HOUSTON — Birmingham, Mich.-based Bloomfield Capital has closed a $3.3 million senior bridge loan for the acquisition of a 240-unit apartment complex located in Houston. The borrower purchased the multifamily community through a short sale. The acquisition loan also includes a reserve for capital improvements in order to renovate vacant units.
SALT LAKE CITY — Westport Distribution I & II, a pair of bulk distribution buildings totaling more than 750,000 square feet in Salt Lake City, have sold to Industrial Income Trust (IIT) for $47.5 million. IIT was represented by Bryce Blanchard of NAI West. The firm’s Mike Falk and Steve Condie also represented the seller, Buzz Oates Real Estate.
LOS ANGELES — IMT Capital LLC and its affiliate IMT Residential has purchased the Sunkist building in Sherman Oaks, a Los Angeles submarket, for an undisclosed sum. The building is located at 14130 Riverside Drive. It was constructed in 1971 and has served as Sunkist’s headquarters for more than 41 years. IMT plans to add a mixed-use project containing residential and retail components to the infill location.
CLAREMONT, CALIF. — Claremont Medical Plaza, a 48,984-square-foot medical office building that was specifically built for the Pomona Valley Health System, has sold to a joint venture between CNL Healthcare Properties and Montecito Medical Operating Company. This is CNL’s first medical office building purchase. Montecito purchased its share of the joint venture through its affiliate MMAC Berkshire LLC. Though the JV acquired a majority interest in the building, the seller, StoneCreek Company, will continue to manage the property. The building is currently 89 percent leased. Additional lease commitments are expected to bring the building’s occupancy to 96 percent within a few months. Pomona Valley Hospital Medical Center occupies 77 percent of the building.
SCOTTSDALE, ARIZ. – A 66,240-square-foot office/flex building in Scottsdale has sold to Helio Real Estate for $4.3 million. It is located at 8388 E. Hartford Drive. Helio was represented in-house by Adrian Evarkiou. The seller, H-B Perimeter, LLC, was represented by Jeff Adams, Mike Myrick and Alexandra Loye of NAI Horizon.
SCOTTSDALE, ARIZ. – The 24-unit Los Porticos apartments in Scottsdale has sold to 2778 Loker, LLC for $1.7 million. The community is located at 1221 North 85th Place. The buyer was represented by Marc Huisken of Cassidy Turley BRE Commercial in Phoenix. The seller, a private real estate partnership, was represented by Brian Tranetzki and Rich Butler of Marcus & Millichap’s Phoenix office.
DENVER — Wakely Consulting Group has signed a 61-month lease renewal at Pyramid Pointe in Meridian. The lease also includes an 8,400-square-foot expansion at the Class A office building, which is located at 9777 Pyramid Court in the Denver submarket. The building is now 93 percent leased. The landlord, Westcore Properties, was represented in-house by John Fefley.
BOCA RATON, FLA. — The 55,832-square-foot West Boca Medical Arts Pavilion in Boca Raton has sold to a national REIT for $12 million. The Class A medical office property was destroyed by Hurricane Wilma and purchased by 07-QCC-1088 LLC in 2008. The building was gutted, renovated and re-tenanted. SK Commercial Realty represented the seller in the transaction.
LONG BEACH, MISS. — HFF has arranged a $12.3 million refinancing loan for Beach Club Apartments, a 220-unit, garden-style community in Long Beach. The property, located at 2012 W. 2nd St., is less than a half mile from the Gulf of Mexico. The 20-building community includes a fitness center, clubhouse, swimming pool and playground. Units average 1,061 square feet. Travis Anderson and Cory Fowler led the HFF team that arranged the 10-year, fixed-rate loan through M&T Realty Capital Corp. on behalf of the borrower, Dawn Properties Inc.
WEST PALM BEACH, FLA. — Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $5.5 million in financing for The DoubleTree by Hilton hotel at 1808 S. Australian Ave. in West Palm Beach. The 175-room hotel was renovated in 2008 and is located near the Palm Beach International Airport. Commercial Bank placed the loan.