CULVER CITY, CALIF. – A 52,348-square-foot office building in Culver City has sold to a private investor for $12.6 million. The three-story building is located at 6133 Bristol Parkway. The previous owner, a joint venture between Palisades Equity Partners and an institutional investor, recently repositioned the center. The JV made a substantial investment in its building improvements and ultimately enhanced the rent roll’s credit quality.The buyer was represented by James Hooks of CRESA. The seller was represented by Steve Solomon and Chris Strickfaden of Jones Lang LaSalle.
GARDEN GROVE, LOS ALAMITOS, CALIF. — A two-building medical office portfolio that includes properties in Garden Grove and Los Alamitos has received $11 million in financing. The properties include the 74,367-square-foot Grove Medical Arts Building, which is located at 12665 Garden Grove Blvd., and the 45,886-square-foot Los Alamitos Medical Professional Building, which is located at 10861 Cherry Street in Los Alamitos. The 20-year, fully amortizing, fixed-rate financing was arranged by HFF’s Mark Wintner on behalf of a joint venture between Pacific Prime Properties and Hager Pacific. Financing was provided by ING Investment Management. The funds were used to refinance existing debt on the property and return capital to the borrower.
RICHMOND, VA. — New Jersey-based Tryko Partners has entered the Virginia market with its acquisition of a 216-unit affordable housing community located in Richmond. Midlothian Village was constructed in 1971. The community, which is situated at 4000 Midlothian Turnpike, contains a mix of one- and two-bedroom communities and features an on-site leasing office, laundry facilities and a playground. Tryko partnered with a Boston-based investment management firm on the acquisition, with Tryko serving as operating partner. The partnership assumed existing Freddie Mac and IRP loans as part of the deal. Jeff Kunitz, Spencer Hurst and Brandon Grisham of Marcus & Millichap’s Tax Credit Group arranged the purchase.
WOODBRIDGE, VA. — Beech Street Capital has closed on a $49.5 million Freddie Mac CME loan for the acquisition of an apartment property located in Woodbridge. Misty Ridge Apartments comprises 25 two-story buildings containing a total of 409 units. The community also contains a clubhouse/leasing building, a fitness room, a laundry room, a playground and a dog run. The seller, Klingbeil Capital, has renovated 130 of the community’s units to date. Barry Lefkowitz of Meridian Capital Group originated the loan on behalf of Beech Street, which financed it. The loan carries a 7-year term with 1 year of interest-only payments, 6.75 years of defeasance and a fixed rate.
MYRTLE BEACH, S.C. — Mumford Co. has brokered the sale of the former Econo Lodge in Myrtle Beach. The three-story, 96-room property is located next to the Tanger Outlet Mall and 10 minutes from downtown Myrtle Beach. Steve Kirby and Burton Brooks of Mumford’s Atlanta office arranged the transaction on behalf of the seller, Kelley Properties. The buyer was owner-operator Zeal LLC.
WASHINGTON, D.C. — CoStar has received LEED Platinum for Commercial Interiors (CI)certification for the remodel of its headquarters at 1331 L St. in Washington, D.C. Sustainable features of the building include exclusive use of fluorescent and LED light fixtures, Greenguard-certified workstations and offices, extensive water conservation measures, Smart Building System technology, a green roof garden, and electric car charging stations in the building’s garage. CoStar currently has one LEED Platinum CI office in Boston and two offices in Atlanta and San Diego pending Platinum CI certification. Six of its offices are maintained in LEED-Gold certified buildings.
OAK BROOK, ILL. — Inland Real Estate Corp. has entered into an agreement with the New York State Teachers’ Retirement System (NYSTRS) to acquire a 13-property Midwest retail portfolio for $121 million. Inland will acquire NYSTRS’ 50 percent ownership in the IN Retail Fund LLC, a portfolio that consists of 11 neighborhoods, community and power shopping centers located in the Chicago area, one neighborhood retail center in a suburb of Minneapolis and one community retail center located near Racine, Wis. The properties total about 2.3 million square feet of gross leasable area, with an estimated fair value of approximately $395.6 million, according to Inland. Major properties in the portfolio include the 592,495-square-foot Orland Park Place in Orland Park, Ill.; the 216,485-square-foot Randall Square in Geneva, Ill. and the 207,452-square-foot Woodfield Commons in Schaumburg, Ill. The top five retail tenants based on annual base rent include: Roundy’s (5.8 percent); Safeway (3.8 percent); AB Acquisitions (3.0 percent); CarMax (2.9 percent); and TJX Cos. (2.8 percent)
OVERLAND PARK, KAN. — Grandbridge Real Estate Capital has arranged a $17.8 million first mortgage loan secured by Villa Medici Apartments located in Overland Park. BB&T Real Estate Funding LLC provided the nonrecourse bridge loan, which carries a four percent interest rate with interest-only payments. The 166-unit multifamily community features a large clubhouse, theater room, fitness center and covered parking. The borrower plans to upgrade the property, which was constructed in 1970. Alan Tapie of Atlanta-based Grandbridge originated the loan for an Atlanta-based multifamily investment company.
NOBLESVILLE, IND. — Passco Cos., a California–based real estate investment company, has completed the acquisition of Autumn Breeze, a 280-unit Class A apartment community located in Noblesville. The property was 95 percent leased at the time of sale. Autumn Breeze is located at 14901 Beauty Berry Lane, about 25 miles north of Indianapolis. Amenities at the property include a pool, billiard room, tanning salon, online concierge services, attached and detached garages, pet spa, clubhouse, 24-hour athletic center and business center and a cyber café. Steve LaMotte of CBRE represented both the buyer and the seller in the transaction. The acquisition brings Passco’s multifamily portfolio to 33 properties, with more than 10,000 units nationwide.
EVANSTON, ILL. — Baum Realty Group LLC has arranged the relocation and grand reopening of a Starbucks at 1734 Sherman Ave. in downtown Evanston, a northern suburb of Chicago. Adam Secher and Jonathan Feld of Baum Realty arranged the retail lease on behalf of Starbucks. The specialty coffee retailer reopened the larger store after 21 years in its original Evanston location. With more than 3,000 square feet of space, the new store is nearly three times the size of the original location.