WACO — Deerwood Real Estate Capital has arranged a $15.35 million loan to refinance a 215,000-square-foot retail center that is shadow-anchored by a 150,000-square-foot Target in Waco. The property is currently 83 percent leased. Joe Hercenberg and David Rosenberg of Deerwood arranged the 10-year loan.
Property Type
RANCHO CUCAMONGA, CALIF. — A 177,550-square-foot industrial building in Rancho Cucamonga has sold to a joint venture between CT Realty Investors and Artemis Real Estate Partners for $10.25 million. The property is located at 10404 Sixth Street. It is fully leased to GITI Tire USA. The joint venture was represented by Ryan Lal and Jeff Smith of Lee & Associates’ Ontario office. The seller was represented by Ken Jones and Scott Ostlund from the same office.
LOVELAND, COLO. — Bass Pro Shops has signed on to anchor a major new development at Centerra, an expansive retail complex. The outdoor store will absorb about 117,000 square feet. Centerra also includes The Promenade Shops, a 700,000-square-foot lifestyle mall, The Marketplace at Centerra, a large retail power center and the Motorplex, an auto complex with eight major dealers.
FORT COLLINS, COLO. — The Whole Foods Center, a 68,334-square-foot, two-tenant retail center in Fort Collins, has sold to a private real estate fund advised by Crow Holdings Capital Partners. The fund also assumed an existing CMBS loan. The property is located at 2201 South College Ave. It is fully leased to Whole Foods and Wilbur’s Total Beverage. The seller, a private investor, was represented by HFF’s Bryan Ley, Barry Brown and John Crump.
LOS ANGELES, SAN DIEGO – A non-performing loan that is secured by eight office properties and 16 buildings throughout Los Angeles and San Diego has sold. The unpaid principal balance on the loan is $148 million. The 16 buildings total 900,000 square feet and boast an overall occupancy rate just above 60 percent. The sale was executed by HFF’s Ryan Gallagher, Mark Fallon, Richard Plummer, Nick Psyllos, Andrew Harper and CJ Osbrink on behalf of a special servicer.
NEWARK, CALIF. — American Realty Advisors (ARA) and McShane Development Company have formed a joint venture to redevelop the 29-acre Cherry Logistics Center into a 575,000-square-foot distribution facility. The property is located at 38811 Cherry Street in Newark, a submarket of San Francisco’s East Bay. The eco-friendly facility will be built by McShane Construction Company in conjunction with HPA. It is scheduled to open in the fourth quarter of 2013.
SEATTLE — Resmark Apartment Living and Intracorp have formed a joint venture to develop two urban apartment communities in Seattle’s northeast region. This will include a 161-unit community in the University District at 4545 8thAve. and a 112-unit community at 1020 Northeast 63rdStreet. Construction is expected to begin on both apartments in the first quarter of 2013.
HYATTSVILLE, MD. — Grady Management has broken ground on the 283-unit 3350 at Alterra, a luxury mid-rise multifamily building, located along Toledo Terrace in Hyattsville. Amenities will include a cyber cafe, lounge, game room, pool and fitness center. The project is the first phase of a mixed-use planned redevelopment.
ATLANTA — Cooper Carry has completed design work on three projects for colleges throughout the state for a total construction cost of $20.4 million. The company designed the new $13.3 million student center at Georgia Highlands College in Cartersville, which opened in August in time for the fall semester. The 55,000-square-foot, two-story building includes a student lounge, bookstore, cafe and game room. The 36,000-square-foot library at Atlanta Technical College also opened in August. The $3.9 million renovation included new high-tech audio and media production space. The third project was a library expansion at Shorter University in Rome that opened earlier this month. The 13,000-square-foot, three-story addition to the Livingston Library included additional space for books, as well as a computer lab and reading room.
ATLANTA — KBS Strategic Opportunity REIT has purchased the 393,502-square-foot Powers Ferry Landing East, an office complex located in Atlanta. The property includes three, six-story buildings. KBS and its affiliates now own more than 1.26 million square feet of commercial real estate space in the greater Atlanta area.