REDWOOD CITY, CALIF. — A joint venture between Lennar Apartment Communities and Resmark Apartment Living has announced plans to develop a 196-unit apartment building in downtown Redwood City. It will be located at the intersection of Main and Marshall streets. The development calls for seven stories of apartments atop 3,500 square feet of ground-floor retail space. Construction is set to commence in the first quarter of 2014 and is scheduled for completion in early 2016. The joint venture also recently broke ground on an apartment community in Tempe.
TEMPE, ARIZ. — Broadway 101, a 162,484-square-foot office campus in Tempe, has sold to GLL Real Estate Partnersfor an undisclosed sum. The Class A campus is located at 2141 and 2151 E. Broadway Road.It is 94 percent leased to tenants like MOOG/Broad Reach Engineering, Amerifirst Financial, Inc. and the Arizona corporate headquarters for Quantum Integrated Solutions.The seller, Broadway 101 Office Park,was represented by Dennis Desmond, Brian Ackerman and Dave Seeger of Jones Lang LaSalle’s Capital Markets’ team. Seeger has been the campus’ exclusive leasing broker since 2000. He is actively marketing the property’s remaining vacancies.
LAS VEGAS — McCarran Corporate Plaza, an 87,018-square-foot office property in Las Vegas, has sold to TNP Acquisitions, LLC for $10.2 million. The property is located at 5740 and 5820 S. Eastern Ave. near McCarran International Airport and the I-215 Beltway. The two office buildings were 68 percent leased at the time of sale. Notable tenants include Carrington College, United Healthcare Services and AARP. The buyer plans to hold the property as an investment. TNP was represented by Commerce TNP, LLC. The seller, P-38 Properties, LLC, was represented by Chuck Witters and Kris Watier of Lee & Associates’ Las Vegas office.
BELLEVUE, WASH. — Mission Healthcare, a 70-unit skilled nursing and healthcare facility in Bellevue, has received $10.1 million in financing. The facility is located at 2424 156th Ave. NE. It specializes in comprehensive post-operative care, long-term and respite care. It also offers outpatient and home health services. The borrower plans to use the funds to refinance existing debt on the property. The 35-year, fixed-rate financing was secured by Heidi Brunet and Rob Affleck of Berkadia Commercial Mortgage through the U.S. Department of Housing and Urban Development’s (HUD) 232/223(a)(7) program. Berkadia worked with Careage to secure the financing.
LOS ANGELES – A seven-property multifamily portfolio that spans throughout Northern and Southern California has received $174.3 million in financing. The portfolio contains a total of 1,561 units consisting of manufactured housing communities and apartment complexes. Three of these properties are located in Northern California, while four are in Southern California. Six of the properties were financed with full-term, interest-only loans. One was structured with a five-year, interest-only loan. Financing was arranged by Andrew Tapley of Walker & Dunlop.
SAN DIEGO — Hawthorne Crossings, a 141,288-square-foot community shopping center in the San Diego submarket of Kearny Mesa, has sold to Retail Opportunity Investments Corp. for $41.5 million. The grocery-anchored center is located at 4200-4380 Kearny Mesa Road & 8055 Armour Street. Notable tenants at the center include Ross Dress for Less, Staples, Mitsuwa Marketplace, Dollar Tree, Sleep Train and Starbucks Coffee. Pete Bethea, Glenn Rudy and John Jennings of Cushman & Wakefield’s Capital Markets Group represented both the buyer and the seller, American Fund US Investments LP, in this transaction.
PRESCOTT VALLEY, ARIZ. — The Terraces at Glassford Hill Apartments, a 226-unit luxury community in Prescott Valley, has sold to Bascom Arizona Ventures for $22.3 million. The community is located at 5700 Market Street. This is Bascom’s 11th acquisition in Arizona over the past 12 months. The firm plans to recapitalize the property. Financing was arranged by CBRE’s Brian Eisendrath and Brandon Smith. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and the unnamed seller in this off-market transaction.
GREENVILLE, N.C. — Rouse Properties has acquired Greenville Mall in an off-market transaction for $50.3 million. Located in Greenville, the enclosed mall totals 460,800 square feet and is the only regional mall within a 40-mile radius. It first opened in 1966 and was renovated in 2001. Its anchors include Belk, jcpenney and Dunham’s Sports, the latter of which will open later this year. Additional tenants include Victoria’s Secret, Buckle, American Eagle, Aeropostale, Bath & Body Works, and Footlocker. Occupancy was 95.5 percent at the time of closing. As part of the transaction Rouse assumed an existing $41.7 million, non-recourse loan that matures in December 2015. The seller was a private partnership managed by Gregory, Greenfield & Associates
WINDERMERE, FLA. — DeBartolo Development has held the grand opening for The Retreat at Windermere, a $40 million, 332-unit multifamily community located two miles from Walt Disney World in Windermere. Phase I, which will be complete by the end of summer, will consist of 186 apartments in eight buildings along with a clubhouse. The first building and clubhouse opened July 1. Phase II, which will break ground immediately following Phase I completion, will include an additional 148 units in five buildings along with eight live-work units. Community amenities include a resort-stye pool with patio bar and poolside gas grills, a playground, dog park, and a lounge with a game room and business center.The Retreat at Windermere is the first phase of Summerport Village, a 196-acre mixed-use development that will ultimately include residential, retail and community areas.
MIAMI — Regency Centers Corp. has commenced development of its first ground-up retail center in Dade County. Fontainbleau Square will be a 320,339-square-foot, grocery-anchored community center located at the intersection of NW 102nd Avenue and West Flagler Street. Its anchors will include a 139,751-square-foot Target and a 45,600-square-foot Publix Sabor. The center is already 86 percent pre-leased. Construction will begin this month, and the anchor tenants will open as early as October 2014. The project will feature green building practices that include an energy-efficient design, sustainable building materials, water conservation measures and construction waste recycling. Regency currently owns nine shopping centers in the South Florida market totaling 843,000 square feet.