LONG BEACH, CALIF. – The 206-unit Archstone Long Beach has sold to Western National for $46 million. The community is located at 1613 Ximeno Ave. in Long Beach. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and the seller, Archstone, in this transaction.
DENVER – The 573-unit Spyglass Hill Apartments in Denver has sold to BMC Investments for $40 million. The community is located at 7100 East Mississippi. BMC plans to invest an additional $1.5 million to upgrade the property. The upgrades are scheduled to begin in February. Spyglass was the final asset to be sold off by Carmel Properties, which recently announced its plans to shed its 28-asset Denver portfolio.
BELLEVUE, WASH. — The Rockefeller Group and Sterling Realty Organization (SRO) plan to develop a 2.4-million-square-foot project on a 5.46-acre site in Downtown Bellevue. The site is owned by SRO. The agreement will allow the partners to develop five adjacent parcels over a phased period of time. The initial plans will include three office towers situated above a podium that will include retail shops and public areas.
RIVERSIDE, CALIF. – The 588-unit Esplanade at Riverwalk in Riverside has received $63.9 million in first-mortgage refinancing. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Dennis Williams of NorthMarq’s San Francisco regional office on behalf of Sequoia Equities through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS lender.
PHOENIX — A 29-acre parcel of land in Southwest Phoenix has sold to McClain Foods Services for $7 million. It is located at the Southwest corner of 75th Avenue and Interstate 10. The company plans to develop a 200,000-square-foot freezer/cooler facility on the site. Construction is scheduled for 2013. McClain was represented by Stein Koss and Mike Quint of Lee & Associates, along with Jackson & Cooksey. The seller, EJM Development Co., was represented by Rick Robertson and Allen Lowe.
FLORIDA AND ALABAMA — CBRE Capital Markets has arranged approximately $60.1 million in financing for the acquisition of seven shopping centers in Florida and the refinance of a 135,000-square-foot Lowe’s Home Improvement in Opelika, Ala. on behalf of H&R REIT. The Florida properties include: The Shops at Mission Trace in St. Augustine, Fla. Corridors at Ponte Vedra in Ponte Vedra Beach, Fla. First Merritt Center in Merritt Island, Fla. Mandarin Oaks in Jacksonville, Fla. Publix at Holly Hill in Daytona, Fla. Publix at Summer Bay in Clermont, Fla. Regency Village in Orlando, Fla. The purchase price for the seven Florida shopping centers totals $80.4 million. Six of the seven shopping centers are anchored by Publix. Corridors at Ponte Vedra is anchored by Fresh Market. H&R REIT is a Toronto Stock Exchange listed, open-ended real estate investment trust.
ANNAPOLIS JUNCTION, MD. — TA Associates Realty has acquired a 144,571-square-foot distribution warehouse at 9060 Junction Dr. in Annapolis Junction for $8.25 million. The industrial property is 48 percent leased with immediate access to Route 32 and Interstates 95 and 295. Jonathan Carpenter and James Wellschlager of Cassidy Turley’s Capital Markets Group represented the seller, Emory Properties.
BETHESDA, MD. — HFF has financed Phase I of The Fairmount, a planned 17-story, 70-unit condominium project at the corner of Old Georgetown Road and Fairmount Avenue in Bethesda on behalf of 4990 Fairmount LLC. A $6.5 million acquisition and pre-construction loan was arranged through Bank of Georgetown. Sue Carras, Walter Coker and Brian Crivella led the HFF debt and equity team and Martin McCarthy led the Bank of Georgetown team.
BETHESDA, MD. — Toll Brothers Inc., a developer of luxury homes, is expanding its services and opening a greater Washington, D.C. office for its new division called Toll Brothers City Living. The new office in Bethesda has been assembled to acquire, develop and build luxury urban residences. Toll Brothers owns two adjacent development sites along the Capitol Riverfront in downtown Washington, D.C. that will become rental communities under its new brand. In addition, the residential development company has acquired a site at 4915 Hampden Lane in Bethesda with plans for a seven-story building with approximately 60 luxury condominium residences and underground parking.
LENEXA, KAN. — NorthMarq’s Kansas City regional office arranged acquisition financing of $19.66 million for Park Edge Apartments, a 260-unit market-rate multifamily community located at 8201 Renner Blvd. in Lenexa. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing through its seller-servicer relationship with Freddie Mac.