LOS ANGELES – A 33,000-square-foot retail center located at Grand and Cesar Chavez avenues in Downtown Los Angeles has received an $8.75-million refinance. The center is anchored by Wal-Mart. The loan was arranged by Quantum Capital Partners to a private limited partnership.
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TEMPE, ARIZ. — The Villas, a 137-unit apartment community in Tempe, has sold to RND11, LLC for $5,975,000. The community is located at 1718 S. Jentilly Lane. The seller, LBUBS 2007-C7 South Jentilly Lane, LLC, an entity controlled by LNR Partners, was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley’s Multi-Family Service Group.
PORTLAND, ORE. – The FBI has signed a 20-year lease at 9109 Northeast Cascades Parkway in Portland. This 134,159-square-foot space will serve as a field office for the bureau. The General Services Administration (GSA) was represented by Reva Squire, Dan Reidy, Julie Rhoades and Patrick Robles of Jones Lang LaSalle. The landlord, PH Portland, LLC, was represented by Dave Squire of Grubb & Ellis, Bruce Allen of PDC, and Matt Connelly and Chuck Moody of Molasky.
NORTH HOLLYWOOD, CALIF. – A 42,862-square-foot, multi-tenant industrial building in North Hollywood has sold to Ratner Property Management for $3.9 million. It is located at 10835 Vanowen Street. The building is about 95 percent occupied by 20 tenants, most of which are entertainment and industrial users. Ratner was represented by David Harding of CBRE’s Los Angeles North office. The seller was 10835 Vanowen Property, LLC.
OLIVE BRANCH, MISS. — IDI has broken ground on three industrial buildings in Crossroads Distribution Center, located in Olive Branch, which will total 1.75 million square feet. The 267,843-square-foot Building B is slated for completion in September, and the 869,892-square-foot Building G is slated for completion in October. Both buildings are speculative. The company has also broken ground on the 615,305-square-foot Building E, a build-to-suit for Milwaukee Electric Tool, which is also scheduled for completion in October.
ALPHARETTA, GA. — Dayton, Ohio-based The Connor Group has purchased the 344-unit Belmont at Park Bridge, an apartment complex located at 150 Rockberry Ln. in Alpharetta, from Belmont at Park Bridge Inc. for $26.15 million. Amenities include a fitness center, laundry facilities, a pool and tennis courts. The company also owns Addison Place and Ashley Forest, two neighboring properties.
GREENVILLE, N.C. — The 503-bed University Suites, located at 2200 University Suites Dr. in Greenville, has sold for $15.5 million. The property serves Eastern Carolina University. Alan Meetze and David Hudgins of Drucker & Falk's Newport News, Va., office represented University Suites at ECU LLC, the seller, in the transaction. The buyer was 2200 University Suites.
LAKELAND, FLA. — The 236-unit Martin's Landing Apartments, located at 3520 Cleveland Heights Blvd. in Lakeland, has sold on Auction.com for $6.82 million. John Stone of Colliers International's Tampa Bay, Fla., office represented the seller, 3520 Cleveland Heights LLC, in the all-cash transaction. Kevin Kelleher of Franklin Street's Tampa office represented the buyer, Integritas Residential.
TOWSON, MD. — NorthMarq Capital has secured $13.6 million in first mortgage refinancing for the 123,400-square-foot Fairmount Place II, an office building located at 515 Fairmount Ave. in Towson. Nancy Ferrell of NorthMarq's Baltimore office arranged the 10-year loan with a 25-year amortization schedule through UNUM.
HOFFMAN ESTATES, ILL. — Hoffman Estates-based Sears Holding Corp. has completed the sale of 11 Sears locations to General Growth Properties for $270 million. The transaction includes three Midwest locations: 1481 Coral Ridge Ave. in Coralville, Iowa; 1751 Madison Ave. in Council Bluffs, Iowa; and 2000 N. Neil St. in Champaign, Ill. Sears has received the sale proceeds and the stores will continue to operate as Sears locations into 2013 or 2014. The final closing dates will be announced later this year.