LOS ANGELES — A Southern California-based retail portfolio that is known as the DJM Retail Portfolio has received $60 million in mezzanine financing. The funds will be used to refinance and recapitalize the four-property, 962,000-square-foot portfolio, which mostly consists of grocery-anchored retail properties in Torrance, Lakewood, La Habra and Ventura. The portfolio has a 96 percent occupancy rate. The funds were provided by HFF’s Bryan Ley, John Crump, Michael Leggett and Peter Smyslowski on behalf of DJM Capital Partners.
SAN CLEMENTE, CALIF. — Oceanview Medical Center in San Clemente has sold to Accretive Realty Advisors for an undisclosed sum. The campus contains a 30,913-square-foot medical office building that is situated across from the San Clemente campus of Saddleback Memorial Medical Center. The center is anchored by MemorialCare Health, which houses several affiliated practice groups. Accretive Realty represented itself in this transaction, while the unnamed seller was represented by Evan Kovac, Garth Hogan, Chris Stai and Kyle Kovac of Newmark Grubb Knight Frank's Global Healthcare Services Group. Hogan, along with John Scruggs, will serve as Accretive’s exclusive leasing agents.
BALDWIN PARK, CALIF. — NewMark Merrill Cos. and a New York-based real estate partner has begun the $2.5 million redevelopment of Park Plaza on Maine, a 165,000-square-foot retail center in Baldwin Park. The property was built in 1989 as part of an agreement with the City of Baldwin Park's redevelopment agency. Superior Grocers and CVS/pharmacy anchor the center, which includes other tenants such as Chase Bank, Little Caesers and O'Reilly Auto Parts. All of the stores are remaining open during the construction. Park Plaza on Maine will be upgraded with modern facades, monument signage, outdoor seating and a new water feature. The redevelopment will also make room for more street-front retailers along Maine Avenue and Ramona Boulevard. Luca Giovanardi of NewMark Merrill Cos. is overseeing the project.
WASHINGTON, D.C. — Washington, D.C.-based MAC Realty Advisors LLC has placed $11 million in equity for acquisition and development of 2251 Wisconsin Ave., an existing commercial building in the Glover Park neighborhood of Washington, D.C., on behalf of Altus Realty Partners. Additionally, MAC placed a $28 million limited-recourse senior construction loan for the transaction. Altus Realty Partners, Chesapeake Realty Partners and Ellisdale Construction will renovate the existing 30,000 square feet of retail space currently occupied by Washington Sports Club and Glover Park Hardware, and build an 81-unit residential building with a two-level garage.
LEXINGTON, KY. — The 14-story, 240,000-square-foot Chase Tower office building has sold for $11.9 million in Lexington. Lake Worth, Fla.-based In-Rel Properties acquired the property, which was built in 1973, and NAI Isaac Commercial Properties will handle leasing and property management services. Bruce Isaac of NAI Isaac Commercial Properties was the property’s court-appointed receiver during the past three years. Finally, Ralph Smalley of Jones Lang LaSalle’s Atlanta office and Paul Ray of NAI Isaac Commercial Properties represented the undisclosed seller. Chase Tower is located at 201 East Main and is the first acquisition for In-Rel Properties in Lexington.
IRONDALE, ALA. — Michael Randman of Birmingham, Ala.-based Southpace Properties has represented Mark Gold in the $2.2 million purchase of Grants Mill Station, a 226,837-square-foot shopping center in Irondale. CBRE Nashville represented the unlisted seller. Southpace Properties is Alabama’s largest independent commercial real estate firm.
CHARLOTTE, N.C. — Paragon Bank has acquired the 16,427-square-foot, Class A office building at 6337 Morrison Blvd. in Charlotte’s SouthPark submarket for an undisclosed price. The bank, which serves the financial needs of mid-sized commercial businesses and their owners, will relocate its offices from Two Piedmont Town Center. Jubal Early of Lincoln Harris represented Paragon Bank in the acquisition. David Dorsch and Rob Cochran of Cassidy Turley represented the unlisted seller.
WASHINGTON, D.C. — A 3,990-square-foot mixed-use property in Washington, D.C.’s Dupont Circle neighborhood has sold for approximately $1.4 million. The property is located at 1502 21st St. and is fully leased. Josh Feldman and Peggy Brooks Smith of Marcus & Millichap’s Washington, D.C. office represented the seller, a private investor. The buyer, also a private investor, was secured and represented by David Weber of Marcus & Millichap’s Washington, D.C., office.
CINCINNATI — Bellwether Enterprise Real Estate Capital LLC has closed a Freddie Mac loan totaling $10.39 million for the refinancing of Northgate Meadows, a multifamily property in Cincinnati. The 10-year loan has a 30-year amortization schedule. The property, located at 10101 Arborwood Drive, has 272 units. Elmer Cole of Bellwether Enterprise originated the loan.
COLUMBUS, OHIO — New York-based Schottenstein Property Group has sold two buildings totaling 1.3 million square feet of office and warehouse space in Columbus. The buildings, located in the Columbus International Air Center, are fully occupied and tenants include: DSW Inc. corporate headquarters and distribution facility and the Ohio Department of Jobs and Family Services. Brokerage firm Binswanger represented Schottenstein in the deal. The buyer was undisclosed.