BILLERICA, MASS. — Maine-based The RAM Cos. has purchased 900 Middlesex Turnpike Building 4 in Billerica. The 94,174-square-foot facility is leased to Lasermax Roll Systems, a manufacturer of processing equipment for the digital printing industry. The property is situated within the Middlesex Technology Park.
NEW ROCHELLE, N.Y. — Marcus & Millichap has arranged the $2.3 million sale of Elm Court, a 17-unit Tudor-style apartment building at 102 Drake Ave. in New Rochelle. Harry Delaney of Marcus & Millichap represented the seller, a private investor. He also represented the buyer, a private investor.
HOUSTON — Behringer Harvard has begun construction of the 231-unit Allusion West University, an upscale multifamily community located on a 2.5-acre tract in the West University submarket of Houston's inner loop. Trammell Crow Residential partnered with Behringer Harvard on the land acquisition and will develop the community. An affiliate of Trammell Crow Residential will serve as the general contractor. The two-story development will be constructed on top of a two-story parking garage and feature a cyber cafe, business center, fitness center, resort-style pool and dog park.
DALLAS — Multi-Employer Property Trust (MEPT) has purchased the 218-unit Mondrian Cityplace, a 20-story apartment community located in Dallas' Uptown neighborhood. The Class A property is 98 percent leased and includes a 24-hour concierge, door service, a swimming pool, garden, outdoor fireplace, business center, cyber cafe and 24-hour workout facility with expansive views of West Village. Bentall Kennedy, MEPT's real estate advisor, has retained Greystar for property management and leasing.
AUSTIN — ARA has arranged the sale of the 253-unit Camden South Congress, a Class A multifamily community located at 1007 S. Congress Ave. in Austin. The property features a resort-style pool, cabana area, clubroom, 24-hour fitness center and cafe-style coffee bar. Patton Jones of ARA represented the seller, a joint venture featuring Houston-based Camden Property Trust, in the transaction. Centerville, Ohio-based Connor Group was the buyer.
SAN ANTONIO — San Antonio Commercial Advisors, owned and operated by Cushman & Wakefield, has brokered the sale of the 280-unit La Mirage Apartments, located at 8050 Oakdell Way in San Antonio's South Texas Medical Center submarket. Scott Weems and Brandon Lo Porto of San Antonio Commercial Advisors represented the seller in the transaction.
DALLAS — Grandbridge Real Estate Capital has recently closed $4.5 million in first mortgage financing for the 300-unit Brandon Mill Apartments, located in Dallas. Tom Walsh of Grandbridge's Atlanta office arranged the three-year loan with a 30-year amortization schedule through National Cooperative Bank.
LOS ANGELES — Kilroy Realty Corporation (KRC) has purchased Columbia Square, a historic Hollywood media campus, and Tribeca West, a West Los Angeles entertainment-oriented office property, for a total of $138 million. Columbia Square sold for $65 million, while the acquisition of Tribeca West is expected to close early in the fourth quarter for $73 million. Tribeca West is a 151,000-square-foot, three-story office campus that is currently 96 percent leased. The Columbia Square acquisition included a 96,000-square-foot campus that contained three historic office buildings. It was the former home of the CBS network’s Los Angeles radio and television operations. The 4.7-acre site is fully entitled for an office, retail and multifamily mixed-use project under a 15-year development agreement. KRC is planning a multi-phase redevelopment and development that would upgrade its existing office buildings and add 550,000 square feet of office, retail and residential space to the campus. The $300-million project is scheduled to begin in mid-2013. Phase I is expected to be complete in 2015.
PHOENIX, AVONDALE, MESA, ARIZ. — The Bascom Group has purchased three apartment complexes in Arizona for $77.1 million. The acquisition includes 301-unit Coldwater Springs Apartments at 12115 W. Van Buren Ave. in Avondale for $27.2 million; 256-unit Madera Point at 445 S. Dobson Road in Mesa for $14.3 million; and the 528-unit Foothills at 4424 E. Baseline Road in Phoenix for $35.5 million. Bascom was represented in these transactions by Jim Crews, Brett Polachek and Tara Lewis of Cushman & Wakefield of Arizona.
MESA, ARIZ. — Village Square at Dana Park, a 310,979-square-foot community center in Mesa, has sold to Whitestone REIT for $50.5 million. This represents a 45 percent discount to estimated replacement cost. The center contains 292,714 square feet of open-air retail space, as well as 18,265 square feet of office space. It is currently 71 percent leased. Notable retail tenants include AJ’s Fine Foods, Barnes & Noble, Z Gallerie, Anthropologie, Coldwater Creek, Jared Galleria of Jewelers, Chico’s, California Pizza Kitchen, White House Black Market, Bath & Body Works, Talbots, Ann Taylor Loft, Five Guys Burgers and Fries, RA Sushi, Sauce and Pei Wei.
