AUSTIN — HFF has secured $5.1 million in first lien financing to refinance the 34,051-square-foot Southcross Plaza, a retail center located at 3601 W. William Cannon Dr. in Austin. The property features tenants such as State Farm Insurance, Thundercloud Subs and Texas State Optical. Travis Anderson of HFF's Dallas office led the team to arrange the 5-year loan through First National Bank & Trust of McAlester on behalf of the borrower, Cencor Realty Services.
PHOENIX — North Park Plaza, a 101,361-square-foot neighborhood shopping center in Phoenix, has sold to an entity formed by Westwood Financial Corporation for $13 million. The center was built in 1963 and is anchored by Safeway. The center underwent improvements in 1986 and 2007. Ryan Schubert and Michael Hackett with Cassidy Turley BRE Commercial’s Retail Capital Markets Group and Bob Buckley with the firm’s Capital Markets Group represented both the buyer and the seller, Aegon USA Realty Advisors.
CLAREMONT, CALIF. — The Claremont Business Park was sold to a private investor for $8,775,000. The business park was built in 1988. It is composed of five single-tenant buildings and one multi-tenant building for a total of 69,428 square feet. It is fully leased. Lee A. McCullough of Colliers’ Irvine, Calif., office represented the buyer. Bob Griffith and Steven Ward of Grubb & Ellis represented the seller, Claremont Business Park LLC.
SYLMAR, CALIF. — Corner Records Management, LLC has signed a five-year lease for 80,480 square feet of industrial space at the Valley Gateway Business Park in Sylmar. The space features 7,000 square feet of office space. Ray Howden of Cushman & Wakefield represented Corner Records. Chris Sullivan of DAUM’s San Fernando Valley office represented thelandlord, World Oil Corp, in this transaction.
SCOTTSDALE, ARIZ. — A 34,768-square-foot industrial building in Scottsdale has sold to a Phoenix-based partnership for $3 million. It was developed in 1999 as a build-to-suit facility for The Arizona Republic, however, the building has been vacant for more than two years. Rick Foss of NAI Horizon represented the Phoenix partnership. Kyle Westfall and Pat Harlan of Cushman & Wakefield represented the seller, Gray Road Properties, LLC, in this transaction.
RALEIGH, N.C. — Clarion Partners has formed a joint venture with The Residential Group to build the $37 million, 291-unit The Crest at Brier Creek, located at the intersection of U.S. 70 and Interstate 540 in Raleigh. Amenities will include a clubhouse, fitness center, pool and grill area. Site work began this month and completion is slated for June 2013.
MECHANICSVILLE, VA. — The 112,000-square-foot Brandy Hill Plaza, a retail and office property located at 7053-7095 Mechanicsville Tpke. in Mechanicsville, has been sold on Auction.com for $3.3 million. 7055 Brandy Hill Plaza Associates purchased the note on the center as a deed in lieu of foreclosure and will retain the center as an investment. Richard Thalhimer of Cushman & Wakefield/Thalhimer's Richmond, Va., office represented the buyer in the transaction.
ALTAMONTE SPRINGS, FLA. — Marcus & Millichap has brokered the $2.97 million sale of a 3,578-square-foot, net-leased Chase Bank, located at 971 N. State Rd. 434 in Altamonte Springs. The property is in a Publix-anchored shopping center. Ray Turchi and Chris Travis of Marcus & Millichap's Orlando office represented the seller, a private investor, in the transaction. Judson Kauffman and Glen Kunofsky of the firm's Manhattan office represented the seller in the transaction.
MURFREESBORO,TENN. — A 10,125-square-foot CVS/pharmacy, located at 607 SE Broad St. in Murfreesboro, has been sold for $2.96 million. CVS is on a 20-year, triple-net lease. Dan Cooper of Cleveland-based The Cooper Group arranged the sale on behalf of the seller, a New York-based private company, in the transaction and procured the buyer, a Texas-based private group.
ROANOKE, VA. — Delta Dental has purchased the 53,800-square-foot Verizon office building, located at 5415 Airport Rd. in Roanoke, for $1.9 million. Dennis Cronk and Matt Huff of Roanoke-based Poe & Cronk Real Estate Group represented the buyer in the transaction.
