ENFIELD, CONN. — Symetra Life Insurance Co. has signed a 29,000-square-foot office lease at the LAN Executive Center, located at 1699 King St. in Enfield. The company is moving its South Windsor operations to the new space. Colliers International represtned the landlord while Cushman & Wakefield and Flinn Ferguson in Seattle represented Symetra.
YORK, PA. — Kingston Square Associates LLC has purchased the Kingston Square shopping center in York for $7.2 million. Tenants include UPS Store, Edward Jones, Subway and Baja Beach Tanning Club. Brad Rohrbaugh and Chad Stine of Bennett Williams Realty Inc. represented the seller, Kingston Fixed Income LP, in the transaction. They also represented the buyer.
CINCO RANCH — Palm Beach, Fla.-based Sterling Organization and Canada-based RioCan have acquired the 97,761-square-foot The Market at Village Center, a Class A retail power center located at the northwest corner of Grand Parkway/Highway 99 and Westheimer Parkway in the 7,600-acre master-planned Cinco Ranch. Sterling purchased the center for $17 million from Houston-based Property Commerce in an off-market transaction. The property is 97 percent leased to tenants such as HomeGoods, Michaels, OfficeMax, Mattress Giant, Massage Envy, RadioShack, Supercuts, Sally Beauty Supply and Which Wich.
NORMAN, OKLA. — Memphis, Tenn.-based EdR has purchased the 612-bed The Reserve on Stinson, a student housing community located near the University of Oklahoma at 730 Stinson Dr. in Norman. EdR purchased its joint venture partner's 90 percent interest based on the total property value of $22.9 million. The community is 97.5 percent occupied and features a pool, a fitness center, covered parking and shuttle services to campus.
HOUSTON — LMI Capital has arranged $18 million in refinancing for an office building and two apartment properties, all located in Houston. Jamie Mullin of LMI Capital's The Woodlands office arranged $5 million for the office building in a 9-year loan with a 25-year amortization through a life insurance company. Mullin also arranged $10 million for an apartment complex on Westheimer Road in a 10-year loan with a 30-year amortization schedule. Additionally, Mullin secured $3 million for another apartment complex in a 10-year loan with a 30-year amortization schedule.
PLANO — Columbus, Ohio-based Red Mortgage Capital has provided $14.97 million in acquisition financing and refinancing for the 286-unit The Park at Fox Trails, an apartment community located at 6300 Roundrock Trail in Plano. Aventura, Fla.-based Trade Street Property Fund is sponsoring the borrower and the loan was through Fannie Mae Dus' ARM 7-6 program.
SAN ANTONIO — NorthMarq Capital has arranged a $13 million first mortgage loan for the 114,433-square-foot The Oaks at University Park, an office park located in San Antonio. The property features tenants such as Allstate and Community First Health. William Luedemann of NorthMarq's Houston office arranged the 15-year loan with a 25-year amortization schedule through John Hancock Life Insurance Co. on behalf of the borrower, Building One Oaks.
STUDIO CITY, CALIF. — A single-tenant building in Studio City that is currently leased to Bank of America has received $6.6 million in permanent refinancing. The 14,245-square-foot building was constructed in 1973 and resides at 12223 Ventura Blvd. Bank of America has 11 years remaining on the lease, with two five-year extension options. The hybrid loan has a 10-year term, a 30-year amortization schedule and a 54 percent loan to value. It has a 4.6 percent fixed interest rate for the first five years, after which it converts to an adjustable rate. The loan was originated by J.M. Grimaldi of Continental Funding Group.
NEWPORT BEACH, CALIF. – The Bayshore Apartments and Marina in Newport Beach has been refinanced for $6,975,000. The property is located at 2800 and 2850 Bayshore Drive and contains 40 multifamily units and a 55-slip marina. It was 50 percent leased at the time of closing. Bayshore was built in 1962 and is undergoing a major renovation. The property’s owner, Palmo Investments, plans to hold the asset as a long-term investment. It intends to lease the renovated units. Financing was arranged by Nick Viscount and Scott Pierson of Keystone Mortgage Corporation.
LOS ANGELES – A 45-unit multifamily complex in Los Angeles has received a $5,475,000 interest-only refinancing. The loan features a 4.5 percent fixed interest rate for five years, a 30-year amortization schedule and a 75 percent loan to value. Financing was arranged by Sharone Sabar of Marcus & Millichap Capital Corporation’s Encino, Calif., office.