BEDFORD AND FORT WORTH — LMI Capital has arranged $7 million in loans for two multifamily properties: Cottages of Bedford Apartments at 2000 Park Place Blvd. in Bedford and Travis Gardens Apartments at 2901 Travis Ave. in Fort Worth. Chris Pollard of LMI Capital arranged $5 million in acquisition financing with a 10-year term through Fannie Mae for Cottages of Bedford. Pollard also arranged a $2 million loan with a 10-year term for the borrower to pay off existing debt for Travis Gardens.
SANTA ANA, CALIF. – A 39,630-square-foot industrial building in Santa Ana has sold to Freeway Industrial Park for $4.95 million. The property is located at 3900 W. Segerstrom Ave. Freeway Industrial was represented by Mike Long of Lee & Associates – Newport Beach. The seller, Todd I. Shiffman Trust, was represented by John Griffin of Voit Real Estate Services.
TEMPE, ARIZ. – MTD Southwest has signed a lease renewal for 81,200 square feet of warehouse and distribution space in Tempe. The property is located at 9235 S. McKemy Street. MTD Southwest was represented by James Harper of Cassidy Turley BRE Commercial. The landlord, McKemy Holdings, represented itself in this transaction.
GOLETA, CALIF. – A new 106-room Courtyard by Marriott has opened in Goleta. Thisis the city’s first-ever Marriott hotel. A joint venture between R.D. Olson Development and Wynmark Company broke ground on the 68,000-square-foot hotel less than a year ago. The hotel was designed by Lee and Sakahara Architects and built by R.D. Olson Construction. The cost of construction totaled $12 million. The Courtyard by Marriott is situated on 3.02 acres near the Goleta Technology Park, the University of California, Santa Barbara,gent and the Pacific Ocean.
ORLANDO, FLA. — A joint venture between Novare Group, Batson-Cook Development Co. and Palmetto Realty Advisors has started construction on the $63 million, 320-unit SkyHouse Orlando, a multifamily high-rise located at Livingston Street and Magnolia Avenue in Orlando. Smallwood, Reynolds, Stewart, Stewart is the architect for the development, which is slated for completion in the third quarter of 2013.
GAINESVILLE, FLA. — Charles Perry Partners has been selected to construct the $30.3 million, 90,000-square-foot University of Florida Harrell Medical Education Building, located in Gainesville. The facility, which will be the medical school's first freestanding building, will serve as a focal point for integration and program development for all primary care educational activities in the College of Medicine. Groundbreaking on the four-story building is scheduled for spring 2013, with completion slated for October 2014.
GULFPORT, MISS. — The Naval Facilities Engineering Command has selected Satterfield & Pontikes (S&P) Construction to build a 57,000-square-foot Branch Health Clinic, located in Gulfport. The Navy patient care facility will replace the base's 42-year-old health clinic. S&P will demolish two buildings and a manual car wash to build the property, which is designed to achieve LEED Silver certification. Completion is slated for fall 2014.
ORLANDO, FLA. — The 240-unit Silver Pines Apartments, a multifamily community located at 5402 Pine Chase Road in Orlando, has sold for $6.26 million. Cole Whitaker, Hal Warren and Jason Stanton of Hendricks & Partners represented the seller, a Dallas-based special servicer, in the transaction.
ELLENWOOD, GA. — PointOne Holdings has acquired the 240-unit Cobblestone Flats, a multifamily community located at 2445 Rex Road in Ellenwood, for $4.5 million. The buyer plans to implement a capital improvement plan to enhance the property's curb appeal, interiors, amenity package and clubhouse. The community will also be rebranded as The Oaks at Ellenwood. Southeast Apartment Partners represented the seller in the transaction.
CHICAGO — Alliance Partners has acquired 300 W. Adams, a 252,874-square-foot office building in Chicago's West Loop. The seller, a partnership between Sterling Bay Cos. and Annenberg Investments, acquired the 12-story building in 2007 for $23 million. At the time, the property was 68 percent occupied. The partnership undertook a multi-million dollar renovation and Wanxiang America Real Estate Group, a limited partner in the property, helped the ownership recapitalize the building. Today, the property is 93 percent leased. Michael Vesper of CBRE represented the seller in the transaction.