MOUNTAIN VIEW, CALIF. – A 63,271-square-foot office property in Mountain View has received a $15-million senior mortgage loan. Broadreach Capital Partners used the funds to refinance the property’s previous loan. The loan was provided by Ares Commercial Real Estate Corporation.
LOS ANGELES – The 103,500-square-foot Life Sciences building at Loyola Marymount University has broken ground in Los Angeles. The $110-million building will serve as a teaching, research and laboratory facility for the Seaver College of Science and Engineering’s biology, chemistry and natural science departments. It will maintain a two-year construction schedule. C.W. Driver will act as the general contractor, while CO Architects will serve as the designer. The building is aiming for LEED-Silver certification.
SCOTTSDALE, ARIZ. – The 416-unit Crown Court Apartments in Scottsdale has sold to PrivatePortfolio Group LLC for $68.2 million. The community is located at 7900 E. Princess Drive. It was 95 percent leased at the time of sale. The unnamed seller was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office.
SANTA CLARA, CALIF. — Park Square, a 465,000-square-foot office/R&D business park in Santa Clara, has sold to the Irvine Company for an undisclosed sum. It is situated adjacent to Highway 101 near Lawrence Expressway. The center is 60 percent leased. The seller, a joint venture between two global investment managers, was represented by HFF’s Michael Leggett, Steven Golubchik and John Simerlein.
GARDEN GROVE, CALIF. — Saigon Plaza, a 33,074-square-foot retail center in Garden Grove, has sold to N. D. Dinh Tran Trust for $8.5 million. The center is located at 10320 Westminister Ave. The buyer was represented by Tom Nguyenof NAI Capital’s Orange County office. The seller was Westgrove Plaza.
NASHVILLE — Music City Center, a 1.2 million-square-foot convention center, will open its doors Sunday, May 19 in Nashville. The $585 million project spans six city blocks and includes a modern exterior glass curtain wall and limestone panels. The center features 60 meeting rooms, two ballrooms, 32 loading docks and a garage for 1,800 vehicles. In terms of design, the facility's undulating roof “represents the rolling hills of Tennessee and the sound waves that can be overheard by musicians playing in clubs on Broadway,” according to architecture firm tvsdesign. tvsdesign, Tuck-Hinton and Moody Nolan designed the facility, and Bell/Clark/Harmony provided construction services. A grand finale event will be held May 20 with concerts by Sheryl Crow and Phil Vassar, among others.
STAFFORD, VA. — JMC Holdings LLC has acquired 800 Corporate Drive in Stafford from the Silver Cos. for $40 million. The 135,732-square-foot Class A office property is located at Quantico Corporate Center, about 600 yards from Marine Corps Base Quantico. The deal marks the New York City-based investment company's first venture outside of the New York market. The property is fully occupied by seven tenants that will remain in place under their current lease agreements, and JMC has retained Cushman & Wakefield to handle the property management. Tenants include defense contractor QinetiQ North America, which occupies the first and second floors. Kameron Zitelli of Berko & Associates represented the buyer in the transaction. The seller was self-represented by David Newman, along with Joe Pfahler of Coldwell Banker Elite.
LARGO, MD. — Morgan Properties and its equity partner DRA Advisors LLC have formed a joint venture partnership to acquire Northampton Apartments, a 620-unit apartment community in Largo. The property was originally built in two phases in 1977 and 1987 by the Artery Group and is located minutes from the Capital Beltway. Amenities include tennis courts, a swimming pool and two playground areas. Jones Lang LaSalle represented the seller, Equity Residential, in the transaction.
CHARLOTTE, N.C. — Griffin Capital Essential Asset REIT has acquired the UTC Aerospace Systems headquarters building in Charlotte for $39.1 million. The single-story, 198,898-square-foot office building is fully leased to United Technologies Corp. The building recently underwent a $5.9 million renovation. The property is situated in the 65-acre Coliseum Centre office development, located minutes from Charlotte-Douglas International Airport. UTC Aerospace Systems is an aerospace and defense products supplier, including components used in commercial aircraft, helicopters and international space programs.
NEW ORLEANS — Gulf State Real Estate Services LLC has been selected to oversee the leasing and management of a new $8 million medical office complex near East Jefferson Hospital in the Metairie suburb of New Orleans. Innovative Construction Services is constructing the 35,000-square-foot property, which is slated for occupancy in fall 2013. Approximately 50 percent of the building will be owner-occupied and the remaining 17,500 square feet will be leased to other medical-related practices.