HAYWARD, CALIF. – The 20-unit Manon Garden Apartments in Hayward has sold to an unnamed buyer for $2.6 million. The community is located at 27435 Manon Ave. The seller, a limited liability company, was represented by David Weglarz of Marcus & Millichap’s Oakland office.
EL SEGUNDO, CALIF. – A 198,532-square-foot office building in El Segundo has sold to Menlo Equities for an undisclosed sum. The building is located at 101 North Sepulveda. It is 89 percent leased to Federal Express and International Rectifier. The seller, a global investment manager, was represented by HFF’s Michael Ross, Paul Brindley, Richard Plummer and Andrew Harper.
GAINESVILLE, FLA. — The Preiss Company has acquired a 770-bed student housing community serving students of the University of Florida for $36.25 million. The seller was a joint venture between New York-based Glenmont Capital Management and Birmingham, Ala.-based Arlington Properties. Canopy Apartments is located at 4400 SW 20th Ave. in Gainesville. Constructed in 2009, the property features five three-story residential buildings containing a mix of two- through four-bedroom units. Unit amenities include granite countertops, stainless steel appliances and nine-foot ceilings. Community amenities include a resort-style pool with a bar and grilling area, a fitness center, a clubhouse with a gaming area, an indoor basketball court, two sand volleyball courts, a virtual golf course, tanning beds, and a business center. Canopy Apartments was 95 percent occupied at the time of closing. The Holliday Fenoglio Fowler (HFF) team of Brian Kelly and Manny de Zarraga represented the seller. HFF also assisted Preiss in arranging acquisition financing for the property. HFF’s Timothy Joyce, Stephen Skok and Elliott Throne secured a $26.4 million acquisition loan through M&T Realty Capital Corp. The loan carries a 4.5 percent fixed interest rate and a 12-year term.
TAMPA, FLA. — The Shopping Center Group (TSCG) has completed the sale of University Collection, a 107,198-square-foot neighborhood retail center located in Tampa, for $18.4 million. Constructed in 1984, the property was approximately 80 percent leased at the time of closing. Sweetbay Supermarket anchors the center, though the grocer was not included in the transaction. Additional University Collection tenants include Dollar Tree, Pet Supermarket, Chili’s, Tijuana Flats, Five Guys Burgers & Fries, Firehouse Subs, Jason’s Deli, Mattress One and FedEx Office. TSCG’s Anthony Blanco, Lenard Williams, Mallory Ham and Kris Kral represented the seller, a joint venture between Ram CRA Partners and Forge Capital Partners. The buyer was an institutional investment fund managed by Charlotte, N.C.-based Faison.
PALM HARBOR, FLA. — NorthMarq has arranged a $14 million permanent loan for the refinancing of Landings at Boot Ranch, a 232-unit multifamily community located in the Tampa suburb of Palm Harbor. The borrower, an undisclosed national multifamily investor, had recently acquired the defaulted note on the property, which is located at 212 Katherine Blvd., and is in the midst of an extensive renovation. Robert Hernandez of NorthMarq’s Tampa office arranged the loan, which carries a 15-year term and a 25-year amortization schedule. The lender was an undisclosed life insurance company.
LAUDERHILL, FLA. — CB Richard Ellis (CBRE) has brokered the sale of Executive University Courts, a distressed office property located in Lauderhill, for $5.3 million. The 102,120-square-foot, Class B property is situated at 4300 N. University Drive. It comprises six interconnected two-story buildings surrounding a landscaped courtyard with a water feature. The campus was constructed in 1987 and renovated in 1999. Occupancy was 62 percent at the time of closing. The CBRE team of Scott O’Donnell, Dominic Montazemi and Miguel Alcivar represented both the seller, 4300 Lauderhill LLC, and the buyer, KAS Partners LLC. The buyer also enlisted CBRE to lease the property. Deborah Fink is handling the assignment.
CARY, N.C. — Colliers International has completed the sale of a flex industrial property in Cary. The 72,000-square-foot building is situated on 9.5 acres at 312 Gregson Drive. The buyer, Triad Educational Services, plans to renovate the property and open a school in it this fall. Triad also operates the Triangle Math & Science Academy charter school in downtown Raleigh. Lee Holder and Frank Quinn, both of Colliers, represented the seller, Saia-Burgess. The acquisition price was not released.
NOBLESVILLE, IND. — CBRE has arranged the sale of Autumn Breeze, a newly constructed 280-unit luxury apartment community in Noblesville, a northeast suburb of Indianapolis. Steve LaMotte and Dane Wilson of CBRE's Indianapolis-Cincinnati Multi-Housing Group represented the seller, Indianapolis-based developer Herman & Kittle Properties, in the transaction. Passco Cos., a West Coast-based private investment group, purchased the property. Autumn Breeze was built in 2009 and features a full amenity package including a clubhouse with 24-hour access to a billiard room, conference room, fitness center, tanning salons and a Wi-Fi lounge with coffee bar. The purchase price was not disclosed.
CHICAGO — Marcus & Millichap has arranged the sale of a four-unit apartment property in Chicago for $1.3 million. Stephen Rachman, an investment specialist in Marcus & Millichap’s Chicago O’Hare office, marketed the property on behalf of the seller, a limited liability company. Kyle Stengle, an investment specialist in Marcus & Millichap’s Chicago Downtown office, secured and represented the buyer, an individual/personal trust. The apartment building is located at 1233 N. Hoyne Ave. in Chicago's Wicker Park neighborhood. The apartment community is fully occupied.
SAGINAW AND YPSILANTI, MICH. — Mid-America Real Estate-Michigan Inc. has arranged two leases with Ollie’s Bargain Outlet. Ollie’s signed a 26,338-square-foot lease in Green Acres Plaza at 4510 State St. in Saginaw and a 36,000-square-foot lease in Roundtree Plaza at 2321 Ellsworth Place in Ypsilanti. Susan Acciaioli, Tony Schmitt and Jack Uhazie of Mid-America Real Estate represented Ollie’s Bargain Outlet in both transactions.