SCOTTSDALE, ARIZ. – Artis, a Canadian-based REIT, has received a $43-million acquisition loan to finance the purchase of the MAX at Kierland office building in Scottsdale.The 258,312-square-foot, Class A building was constructed in 2008. It is Shell and Core LEED-certified and received a 100% Energy Star designation. Artis worked with U.S. Bank to secure the financing
Property Type
DEL MAR, CALIF. – The 76-unit Chelsea apartments in Del Mar has sold to Stratford Partner, LLC for $3 million. It is located at 57 N. Alma School Road. The sellers, Jay and Marsha Scott, were represented by Robert Chester with Quantum Realty Partners, LLC.
BAKERSFIELD, PALMDALE, CALIF. – Bakersfield and Palmdale are home to two new CVS/Pharmacy stores that were recently completed by LandMark Retail Group. The Bakersfield CVS will reside within the city’s new Grand Island Village Shopping Center, a 90,000-square-foot neighborhood/specialty style shopping center. This is the fifth CVS store LandMark has developed in the city. The Palmdale locale is inside the Vallarta-anchored shopping center on the corner of 47th Street and R Street. LandMark notes that it has 12 more CVS stores scheduled to open in California this year.
WASHINGTON, D.C. — Calkain Urban Investment Advisors has arranged the $14.5 million sale of a 12,565-square-foot CVS/pharmacy, located on Columbia Road in Adams Morgan, a neighborhood of Washington, D.C. CVS/pharmacy has approximately 23 years remaining on its lease. Rick Fernandez of Calkain represented the seller in the transaction and Jerry Burg, also of Calkain, represented the buyer, a private 1031-exchange investor.
ORLANDO, FLA. — Continental Realty Corp. has acquired the 116,000-square-foot Waterford Park, a mixed-use development located at 12301 Lake Underhill Road in Orlando, for $13.25 million. The property is 45 percent leased to office, medical and retail tenants, including BB&T, Florida Radiology Imaging, Keller Williams Realty and Signature Title Co. Ray Turchi and Ryan Cockerill of Marcus & Millichap represented the seller in the transaction. The buyer was self-represented.
SIMPSONVILLE, S.C. — STAG Industrial has purchased two industrial properties, located in Simpsonville, for $9.2 million. The buildings total 411,994 square feet and are primarily leased to Lanxess Corp. with more than four years remaining on the lease term.
AUSTELL, GA. — Duke Realty Corp. has acquired the 569,674-square-foot Hartman Business Center V, a warehouse and distribution building located at 7545 Hartman Industrial Way SW in Austell. The property is located within the 150-acre Hartman Business Park, a master-planned development. The property is fully leased to Czarnowski. Chris Riley, Frank Fallon and Brian Budnick of CBRE Group represented Opus Group, the seller, in the transaction.
WEST PALM BEACH, FLA. — Beech Street Capital has provided $20.4 million in Freddie Mac Capital Markets Execution loans for the acquisition of the 166-unit Golf Villas at Sabal Palm and the 276-unit Palo Verde, two multifamily properties located in West Palm Beach. David Hayum of Meridian Capital Group secured the 10-year loans with a 30-year amortization schedule, which Beech Street Capital financed as part of its correspondent relationship with Meridian.
WAUKEE AND PELLA, IOWA —Watermark, a subsidiary of The Freshwater Group, has acquired two continuing care retirement communities in Iowa for $40 million. The properties include the Village at Legacy Pointe at 1650 S.E. Holiday Crest Circle in Waukee, Iowa and Vriendschap Village at 2602 Fifield Road in Pella, Iowa. The 185-bed Village of Legacy Pointe is a newly constructed community that is 80 percent occupied. Vriendschap Village features 91 units and is 88 percent occupied. Mark Myers and Joshua Jandris represented the seller, Ewing Land Development, in the transaction.
LEXINGTON, NEB. — BD Construction has broken ground on a 115,000-square-foot manufacturing facility for Orthman Manufacturing in Lexington. Orthman, a firm that produces heavy duty agricultural equipment, plans to hire an additional 100 employees. The new building will operate alongside the company's existing facility in northeast Lexington. Once the facility is completed in 2013, the company will move some of its operations to the new site. Orthman is receiving funding assistance on the project through the Nebraska Advantage Act, which offers tax incentives for companies willing to expand and create new jobs.