POWAY, CALIF. – A 26-unit apartment complex in Poway has sold to Wells-Kemper, LLC for $2,860,000. The complex is situated on 1.01 acres at 12529 Oak Knoll Road. Wells-Kemper was represented by Keith Courtney of Apartment Consultants, Inc. Aaron Bove of Marcus & Millichap represented the seller, Presh, LLC.
ONTARIO, CALIF. — Last Call by Neiman Marcus has leased nearly 21,000 square feet at Ontario Mills, an outlet shopping mall in Ontario. It will reside within Neighborhood 6, near other well-known brands along the outlet mall’s designer fashion corridor.
MANASSAS, VA. — New York City-based TGM Associates has purchased the 432-unit Tanglewood Apartments, located at 10819 Gambril Dr. in Manassas, from Chicago-based Equity Residential for $68.72 million. The property has been re-named TGM Sudley Crossing. Dean Sigmon and Robin Williams of Transwestern's Bethesda, Md., office represented the seller in the transaction.
HANOVER, MD. — CBRE has negotiated the sale Lincoln Crossroads I & III, two industrial buildings totaling 507,350 square feet located at 7481 and 7451 Coca Cola Dr. in Hanover. According to CoStar, the sale price was $42.5 million. Bo Cashman, Jonathan Beard and John Wilhide of CBRE's Baltimore office represented the seller, Crossroads Venture, a joint venture between Dallas-based Lincoln Property Co. and Dallas-based Invesco Real Estate, in the transaction. The buyer was Denver-based Industrial Income Trust.
PLANTATION, FLA. — Marcus & Millichap has brokered the $26.5 million sale of the 216-unit Mar Lago Village, an apartment complex located at 200 Commodore Dr. in Plantation. Still Hunter, III, and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, Mar Lago Village Associates, in the transaction and procured the buyer, Henderson Global Investors. The property is 99 percent leased.
WARNER ROBINS, GA. —The 71,167-square-foot Crossroads Marketplace, located at 3040 Watson Blvd. in Warner Robins, has been sold for $11.25 million. Sonny Molloy of Marcus & Millichap's Atlanta office represented Georgia-based Citizens Square, the seller, in the transaction and procured the buyer, Phoenix-based Cole Real Estate Investments. The center is currently 91 percent leased to tenants including Best Buy, Bed Bath & Beyond and Olive Garden.
MIAMI BEACH, FLA. — NoBe Bay Holdings, a joint venture between Miami-based 13th Floor Investments and Miami-based Key International, has closed on an $18 million construction loan for the 98-unit NoBe Bay, a condominium project located at 6700 Indian Creek Dr. in Miami Beach. U.S. Bank provided the 5-year, interest only loan. Included in the project is a 463-space parking garage and 12,000 square feet of retail space. The parking and retail structure is slated for completion in the first quarter of 2012 and construction on the condominiums will be finished by the summer of 2012.
CHICAGO — Shorenstein Properties LLC has closed on the $228 million purchase of 350 West Mart Center, a 1.2 million-square-foot office building in Chicago. The seller was Vorando Realty Trust, which received a net gain of about $54 million on the sale. The property is located at 350 N. Orleans St. and is a former apparel center, which Vornado converted into a modern office building. Tenants include the Chicago Sun-Times and the Illinois Institute of Art.
LEBANON, OHIO —Monmouth Real Estate Investment Corp. has purchased a 51,200-square-foot industrial building, located at 4170 Columbia Rd. in Lebanon for $5.1 million. The property is net leased for 7.5 years to Siemens Real Estate, a division of Siemens AG. The building was recently constructed by Crescent Development.
LENEXA, KAN. — Henderson Engineers Inc. is moving its Lenexa headquarters about 150 feet. The engineering company signed a new 84,500-square-foot lease at 8345 Lenexa Dr. in the Pine Ridge East Business Park in Kansas City. The company will begin moving from its current space at 8325 Lenexa Dr. in February, which totals about 67,000 square feet. Complete occupation is scheduled for this summer. Ken Block, Gene Elsas and Brian Bock of Block Real Estate Services represented Pine Ridge Business Park in the transaction. Bryan Johnson of Colliers International acted as a consultant to Henderson Engineers.