TACOMA, WASH. — The Westridges, a 714-unit apartment community just outside downtown Tacoma, has sold to JRK Investors for $64.5 million. This 62-building property is the largest apartment community in Pierce County and the fourth largest in the Puget Sound region. The 37.1-acre site is located at 2602 Westridge Ave. West. The community was completed in 1991. The sale was executed by David Young, Corey Marx and Seth Heikkila of Jones Lang LaSalle’s Capital Markets. The seller was not named.
AVONDALE, ARIZ. – The 400-unit Crystal Springs Apartments in Avondale has received $25.7 million in permanent financing. The community is located at 11885 W. McDowell Road in thesouthwestern Phoenix suburb. The property was built in two phases that spanned from 2002 to 2004. It was 95 percent leased at the time of closing. The non-recourse loan has a fixed interest rate for the five-year term. It also features a 30-year amortization schedule. Financing was originated by Don Burnes of Johnson Capital’s Phoenix office on behalf of a California-based real estate investor. The lender is a Wall Street firm. Crystal Springs is managed by Riverstone Residential Group.
WEST HOLLYWOOD, CALIF. — Funny Or Die, the popular comedy video website, has leased 1.5 floors at Formosa South in West Hollywood. Formosa South is a creative office building that is currently under construction at The Lot, an 11-acre studio campus. The new office building will be located adjacent to the studio arrival gates.Funny Or Die is expanding its operations and plans to maintain a studio, in addition to other production and office space, at the new building. The campus is located on Santa Monica Boulevard and is bounded by Formosa Avenue and Poinsettia Place. Construction on Formosa South began in April 2012 and will be completed in late 2013. The Lot and Formosa South are both owned by CIM Group.
GREENVILLE, S.C. — The City of Greenville's Design and Review Board have approved Hughes Development Corp.'s plans to update and renovate the Bank of America Tower, located at 101 N. Main St. in Greenville. The multi-million dollar plan includes lobby renovations, upgraded elevators and 4,000 square feet of glass to serve as the building's new facade. The first floor will be designated retail space. The common areas will include outdoor patios and a basketball and bocce ball court. The office building will be surrounded by a new parking garage that will provide more than 1,300 parking spots. Hughes Development will be leasing the retail spaces on the first floor, and NAI Earle Furman will lease the office spaces on the second, third, fourth, ninth and 16th floors.
TOWSON, MD. — Chesapeake Realty Partners and Wood Partners have teamed up to develop The Winthrop, a 295-unit multifamily property located near Towson Town Center in Towson, a northern submarket of Baltimore. Lease-up of The Winthrop will begin starting May 2014. Additionally, Wood Partners and Taylor Property Group are developing a 175-unit community adjacent to The Winthrop. The four-story, separately operated communities will replace a 70-year-old apartment complex at the site. Both communities will include controlled-access parking garages, swimming pools, fitness centers and game rooms.
KNOXVILLE, TENN. AND JACKSON, MISS. — The New York office of Berkadia Commercial Mortgage LLC has originated two loans totaling $28.8 million for a student housing property in Knoxville and a multifamily property in Jackson. Yuri Kletsman of Berkadia secured the loans through Berkadia's Fannie Mae program. Kletsman arranged a 10-year, $15.3 million refinance loan for The Tower at Morgan Hill in Knoxville on behalf of the borrower, Vols Equities LLC. The 340-bed community is located at 2521 Kingston Pike and features a movie theater, fitness studio and computer and recreation rooms. The property was 93 percent occupied at the time of sale. Kletsman also arranged a seven-year, $13.5 million acquisition loan for The Park at Moss Creek, located at 5000 Ridgewood Road in Jackson on behalf of the borrower, KBS Moss Creek LLC. The property was 95 percent occupied at the time of sale.
HICKORY, N.C. — Q10 | New York Realty Advisors (Q10NY) has closed a $1.8 million first mortgage loan on a free-standing Rite Aid drug store in Hickory. Q10NY worked with Q10 | Professional Mortgage of North Carolina, which represented the lender, an insurance company. Jeanne Cronin of Q10NY arranged the 15-year, self-liquidating loan on behalf of the borrower, a Midwest-based real estate family with a portfolio of single-tenant properties. Rite Aid's lease expires during the loan term. The lease has four five-year renewal options. Q10NY is a member of Q10 Capital LLC, a commercial mortgage banking company.
DORAL, FLA. — New Boston Fund Inc. has finalized four new lease agreements totaling 12,500 square feet at One Park Square at Doral, a Class A office building located at 3470 N.W. 82nd Ave. in Doral, a submarket of Miami. The new tenants are diagnostics company Remasur USA, international travel agency TravelMax USA Corp., international business consulting firm MM Global Strategies and professional staffing and solutions firm Kforce Inc. One Park Square is an 11-story, 281,623-square-foot property located adjacent to Miami International Airport. Tere Blanca, Danet Linares and Andres del Corral of Blanca Commercial Real Estate represented New Boston Fund in the four lease transactions. Pablo Langesfeld of Transworld Business Brokers represented TravelMax USA, Jose Luis Vera of United Realty Group represented MM Global Strategies and Caroline Fleischer of Cushman & Wakefield represented Kforce.
NAPERVILLE, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of an 82,453-square-foot shopping center located in Naperville, a western suburb of Chicago, for $24 million. The property includes four single-tenant restaurants on long-term ground leases including Zapatistas, Maggiano’s Little Italy, White Chocolate Grill and Morton’s Steakhouse. The property also features four multi-tenant buildings leased to tenants including Subway, Einstein’s Brothers Bagels, Scottrade, Jason’s Deli, Athletico and others. An institutional investment firm purchased the property, which was 95 percent leased at the time of sale. A Lemont, Ill.-based development company was the seller. Chad Firsel and Daniel Waszak of Quantum Real Estate Advisors Inc. represented the buyer and the seller in the transaction.
MAYFIELD HEIGHTS, OHIO — Marcus & Millichap has arranged the sale of a 6,760 square-foot net-leased property in Mayfield Heights for $2.9 million. Glen Kunofsky, executive vice president investments, and Russell Wachtler, investment associate at Marcus & Millichap marketed the property on behalf of the seller, a private investor. Michael Glass, also of Marcus & Millichap, assisted in the transaction. 7-Eleven Gas and Convenience leases the property, located at 6680 Mayfield Road.