DENVER — The 420-unit Advenir@Stapleton has sold to Advenir for $49.1 million. The community, formerly called Aero Flats at Stapleton, is located in the Denver submarket of Stapleton. Doug Andrews and Jeff Hawks of ARA represented the seller, Carmel Partners, while Advenir was represented in-house in the transaction.
Property Type
CYPRESS, CALIF. — A 285,000-square-foot office/R&D building in Cypress has received $27 million in permanent financing. The non-recourse debt features an interest rate in the low 4 percent range and a 20-year term. The borrower, a privately held entity, used the funds to refinance the existing principal balance, as well as generate capital for its commercial real estate portfolio. Kevin Burkhalter of Johnson Capital's Los Angeles office arranged the loan.
ONTARIO, CALIF. — The Colony, a 160-unit apartment complex in Ontario, has sold to JH Real Estate Partners for $22.1 million. The Class A community is located within downtown Ontario's revitalization district. Joe Leon, Javier Rivera, Darcy Miramontes and Zach Rivas of Jones Lang LaSalle's capital markets team executed the sale. “[We were able to] locate a buyer who understood that this was an opportunity to acquire a Class A, newly constructed property at the beginning of the real estate cycle,” Leon says.
LOS ANGELES — Westwood Center, a 34,136-square-foot shopping center in Los Angeles, has received $5.5 million in financing. The center is located at 2180 Westwood Blvd. It is fully occupied by tenants such as Subway, Fast Frame, Beauty Supplies and MB Nails. The seven-year loan, which was used to refinance existing debt, carries a 5 percent fixed interest rate. HFF’s James Fowler arranged the loan for Westwood Center LLC.
OAKLAND, CALIF. – The 264-unit Domain Apartments in Oakland has received a $55-million recapitalization. The bridge loan was arranged for Berkshire Property Advisors by Centerline Capital Group. The loan was completed with Centerline’s origination partner, C-III Commercial Mortgage LLC.
SAN DIEGO – A 359,218-square-foot, 24-story office building in Downtown San Diego has sold to a joint venture between Lincoln Property Companyand Angelo, Gordon & Companyfor $49 million. The high rise is located at 600 B Street. It is 85 percent occupied. Notable tenants include the City of San Diego and Bridgepoint Education, as well as several law firms. This is Lincoln’s first acquisition in the area since it opening a San Diego office this past May.
REDONDO BEACH, CALIF. — Gourmet Trading has signed a 10-year lease for a 54,212-square-foot industrial facility in Redondo Beach. The lease is valued at $5 million. The space is located at 2580 Santa Fe Ave. The company plans to relocate to the new facility in early 2013. Gourmet Trading was represented by Luke Staubitz and Harvey Beesen of Klabin/CORFAC’s Los Angeles office. The landlord, CRC Investments, was represented by Jim Sullivan and Brad Vickrey of DAUM Commercial Real Estate Services.
OWINGS MILLS, MD. — Owings Mills Transit LLC has broken ground on a four-story, 200,000-square-foot Class A office building within Metro Centre at Owings Mills, a mixed-use development in Owings Mills. The office development represents Phase I of the 1.2 million-square-foot office component of Metro Centre at Owings Mills, and will be completed by mid-year 2013. The mixed-use development will also consist of 300,000 square feet of retail space and restaurant space; 1,700 residential units; a hospitality component of up to 250 rooms; and 120,000 square feet of educational facilities. David S. Brown Enterprises LTD is the site manager.
SANDY SPRINGS AND MARIETTA, GA. — Atlanta-based Branch Properties LLC has purchased two retail properties in the Atlanta area. The firm acquired City Walk in Sandy Springs for $24.5 million in a special servicer-managed REO sale. City Walk is a 168,100-square-foot shopping center anchored by Kroger and located on Sandy Springs Drive. It is 71 percent leased. Fain Hicks of NAI Brannen Goddard and C-III Realty Services brokered the transaction. Branch Properties LLC also acquired 53,600 square feet of small shop space in three buildings at Merchant’s Festival in Marietta for $13.1 million. The Target-anchored shopping center is located at the intersection of Johnson Ferry and Roswell roads. Target sold the space to Branch Properties but the Target retail space in Merchant’s Festival was not included. Chris DeCoufle and Kevin Reavey of CBRE represented Target in the transaction.
TAMPA, FLA. — Safeguard Self Storage has sold a three-property self-storage portfolio in the Tampa area for approximately $25 million to W.P. Carey. The portfolio totals 2,250 units and 225,569 square feet. The three properties are located at 31100 U.S. Highway 19 North in Palm Harbor, Fla.; 3708 W. Bearss Ave. in Tampa; and 2501 22nd Ave. North in St. Petersburg, Fla. Michael Mele of Marcus & Millichap’s National Self-Storage Group represented Safeguard Self Storage in the transaction.