ADDISON — San Antonio-based Embrey Partners has closed on a 353-unit multifamily community currently under development, located at the southeast corner of Keller Springs and Addison roads in Addison. The units will feature granite countertops, custom cabinetry, garden tubs and stainless steel appliances. Amenities for the complex will include a clubhouse, cafe, health club and swimming pool. Construction is slated to begin immediately and occupancy is slated for first quarter 2013. Wells Fargo provided construction financing and Holliday Fenoglio Fowler arranged equity financing.
AUSTIN — Marcus & Millichap has arranged the sale of the 70-unit Westheimer Oaks, an apartment complex located at 2606 Wheless Ln. in Austin. Kent Myers and Joe James of Marcus & Millichap's Austin office represented the seller, a partnership, in the transaction and procured the buyer, a limited liability company.
VERNON, CALIF. — An 86,000-square-foot industrial property in Vernon has sold to J&H Textile for $7,740,000. The property was built in 1972 and resides at 2301-2303 E. 55th Street. J&H was represented by Steve Kim of Magic Properties. Thomas A. Condo of Colliers International’s Commerce, Calif., office represented the seller, 55th Street Property LLC.
SAN DIEGO – DivcoWest and Stockbridge Capital Group have formed a joint venture to purchase the Genesee Executive Plaza, a 159,425-square-foot, Class A commercial and medical office complex in San Diego, for an undisclosed sum. Genesee Executive Plaza was built in 1984 and resides within San Diego’s University Town Center submarket. It recently received $1.2 million in capital improvements. The plaza is currently 69 percent leased, and has been approved for an additional 22,500 square feet of medical office space. The property was marketed by Fred B. Cordova, Mark A. McEwen, Tom Mercer, Paul Braun, Chris Ross and Ryan Eddy of Colliers International.
FONTANA, CALIF. — Hispanic grocery store chain Rio Ranch Market has leased a 45,000-square-foot retail space at Southridge Plaza Shopping Center in Fontana. The space was formerly occupied by a Ralphs supermarket. Rio Ranch hopes to open its new store in the second quarter of 2012. The value of its 10-year lease was not disclosed. Argent Retail Advisors’ Terry Bortnick represented both Rio Ranch and the center’s owner, Mabela, LLC, in this transaction.
REDWOOD CITY, CALIF. — Zazzle has tripled its space within the Pacific Shores Center in Redwood City. The quality custom products manufacturer has leased 119,730 square feet of Class A office space at the center. It had been subleasing 36,750 square feet at an adjacent building within the center. The new building, located at 1800 Seaport Blvd., will serve as Zazzle’s headquarters. This space is currently occupied by Dreamworks SKG, which will be expanding and relocating within the center as well. Zazzle was represented by Mark Daschbach and John McKenna of Cornish & Carey Commercial. Pacific Shores’ owner, Starwood Capital Group, was represented by Mike Moran, Ben Paul, Michael Courson and Mike Connor of Cassidy Turley.
KENT VALLEY, WASH. — Kent Warehouse and Labeling has leased 240,000 square feet of warehouse space in the Northwest Corporate Park in Kent Valley. The Northwest Corporate Park consists of 19 buildings totaling 2.76 million square feet. The business park’s landlord, Principal Real Estate Investors, was represented by Matt Wood, Thad Mallory and Tony Miltenberger of Kidder Mathews.
ALPHARETTA, GA. — Cushman & Wakefield has arranged the sale of a 93,963-square-foot office building, located at 1200 Bluegrass Lakes Pkwy. in Alpharetta. The building is 73 percent leased to Arch Chemicals through 2021. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield's Atlanta office represented Reed Elsevier, the seller, in the transaction. The buyer, Norcross, Ga.-based OA Development, was self-represented by Eric Singer.
PALM BAY, FLA. — ARA has negotiated the $3.17 million sale of the 216-unit The Pines Apartments, a garden style apartment community located at 3016 Pinewood Dr. NE in Palm Bay. The property is currently 92 percent leased. Kevin Judd, Patrick Dufour and Matt Wilcox of ARA's Orlando, Fla., office represented the seller in the transaction. Cincinnati-based Green Realty Corp. was the buyer.
KNOXVILLE, TENN. — Baker Realty Co. has brokered the $1 million sale of the 39,286-square-foot former Sea Ray Logistics building, a warehouse located at 5501 Island River Dr. in Knoxville. Bob Thornton of Baker Realty Co. represented the seller, Brunswick Corp., in the transaction and procured the buyer, LORYSAN.