HOUSTON — NorthMarq Capital has arranged first mortgage refinancing for Wynhaven Town West, a 396-unit multifamily community located at 14906 Westpark Drive in Houston. Kerry French of NorthMarq's Houston office arranged the 10-year loan through Freddie Mac to amortize over 30 years on behalf of the borrower, a national apartment development and investment group.
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.
RANCHO CUCAMONGA, CALIF. — Ironwood and Fairway Palms, a 496-unit apartment community in Rancho Cucamonga, has sold to Western National Realty Advisors for $100.8 million. The Class A property consists of two adjacent apartment communities that will now be operated and managed as one by Western National Property Management.This will be the final acquisition under the company’s Western National Realty Fund II, L.P., which was its second private equity fund. The seller, JP Morgan, was represented by Mike Murphy of Moran and Company.
RIVERSIDE, CALIF. – A 6,160-square-foot, single-tenant property that is occupied by Chase Bank in Riverside has sold to a private Los Angeles investor for $5 million. The property is located at 10355 Magnolia Ave. The buyer was represented by George Y. Ragheb of Entrance Homes. The seller, 665 Claremont LP, was represented by William B. Asher, Kevin T. Fryman and Edward B. Hanley of Hanley Investment Group Real Estate Advisors.
FERNDALE, WASH. – A 2,812-square-foot, net-leased building in Ferndale that is occupied by Jack in the Box has sold to an unnamed buyer for $2 million. The property is located at 1819 Main Street. The seller, a limited liability company, was represented by Aaron Hines of Marcus & Millichap’s Seattle office.
RENO, NEV. – The Lear Industrial Center in Reno has reached full capacity. The Burrows Corporation and Bizchair were two of the last tenants to nab space at this 390,000-square-foot facility. Lear Industrial is owned by Panattoni. Miller Industrial Properties serves as the property’s leasing agent.
ORLANDO, FLA. — Wood Partners has started construction on a 200-unit apartment community on Spring Lake in Orlando. The site, located at the northwest corner of Sand Lake and Turkey Lake roads, is a quarter mile from I-4 and three miles from Walt Disney World. The urban-style community will include 17,000 square feet of retail space, to be owned by The Wilder Cos. The apartment units will average 1,056 square feet and community amenities will include a leasing center, clubhouse, pool and fitness center. Construction is slated for completion in 2014. Real Estate Capital Partners is Wood Partners' equity partner in the project and Synovus Bank is the lender.
DORAL, FLA. — Yusen Logistics Americas, a freight forwarding and supply chain services company, has renewed its lease for 178,000 square feet of industrial space at 10200 NW 21st St. and 10000 NW 17th St. in Doral. Steven Medwin and Nick Wigoda of Jones Lang LaSalle represented the landlord, IndCor Properties, in the transaction. Stephen DiGiacomo of DiGiacomo Group represented the tenant.
