FORT WORTH, TEXAS — Morris-Floyd Capital Partners of Fort Worth has purchased Wolfin Village, a 159,000-square-foot outdoor shopping center in Amarillo. The property, located at 2015 S. Georgia Street and Interstate 40, is anchored by Talbot’s, Office Depot and Shepler’s Boots ’n Jeans. Built in 1953 and renovated in 2009, it currently stands at 94 percent occupancy. Chris Cosby and Chris Gerard of CBRE brokered the sale.
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 …
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.
BURBANK, CALIF. – A 34,153-square-foot office building in Burbank has sold to a locally based private investor for an undisclosed sum. The building is located at 2727 W. Alameda Ave. in the city’s media district. The sale comes just days after the building's two tenants, FotoKem and St. Joseph’s Hospital/Providence Health System, renewed their leases. Corey Spoundand Dean Hawthorneof Jones Lang LaSalle’s Los Angeles office represented both the buyer and the seller, GLC Enterprises, in this transaction. The firm also completed the two lease renewals.
SAN DIEGO — Cornerstone Heights Corporate Center, a 97,945-square-foot office property in the San Diego submarket of Sorrento Mesa, has received $13.7 million in acquisition/bridge financing. The two-building center is located at 5959 and 6059 Cornerstone Court West. Both buildings underwent significant renovations in 2008. The property now boasts a 90 percent occupancy. The three-year, floating-rate loan was arranged by HFF’s Aldon Cole, Kara Mathis, Jay Marshall and Doug Bond on behalf of a joint venture between Lincoln Property Company and Artemis Real Estate Partners. The loan was placed with Bank of America.
HUNTINGTON BEACH, CALIF. – A 102,700-square-foot industrial building in Huntington Beach has sold to a joint venture between CT Realty Investors and Artemis Real Estate Partners for $10.6 million. The building is located at 17311 Nichols Lane. The JV also recently signed a 10-year lease with Driessen Aircraft Interior Systems Inc. that is valued at $9.1 million. The company, which specializes in designing, manufacturing and marketing high-quality galleys for commercial and private aircraft, will occupy 100 percent of the space. Per the lease agreement, Driessen has the option to convert a portion of the warehouse into office space and add 10,447 square feet of second-story mezzanine office space. Driessen is owned by Zodiac Aerospace.The JV was represented by Darin McDonald and Ted Sawyer of Lee & Associates’ Newport Beach office. McDonald and Sawyer also represented Driessen in the lease transaction. The seller, a former owner/user, was represented by Jeffrey Read and Scott Read of Newmark Grubb Knight Frank in Newport Beach. The transaction was executed on behalf of New York State Common Retirement Fund’s $300-million real estate emerging manager program. The program hopes to invest with best-in-class operating partners that have proven market and product expertise.
DULUTH, GA. — Parmenter Realty Partners has sold the 10-story Gwinnett Commerce Center, a 213,563-square-foot, Class A office building in Duluth. The purchase price was $20.5 million, according to DataBank, an Atlanta-based provider of commercial real estate data. A joint venture between Biscayne Atlantic, Red Starr Investments and PointOne Holdings purchased the property, which is located approximately 22 miles northeast of downtown Atlanta. Gwinnett Commerce Center features a parking deck attached to the lobby by a covered walkway, a full-service cafe, conference facility, on-site management and 24/7 security. David Meline, Stewart Calhoun and Samir Idris with Cushman & Wakefield's Atlanta capital markets group represented the Miami-based seller in the transaction. Mike Ryan and Brian Linnihan with Cushman & Wakefield's equity, debt and structured finance group arranged acquisition financing on behalf of the buyer. The buyer has also selected Cushman & Wakefield to serve as the leasing agent and property manager for the building. Andy Sumlin and Aileen Almassy with the company's Atlanta office will lead the leasing efforts.
SANFORD, FLA. — A joint venture between Tampa, Fla.-based Blue Rock Partners and Deerfield Beach, Fla.-based Konover South has purchased a 256-unit apartment community in Sanford from Robbins Associates for $18.5 million. Sailpointe at Lake Monroe is located on 401 W. Seminole Blvd. The new owners plan to invest $1.8 million in the property to upgrade its appearance, unit interiors and amenities. The community will also be renamed The Park at Ravello. Shelton Granade of the Orlando office of CB Richard Ellis brokered the transaction, and Prime Capital provided acquisition financing. The purchase represents Blue Rock and Konover South’s 11th joint acquisition in the past four years in the Orlando and Tampa Bay markets.
HIGH POINT, N.C. — New York-based Rockwood Real Estate Advisors has brokered the sale of a Quality Inn hotel located in High Point. The property contains 45 rooms and was constructed in 1998. Rockwood represented the seller, a Southeast-based regional financial institution. The buyer was High Point Hospitality LLC. The acquisition price was undisclosed.
WINTER HAVEN, FLA. — Holliday Fenoglio Fowler (HFF) has arranged a $13.4 million senior loan for Winter Haven Citi Centre, a 185,705-square-foot power center located in Winter Haven. Situated on 29.5 acres at the intersection of Highway 17 and Avenue K, the center is anchored by Macy’s, Belk, Staples and Pier One Imports. Occupancy was 96.8 percent at the time of closing. The HFF team of Chris Drew and Jose Carrazana arranged the loan on behalf of the borrower, a joint venture between Schmier & Feurring Properties and Independencia Asset Management. The financing carries a 10-year term and was provided by a CMBS lender.