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.
ONTARIO, CALIF. — Ontario Gateway Center, a 220,930-square-foot power center, has received $25.2 million in financing. The center is located at 4420 Ontario Mills Parkway in Ontario. The 10-building property is fully occupied. Anchors include Toys “R” Us and Babies “R” Us. Ross is scheduled to open at the center in late 2013. The loan features a 10-year term and a 3.75 percent fixed interest rate. Financing was arranged by HFF’s Paul Brindley and Steven Paskhover on behalf of an affiliate of Zelman Development Company and Grayburn Properties. The funds were provided by Deutsche Bank.
HOLLYWOOD, CALIF. – A 23-unit apartment building that is located at 1347 North Alta Vista Blvd. in Hollywood has sold to an individual/personal trust for $2 million. The courtyard-style apartment complex was built in 1951. Earle Hyman of Marcus & Millichap’s Encino office represented both the buyer and the seller, which was also an individual/personal trust, in this transaction.
CHARLOTTE, N.C. — Proffitt Dixon Partners has acquired a site for its newest Charlotte-area apartment community, Fountains Uptown. The $40 million, six-story community will include 230 apartments, located at 900 E. Stonewall St. Nearby employers include Duke Energy, Wells Fargo, Bank of America and NASCAR. The apartments will include 10-foot ceilings, granite countertops, stainless steel appliances, built-in microwaves and ceiling fans. Select apartments will have oversized garden tubs, large master closets and moveable kitchen islands. The 8,000-square-foot clubhouse will feature a fitness center and pet spa. Construction is expected to start in early fall with move-ins expected to begin in 2015.
ST. PETERSBURG AND DUDEDIN, FLA. — CBRE has arranged $12.5 million in financing for two apartment communities in St. Petersburg and Dunedin. One of the properties is Gateway Apartments, a 144-unit community on Gandy Boulevard in St. Petersburg that consists of 11 one- and two-story buildings. The second is Lo Garto Apartments, a 188-unit community at 257 Milwaukee Ave. Amenities include on-site laundry facilities, a fitness center and designated dog walking area. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the 10-year loans through Freddie Mac.
DURHAM, N.C. — Mount Olive College, a small, private Christian college, has renewed its lease for 17,904 square feet at Central Park South, located at 5001 S. Miami Blvd. in Durham. Central Park South is part of a two-building office campus totaling 220,500 square feet. Mount Olive renewed its lease for seven years. Lee Clyburn of Avison Young represented the landlord, James Campbell Co., in the transaction. Gardner Gibson of David Moore Advisors represented the tenant.
WALDORF, MD. — Osval & Associates LLC has acquired JSB Apartments, a 48-unit apartment property in Waldorf, for $4.8 million. The property is located at 2165 Crane Highway along a major commercial corridor. Josh Feldman and Peggy Brooks Smith of Marcus & Millichap represented the buyer in the transaction.
CHESTERFIELD, MO. — Reinsurance Group of America Inc. (RGA) has broken ground on its new 405,000-square-foot global headquarters at 16600 Swingley Ridge Road in Chesterfield, about 20 miles west of St. Louis. When Clayco Corp. completes the site in 2014, the complex will include two five-story office towers linked by a two-story atrium lobby. The headquarters will include a café seating 500 people and a 2,500-square-foot fitness facility.
STERLING HEIGHTS, MICH. — Flagstar Bank has sold 75,000 square feet of industrial space located at 41150-41155 Technology Park Drive in Sterling Heights, about 20 miles northeast of Detroit. The buyer was Richard Schaller. Bruce Morrison and Paul Saad of Signature Associates represented the seller in the transaction. Signature Associates is an independently owned and operated member of the Cushman & Wakefield Alliance.