GLENDALE, CALIF. – The 272-room Embassy Suites Hotel in Glendale has received a $50-million refinance. The hotel is located at 800 N. Central Ave. The five-year, non-recourse loan will be used to refinance a bridge loan and provide substantial cash out. It has a fixed interest rate in the low 4 percent range and a 30-year amortization schedule. The loan was arranged by Mitch Paskover of Continental Funding Group.
SAN DIEGO — CentreWest Plaza, a 116,825-square-foot, Class A office park in the San Diego submarket of Sorrento Mesa, has sold to Cornerstone Real Estate Advisers, LLC for $29.2 million. The plaza is located at 9710 & 9740 Scranton Road. The twin three-story buildings were developed in 1990. The seller was Cruzan-Monroe AEW Scranton LLC, a joint venture between Cruzan | Monroe and AEW Capital Management. It was represented by Rick Reeder and Brad Tecca of Cassidy Turley San Diego.
CHANDLER, ARIZ. — The Fountains at Ocotillo, a multi-tenant retail pad in Chandler, has sold to Deerwood Partners Arizona, LLC for $2 million. It is located on the northwest corner of Alma School Road and Ocotillo Road in the Ocotillo Lakes subdivision. The property is currently occupied by Anytime Fitness and D vine Bistro and Wine bar. The property was built in 2007 by Spike Lawrence and Jeff Geyser of Lawrence & Geyser Development. The sale was executed by Andrew Harrison of ORION Investment Real Estate.
BRANDON, FLA. — Tampa-based Blue Rock Partners LLC, in conjunction with Goff Capital Partners, has acquired the 366-unit Westbury at Lake Brandon apartments in Brandon for $38.8 million. Blue Rock’s acquisition holdings now surpass 6,400 units in the Tampa Bay and Orlando area, including 2,286 units in Brandon. ARA brokered the transaction of Westbury at Lake Brandon, which is located at 1210 Westbury Pointe Drive. Broadstone Westbury LLC was the seller and KeyBank arranged acquisition financing.
ATLANTA — AmREIT Inc. has announced the acquisition of Fountain Oaks Shopping Center, a 160,600-square-foot, Kroger-anchored shopping center in the north Buckhead submarket of Atlanta, for $27.7 million. The property benefits from more than 72,000 people living within a three-mile radius of the property, daytime employment within the same radius of over 110,000 and average household income of $104,000 within a one-mile radius. The AmREIT team was able to extend the Kroger anchor lease to a 10-year term while the property was under contract to purchase. The acquisition was financed through AmREIT’s credit facility. Kroger, which occupies 59,134 square feet, has served the north Buckhead community from its location in Fountain Oaks since 1988.
TUSCALOOSA, ALA. — The Opus Group has completed construction on a new 42,300-square-foot building in Tuscaloosa for St. Paul, Minn.-based retailer Gander Mountain. Additionally, Opus has been awarded a contract from the retailer for a 45,600-square-foot building in Albany, Ga., which will be Opus’ fourth project with Gander Mountain. Opus Development Co. LLC provided development services, Opus Design Build LLC was the design builder for the project and Opus AE Group LLC provided architecture and engineering services.
NORFOLK, VA. — CBRE | Hampton Roads has brokered the sale of Franklin Condominiums at 220 W. Brambleton Ave. in Norfolk for $2.67 million. The four-story, 57,630-square-foot mixed-use development includes 19 high-end condominiums ranging from 1,395 to 3,800 square feet. Property amenities include a covered, drive-up entrance way, security, interior courtyard with patios and water features and about 70 parking spaces. Patrick Gill, Chad Lesley and Joanna Hastings of CBRE | Hampton Roads handled the transaction. GTG Financial LLC purchased the property, located in the Freemason District of downtown Norfolk.
PRINCE GEORGE’S COUNTY, MD. — George Smith Partners has arranged $46.3 million in construction and mezzanine financing on behalf of its clients, Walton Westphalia Development Co. and Walton Westphalia Europe LP, for Phase I construction on a new, 310-acre mixed-use development in Prince George’s County, a suburb of Washington, D.C. When complete, the project, known as Westphalia Town Center, will include a mix of residential, retail, office and hotel products. The construction loan closed with a combined loan-to-value of 59.1 percent and 66.7 percent combined loan-to-cost. Walton Group of Cos. managed the borrowers. Malcolm Davies, Peter Kleinberg and Drew Sandler of George Smith Partners originated the financing. The Westphalia Town Center project will span 310 acres and is anticipated to consist of 845 single-family residences and townhomes, 884 rental apartments, 600 hotel rooms, 2.2 million square feet of office space and 534,000 square feet of retail space.
CHICAGO — Two logistics companies have leased a total of 456,719 square feet in industrial leases along the I-55 corridor. APL Logistics, a third-party logistics services provider, signed a new lease for 126,450 square feet in Crossroads 1, while existing tenant Exel Inc., a supply chain and logistics company, renewed its 241,110-square-foot lease and expanded by 89,159 square feet in Park 55 Building 1. Duke Realty owns both buildings. Larry Johnson with CBRE represented APL Logistics in its new lease, while Mark Moran and Steve Connolly with NAI Hiffman and Susan Bergdoll of Duke Realty represented the landlord. Jeanne Rogers with Arthur J. Rogers & Co. represented Exel Inc. in its renewal and expansion, while Trevor Ragsdale, Kelly Gray and Michael Connor with Jones Lang LaSalle and Bergdoll represented Duke Realty. Crossroads 1 is a 289,920-square-foot bulk distribution facility and one of seven Duke Realty industrial buildings in Crossroads Business Park at I-55 and Route 53 in Bolingbrook. Park 55 Building 1 is a 529,000-square-foot bulk distribution facility located a few miles southwest of Crossroads along I-55.
KANSAS CITY, MO. — Demdaco, a Leawood-based importer of household gift and decorative items, is moving its distribution to Logistics Park Kansas City. Logistics Park KC master developer NorthPoint Development and NAI Capital Realty announced that Demdaco had executed a long-term lease for a 326,650-square-foot distribution center. The center will be custom built for Demdaco, which has distributed its products from North Kansas City for the last 12 years. Demdaco will bring the total square footage under development to more than 850,000 square feet at the industrial park.