ESCONDIDO, CALIF. –The 28,774-square-foot Mission Office Park in Escondido has sold to Pacifica Enterprises (PEI) for an undisclosed sum. The park is located at 504-508 W. Mission Ave. and was 48 percent leased at the time of sale. Edward Indvik of Lee & Associates-Investment Services Group, along with Rusty Williams and Kyle Bowlsby of the firm’s Carlsbad office, represented both the buyer and the seller in this transaction.
ATLANTA — Dallas-based Behringer Harvard has sold the 253-unit Mariposa Lofts Apartments, located at 100 Montag Cir. in Atlanta for $40 million, according to Fulton County records, as reported by the Atlanta Business Chronicle. Amenities include a resort-style pool, sauna, landscaped courtyards and a clubhouse with a fitness center, business center, media room and game room. The 5-acre site contains eight mid-rise buildings.
CHESAPEAKE, VA. — Memphis, Tenn.-based MAA has purchased the 240-unit Adalay Bay, an apartment complex located at 101 Sabal Palm Ln. in Chesapeake. Amenities include a resort-style pool, picnic area with outdoor grills, exterior storage units and detached garages. The acquisition was funded by a public offering of 1.95 million shares of common stock.
PORTLAND, TENN. — Boston-based STAG Industrial has purchased a 414,043-square-foot warehouse and distribution center, located at 3150 Barry Dr. in Portland, for $13.1 million. The property is fully leased to RB Distribution Inc., a subsidiary of Dorman Products Inc. Approximately 6 years remain on the lease term.
TIMONIUM, MD. — Beech Street Capital has provided a $41.5 million Fannie Mae conventional loan to refinance the 554-unit Padonia Village, located at 88 E. Padonia Rd. in Timonium. Jacob Katz of Meridian Capital Group's Bethesda, Md., office originated the 15-year, fixed-rate loan.
ATLANTA — Grandbridge Real Estate Capital has arranged a $30.75 million first mortgage loan for the acquisition of the 276-unit Biltmore Apartments, located at 855 W. Peachtree St. NW in Atlanta. Amenities include a rooftop terrace with an outdoor fireplace, a courtyard with a fountain and grilling areas and a fitness center. Jim Cope and Debe Storts of Grandbridge's Milwaukee office, along with Mesirow Financial Institutional Real Estate's Direct Investment group, arranged the 7-year, fixed-rate mortgage through Grandbridge's Freddie Mac CME lending group.
DETROIT — Construction Partners LLC will host a preview event at Broderick Tower on Thursday, April 5, for visitors to view the ongoing $53 million restoration project at the historic, 34-story building. When complete in September, the Detroit tower will house a restaurant and lounge, three floors of office space and 125 apartments on floors 5 through 34. The Broderick, originally known as Eaton Tower, was built in 1928. The developer plans to unveil a fully finished 17th floor model unit at Thursday's event. Located in the heart of Detroit's sports and entertainment district, the Broderick event will coincide with the opening of the Tigers' 2012 MLB season at Comerica Park.
HOMER GLEN, ILL. — Northbrook, Ill.-based SAS Architects & Planners has been selected to design three residences for Victorian Village, a senior living community in Homer Glen. Two single-story residences will house 10 seniors each, while the third, a two-story residence, will house 30 seniors. The units will include private bedrooms and bathrooms as well as shared living, kitchen and dining areas. Residents will also have access to skilled nursing services. The project is slated for completed by the end of 2013.
MASON, OHIO — Top Gun Sales Performance has purchased a new headquarters building in Mason for $3.6 million to expand its operations. The global sales support organization will relocate to 5155 Financial Way, a 67,000-square-foot building. Andrew Kahn of NAI Bergman represented Top Gun in the deal. Bill Poffenberger of Jones Lang LaSalle represented the seller, Fortis Properties.
WORTHINGTON, OHIO — Hudson Bearings LLC has purchased a 24,898-square-foot industrial property in Worthington for an undisclosed amount. The building is located at 7060-7064 Huntley Rd. Matt Murtha of Cassidy Turley's Columbus office represented the seller, Eglehoff-L&K Properties, in the deal.