HUNTINGTON BEACH, CALIF. – An auto dealership in Huntington Beach has sold to Huntington Beach Ford for $16.2 million. The dealership is located on a 6.3-acre lot at 18255 Beach Blvd. Huntington Beach Ford is the property’s current occupant. The dealership was represented by Todd LaPlante of Five Points Commercial Real Estate. The seller, the Howard L Abel Family Trust, was represented by Michael Abel of Lee & Associates.
SEATTLE – The 85-unit Soundview Apartments in West Seattle has received $7.5 million in financing. The community is located on California Avenue SW near the West Seattle Junction. It is fully leased. The seven-year loan boasts a 30-year amortization period. It was arranged by Mike Wood and Andrew Patterson of NBS Financial Services.
FONTANA, CALIF. – A 53,825-square-foot industrial building in Fontana has sold to Mendocino Forest Products Co., LLC for $3.2 million. It is located at 13041 Union Ave. Jeff Smith and John Seoane of Lee & Associate’s Ontario office represented both the buyer and the seller, the Richard S. Anfinson and Patricia J. Anfinson Living Trust, in this transaction.
PEMBROKE PINES, FLA. — The two-building, 77,209-square-foot Herald Plaza office complex has traded for $9 million in Pembroke Pines. A joint venture between Grover & Corlew LLC, a boutique real estate investment and management firm, and Creek Real Estate Partners LLC, a commercial real estate fund, purchased the office property from Coconut Creek, Fla.-based Butters Group and Boca Raton, Fla.-based Milhous Group. Scott O’Donnell, Jeffrey Kelly, Dominic Montazemi, Marty Busekrus and Miguel Alcivar of CBRE brokered the transaction. Grover & Corlew LLC is led by Mark Corlew, former Stiles Corp. acquisitions chief, and his partner Anuj Grover, a lawyer, accountant and real estate operator.
MIAMI — Schenker Inc. and Schenker Logistics Inc., two divisions of the global transportation and logistics company DB Schenker, have signed leases for 273,000 square feet at DCT Industrial Trust’s DCT Commerce Center at Pan American West in Miami. Schenker Inc. significantly expanded its existing Miami branch facility, which provides air and ocean freight distribution services, by signing a 150,000-square-foot lease in DCT Commerce Center’s Building A at 1801 N.W. 135th Ave. in Miami. This facility is currently under construction and is scheduled for completion in the first quarter of 2013. Schenker Logistics Inc. more than doubled the size of its existing logistics operation in Miami with a 123,000-square-foot lease in DCT Commerce Center’s Building B at 1800 N.W. 133rd Ave. in Miami. This facility is also under construction and will be delivered in the second quarter of 2013. David Albert of CBRE represented Schenker in the leases. Devin White of CBRE negotiated on behalf of the landlord, DCT Industrial Trust Inc.
PORT ST. LUCIE, FLA. — Old Royal LLC, a West Palm Beach, Fla.-based private investment group, has purchased Parkway Plaza, a retail strip center in Port St. Lucie, for $1.8 million. The 42,739-square-foot retail property is located at 6500 Selvitz Rd. and was constructed in 2007. It was 39 percent occupied at the time of the transaction. William Strauss of CBRE represented the seller, Baltimore-based Quality Properties Asset Management Co.
RALEIGH, N.C. — New Boston Fund Inc., a private equity real estate investment, development and management firm, has commenced major renovations at Carolina Place, a Class A office building in Raleigh. The five-story, 99,181-square-foot office property is undergoing renovations to its lobby and common areas including the complete removal and replacement of the glass curtain wall and entry doors to the lobby. The remainder of the lobby will be entirely gutted and replaced with new flooring, walls, trim and lighting in a modern design. The restrooms and elevators are also being gutted and completely updated. LS3P is the renovation architect and Riley Lewis General Contractors is the general contractor. The renovations are scheduled for completion by the end of this year.
MIAMI — The 56-unit Opera Tower, a downtown Miami condominium complex rising above Biscayne Bay, is undergoing a $1.2 million building enhancement program. The redesign includes updates to the recreational room, lobby and pool deck, and is set for completion by the end of the first quarter of 2013. South Florida-based Tibor Hollo, Opera Tower’s original developer, is leading the redesign. Residences at Opera Tower feature stainless steel appliances, European gourmet kitchens, luxurious baths and granite countertops. Amenities include full-time security, concierge services, garage parking and a state-of-the-art fitness center.
EAST LANSING, MICH. — Arbor Commercial Mortgage has arranged an $8.1 million FHA 223(f) loan for Glenwood Apartments, a 138-unit multifamily property in East Lansing. The 35-year refinance loan amortizes on a 35-year schedule. The garden-style property primarily targets students from nearby Michigan State University.
FLINT, MICH. — Morris, Smith & Feyh Inc. (MS&F) has arranged a $1.4 million mortgage loan for a 40,000-square-foot Big Lots center in Flint. Chad Kiner of MS&F arranged the 10-year loan, which amortizes over 17 years, through a life insurance company. The borrower is Devonshire Fund, a commercial real estate company that owns and operates 1.4 million square feet of retail space in the Midwest and Southeast regions.