SIMI VALLEY, CALIF. — A 21,700-square-foot industrial building in Simi Valley has sold to California Lasers for $2,139,000. The building is located at 2255 Agate Court. California Lasers was represented by Patrick DuRoss, John DeGrinisand Jeff Abraham of Colliers International. The seller, Spar Investment Company, was represented by Grant Harris, John Ochoa and Grant Fulkerson of Lee & Associates-LA North/Ventura.
FORESTVILLE, MD. — A partnership between Dragone Realty Investments and PCCP has acquired the 930-unit Residences of Suitland Parks, a bank-owned multifamily community located at 6501 Hil-Mar Drive in Forestville, for $58 million. Amenities include two resort-style pools, a fitness center, sport courts and scenic biking and walking trails. Mike Muldowney, Bill Roohan, Andy Boyer, Michael Rudolph, Brian Margerum and Martha Hastings of CBRE Group represented the seller in the transaction. Maury Zanoff and Matt Williams, also of CBRE Group, represented the buyer.
RINCON, GA. — Panther Properties has purchased the 352-unit Effingham Parc Apartments, a garden-style community located at 617 Towne Park Drive W. in Rincon, from Continental Property Co. for $30.8 million. Amenities include a swimming pool, fitness center, dog park, business center, community lake and outdoor theater. CBRE Group represented the seller in the transaction.
ATLANTA — MAA has purchased the 349-unit Allure at Brookwood, a multifamily community located in Atlanta's Buckhead submarket. Amenities include a resort-style pool, a 50-meter lap pool, outdoor stone terrace with grill, fitness center and business center.
DORAL, FLA. — Terreno Realty Corp. has acquired a 75,000-square-foot industrial building, located at 1401 NW 78th Ave. in Doral, for $4.2 million. The property is currently vacant.
STARKVILLE, MISS. — Walker & Dunlop has arranged $21 million in Fannie Mae financing for the 960-bed The Pointe at MSU, a student housing development located adjacent to Mississippi State University in Starkville. Prairie Realty Advisors, a Walker & Dunlop correspondent, originated the 10-year loan, which has a 30-year amortization schedule. Andrew Tapley led the Walker & Dunlop team.
OAK PARK, ILL. — Healthcare Trust of America (HTA) has agreed to buy the Rush Medical Office Building in Oak Park for $54 million. The acquisition is part of a purchase option associated with a mortgage investment made by the REIT in December of 2009. The mortgage was secured by Rush MOB and included an option that would allow HTA the ability to buy the 135,000-square-foot property this summer. Rush University Medical Center is fully leasing the medical office building through 2019.
ST. LOUIS — McGrath & Associates has started construction on a $1.7 million outpatient bone marrow transplant center at Saint Louis University Hospital. The 9,900-square-foot facility will be the first comprehensive outpatient center of its kind in the region, and is scheduled to open this fall. It will be located within the St. Louis University Cancer Center. Fox Architects is the project architect.
CINCINNATI — Phillips Edison Strategic Investment Fund II has agreed to buy Kenwood Towne Place, an enclosed mall in Cincinnati, from a bank lending group led by Bank of America. The project consists of 300,000 square feet of retail and 200,000 square feet of office space. The development of Kenwood Towne Place has been on hold since 2008 due to financial trouble. Phillips Edison reportedly plans to spend about $100 million in completing the project. Current tenants at the mall include Crate & Barrel, The Container Store and LA Fitness.
ARLINGTON HEIGHTS, ILL. — A shopping center at 115 Rand Rd. in Arlington Heights has sold to an institutional buyer from New York for $2.2 million. Tenants at the center include Caribou Coffee, Smashburger and Jersey Mike's Subs. Chad Firsel of Quantum Real Estate Advisors represented the seller, a private individual based in Oak Brook, Ill., in the transaction. He also represented the buyer.