LAS VEGAS — A 220-unit apartment complex located at 2844 N. Walnut Road in Las Vegas has sold to Sunset Terrace Partners, LLC for $3.74 million. The seller, Farmers & Merchant Bank, was represented by Patrick Sauter of NAI Sauter Companies in this transaction.
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LONG BEACH, CALIF. – An Arco AM/PM service station in Long Beach has sold to Kanak LLC for $3 million. The acquisition included the service station, a 2,900-square-foot convenience store and a 600-square-foot laundromat that contains an additional 500 square feet of space that is available for lease. This all resides on an 18,748-square-foot lot. The property is located at 1001 Redondo Ave. Kanak plans to operate all of the businesses. The sale was financed with a $2-million SBA loan from Hamni Bank. Mark Konopaske and Tim Kwak of Lee & Associates-Investment Services Group represented both the buyer and the seller in this transaction.
ROSLYN, WASH. – A joint venture between Lowe Enterprises and Suncadia Grand Avenue Partners, LLC, a subsidiary of a fund managed by Oaktree Capital Management L.P., has assumed ownership of the Suncadia Resort in Roslyn. The 6,300-acre resort features the 254-room Lodge at Suncadia, the Glade Springs Spa, privately-owned residences and three golf courses, among other amenities. The new joint venture and its subsidiaries will own all aspects of the resort, which includes the real estate, hospitality operations, recreational facilities and utility company.
CHARLOTTE, N.C. — Parkway Properties has entered into an agreement to acquire the 972,000-square-foot Hearst Tower, an office building located in Charlotte's Central Business District, for $250 million. The building is 94 percent leased, and Bank of America will enter into a new 322,000-square-foot lease as part of the transaction. Additionally, TPG has agreed to make a $200 million investment in Parkway at a price of $11.25 per share. The purchase of Hearst Tower will initially be funded using the cash received from TPG, combined with borrowings on the company's credit facility.
BALTIMORE — Johns Hopkins Health System has selected EwingCole to design a new 18,000-square-foot radiation oncology addition and renovation to the Bayview Medical Office Building, located in Baltimore. The building will be named the Sydney Kimmel Comprehensive Cancer Center, and will include exam/consulation rooms, clinical support space, linear accelerators and a radiation therapy simulator. The renovation will include vitals/phlebotomy, an infusion area and oncology pharmacy. The estimated construction cost is $10.5 million
FORT MYERS, FLA. — The 320-unit The Brittany Apartments, a multifamily tax-credit property located at 4050 Winkler Ave. Extension in Fort Myers, has sold for $10.35 million. The property, which is 85 percent leased, is near Florida Gulf Coast University. Jeffrey Meyer of Marcus & Millichap's Tampa, Fla., office, along with Shahar Ziv of the firm's San Diego office, represented the seller, a Fort Myers-based development group, in the transaction and procured the buyer, a Tampa Bay-based private investor.
VIERA, FLA. — Love Funding has arranged $8.56 million in construction and permanent financing for the 102-bed Viera Manor Assisted Living Facility, a new property located in Viera that will give veterans priority admission for 80 percent of available units. Laura Saull-Smith of Love Funding's Washington, D.C., office arranged the loan through HUD's Section 232 loan insurance program on behalf of the borrower, INVENCO Seniors Housing.
COLUMBIA, S.C. — Capital Advisors has secured $8.1 million in financing for the 220-unit Tamarind at Stoneridge Apartments, located at 143 Stoneridge Dr. in Columbia. Matt Good of Capital Advisors arranged the 10-year loan with 30 months of interest-only payments and a 30-year amortization schedule through Red Capital Group on behalf of the borrower, Cresof Tamarind LLC.
GREEN BAY, WIS. — Outdoor recreation retailer Cabela's Inc. will open a new store in Green Bay in the summer of 2013, marking its third location in the state. Construction is scheduled to begin this fall on a 100,000-square-foot store in the Titletown Development area. The store will be designed to surround customers in an “outdoor-like experience” with wildlife displays. In addition to hunting, fishing and outdoor gear products, the store will also include a large mountain replica featuring North American game animals recreated in their natural habitat. There will also be a gun library, aquarium, boat shop and deli. In 2013, Cabela's also plans to open stores in Grandville, Mich.; Columbus, Ohio; Louisville, Ky.; Thornton, Colo.; and Lone Tree, Colo.
ADDISON, ILL. — The Cary Co. has signed a 50,000-square-foot industrial lease at 1005 Republic Dr. in Addison. The facility is located near Cary Co.'s corporate headquarters. The company plans to use the space as a satellite warehouse. Tim Gallagher of Cawley Chicago represented the tenant in the transaction. Dominic Carbonari of Jones Lang LaSalle represented the landlord, Cabot Properties.