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.
ALISO VIEJO, CALIF. — Summit Phase V, a 250,803-square-foot, Class A office campus in Aliso Viejo, has received $33.5 million in financing. The two-building campus is located at 20 and 30 Enterprise Drive. When completed in 2007, it represented the fifth phase of a 1.6-million-square-foot, master-planned campus that included a corporate hotel, dining and fitness amenities.
LAKE OSWEGO, ORE. – Kruse Village, a 65,000-square-foot retail and restaurant center, will soon break ground in Lake Oswego. The six-building center will be located at 4591 S.W. Carman Drive. This five-acre site represents the last parcel of homestead land that is owned by the Kruse family. Construction is expected to commence later this year and should be complete by fall 2014. It will be developed by Gramor Development. Commercial Realty Advisors will oversee the leasing efforts.
PHOENIX — Weber Distribution LLC has renewed its lease for 48,000 square feet at Tolleson Commerce Park II in Phoenix. The park is located at 5 South 84th Ave. in the Phoenix submarket of Tolleson. Weber has occupied this space since 2001. The landlord is Chambers Street Properties.
ATLANTA — Atlanta-based Marquis Investments has purchased a nine-property multifamily portfolio for $49.5 million. The communities are all located in Atlanta on Buford Highway, in between the Brookhaven and Druid Hills submarkets. The portfolio contain a total of 1,187 units and includes: Continental Village, Cross Keys Cabana Apartments, Garden Grove, Hallmark Apartments, Majestic Terrace, Monaco Garden, Montego Garden, Parkview Terrace and Parkway Apartments. The $49.5 million sale price equates to an 8 percent capitalization rate. Paul Vetter and Andrew Mays of Marcus & Millichap’s Atlanta office represented the seller, a Yakima, Wash.-based real estate company.
MIAMI — Hersha Hospitality Trust has purchased the Residence Inn Coconut Grove from an affiliate of San Francisco-based Fremont Realty Capital for an undisclosed amount. The five-story, extended stay hotel is located in Miami’s Coconut Grove submarket. It features two outdoor swimming pools, a fitness center, a business center, a breakfast area and a sundry shop. The Holliday Fenoglio Fowler team of Daniel Peck, Holden Lim, Mac Comess, Chris Lingerfelt and Alexandra Lalos represented the seller. The Jacksonville, Fla., office of Holland & Knight represented the buyer.
ROANOKE, VA. — Monmouth Real Estate Investment Corp. has purchase a 104,402-square-foot, built-to-suit industrial building in Roanoke for $10.2 million. The building is situated on approximately 22 acres at 1935 Blue Hills Drive near Roanoke Regional Airport and Interstate 81. FedEx Ground Package System holds a 10-year net lease on the property. The seller’s name was not released.
MIAMI — Miller Construction Co. has commenced construction for a new industrial project within Miami’s Flagler Station business park. Building 31 will contain 171,944 square feet of warehouse space. It will feature 54-foot column spacing, 30-foot clear ceiling heights and dock-high loading bays. Miller has completed site improvements and is building the tilt-wall structure on an expedited schedule for owner Flagler Development that will have the project complete by October. RLC Architects designed the building. Flagler Station is a 900-acre business park located near Miami International Airport and PortMiami.
ALEXANDRIA, LA. — David Cronheim Mortgage Corp. has secured $10.8 million in permanent financing for a shopping center in Alexandria. Alexandria Commons contains 185,336 square feet of space. Its anchors include Best Buy, Michaels, Old Navy, Marshalls and PetSmart. David Turley and Anna Westhoff of Croheim arranged the loan, which carries a 4.45 percent fixed interest rate for 10 years over a 30-year amortization schedule. The borrower’s and lender’s names were not released.