PORT ARTHUR — Grandbridge Real Estate Capital has closed $23.5 million in first mortgage financing for the 372-unit Willow Lakes Apartments, a Class A property located in Port Arthur. Greg Young of Grandbridge's Houston office arranged the 5-year loan with a 20-year amortization schedule through American Real Estate Capital.
BUENA PARK, CALIF. — Commerce Center at Buena Park, a two-building industrial/cold storage facility, has sold to an undisclosed buyer for an undisclosed sum. The 84,600-square-foot building at 6625 Caballero Blvd. is fully leased to Legacy Farms, while the 140,000-square-foot building at 6535 Caballero Blvd. is fully leased to Fresh Food Concepts. CBRE’s Darla Longo, Barbara Emmons, Art Rasmussen and Rick McGeagh represented both the buyer and the seller, a joint venture between affiliates of Westcore Properties and Dune Real Estate Partners LP, in this transaction.
MESA, ARIZ. – A 336-unit Mesa apartment building has received a $7-million loan. The loan carries a three-year term with the first 18 months being interest only. It was arranged by Neal Churney of Johnson Capital and provided by a regional bank. The borrower recently acquired the garden-style apartment.
SOUTH LAKE TAHOE, CALIF. – The 58-room Ambassador Hotel in South Lake Tahoe has sold to an unnamed buyer for $1,475,000. It is located at 4130 Manzanita Ave. The property was built in 1981. The seller, a private investor, was represented by Taylor Flynn of Marcus & Millichap’s Oakland office. The buyer was represented by Adam Levin and Philip Batlin of the firm’s Palo Alto and San Francisco offices.
CHANTILLY, VA. — Strategic Storage Trust Inc. has acquired an 870-unit self-storage property, located at 14518 Lee Road in Chantilly, for $7.3 million. The property is 93 percent leased. The new facility will be rebranded under the SmartStop Self Storage name.
HUNTSVILLE, ALA. — MCA has acquired the 603,000-square-foot Bridge Street Town Centre, a lifestyle center located in the 4,000-acre Cummings Research Park in Huntsville. Tenants include Bed Bath & Beyond, DSW, Barnes & Noble, ULTA, Toys “R” Us/Babies “R” Us and a 14-screen Monaco Pictures movie theater. Adam Howells and David Disney of UCR Investment Sales represented the seller, O&S Holdings, in the transaction.
GREENSBORO, N.C. — CDI Properties has sold the 56-unit Grentton Place Apartments, located at 4107 Yanceyville St. in Greensboro, for $3.17 million. Austin Green of Capstone Apartment Partner's Charlotte office represented the seller in the transaction. The buyer was a Chicago-based private investor.
NORTH MIAMI BEACH, FLA. — Continental Real Estate Cos. (CREC) has arranged the sale of the 314-unit Star Creek Apartments, located at 361 NE 191st St. in North Miami Beach. The property is 94 percent leased. Amenities include two resort-style pools and a Jacuzzi. Peter Mekras of CREC represented the seller, a Miami-based private owner and operator, in the transaction. The property was purchased in a 1031 exchange with a first mortgage loan from City National Bank.
RALEIGH, N.C. — Atlanta-based First Fidelity Mortgage Corp. has arranged $240 million in senior secured financing for the 1.35 million-square-foot Crabtree Valley Mall, located in Raleigh. The loan proceeds were used to repay existing maturing debt and fund ongoing capital spending programs. Kell Martin and Richard Booth of First Fidelity secured the 10-year loan through a major life insurance company on behalf of the borrowers, a separate-account client of Clarion Partners and an affiliate of Plaza Associates.
HILLSIDE, ILL. — Marcus & Millichap has arranged the $3.4 million sale of Hillside Apartments, a 71-unit property at 600 N. Wolf Rd. in Hillside. The property contains three nine-unit buildings; two, 10-unit buildings; and two, 12-unit buildings. Jim Walsh of Marcus & Millichap's Chicago office represented the seller, a private investor. James Clough, also of Marcus & Millichap's Chicago office, represented the buyer, a limited liability company.
