GRAND PRAIRIE — NorthMarq Capital has secured $16.3 million in first mortgage financing for the 300-unit Indigo Pointe, a multifamily community located in Grand Prairie. Jeff Frankel of NorthMarq's Chicago office arranged the 4-year loan through a correspondent life insurance company.
SCOTTSDALE, ARIZ. — Westport Capital Partners LLC has purchased Scottsdale Financial Center II in Scottsdale for an undisclosed sum. The Class A, 150,000-square-foot office building is located at 4141 N. Scottsdale Road. The center is currently 71 percent leased to Coventry Health Care. Jones Lang LaSalle’s Jim Sadler, Dennis Desmond and Brian Ackerman represented the seller. JLL’s Harry Klaff also represented Coventry, the building’s primary tenant, in the lease transaction.
IRVINE, CALIF. – Hanley Investment Group Real Estate Advisors has sold three multi-tenant strip centers in the Inland Empire that total 96,327 square feet for $8,170,026. The sales included the 24,624-square-foot Citrus Foothill Retail Center in Fontana, which was purchased by Fontana Shopping Plaza LLC; the 31,663-square-foot Smith Avenue Center in Corona, which was purchased by NSHE CA Leonardo, LLC; and the 40,040-square-foot Grand Jurupa Center in Riverside, which was purchased by La Peer Investments, LLC.
NORTH PORT, FLA. — The 346-unit Toledo Club Apartments, located at 3565 Island Club Dr. in North Port, has sold for $23.52 million. Amenities include two clubhouses, a Wi-Fi business center, two fitness centers, two pools, a spa, illuminated tennis courts, a volleyball court, a dog park and a car care center. Jamie May of Institutional Property Advisors' Tampa, Fla., office represented the seller, Mt. Horeb, Wis.-based The Gallina Cos., in the transaction and procured the buyer, West Springfield, Mass.-based Aspen Square Management.
MARYLAND — Scott Group has sold a four-property industrial portfolio totaling 192,900 square feet in Maryland to Korth Construction. The properties include the 75,000-square-foot Crain Centre in Glen Burnie; the 16,500-square-foot Dunmore Building in Capitol Heights; the 54,400-square-foot Ritchie Business Center in Capitol Heights; and the 47,000-square-foot Rainswood Building in Landover. Christopher Kubler of NAI KNLB's Columbia, Md., office represented the seller in the transaction and the buyer was self-represented.
ATLANTA — Cushman & Wakefield has negotiated the sale of the 94,839-square-foot 56 Perimeter Center East, an office building located in Atlanta. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield's Atlanta office represented Rubenstein Partners, the seller, in the transaction. The buyer was The Simpson Organization.
HOMESTEAD, FLA. — Coral Gables, Fla.-based Continental Real Estate Cos. (CREC) has arranged the $5.22 million sale of 79 condo units, located in the 252-unit Caribbean Isles Villas Condominiums, located at 376 NE 26th Terrace in Homestead. The units were approximately 90 percent occupied at the time of the sale. Peter Mekras of CREC represented 13th Floor Investments, the seller, in the transaction.
ORLANDO, FLA. — Wyndham Vacation Ownership has signed a 230,000-square-foot lease at Sea Harbor Office Center, located at 6277 Sea Harbor Dr. in Orlando. David Chapin of Jones Lang LaSalle's Orlando office represented Lexington Realty Trust, the landlord, in the transaction. John Wanamaker of Orange City, Fla.-based Coldwell Banker Commercial/AI Group represented the tenant.
MERRIAM, KAN. — Lee & Associates Net Leased Group in Carlsbad, Calif., a division of the national brokerage firm Lee & Associates, has closed a $19.1 million sale of a car dealership property at 6801 E. Frontage Rd. in Merriam. An undisclosed buyer acquired the 58,430-square-foot property, which is occupied by CarMax Inc. The used-car retailer will remain at the property. CarMax has 17 years remaining on its lease, which includes four, 5-year extension options. Ryan Barr and Ryan Bennett of Lee Net Leased Group assisted the buyer in the assumption of a complex CMBS loan that was already in place on the property. The seller, a non-traded REIT, was self-represented in the transaction.
CHICAGO — NorthMarq Capital has arranged $21 million in first mortgage refinancing for Williams Reserve, a multifamily property located at 1245 Prairie Brook Dr. in Palatine, Ill. The property consists of 320 units, 30 percent of which are affordable housing, and a small retail center. Financing was based on a 7-year term and a 30-year amortization schedule. Sue Blumberg, managing director of NorthMarq’s Chicago office, arranged the financing through its seller-servicer relationship with Freddie Mac.
