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.
TEMPE, ARIZ. – USA Place, a $350-million mixed-use development, is planned for the City of Tempe. The project will include: a 330-room Omni Hotel; a 30,000-square-foot conference center; new national headquarters for USA Place; a training center for USA Basketball; a 4,500-seat event center; 500 luxury apartments; 160,000 square feet of retail; and up to 200,000 square feet of office space, which would include a new home for Arizona Interscholastic Association events.USA Place will be located on a 10.5-acre site at the southeast corner of Mill Avenue and University Drive in downtown Tempe. The site is adjacent to Arizona State University’s main campus and the Mill Avenue District. It is also in close proximity to light rail stations and Phoenix Sky Harbor International Airport. Once completed in the second half of 2015, the new full-service Omni Hotel will be Tempe’s first four-diamond hotel. USA Basketball is also scheduled to relocate its national headquarters and open its new training center in fall 2015. The company is currently based in Colorado Springs. Construction is expected to commence by the end of the year, with the conference center, event center, and the first phase of residential, retail and office spaces also scheduled to …
SOUTH JORDAN, UTAH – A new joint venture between Mountain Real Estate Capital (MREC) and DAI/Candlelight Homes of Utah has acquired the Santorini Village in South Jordan. The JV plans to develop the 199-lot housing community, which will be located at 9800 South Redwood Road. The community will be developed by DAI and built by Candlelight Homes. This acquisition represents MREC’s first investment into the Salt Lake City housing market.
WASHINGTON, D.C. — A joint venture between Atlanta-based Songy HighRoads and New York City-based Elliott Management Corp. has acquired an 11-story, 91,000-square-foot office building located at 1522 K St. in Washington, D.C. The partnership intends to redevelop the building but has not released any specific plans apart from a proposal to convert it into a hotel. The seller in the transaction was 1522 K Street LLC. The purchase price was not disclosed.
ROANOKE, VA. — Poe & Cronk Real Estate Group has brokered the sale of a 640,000-square-foot industrial property located at 5022 Hollins Road in Roanoke for $14.5 million. The buyer, Ardagh Metal Packaging USA, plans to use the facility as its new East Coast manufacturing facility. The Poe & Cronk team of Dennis Cronk and Matt Huff represented the undisclosed seller in negotiations.
MACON, GA. — Phillips Edison-ARC Shopping Center REIT, a public, non-traded REIT sponsored by Phillips Edison & Co. and AR Capital, has purchased a Macon shopping center from New York City-based Nightingale Group. Rivergate Shopping Center is a 207,567-square-foot property located at the interchange of Interstate 75 and Tom Hill Sr. Boulevard. The shopping center was renovated in 2012 and is 86 percent leased to a tenant roster that includes Publix, Planet Fitness, Dollar Tree, Batteries Plus, Buffalo Wild Wings, Dunkin Donuts, IHOP, Panera Bread, Starbucks Coffee and Subway. Richard Reid and Jim Hamilton of Holliday Fenoglio Fowler represented the seller in negotiations.
WEST PALM BEACH, FLA. — CB Richard Ellis (CBRE) has completed the $8 million sale of a small-bay, Class A warehouse located in West Palm Beach. The 73,563-square-foot building was constructed in 2008 on 6.9 acres at 342-346 Pike Road. It was 90 percent occupied at the time of the sale. The CBRE team of Scott O’Donnell, Dominic Montazemi, Jason Hochman and Miguel Alcivar represented the seller, Pishon Pike Road LLC. The buyer was Hollywood, Fla.-based Tigertail Lake Warehouse Ltd.
CROSSVILLE, TENN. — Eastern Union Funding has arranged $30.6 million in financing for a 670,000-square-foot distribution center located in Crossville. The loan, which was provided by Natixis, carries a 10-year term and a 30-year amortization schedule. The undisclosed borrower plans to use $22.8 million of the proceeds to refinance existing debt, and the remaining $7.8 million will be used to construct a 270,000-square-foot addition to the property. Marc Tropp and Sam Begun of Eastern Union’s Bethesda, Md., office arranged the loan.
EDINA, MINN. — Anderson Cos. has broken ground on a new 51,565-square-foot grocery store for Lunds and Byerly’s in Edina. The project includes the construction of a new Byerly’s grocery store adjacent to its existing store at the intersection of France Avenue and Hazelton Road, which the company has operated for more than 40 years. The new store is expected to open in late summer/early fall of 2014. The existing store will remain open during the construction. The new store will include a full-service bakery, deli, meat and seafood departments, Caribou Coffee and Bachman’s floral arrangements. A new feature at this location will be a Creations Café, offering made-to-order lunch and dinner options.