villa Apartments, a 172-unit apartment complex in East Lansing. The 35-year loan is self-amortizing. The complex is within walking distance to Michigan State University. Amenities at the complex include an outdoor pool, a fitness center, a computer lab, indoor bike storage, a common laundry facility, a private study room and designated picnic areas with gas grills. Michael Jehle, midwest regional director in Arbor’s Bloomfield Hills, Mich., office, originated the loan.
KANSAS CITY, MO. — Jones Lang LaSalle (JLL) has entered into an agreement to acquire Capital Realty in Kansas City. Capital Realty specializes in leasing, property management and sales of industrial, office and retail properties and project management and development services. Kevin Wilkerson, president of Capital Realty, will join JLL as managing regional director along with 24 employees from Capital Realty who will add to JLL’s existing team of industrial, office and tenant representation brokers. Wilkerson will lead the industrial team and partner with managing regional director Larry Glaze, who leads the office tenant representation team, to drive growth in the Kansas City market. Jeffrey Kembel and Phillip Algrim, senior vice presidents at Capital Realty, will join JLL as senior vice presidents. Merging operations and adding Capital Realty’s local expertise will strengthen the platform of comprehensive services the global real estate firm provides in the market, according to JLL. Capital Realty currently manages approximately 90 properties totaling 5.4 million square feet across the Kansas City area for regional and local institutional owners.
GREENFIELD, IND. — The Indianapolis office of CBRE has arranged the sale of an 115,857-square-foot light industrial center in Greenfield, a western suburb of Indianapolis. California State Teachers’ Retirement System previously owned the facility, which is located at 315 W. New Road. The buyer, Bastian Development, a division of Bastian Solutions, plans to use the center for a sales and distribution operation to expand its Indianapolis area operations. Mark Writt, a broker in CBRE’s office industrial group, marketed the property and procured the buyer in the transaction.