RIALTO, CALIF. — Marcus & Millichap Capital Corporation has arranged a $9-million bridge refinancing loan for a 49,322-square-foot retail center in Rialto that includes three undeveloped pads. The loan for the grocery- and drug-anchored center has a three-year term with a two-year extension and a 30-year amortization schedule. The loan-to-value is 70 percent. Financing was arranged by Daniel Litman, a vice president capital markets in MMCC’s West Los Angeles office.
RICHMOND, CALIF. – Home furnishings company Serena & Lily has leased 54,896 square feet of warehouse and manufacturing space at Pinole Point Business Park in Richmond. The tenant was represented by Brian Barden of Lee & Associates’ Oakland, Calif., office and Brian Foster of Cassidy Turley BT Commercial. Pinole Point’s landlord, Industrial Income Trust, was represented by Greig Lagomarsino and Todd Severson with Colliers International’s Oakland office.
INGLEWOOD, CALIF. — The 36-unit 524 Venice Way apartment complex in Inglewood has sold to Lazy J Bar Z, LLC from Shree Ram Ven, LP for $4,350,000. It sold at a 6.5 percent cap rate. Lazy J Bar Z was represented by Michael McKinney and Steffan Braunlich of Hendricks & Partners’ new South Bay, Calif., office.
BLACKSBURG AND RINER, VA. — Skanska USA's Skanska Integrated Solutions group (SIS), which specializes in program management and energy services, has been selected to provide program management oversight for three school construction projects for Montgomery County Public Schools in Virginia. The projects include the construction of the new Blacksburg High School in Blacksburg, the construction of the new Auburn High School and the conversion of the current Auburn High School into the new Auburn Middle School, both in Riner. The total cost for all three projects is $125 million. Completion for the two high schools is slated for the summer of 2013 and the middle school will be completed during the summer of 2014.
WINTER PARK, FLA. — Rollins College has broken ground on the 112-room Alfond Inn, located at the former Langford Hotel site approximately one block from campus in Winter Park. The 100,000-square-foot facility will feature 8,000 square feet of a ballroom and meeting space, a conservatory, signature restaurant, elevated pool deck, bar, fitness center and a series of courtyards. Baker Barrios Architects is the architect for the project and Hardin Construction Co. is the construction manager. The Olympia Cos. will manage the property upon completion in the spring of 2013. The Harold Alfond Foundation donated $12.5 million to the college to construct the project.
AUBURN, ALA. — Pine Tree Silverpeak Retail Partners, a joint venture between Northbrook,Ill.-based Pine Tree Commercial Realty and New York-based Silverpeak Real Estate Partners, has joined with New York-based Privet Investments to acquire the 79,540-square-foot Hamilton Place Shopping Center, located at 2415 Moores Mill Rd. in Auburn. Publix anchors the center. Brent Gladden of Auburn-based University Real Estate Group represented the seller, Hamilton Place LLC, in the transaction.
SPRING HILL, FLA. — Oak Grove Capital has secured a $16 million Fannie Mae supplemental loan for the 205-unit The Residences at Timber Pines, located at 3140 Forest Rd. in Spring Hill. The loan was provided to refinance the recourse construction loan used by the facility's sponsor, Chaska, Minn.-based The Goodman Group, to construct a 78-unit expansion. The 10-year loan has a 30-year amortization schedule.
LAWRENCEVILLE, GA. — Hobby Lobby has signed a 57,000-square-foot lease at the 704,480-square-foot Lawrenceville Market Shopping Center, located in Lawrenceville. Marshalls, Ross Dress for Less and AMC Theaters anchor the center. SRS Real Estate Partners represented the tenant in the lease transaction.
ELGIN, ILL. — Milwaukee-based Zilber Property Group has purchased a 125,990-square-foot industrial building, located at 1331 Davis Rd. in Elgin, Ill. for an undisclosed amount. Tenants include Seigle Cabinet Center and Bucher Hydraulics. Ken Franzese and John Cassidy of Lee & Associates represented the seller. Adam Marshall of NAI Hiffman represented the buyer and Bucher Hydraulics.
SOUTH BEND, IND. —Memphis-based Education Realty Trust has purchased Irish Row, a collegiate housing community adjacent to the University of Notre Dame in South Bend, Ind. for $27.5 million in cash. The community consists of 127 units in two-, three-, and four-bedroom styles. The community is fully leased for the 2011-2012 academic year.