NEW YORK CITY — Bellwether Enterprise Real Estate Capital has closed a $14.9 million 223F FHA/HUD loan to refinance Chinatown Preservation, a five-building multifamily portfolio. The financing was through the Department of Housing and Urban Development and is a 35-year, self-amortizing loan. The properties are located in the Chinatown section of New York City and are 96 percent leased.
GARDEN CITY, N.Y. — A joint venture between The Davis Cos. and Onyx Equities LLC has acquired Atria West, a 250,000-square-foot, Class A office building. Located at 900 Stewart Ave. in Garden City, the six-story site includes a metal panel exterior of reflective glass and a 180-foot-long, 50-foot-high atrium. The purchase price was not disclosed. The Rochlin Organization has been named exclusive leasing agent for the property. Spector Group has been hired as the architect for a renovation that will include remodeling of the atrium lobby, building common areas, outdoor plaza and landscaping.
Flanders, N.J. — Weis Markets has signed a lease for 58,546 square feet of retail space at Sutton Plaza in Flanders. The plaza, which is owned by Armstrong Capital, is 163,500 square feet. Tenants in the shopping center include Tractor Supply, Dollar Tree, GNC and Supercuts. Bob Delia of Summit Realty LLC and Rick Rizzuto of Cushman & Wakefield represented the landlord. Glen Marvin of Metro Commercial Realty represented Weis Markets in the deal.
IRVINE, CALIF. — Irvine-based Faris Lee Investments has arranged the sale of six Walgreens properties around the country for $33 million. Two of the Walgreens locations include 302 University Place in Durant, Okla., and 2008 W. Palma Vista Drive in Palmview, Texas. Matt Mousavi and Patrick Luther of Faris Lee represented the buyer, an all-cash private investor based on the East Coast, in the sale of the Oklahoma store. Luther and Mousavi also represented the seller, a private owner based in Denver. LDW Palmview LLC purchased the Texas store from Dallas-based McClure Partners. Mousavi of Faris Lee represented both the buyer and seller in the transaction. The other four Walgreens included in the $33 million transaction are located in Johnson City, Tenn.; Abingdon, Va.; Aiken, S.C.; and Ooltewah, Tenn.
PLANO, TEXAS — The Plano Independent School District has hired Cadence McShane Construction Co. to renovate and expand Brinker Elementary School, located at 3800 Clark Parkway in Plano, and J.M. Daffron Elementary School, located at 3900 Preston Meadow Drive in Plano. Cadence McShane will renovate 67,676 square feet of space at Brinker and construct 21,048 square feet. The construction firm will also renovate 67,676 square feet of space at J.M. Daffron and add 17,000 square feet. Construction on both projects begins in March and will wrap up in August 2014. PBK is providing architectural services for the Brinker project, and Perkins + Will is providing architectural services for J.M. Daffron. The schools will remain open throughout the construction process.
GRAND PRAIRIE, TEXAS — General Electric Co. has renewed a long-term lease for the 470,000-square-foot Regency II, an industrial property located at 1011 Isuzu Parkway in Grand Prairie. Michael Spain and Kevin Santaularia of Dallas-based Bradford Commercial Real Estate Services represented the landlord, Ohio-based OTR GP, in the lease transaction. Steven Berger of CBRE represented the tenant. GE has leased space at Regency II since January 1997.
HOUSTON — A new 30,000-square-foot terminal facility in Houston has been delivered for Loomis, a cash-handling services firm. The facility allows the company's armored trucks to load and unload currency efficiently. The facility is constructed with concrete tilt walls and includes a 2,400-square-foot fleet maintenance facility. Archway Properties developed the project, Arch-Con Construction constructed it, Munson Kennedy designed it and Jones Lang LaSalle represented Loomis in the land transaction.
SAN ANTONIO — LMI Capital has arranged a $3.1 million refinancing loan for a 131-unit multifamily property in north San Antonio. Jamie Mullin of LMI Capital arranged the 10-year loan to amortize over 25 years through Fannie Mae. The loan has a fixed interest of 4.19 percent and features 75 percent leverage.
POMONA, CALIF. – A 43,900-square-foot industrial building in Pomona has sold to Lite Cruise Properties, LLC for $2.7 million. The building is located at 2778-2788 Pomona Blvd. Lite Cruise was represented by CBRE’s Kent Stalwick. The seller, Fluoresco Lighting & Signs, was represented by Mark White and Todd Launchbaugh of Lee & Associates’ Ontario office.
COSTA MESA, SANTA ANA, CALIF. — Stearns Lending has leased a total of 62,517 square feet in Orange County. The national lending institution leased 41,076 square feet within the MetroCenter at South Coast campus. This space is located at 555 Anton in Costa Mesa. It also leased 21,441 square feet at the Xerox Centre. This facility is located at 1851 E. 1st Street in Santa Ana. Stearns was represented by Jack McNutt of Newmark Grubb Knight Frank. RREEF, the MetroCenter landlord, was represented by Brian Harnetiaux of Transwestern. The Xerox Centre landlord, 1851 East First Street Investors LLC, was represented by Justin Hill and Simon Dillon of CBRE.
