CHULA VISTA, CALIF. — A 15,000-square-foot retail property in Chula Vista that is occupied by CVS has sold to JWCI Chula Vista, LLC for $6.7 million. It is located at 16 3rd Ave. Extension. The buyer was represented by Cushman & Wakefield. The seller, Butte Properties, was represented by Ryan Litrich of Lee & Associates’ North San Diego County office.
Property Type
LOS ANGELES — Monem Corporation has purchased two apartment buildings in Los Angeles for more than $5 million. The acquisitions include an 18-unit community at 1114 N. Clark Street in West Hollywood for $3.25 million and a 12-unit community at 2001 N. Beachwood Drive in Los Angeles for $1.78 million. Prosser Stevens represented both Monem and the seller, P&M Murrieta Silverado LLC, in the first transaction. Hanes Investment Realty represented both parties, including the private trust seller, in the latter transaction.
SAN DIEGO – A 17,210-square-foot industrial manufacturing building in the San Diego submarket of Miramar has sold to 7505 Trade Street, LLC, dba United Auto Body, for $2.1 million. It is located at 7505 Trade Street. Arnie Friedman and Evan McDonald of Colliers International represented both the buyer and the seller, G. E. Capital, in this transaction.
BURIEN, WASH. — The 46-unit Miller Junction apartment building in Burien has sold toa limited liability company for $2.6 million. It is located at 215 South 162nd Street. The buyer was secured and represented by George Miller of Marcus & Millichap’s Seattle office.
LAUREL, MD. — Terreno Realty Corp., an owner and operator of industrial real estate in U.S. coastal markets, has acquired an 85,000-square-foot industrial property for approximately $7 million at 14851 Sweitzer Lane in Laurel’s Maryland I-95 Business Park. The rear-load distribution building was built in 1995 and is fully leased to one tenant. Maryland I-95 Business Park is situated adjacent to I-95 between Maryland Highways 198 and 200.
CHATTANOOGA, TENN. — Chattanooga-based CBL & Associates Properties Inc. will renovate and redevelop Chattanooga’s Northgate Mall. Phase I will include redevelopment of the adjacent T.J. Maxx-anchored retail center with Ross Dress For Less and Michaels as new tenants. Construction will begin in early 2013 and is scheduled for completion in fall 2013. Additionally, CBL will renovate the interior and exterior of Northgate Mall. Remodeling will include updates to the main entrance, repaving of the parking lot, and new flooring inside.
WASHINGTON, D.C. — Cathedral Commons, a 264,272-square-foot mixed-use development at 3336 Wisconsin Ave. in Washington, D.C.’s Cathedral Heights neighborhood, has secured $91 million in construction and permanent financing. The project will include 137 luxury multifamily rental units, eight luxury townhomes, and 128,852 square feet of ground-floor retail space anchored by a 56,000-square-foot Giant Food grocery store. Mark Remington and Daniel McIntyre of HFF worked on behalf of the borrower, a joint venture between Giant of Maryland and The Bozzuto Group, to secure the 13-year, fixed-rate loan through Northwestern Mutual.
MIAMI — The 49-unit Vedado Apartments, located at 119 Southwest Sixth Ave. in Miami, has sold for $6.5 million. The multifamily property was constructed in 2010 with structured parking, a secure front entrance, a secure parking garage elevator entrance and a pool with city views. It was 100 percent occupied at the time of the transaction between two South Florida-based limited liability companies. Paul Nudelman and Felipe Echarte of Marcus & Millichap represented the seller and buyer, respectively.
SIOUX FALLS, S.D. — Minneapolis-based NorthMarq Capital has arranged a $5.1 million loan for the refinancing of Brentwood Apartments, a 126-unit multifamily property in Sioux Falls. The borrower is Brentwood Manor Apartments LLC. John Reed of NorthMarq Capital arranged the 10-year loan amortized over 30 years through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
HOFFMAN ESTATES, ILL. — Leopardo has broken ground on a new, 50,000-square-foot Audi dealership in Hoffman Estates. Located at 1200 Golf Road, the dealership will be the first in Chicagoland to use the “terminal” prototype design by Munich-based architecture firm Allmann Sattler Wappner. The design combines efficiency, performance and environmental themes. When completed in June 2013, the facility will feature a 12-car showroom, service/workshop and customer service center. Dobbins Group is the architecture of record and Behles & Behles is the schematic designer. Leopardo is the construction manager.