FLAGSTAFF, ARIZ. – The 194-unit Alpine Ridge Apartments in Flagstaff has sold to Bascom Arizona Ventures, LLC for $13.5 million. The LLC worked on behalf of a fully discretionary fund. Alpine is the closest privately owned apartment community to Northern Arizona University. The seller was represented by Robert L. Chester of Quantum Realty Partners. Morrison, Ekre & Bart Management Services will manage the community.
WHEAT RIDGE, COLO. – The 308-unit Kipling Village Apartments in Wheat Ridge has received a $12.2-million refinance. Wheat Ridge is a Western suburb of Denver. The non-recourse, cash-out refinance loan was provided by George Smith Partners(GSP) on behalf of Kipling Village, LLC. It features a 3.96 percent fixed interest rate for 10 years with a 30-year amortization schedule. The loan was executed by Fannie Mae.
LOS ANGELES — Milano Lofts, a 131,433-square-foot, mixed-use facility in Downtown Los Angeles, has sold to Equity Residential for an undisclosed sum. The Art Deco-style community is located at 609 S. Grand Ave. It contains 99 luxury residential units atop more than 6,000 square feet of ground-floor retail space. The space is occupied by Industriel and Yorkshire Grill restaurants. Milano was fully occupied at the time of sale. Janet Neman and Bryan Glenn of Charles Dunn Company represented both the buyer and the seller, Grand Pacific Lofts, LP, in this off-market transaction.
SCOTTSDALE, ARIZ. — Meritage Homes has leased 57,784 square feet at Raintree Corporate Center in Scottsdale. The Class A office building is located at 8800 E. Raintree Drive. The company will be relocating from the southeast corner of 85th Street and Perimeter Drive. This new lease will bring Raintree to nearly 90 percent occupancy. The landlord, iStar Financial, was represented by Brad Anderson, Bryan Taute and Michael Strittmatter of CBRE’s Phoenix office.
FORT MEADE, MD. — Skanska USA has signed a $30.8 million contract with the U.S. Army Corps of Engineers to construct the U.S. Army’s Asymmetric Warfare Group (AWG) complex in Fort Meade. The project includes the demolition and construction of three new buildings located within the current AWG complex, including the new 75,000-square-foot headquarters building, a 2,700-square-foot visitor control center and a 7,000-square-foot vehicle maintenance and fabrication facility. The project is under way and is scheduled for completion in December 2015. Additionally, the U.S. Army has the option to select Skanska to construct a fourth building, a 15,000-square-foot facility for the Department of Public Works on a site approximately one mile away.
GREENVILLE, S.C. — Lee & Associates has closed the sale of a former Sam’s Wholesale Club for $3.25 million in Greenville. The buyer, Verdae Properties, plans to incorporate the acquisition into a larger development, as it also owns adjacent properties. The former Sam’s Wholesale Club is located at 2519 Laurens Rd. in Greenville. The 133,143-square-foot facility was built in 1986.
MARIETTA, GA., AND GREENVILLE, S.C. — Waypoint Residential has acquired The Hamptons at East Cobb in Marietta for an undisclosed price. The 196-unit multifamily complex was constructed in 1997 and is 96 percent leased. The Hamptons at East Cobb is located along Roswell Road near the Atlanta submarkets of Buckhead, Cumberland/Galleria and Central Perimeter. Additionally, Waypoint Residential has purchased a 223-unit multifamily complex known as Garden District located 20 miles outside of Greenville. It was built in 2008 and is 96 percent leased. Waypoint Residential is based in Greenwich, Conn., and has offices in Atlanta and Boca Raton, Fla. The firm owns and manages approximately 10,000 multifamily units across seven states.
AVENTURA, FLA. — Continental Real Estate Companies (CREC) will lease and market Aventura View, a 106,500-square-foot office building in Aventura. The property, which was previously known as Concorde Centre II, was recently acquired by Steelbridge Capital. Steven Hurwitz and Douglas Okun of CREC will oversee the leasing and marketing of Aventura View. Steelbridge Capital will manage the property and is preparing a series of upgrades for the building, including renovations to all common areas and a reconfigured parking lot. Aventura View is located at 2999 NE 191st St. in Aventura.
AURORA, ILL. — Marcus & Millichap has arranged the sale of Stone Crossing Apartments, a 258-unit apartment complex in Aurora, for $14.9 million. Eric Bell and Edward Liss of Marcus & Millichap’s Chicago office represented the buyer and seller, two Chicago-area investors. Located at 1240 Nantucket Road, the 214,650-square-foot property includes 70 one-bedroom units, 170 two-bedroom units and 18 three-bedroom units. In 2008, Stone Crossing Apartments received more than $3 million in capital improvements for the facility’s windows, hallways, landscaping, electrical, plumbing and updating kitchens, baths and appliances.
ST. JOSEPH, MO. — Agree Realty Corp. has acquired a 57,342-square-foot shopping center in St. Joseph for $8.5 million. Dick's Clothing and Sporting Goods occupies 45,000 square feet and PetSmart occupies 12,342 square feet of the retail property. Both tenants have approximately 9.5 years remaining on the base term of their leases. Retailers within the immediate trade area include a WalMart Supercenter, Target, Kohl's, Lowe's and Home Depot. St. Joseph, Mo. is located about 55 miles north of Kansas City.