LOS ANGELES, SAN DIEGO — TIAA-CREF has secured refinancing for the 187-unit Legacy at Westwood in Los Angeles and 251-unit Regents Court in San Diego. The firm received $223.1 million to refinance these properties, along with two other multifamily trophy assets in New York and Dallas. The 10-year, fixed-rate Freddie Mac loans were arranged by Brian Eisendrath from CBRE’s Multifamily Debt and Equity Finance team.
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LOS ANGELES — The Academy Tower, a 175,012-square-foot office building in the Los Angeles submarket of North Hollywood, has sold to Kennedy Wilson for $48 million. The building is located at 5200 Lankershim Blvd. It is 97 percent leased. Notable tenants include Endemol, IPPT and Starcom Worldwide. The transaction was funded with $19 million in equity from Kennedy Wilson and a $29-million loan from Bank of America Merrill Lynch.
CUPERTINO, CALIF. – A retail property in Cupertino that has recently signed 99 Ranch has received a $13-million mortgage. The 20-year, fixed-rate, permanent loan was arranged for Browman Development Company by Greg Gray of Barry Slatt Mortgage. It was provided by Thrivent Financial for Lutherans.
TORRANCE, CALIF. — A 4,229-square-foot retail strip center in Torrance has sold to a private investor for $4.6 million. The property is located at 20301 Hawthorne Blvd. It is fully occupied by 7-Eleven and the Coffee Bean & Tea Leaf. The buyer was represented by Paul Lee of Pacific Gold Coast Realty in Diamond Bar. The seller, a locally based private investor, was represented by Kevin T. Fryman and Carlos J. Lopez of Hanley Investment Group Real Estate Advisors.
LOS ANGELES — A 10-unit apartment building located in the Los Angeles submarket of North Hollywood has sold to a private investor for $2.3 million. The community is located at 12017 Hart Street. The buyer was represented by Reza Ghobadi and Sevak Keshishian in Marcus & Millichap’s Encino office.The seller, a limited liability company, was represented by Tony Azzi of Marcus & Millichap’s West Los Angeles office.
SANTA ROSA, CALIF. – Medtronics has expanded its footprint in Santa Rosa. The medical device technology company has signed a new lease for a 62,865-square-foot building at 3880 Brickway Blvd., while extending its current lease term on the neighboring 63,720-square-foot building at 3850 Brickway Blvd. The Class A buildings were owned by Equity Office Properties (EOP) when the leases were executed, but have since been purchased by Basin Street Properties. EOP was represented by Jeff Negri, Niels von Doepp and Ryan Snow of Cassidy Turley.
MIAMI — A 1.29-acre mixed-use development site at intersection of Coral Way and South Miami Avenue in Miami has traded for $18.5 million. South Miami Ave LLC sold the site, which is approved for the development of a 556-unit residential tower, 15,049 square feet of retail space and 38,357 square feet of office space, to Related Group. The site is close to the Mary Brickell Village and Brickell Citi Centre projects as well as I-95 in Miami’s Brickell Financial District. Manny de Zarraga and Jaret Turkell of HFF represented South Miami Ave LLC.
HUDSON, FLA. — The 70,770-square-foot Hays Road Town Center, located at the northwest corner of Hays Road and State Road 52 in Hudson, has sold for $13 million. Sonny Molloy of Marcus & Millichap’s Atlanta represented the seller, Haysvest LLC, and the buyer was Cincinnati-based Midland Atlantic Properties. The Publix-anchored retail property was completed in the first quarter of 2011 and is 90 percent occupied. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s broker of record in the state of Florida.
BUFORD, GA. — Satellite Investors LLC has sold the 296-unit Waterstone Apartments at 1851 Satellite Blvd. in Buford to Chicago-based Westdale Investment Partners LLC. The Class A multifamily property features a resort-style saltwater pool, fitness center and business center. Ron Cameron of Colliers International’s Atlanta office represented both the buyer and seller. Waterstone Apartments, which was built in 2011, was 97 percent leased at the time of sale and the purchase price was undisclosed.
BENTONVILLE AND VAN BUREN, ARK. — Boston Capital has provided equity and construction loan financing for the rehabilitation of two affordable housing properties in Arkansas: Garden Walk of Bentonville in Bentonville and Garden Walk of Elfen Glen II in Van Buren. Garden Walk of Bentonville features one- and two-bedroom units in 10 one-story buildings. Development improvements will include the installation of a leasing office, a playground and landscaped areas. Garden Walk of Elfen Glen II features one-, two- and three-bedroom units in 11 one-story and four two-story buildings. Development improvements will include laundry facilities, an on-site office, playgrounds, a basketball court and a pavilion. Units in both multifamily properties will be available to families earning 60 percent or less of the area median income (AMI).