SUGAR LAND — NorthMarq Capital has arranged $1.2 million in first mortgage financing for the 3,745-square-foot Taco Cabana, located at 16770 Southwest Freeway in Sugar Land. Bart Dickinson of NorthMarq's Dallas office arranged the financing based on a 10-year term with a 25-year amortization schedule through StanCorp Mortgage Investors.
SANTA MONICA, CALIF. – A 23,000-square-foot, Class A office building located at 1315 Lincoln Blvd. in Santa Monica has sold to Lincoln Property Company for $12.6 million. The building was 25 percent occupied at the time of sale. Bob Safai and Mitch Stokes of Madison Partners represented the seller, Praedium Group, in this transaction.
DENVER — Lowe Enterprises Investors has purchased the 231,454-square-foot Denver Club office building inside Denver’s Central Business District. Built in 1954, the 24-story Denver Club is a historic building that is undergoing a $10-million renovation. The tower is currently 76 percent leased. Jeremy Ballenger of Lowe Enterprises Real Estate Group led Lowe’s acquisition team. The seller was represented by Riki Hashimoto and Dan Grooters of Grubb & Ellis.
GLENDALE, CALIF. — Institutional Property Advisors (IPA) has sold the 77-unit Legacy at Westglen apartment complex in Glendale to Acacia Realty Corp. for an undisclosed sum. The property was built in 1984 and contains 80,766 square feet that reside at 1151-1161 Sonora Ave. IPA’s Ron Harris and Joseph Smolen represented both the buyer and the seller, TIAA-CREF Global Real Estate.
BOCA RATON, FLA. — Alliance Residential Co. has started construction on the $62 million, 384-unit Broadstone at North Boca Village, located along North Federal Highway in Boca Raton. Apartments will feature stainless steel appliances, washers and dryers, granite countertops and 9-foot ceilings. Completion is slated for March 2013.
ORLANDO, FLA. — Wood Partners has acquired 9.69 acres of land to build the $32.7 million, 264-unit Alta at Lake Eve, located on International Drive in Orlando. Apartments will feature ENERGY STAR appliances, washers and dryers, and wood laminate flooring. Charlan Brock & Associates is the architect for the project and HSBC Bank USA is providing construction financing. SunTrust foreclosed on the land last year after the previous owner, Eve Development, defaulted on a $3.8 million loan. Stephen Flanagan with Land Advisors Organization's Orlando office represented the buyer in the transaction and Paul Hoffman of Maitland, Fla.-based Coldwell Banker Commercial NRT represented the seller. Completion is slated for March 2013.
WASHINGTON, D.C. — Carr Properties has sold a 41,358-square-foot office building, located at 1741 Business Center Dr. in Washington, D.C., to Lake Fairfax Business Center Owners Association for $5.22 million. Additionally, Carr Properties negotiated a lease termination with the tenant, generating additional cash proceeds.
BOWIE, MD. — Inland Private Capital Corp. has sold a 26,170-square-foot retail building, located at 4500 Mitchelville Rd. in Bowie, to 4500 Mitchelville Road, Inc., for $5.1 million. The property is fully leased to PetSmart. Stan Johnson Co. represented the seller in the transaction and Addison-Herring represented the buyer.
GREENSBORO, N.C. — Marcus & Millichap has negotiated the $3.4 million sale of a 15,105-square-foot medical office building, located at 622 Industrial Blvd. in Greensboro. The property is currently leased to Fresenius Medical Care Dialysis Clinic. Scott Niedergang of Marcus & Millichap's Chicago office and Allen Smith of the firm's Charlotte, N.C., office represented the seller, a developer, in the transaction and procured the buyer, a private investor.
COLUMBUS, OHIO — CB Richard Ellis has negotiated the sale of the 407,472-square-foot One Columbus, a 26-story office building located at 10 W. Broad St. in Columbus. George Stecz and Don Roberts of CB Richard Ellis' Columbus office represented Invesco Real Estate, the seller, in the transaction. The buyer was White Plains, N.Y.-based True North Management Group.
