FRAMINGHAM, MASS. — In a joint venture, Equity One Inc. and New York Common Retirement Fund have acquired Old Connecticut Path in Framingham, Mass. for $23.2 million. The 80,198-square-foot shopping center is anchored by a Stop & Shop. The property is located near the intersection of Old Connecticut Path and Route 30.
LIVINGSTON, N.J. —Livingston, N.J.-based Commercial Mortgage Capital (CMC) has closed two loans totaling $24 million. Provident Bank provided a $10.8 million loan for the Promendade in Summit, N.J., a mixed-use property with 15,700 square feet of retail space and 22 luxury apartments. CMC also arranged a $14 million self-liquidating loan for a 424-unit apartment complex in Morris County, N.J., through one of CMC's correspondent lenders.
DALLAS — Wood Partners has plans to commence construction of the 207-unit Alta West Davis, a low-rise apartment community located at 1836 W. Davis St. in the North Oak Cliff neighborhood of Dallas. Wood Partners is pursuing LEED-Silver certification on the project. The property will feature a fitness center, resort pool and bike shop with storage space, and selected units will feature faux wood and iPod docking stations with in-wall speakers. Wood Construction is the general contractor for the development and Good, Fulton & Farrell is the architectural firm. Construction is slated for completion in the first quarter of 2013.
IRVING — Marcus & Millichap has arranged the $4.27 million sale of the 168-unit Britain Way, a multifamily property located at 1954 Shoaf Dr. in Irving. The buyer, a local developer, was awarded tax credits through the Texas Department of Housing and Community Affairs, which allows the buyer to invest approximately $70,000 per unit in improvements. The renovation is slated for a December 2012 completion, and the financing for project was arranged by the Department of Housing and Urban Development (HUD). Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a Texas-based partnership, and procured the buyer in the transaction.
IRVING — Libitzky Holding has purchased a 127,709-square-foot office building, located at 1212 Corporate Dr. in Irving. Gary Carr, Eric Mackey and Robert Hill of CBRE's Dallas office represented the seller, American National Bank, in the transaction.
CARROLLTON — Dallas-based CASE Commercial Real Estate Partners has brokered the sale of a 6,000-square-foot industrial property, located at 1800 Trinity Valley in Carrollton. The buyer, BKTN Development plans to use half the facility for its offices and the other half for storage. David Tuttle of CASE's Fort Worth office represented the buyer in the transaction. Joe Longest with Dallas-based Joe Longest Co. represented the seller, Metroplex General Assembly Hall.
CASA GRANDE, ARIZ. – The Graham Packaging building, a 100,000-square-foot industrial property in Casa Grande, has sold to Becknell Industrial for $5,250,000. The property was built in 2004 and is fully leased to global plastic container manufacturer Graham Packaging. Bob Buckley, Steve Lindley and Tracy Cartledge with Cassidy Turley BRE Commercial’s Capital Markets Group represented both the buyer and the seller, an entity controlled by Cal Cap Advisors of California, in this transaction.
BURIEN, WASH. – The 40-unit City's Edge Condominium apartment community in Burien has sold to a limited liability company for $3,850,000. The purchase consisted of a fractional interest in a gated residential condominium complex. The fractional interest includes 40 of the complex’s 45 units that span throughout seven detached buildings. Brandon R. Grisham and Marc Cunningham of Marcus & Millichap’s Seattle office represented the buyer. Grisham and Cunningham also represented the seller, a bank/financial institution, along with Scott Morasch, also of the firm’s Seattle office.
SAN DIEGO — Canyon Terrace, a 28,444-square-foot industrial property in San Diego, has sold to Prinbo, LLC for $2.9 million. Prinbo soon plans to relocate its company, Swagelok, to the flex building. The company was represented by Glenn Arnold of Cassidy Turley. Randy LaChance and Jon Danton out of Voit’s San Diego office represented the seller, LMC Camino Santa Fe.
FAIRFAX, VA. — Centerpointe I & II, located at 4000 and 4050 Legato Rd. in Fairfax, has been sold for $128.7 million. Thomas Properties Group and the California State Teachers Retirement Systems sold the two 11-story office buildings, totaling 421,859 square feet, to Carr Properties Income Trust and an institutional investment partner. Bill Prutting, Jr., William Kaye, Randall Heilig, Jeff Roman, Mike Pepper and John DiCamillo of CBRE's Washington, D.C., office represented the seller in the transaction.