ONTARIO, CALIF. – The 736-unit Archstone Terracina in Ontario has sold to MG Properties for $95 million. The community was built in 1988 at 3303 South Archibald Ave. The seller, Archstone, was represented by Cushman & Wakefield’s Multifamily Advisory Group, which was led by Ed Rosen and John Chu.
DENVER – A pair of contiguous, Class A office buildings in Denver have received $74 million in refinancing. The buildings are located at 1400 Wewatta and 1401 Wynkoop in the city’s Lower Downtown Denver (LoDo) District. The Wewatta property contains a 202,000-square-foot office building with ground-floor retail. The Wynkoop property contains a 98,000-square-foot office building with ground-floor retail and residential condominiums on the top four floors. The condos were not included in the collateral. The properties are connected by a sky bridge. They also share a parking garage.Notable tenants at the properties include Chipotle Mexican Grill’s world headquarters, Kilpatrick, Townsend & Stockton, LLC, Dorsey & Whitney LLP, Milliman and George K. Baum & Company. HFF’s Eric Tupler, Josh Simon and Jake Young worked on behalf of the borrower, Wewatta and Wynkoop PT LLC, a GE Asset Management and Crestone Partners managed entity. The team secured a permanent loan through a national life insurance company correspondent lender.
COSTA MESA, CALIF. – The eight-property Westbay Portfolio in Costa Mesa has sold to multiple buyers for a total of $59.3 million. The portfolio contained a total of 295 units. It was sold by the Praedium Group and its local operating partner, Ocean West Capital Partners. The partners had acquired the portfolio in 2010. The final five assets were sold in December 2012.
ERLANGER, KY. — Newly Wed Foods plans to develop a regional food production facility in Northern Kentucky, with plans to create 115 jobs and invest $57 million in Boone County. Newly Wed Foods, an international manufacturer and distributor of food ingredients, purchased an existing 326,000-square-foot facility at 4455 Olympic Blvd. in the Circleport Business Park in Erlanger. The park is also home to Toyota Motor Engineering and Manufacturing North America. The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $6 million through the Kentucky Business Investment program.
ATLANTA — Hibernian Pacific Holdings and its Atlanta-based partner have acquired an 846-unit, Class A multifamily portfolio in Georgia for $78.5 million. The properties are located in Cobb and Gwinnett counties. Wilwat Properties Inc. was the seller. The deal marks Hibernian's 10th transaction since announcing its new affiliation with Evolution Capital Management, an investment advisor. Over the past 90 days, Hibernian closed on a series of deals comprising a diversified portfolio of assets from major community banks in Chicago and Atlanta.
MINT HILL, N.C. — Marcus & Millichap has arranged the $14.1 million sale of Mint Hill Medical Commons, a 42,300-square-foot medical care facility in Mint Hill. The property, located at 11304 Hawthorne Drive, is 92 percent leased to the Charlotte Mecklenburg Hospital Authority, operating as Mint Hill Primary Care. Glen Kunofsky, Judson Kauffman and Allen Smith of Marcus & Millichap represented the seller, a Charlotte-based developer, in the transaction. Kunofsky and Russell Wachtler of Marcus & Millichap represented the buyer.
DORAL, FLA. — SMT Duty Free Inc., a duty-free retailer, has signed a lease for 50,000 square feet at 8935 NW 27th St. in Doral. The company is doubling its square footage from 25,000 square feet and relocating from Beacon Centre. Steven Medwin and Nick Wigoda of Jones Lang LaSalle represented the landlord, IndCor Properties, in the transaction. Scott Hardie of Miami Industrial Real Estate represented the tenant.
SUWANEE, GA. — Anixter, a Chicago-based provider of communication products, has signed a 205,700-square-foot lease renewal at 250 Horizon Drive, a 267,600-square-foot distribution building in Horizon Business Center in Suwanee. The company has occupied the building since it opened in May 1998. Best Buy occupies the remaining 61,600 square feet in the property. The owner, Duke Realty, was self-represented by Brian Sutton in the transaction. Nathan Anderson and Darren Butler of NAI Global represented the tenant.
CHAMPAIGN, ILL. — Galleria Office Park, a 16,600-square-foot office complex, has sold for $1.5 million to Urbana, Ill.-based Zimmerman & Clark Holdings LLC. The two-story property, which is located at 2506 Galen Drive in Champaign, was built in 2001. Jay Sikorski of locally based Coldwell Banker Commercial Devonshire Realty represented both the buyer and the seller, Mike Thompson of Thompson Land Co., in the deal.
HANOVER PARK, ILL. — Marcus & Millichap has arranged the acquisition of 2470 Leslie Lane, a 12-unit apartment property, for $630,000. The multifamily building includes four 700-square-foot, one-bedroom units and eight 800-square-foot, one-bedroom units. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer and the seller, both private investors, in the transaction.