WILLINGBORO, N.J. — Marcus & Millichap Capital Corp. has arranged $4.8 million in permanent acquisition financing for a Walgreens drugstore in Willingboro. The 15,120-square-foot property was built in 2001. Joshua Lipsey of Marcus & Millichap's New Jersey office arranged the financing. The 9-year loan has a 30-year repayment schedule. Nat Gambuzza of Marcus & Millichap Real Estate Investment Services' New Jersey office secured the buyer, who acquired the property for $6 million.
BOSTON — The Mount Vernon Co. has purchased four attached apartment buildings in Boston for $13.6 million. The 83-unit package is located at 74-86 Brainerd Rd. Boston Realty Advisors represented the seller, Boston Brainerd Mass Limited Partnership, in the transaction. The Mount Vernon Co. was self-represented. First Republic Bank provided the long-term financing.
IRVINE, CALIF. — Irvine-based WNC & Associates has closed WNC Institutional Tax Credit Fund 35, a $100 million multi-investor Low Income Housing Tax Credit fund that will finance 18 affordable housing properties across 11 states, including Texas and Oklahoma. The 1,134-unit portfolio encompasses 12 properties for families and six for senior citizens. WNC partnered with 18 different developer teams for the fund, half of which were repeat clients. The fund also closed with seven institutional investors, including five banks and two national insurance companies.
EDMOND, OKLA. — Steadfast Income REIT has acquired the 252-unit Spring Creek of Edmond, a multifamily community located at 777 E. 15th St. in Edmond, for $19.35 million. The property has recently undergone a $5.4 million renovation that replaced roofs and windows, added granite countertops, installed new kitchen and bath cabinetry and placed new vinyl wood flooring. The community is Steadfast's 11th acquisition but the first in Oklahoma.
GRAND PRAIRIE — Dry Force has purchased a 65,000-square-foot office/warehouse property, located at 1829 W. Shady Grove in Grand Prairie, which will serve as the company's new headquarters. The 4-building property features 34,000 square feet of office space and 31,000 square feet of warehouse space. The new headquarters will host approximately 50 employees. Pete Richardson and Drew Richardson from Cushman & Wakefield of Texas' Dallas office represented the buyer in the transaction.
DALLAS — Dallas-based Metropolitan Capital Advisors (MCA) has secured a $19.5 million permanent financing package with a CMBS lender to refinance the Sunwest Portfolio. The portfolio consists of 25 retail properties in eight states. Twenty of the properties are owned fee-simple and the rest have ground leases. Dallas-based Rainier Capital Management is the loan's sponsor and Dallas-based Emersons Commercial Management manages the properties. Sunny Sajnani of MCA arranged the loan with a 10-year fixed interest rate. The amortization schedule for the fee-simple properties are 30 years, while the ground lease properties have shorter amortization periods.
DALLAS — Dallas-based Hudson Peters Commercial has been awarded the leasing assignment for the 145,365-square-foot Pyramids Office Tower, a Class A office building located at 9201 N. Central Expy. in Dallas. Sanober Syed and Cincha Ko stman of Hudson Peters Commercial are performing the marketing and leasing duties for the property. The office tower is owned and managed by Healthcare Realty.
LOS ANGELES – NRI, the Canada-based third-party logistics firm, has ventured into Southern California. NRI USA, a strategic partnership between Canada’s NRI Distribution Inc. and Westlife Distribution, has leased 64,000 square feet at 13200 S. Broadway Ave. in Los Angeles. NRI USA was represented by Cushman & Wakefield’s Los Angeles South team of Rusty Smith, Steve Bohannon and Rooney Daschbach. Prologis, the building’s landlord, was represented in-house in this transaction.
SAN DIEGO – A 27-unit apartment building, located at 5460-5468 Imperial Ave. in San Diego, has sold to a limited liability company for $1,856,000. The property was built in 1984 and consists of five two-story buildings. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyer and the seller, a bank/financial institution, in this transaction.
SAN DIEGO – VivanTech has signed a 60-month lease for 10,100 square feet at Plaza 2020 in San Diego. The lease is valued at $1.4 million. The new space is located at 2020 Camino Del Rio North. VivanTech was represented by Scot Ginsburg and Damon Melda of Jones Lang LaSalle. The landlord, TA Associates Realty, was represented by Tony Russell and Richard Gonor, also of JLL.