MURRIETA, CALIF. — Plaza De Oro, a 99,102-square-foot shopping center in Murrieta, has received $16 million in refinancing. The center is located on Washington Avenue near Calle Del Oso Oro. Notable tenants include Ralph’s, CVS and Starbucks. The non-recourse loan features a 10-year term with two yeas interest-only and a 30-year amortization schedule. Financing was arranged by Jamie Dick of Newmark Realty Capital’s San Diego office. It was provided by a major East Coast-based bank.
LOS ANGELES – A 15-property portfolio that spanned from California to Hawaii has received $97 million in permanent financing. The 381,372-square-foot portfolio contained a mix of retail, office and mixed-use properties that were located between San Diego and Santa Barbara counties in California, and in Honolulu. The loan featured a 17-year term and a 17-year amortization schedule. The long-term, fixed-rate, non-recourse financing was arranged by George Mitsanas, Peter Hillakas and Michelle Hsieh of Newmark Realty Capital’s Los Angeles office. It was provided by a correspondent life insurance company.
SALT LAKE CITY – The 450-unit Foothill Place Apartments in Salt Lake City has received a $49.6-million acquisition loan. The community is located at 2260 Foothill Drive. Kennedy Wilson purchased the Class B+ community for $61.8 million. It invested $15 million of equity in the transaction. The loan features a 10-year term with two years interest-only and a 3.58 percent fixed interest rate. Financing was structured under Freddie Mac’s Capital Markets Execution program.The loan was provided by Berkeley Point Capital LLC.
DENVER — Platform at Union Station, a 287-unit high-rise development in Downtown Denver, has broken ground. It will be located at Chestnut Place and 16th Streetin the city’s Union Station neighborhood. Platform’s developer, Holland Partner Group, is striving for LEED-Gold certification. Holland Residential, the firm’s operations division, will act as property manager once construction is complete. That date has yet to be released. The 21-story building will sit across from Union Station, which provides Amtrak, RTD FasTracks, light and commuter rail services, among other modes of transportation. The hub is currently undergoing an extensive redevelopment.
DURHAM, N.C. — Federal Capital Partners (FCP) has acquired Erwin Square Plaza, a 238,792-square-foot office building located in downtown Durham, for $37.5 million. The property, which sits at 2200 W. Main St. within the Erwin Square master-planned development, comprises a 10-story tower flanked by two, two-story retail and office wings. The building was 96.2 percent occupied at the time of closing by a tenant roster that includes Duke University and Duke University Health System-related companies. In the near term, FCP plans to renovate the property and upgrade it to institutional quality. Ben Kilgore of CB Richard Ellis represented FCP in the deal.
MAUMELLE, ARK. — Dallas-based Mohr Capital has acquired the former Scholastic Books distribution center in the Little Rock suburb of Maumelle. The seller was Scholastic, which had already vacated the property. The building features 34- to 46-foot clear ceiling heights, rail access and ample trailer parking. Mohr, which enters the Little Rock market with this purchase, plans to reposition the property as Little Rock Logistics Center. It will complete major improvements to 200,000 square feet of the building to accommodate an incoming tenant and offer the remaining 300,000 square feet for lease. Little Rock-based Irwin Partners will handle the leasing assignment. Scott Henry and Gary Horn provided in-house representation on behalf of Mohr. Northmarq Capital and Protective Life Insurance Co. provided acquisition financing.
DULLES, VA. — Holliday Fenoglio Fowler (HFF) has brokered the sale of two industrial buildings adjacent to Dulles International Airport for $9.63 million. The buildings total 83,086 square feet and are situated within NorthPointe, an industrial property located less than one-half mile from the airport’s cargo entrance. The two buildings are 87 percent leased to a tenant roster that includes The Richards Corporation. The HFF team of Bruce Strasburg and Samuel Fagelson represented the seller, Velsor Properties.
CHARLOTTE, N.C. — Crescent Communities has acquired a 2.3-acre site in Charlotte’s Dilworth neighborhood for the construction of a more than $50 million multi-use community. Crescent Dilworth will contain 300 luxury apartments above street-level retail space. The apartments will comprise a mix of studio through two-bedroom units along with walk-up units and 2,600-square-foot deluxe units. The community will feature a clubhouse, pool, athletic facilities, bicycle storage and a repair center, and a rooftop terrace overlooking Sugarcreek Greenway. The seven-story building will be constructed at the corner of East Morehead Street and Harding Place, across from Carolinas Medical Center. Crescent is partnering with locally based Southern Apartment Group, which originally assembled the land parcels, for the project. BB+M Archiotecture will design Crescent Dilworth. Construction will begin this fall, and completion is expected in spring 2015.
LARGO, FLA. — Marcus & Millichap has brokered the $2.45 million sale of the ground lease to a Chase bank branch located in Largo. The property was constructed in 2012 and is the outparcel to a Walmart Neighborhood Market. Chase occupies the property on a 20-year ground lease with rent escalations every five years. Sonny Molloy of Marcus & Millichap’s Atlanta office brokered the deal. The property traded at a 5.13 percent cap rate.
MAPLE HEIGHTS, OHIO — Marcus & Millichap has arranged the sale of the Maple/Lee Apartments, a 104-unit apartment property located at 5900 – 6300 Lee Road in Maple Heights, for $1 million. Dan Burkons and Michael Barron of Marcus & Millichap’s Cleveland office represented the seller, which had owned the complex for 50 years, and the buyer, a Chicago-based limited liability company.