PORTLAND, ORE. – Security Properties Multifamily Fund, along with its East Coast institutional joint venture partner, has received $17 million in acquisition financing to purchase Forest Creek Apartments in Portland. The 160-unit community is located at 1940 NW Miller Road. Financing was arranged by John M. Stewart and Ilan Reissner of NorthMarq Capital’s Denver office.
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SAN DIEGO – A 69,600-square-foot office building in San Diego has received $6.9 million in permanent financing. The building sits adjacent to the Fashion Valley Mall within the Mission Valley submarket. The 10-year, fixed-rate loan was arranged for a group of private investors by Shaun Moothart of The Alison Company through a correspondent life company.
COEUR D’ALENE, IDAHO – The Silver Lake Mall in Coeur d’Alene has gained two new tenants. Sports Authority signed on for 44,000 square feet, while Jo-Ann Fabric and Craft Stores will occupy 19,000 square feet. Silver Lake is owned and operated by Rouse Properties.
TORRANCE, CALIF. – A 9,546-square-foot building in Torrance that is triple-net leased to AutoZone has sold to a private investor for $2.4 million. It is located at 1433 W. Carson Street. AutoZone recently renewed its lease at the property for an additional 10 years. Phil Voorhees, John Read, Patrick Toomey and Megan Read of CBRE’s National Retail Investment Group-West represented the seller in this transaction.
DENVER – A 7,500-square-foot office space located at 1390 Lawrence Street in Denver has sold to Gates Family Foundation for $2.3 million. The space is situated within a 31,912-square-foot building. The seller, Hover Building Partners, LLC, was represented by Tim Finholm and Sam Leger of Unique Properties, LLC – TCN Worldwide.
PHOENIX – O’Reilly Auto Parts has signed a 10-year lease for 12,327-square-feet at Madison Square in Phoenix. The square is located at 5343 N. 16th Street. O’Reilly was represented by Bill Blake and Colton Trauter of Lee & Associates. The landlord, Orsett Properties, was represented by Sean Spellman of Cassidy Turley.
HOLLYWOOD, CALIF. –Millennium Hollywood, a 4.47-acre, mixed-use development, will soon occupy premier space near the intersection of Hollywood and Vine in downtown Hollywood. The transit-oriented, pedestrian-friendly development will include 492 residential units; 200 luxury hotel rooms; 34,000 square feet of restaurant space; 35,100 square feet of sports club use; 15,000 square feet of commercial retail space; and 215,000 square feet of Class A office space that includes the existing Capitol Records Building and the Gogerty Building. The new development, which is estimated to contain 1 million square feet of new uses, will also feature an abundance of open space, as well as street-level plazas. The project is being developed by Millennium Partners and Argent Ventures.The two new buildings will be designed by Handel Architects. Roschen Van Cleve Architects will oversee the preservation efforts of the Capitol Records Building and the Gogerty Building.
JACKSONVILLE, FLA. — MAA, an apartment-only real estate investment trust, has joined Jacksonville-based Hallmark Partners and Nashville, Tenn.-based Bristol Development Group to build 220 Riverside Avenue, a mixed-use project in downtown Jacksonville. The development team is set to break ground this month on a seven-story, 294-unit multifamily property that includes 18,000 square feet of retail space. The project will also include an urban public park as Hallmark Partners is donating land for the park in a public-private partnership between the development team and the City of Jacksonville. The project and park will be located adjacent to the Northbank Riverwalk, Riverside and Downtown areas of Jacksonville.
RICHMOND, VA. — Cole Real Estate Investments has acquired the 439,740-square-foot, grocery-anchored White Oak Village at 4501 S. Laburmum <
ORLANDO, FLA. — EnTrust Realty Advisors LLC has sold two single-story office buildings totaling 105,457 square feet at Concourse at Quadrangle business park in Orlando to Orlando-based Real Estate Inverlad. The Alter Group developed both properties, which are 91 percent leased, at 3850 and 3862 Quadrangle Blvd. in 2005 and 2006. Tenants include Siemens Corp. and State Farm Mutual Auto Insurance Co. EnTrust Realty Advisors is an affiliate of The Alter Group.