LOS ANGELES – Jump LA has renewed its lease for 7,000 square feet of creative office space at Blackwelder in the Los Angeles submarket of Culver City. The space is located at 3123 S La Cienega Blvd. Other tenants at the campus include Hungry Man, Bandito Brothers and Gentlemen Scholar, as well as visual-effects firms like The Mill. The creative editorial boutique firm was represented by Avison Young’s Jeff Vertun. The landlord, a joint venture between Alcion Ventures and Genton Property Group, was represented by Lincoln Property Company.
PHOENIX – Twin City Hardware has leased 25,960 square feet of industrial space in Phoenix. The space is located at 5670 S. 40th Street. The hardware company signed a five-year lease. The space is owned by Arizona Industrial Properties. Twin City Hardware was represented by Mike Ciosek and Eric Bell of Voit.
MCKINNEY, TEXAS — Grandbridge Real Estate Capital has arranged a $33.2 million loan secured by Century Lake Forest Apartments, a 334-unit apartment complex located in McKinney. Fannie Mae provided funding for the seven-year, fixed-rate acquisition loan. The loan includes a 30-year amortization schedule with three years of interest-only payments. Taylor Williams and Purvesh Gosalia of Grandbridge originated the transaction. The property was built in 2013 and is situated on more than15 acres located approximately 30 miles north of downtown Dallas. Century Lake Forest is comprised of 12 three-story buildings with 20 one-, two- and three-bedroom floor plan options.
DALLAS — Marcus & Millichap has arranged the sale of Ken Griffin Mini Storage, an 18,639-square-foot self-storage facility located in Dallas. The asset sold for $525,000. Brandon Karr and Danny Cunningham of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Karr and Cunningham represented the buyer, another private investor. Ken Griffin Mini Storage is located at 3020 Duncanville Road. The facility was built in 1978 and features a manager’s office, garage-style doors, personalized keypad gated entry, video surveillance, perimeter fencing and lighting and concrete driveways. The property sits on more than one acre and includes 167 non-climate controlled storage units and three open parking spaces.
FLORENCE, KY. — Steadfast Apartment REIT has acquired Columns on Wetherington, a 192-unit apartment community located in Florence, roughly 15 miles outside of downtown Cincinnati. The REIT purchased the asset from an undisclosed seller for $25 million. The property was 92.7 percent occupied at the time of sale and in-place rents currently average $1,023. Completed in 2002, the apartment community features a clubhouse, fitness center, swimming pool, business center, outdoor basketball court, playground, putting green, car care center and access to a stocked fishing lake. Steadfast plans to improve the property’s interiors and common areas, including new signage, upgrades to the clubhouse, asphalt and concrete repairs and new pool furniture.
MIAMI — Marcus & Millichap has brokered the $11.3 million sale of a 35,000-square-foot, one-story office and warehouse building in Flagler Station at 10325 N.W. 112th Ave. in Miami. The property is fully leased to Wells Fargo and acts as the bank’s primary cash transfer station in the South Florida region. Wells Fargo’s lease expires in February 2024. The building has 110 parking spaces and two loading docks. Completed in 2009, the property is surrounded by an eight-foot security fence with electronic and video surveillance. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, DRA Advisors LLC, in the transaction. The Taylor-Zang-Dougherty Group and the MacLaren Group — part of Marcus & Millichap’s Philadelphia’s office — represented the buyer, an investor based in Philadelphia. Andrew Dansker of Marcus & Millichap’s Institutional Property Advisors’ capital markets division arranged $7.9 million in acquisition financing.
IRVING AND COLLEGE STATION, TEXAS — Berkadia has negotiated the sale of two Texas multifamily properties. Tom Burns and Jay Gunn of the Dallas office negotiated the sale of Burn Brae, located at 4200 W. Northgate Drive in Irving. Burns and Gunn, along with Bill King, also brokered the sale of Meadows Point, located at 800 Marlon Pugh in College Station. Burn Brae, a 282-unit property built in 1983, features one- and two-bedroom floor plans. The property is located near Texas State Highways 161 and 183. Las Vegas-based The Chancellor LLC sold the property to Northgate Investors LLC of Avon, Conn. Meadows Point, a 444-unit property built in 1985, features one- and two-bedroom floor plans. The property is situated near Texas A&M University’s campus and members of the community have access to Texas State Highway 6. The buyer was CCSHP College Station LP of Philadelphia, and the seller was SW Meadows Point LP of Richardson.
CARROLLTON, TEXAS — Henry S. Miller has arranged a 7,402-square-foot lease for CR Assembly in Carrollton. CR Assembly leased 7,402 square feet of a 30,240-square-foot, multi-tenant building from 3220 Commander Inc. The light assembly office/warehouse is located on the west side of Addison Airport off of Midway Road. Jim Turano of Henry S. Miller’s office division arranged the lease.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Parkway East Townhomes, a 70-unit apartment property located in Arlington. Matt Davis, of Marcus & Millichap’s Dallas office, marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor. Parkway East Townhomes is located at 1541 Parkway Lane at the corner of East Pioneer Parkway. Built in 1971, the asset is situated on more than five acres and includes two-bedroom and three-bedroom floor plans. The property features a leasing office, a swimming pool and a storage unit.
CONROE, TEXAS —Newcor Commercial Real Estate has arranged the sale of a 2.6-acre tract located at State Highway 105 just west of Loop 336 in Conroe. Nicole Meador of Lake Conroe Realty represented the buyer John Williamson. David Alexander of Newcor represented the seller, 105 – 336 Conroe LP.