PALM SPRINGS, CALIF. – The 175-unit Andalucia Apartments in Palm Springs has sold to the Bascom Group for an undisclosed sum. The community is located at 311 S. Sunrise Way. This is Bascom’s 16th acquisition in the past 12 months. Financing was arranged by CBRE’s Brian Eisendrath.
KETTLEMAN CITY, CALIF. – An 89,880-square-foot freight terminal in Kettleman City that is triple-net leased to FedEx Corporation has sold to a buyer that was completing a 1031 Exchange for $21.4 million. The freestanding terminal is located at 33104 25th Ave. about halfway between Los Angeles and San Francisco. The facility was completed earlier this year. It carries a 29-year absolute triple-net lease that is guaranteed by FedEx. The unnamed seller was represented by John Glass of Marcus & Millichap’s San Francisco office.
SEATTLE — Queen Anne Marketplace, a 70,000-square-foot shopping center in Seattle, has sold to a joint venture between Weingarten Realty Investors and Bouwinvest for an undisclosed sum. The center is located at 604 1st Ave. North. It is anchored by Metropolitan Market. The joint venture is hoping to invest about $275 million in high-quality community and neighborhood shopping centers that are anchored by market-dominant retailers. This is the joint venture’s first acquisition.
MIAMI — Marcus & Millichap has completed the sale of a retail building located at 2121 Biscayne Blvd. in Miami for $17.38 million. Staples occupies the building on an 15-year net lease that began in 2008. The property is certified LEED-Gold and is zoned for up to 36 stories of future development. Alvin Mansour of Marcus & Millichap’s San Diego office partnered with Alex Zylberglait and Ryan Shaw of the firm’s Miami office to represented the seller, 2121 Biscayne Blvd. LLC, as well as the undisclosed buyer.
ELKRIDGE, MD. — Terreno Realty Corp. has acquired an approximately 349,000-square-foot industrial property in Elkridge for $16.7 million. The property contains two buildings located on 17.9 acres at 6675 Amberton Drive and 6660 Santa Barbara Road. The buildings contain 107 dock-high and 10 drive-thru doors. Occupancy was 64 percent at the time of closing. The property’s estimated stabilized cap rate is 8 percent. The seller’s name was not disclosed.
AVON PARK AND LAKELAND, FLA. — CB Richard Ellis (CBRE) has brokered the sale of a central Florida retail portfolio for $12.1 million. The portfolio comprises three properties: Avon Square, a 112,000-square-foot neighborhood center located in Avon Park; Palm Center, a 132,000-square-foot shopping center located in Lakeland; and Wabash Shopping Center, a 70,000-square-foot center also located in Lakeland. Daniel Baker of CBRE’s Orlando office partnered with Mark Schellabarger of the firm’s Tampa office to represent the sellers, three separate affiliates of Lakeland-based Century Retail. The buyer was Balitmore-based America’s Realty.
NORTH CHARLESTON, S.C. — CBS Productions has leased 200,000 square feet of industrial space at 45000 Goer Drive in North Charleston. The tenant will use the facility for the production of the new television drama series “Reckless.” Hagood Morrison of Colliers represented the undisclosed landlord in the transaction. Brent Case of Coldwell Banker Commercial represented CBS.
BOCA RATON, FLA. — Delray Beach, Fla.-based Dockerty Romer & Co. has secured $10 million in permanent financing for a 74,000-square-foot retail center located at 155-499 Spanish River Blvd. in Boca Raton. The property was fully occupied at the time of closing. The loan carries a 10-year term and a fixed interest rate. Bob Dockerty of Dockerty Romer & Co. arranged the loan on behalf of the borrower, North Dixie Retail LLC. The lender was Florida Community Bank.
SPRINGFIELD, ILL. — An investor group led by St. Louis-based The Staenberg Group (TSG) has acquired ≈, a 368,000-square-foot shopping center in Springfield, for $45.1 million. TSG purchased the fully occupied shopping center, which is located at the intersection of South Veterans Parkway and Wabash Avenue, from Charles Robbins Realty Co. Bank of America provided long-term financing to TSG. The center is fully leased to tenants including Best Buy, Sports Authority, Bed, Bath & Beyond, Michael’s, Office Depot and Ross Dress For Less. Alvin Mansour of The Mansour Group arranged the sale. Michael Staenberg formed TSG after selling some of his ownership interests in various national commercial real estate entities to Stan Kroenke, his longtime partner, in late 2012.
YPSILANTI AND PITTSFIELD TOWNSHIP, MICH. — The Detroit office of Berkadia Commercial Mortgage LLC has originated $29.3 million for two multifamily properties in Ypsilanti and Pittsfield Township, located near Ann Arbor. Ernie Katai, Pete Benedetto and Colin Callaghan, senior vice presidents for Berkadia, worked with borrower McKinley, a commercial real estate investment and management firm, to secure the loans through Berkadia’s FHA/HUD program. The 477-unit Evergreen Pointe Apartments, which is located at 3089 Woodland Hills Drive in Pittsfield Township, received an $18.1 million loan. The 35-year, fixed-rate loan will be used to refinance existing debt on the property. The 228-unit Roundtree Apartments, which is located at 2835 Roundtree Boulevard in Ypsilanti, received an $11.2 million loan. The 35-year loan, which will be used to refinance the property, includes a 2.9 percent fixed interest rate.