WEST CHESTER, PA. — Beech Street Capital has provided a $32 million Fannie Mae loan for the refinancing of Goshen Terrace Apartments, a 384-unit property located in West Chester. Russ Dreb of Meridian Capital Group arranged the loan financed by Beech Street Capital as part of its correspondent relationship with Meridian. The 10-year loan has a 30-year amortization schedule.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $7.3 million sale of 1280 E. 18th St. in Brooklyn. The 42,180-square-foot, six-story apartment building includes 47 apartments. Josh Orlander of GFI Realty represented both the buyer and the seller in the transaction. The buyer plans to make improvements to the building to attract young professionals in the area.
FORT FAIRFIELD, MAINE —Marcus & Millichap Real Estate Investment Services has brokered the $10 million sale of the Fort Fairfield border patrol station, a 25,603-square-foot built-to-suit facility in northern Maine. Geoffrey Ficke of Marcus & Millichap's Dallas office represented the seller, a developer of buildings leased by the government. Ficke also procured the buyer, a fund focused on U.S. General Services Administration property acquisitions. Adrian Harris of Harris Real Estate, Appraisal & Auction Services in Farmington, Maine, also provided representation.
DALLAS — Dunhill Partners and RioCan, Canada's largest REIT, have purchased the 485,000-square-foot Timbercreek Crossing, a Class A shopping center located at 6185 Retail Rd. in Dallas, from owner and developer Trammell Crow Co. The center includes a two-story Walmart/Sam's Club, JC Penney, Whataburger, Chick-fil-A, Sears, Verizon Wireless, Bank of America and DelTaco. Dunhill Partners will manage the center. Chris Cozby, Chris Gerard and Brandon Ferguson of CBRE's Dallas office represented the seller in the transaction. Mike Bryant, Scott Lewis and Matt Ballard of CBRE's Dallas office arranged the acquisition financing on behalf of the buyers.
HOUSTON — CyrusOne, a subsidiary of Cincinnati Bell, has acquired 175,000 square feet of data center space in Houston from owner and developer Panattoni Development Co. The acquisition includes the LEED-Silver building that CyrusOne currently occupies as well as an adjacent data center under construction. Stan Johnson Co. represented the seller in the transaction, and Dallas-based Lincoln Rackhouse represented the buyer.
BEDFORD — Marcus & Millichap has arranged the sale of the 85-unit Linbrook Apartments, located at 531 Bedford Rd. in Bedford. The property was 80 percent occupied at the time of the sale. Boyan Radic, Mason Green and Brian Roosth in Marcus & Millichap's Fort Worth office represented the buyer, a 1031 exchange company from the East Coast, and the seller, a limited partnership from California, in the transaction. The buyer plans to upgrade the unit interiors and install a new roof.
SPRING — The Woodlands-based BANDIER Realty Partners has brokered the sale of a 12,060-square-foot retail center, located at 3307 Spring Stuebner W. Rd. in Spring. The property was foreclosed on by Sterling in September. The center is 37 percent occupied and includes a 1.17-acre pad site for future development. Jason Tangen and Jody Czajkoski of BANDIER's Foreclosure Asset Services Team represented the seller, Metro Bank, NA, in the transaction. Mark Terpstra of Houston-based Caldwell Cos. represented the buyer.
ONTARIO, CALIF. — Johnson Capital has arranged $19.7 million for the 168-unit Woodmere Apartments in Ontario. The non-recourse FHA loan features a low fixed rate and a 35-year term. The debt will be utilized to refinance the apartment community, which was built in 1986. The loan was arranged on behalf of Woodmere’s owner, a local investor, and was provided by Johnson Capital Huntoon Hastings. Financing was arranged by Greg Richardson, managing director, and Scott Watson, vice president, of Johnson Capital’s Irvine, Calif., office.
HUNTINGTON BEACH, CALIF. – A 64-unit apartment complex in Huntington Beach has sold to MHE Properties for $12,730,000. The complex underwent a full renovation in 2004 and is 100 percent occupied. Pat Swanson of Colliers International’s Irvine, Calif., office represented both the buyer and the seller, The Von Gremp Family.
GOLETA, CALIF. — Lockheed Martin Corporation has renewed its lease for 84,181 square feet at the Santa Barbara Business Park in Goleta. The five-year lease includes two 42,000-square-foot, Class A buildings at 336 and 346 Bollay Drive. The space will be occupied by Santa Barbara Focalplane, a Lockheed Martin Missiles and Fire Control business. The Towbes Group represented the landlord in this transaction.