REDLANDS, CALIF. – A 96,997-square-foot portion of thePavilion at Redlands shopping center has sold to a Chinese private investor for $17.7 million. The portion that sold is located at 2054-1094 Redlands Blvd. This part of the property contains a 52,924-square-foot Food 4 Less, in addition to about 20 smaller retailers, including Payless Shoe Source, Verizon, GameStop, Little Ceasers, Metro PCS, H&R Block and Supercuts. The property is currently 99 percent leased. CBRE’s Dennis Zhang represented the all-cash buyer. The sellerwas an affiliate of Foothill Village Property, LP.
Western
PHOENIX – A four-property, Phoenix-based Walgreens portfolio has sold to an unnamed buyer for $15.9 million. The Arizona properties were part of a larger transaction that included five additional Walgreens and one CVS drugstore located throughout the nation. The drugstores contained a mix of both long- and short-term, double- and triple-net leases. About half of the transactions were off-market deals, according to Ryan Barr and Ryan Bennett of Lee & Associates-North San Diego County’s Barr & Bennett Net Leased Group, who represented the buyer.
LAKEWOOD, COLO. — The Lodge at Denver West has received a $40.5-million mezzanine construction loan. The 252-unit development is located within the Denver West Business Park in Lakewood, which is southwest of Denver. The Lodge will be the final multi-housing phase for the Denver West master-planned development. Upon completion, the 800-acre, mixed-use project will contain about 2 million square feet of office space, nearly 2 million square feet of retail and 575 existing multi-housing units. The Lodge is slated for completion in 2015. The seven-year loan has a fixed interest rate of 5.5 percent with interest-only during the 24-month construction term. It was arranged at 89 percent of cost by HFF’s Wally Reid and Josh Simon on behalf of a joint venture between the Greystone Group and the Stevinson Family.
SCOTTSDALE, ARIZ. – Construction has commenced on the third officebuilding at SkySong,the ASU Scottsdale Innovation Center. The 145,000-square-foot SkySong III will be located alongSkySong Boulevard. ArizonaState University (ASU) will lease one and a half of the building’s four floors.Existing tenant WebFilingswill also expand its presence at the property by leasing a full floor of the new building. Plaza Companies has also signed a lease at SkySong III. With these leases already in place, the new building has reached 65 percent occupancy before construction even began.The $32-million building is being developed by PlazaCompanies in partnershipwith the Arizona StateUniversity Foundation and the City of Scottsdale. Holualoa Companies has also partnered with Plaza Companies on this project. Financing is provided by Alliance Bank ofArizona.
LAKEWOOD, COLO. – The 318-unit Belmar Villas in Lakewood has sold to Seagate Properties for an undisclosed sum. The community is located at 700 S. Reed Court. It was 97 percent occupied at the time of closing. Seagate plans to renovate the property. The unnamed seller was represented by Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Colorado.
LAKEWOOD, COLO. — The Lodge at Denver West has received a $40.5-million mezzanine construction loan. The 252-unit development is located within the Denver West Business Park in Lakewood, which is southwest of Denver. The Lodge will be the final multi-housing phase for the Denver West master-planned development. Upon completion, the 800-acre, mixed-use project will contain about 2 million square feet of office space, nearly 2 million square feet of retail and 575 existing multi-housing units. The Lodge is slated for completion in 2015. The seven-year loan has a fixed interest rate of 5.5 percent with interest-only during the 24-month construction term. It was arranged at 89 percent of cost by HFF’s Wally Reid and Josh Simon on behalf of a joint venture between the Greystone Group and the Stevinson Family.
SCOTTSDALE, ARIZ. – Construction has commenced on the third office building at SkySong, the ASU Scottsdale Innovation Center. The 145,000-square-foot SkySong III will be located along SkySong Boulevard. Arizona State University (ASU) will lease one and a half of the building’s four floors. Existing tenant WebFilings will also expand its presence at the property by leasing a full floor of the new building. Plaza Companies has also signed a lease at SkySong III. With these leases already in place, the new building has reached 65 percent occupancy before construction even began. The $32-million building is being developed by Plaza Companies in partnership with the Arizona State University Foundation and the City of Scottsdale. Holualoa Companies has also partnered with Plaza Companies on this project. Financing is provided by Alliance Bank of Arizona.
LAKEWOOD, COLO. – The 318-unit Belmar Villas in Lakewood has sold to Seagate Properties for an undisclosed sum. The community is located at 700 S. Reed Court. It was 97 percent occupied at the time of closing. Seagate plans to renovate the property. The unnamed seller was represented by Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Colorado.
SANTA CLARA, CALIF. – The 1,000-unit Mansion Grove in Santa Clara has received $188 million in first-mortgage refinancing. The community is located at 502 Mansion Park Drive. It was 98 percent leased at the time of closing. Financing was based on a 10-year term and a 30-year amortization schedule.Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office arranged the financing on behalf of an affiliate of Prometheus Real Estate Group. It was arranged through the firm’s relationship with Teachers Insurance and Annuity Association of America (TIAA-CREF) and Allstate Life Insurance Company.
TEMPE, ARIZ. – HUB on Campus at Arizona State University (ASU) in Tempe has sold to Inland American Communities Group (IAC) for $103 million. The HUB is located across from Sun Devil Stadium near the Mill Avenue entertainment district. It includes 640 beds, 21,842 square feet of ground-floor retail space and adjacent land for future development. HUB is set to be fully occupied for the 2013-2014 school year. IAC is a wholly owned subsidiary of Inland American Real Estate Trust.