CHANDLER, ARIZ. – The Delta Corporation has acquired 15.3 acres of commercial land in Chandler for $2.7 million. The land is located at the southeast corner of Frye Road and Ellis Street. Delta plans to develop a mixed-use project on the site. Rick Danis and Paul Boyle of Cassidy Turley represented both the buyer and seller, BOK Financial Corp., in this transaction.
DALLAS — HFF has arranged the sale and financing of 3811 Turtle Creek, a 296,000-square-foot Class A office tower in Uptown Dallas. HFF marketed the asset on behalf of the seller, MetLife Real Estate Investors. KBS Capital Advisors purchased the property for an undisclosed amount. HFF’s debt placement team also secured a seven-year, 3.6 percent, fixed-rate loan on behalf of the new owner through a life insurance company. The property sits on five acres at the intersection of Turtle Creek Boulevard and Blackburn Street near the Turtle Creek Village mixed-use development, which is under construction. The 21-story property was recently renovated and features a gym and 899-space parking garage. The building was 81 percent leased at the time of sale to tenants including Eagle Materials Inc., Prosperity Bank, Estes Okon Thorne & Carr and Gables Residential.
ROUND ROCK, TEXAS — Griffis Residential has purchased The Orchard Apartments, a 512-unit Class A apartment complex located in Round Rock, for $55.5 million. The complex is located in the city’s La Frontera commercial business, retail and housing center. With the acquisition, Griffis Residential now owns and manages 5,658 multifamily units. The Orchard Apartments is the first Austin area complex the company owns, and will be renamed Griffis La Frontera as part of the transaction. The complex was built in 1997 and Griffis plans to invest more than $4 million in upgrades.
PRESCOTT VALLEY, ARIZ. – An 8,639-square-foot Kohl’s department store at The Shops at Glassford Hill Marketplace in Prescott Valley has sold to Zynda Family Trust for $2.7 million. The property is located at 3264 N. Glassford Hill Road. The fully leased shopping center contains five tenants that hold triple-net leases. The trust was represented by Rob Walter of Century 21 Arizona West. The seller, Prescott Valley Signature Entertainment LLC, was represented by Joseph Compagno of CBRE’s Phoenix office.
LITTLE RIVER, S.C. AND WINSTON, SALEM, N.C. — Multi Housing Advisors (MHA) has brokered the sale of two apartment communities in North and South Carolina totaling $20.2 million. The 168-unit Summer Chase in Little River sold for $11.1 million. Hudson Capital Investments LLC and Apex One purchased the community from Hemrick Properties LLC. The 168-unit Hawk Ridge in Winston-Salem sold for $9.1 million. Peak Capital purchased Hawk Ridge from Spyglass Capital Partners. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions.
SEATTLE — A partnership between Ivanhoé Cambridge and Callahan Capital Properties has acquired two adjoining office properties in downtown Seattle for $280 million. The transaction includes a 34-story, 572,500-square-foot, Class A office tower at 1111 3rd Ave., along with its neighbor, a five-story,135,000-square-foot office property known as Second & Spring at 1100 2nd Ave. The larger building recently underwent significant capital improvements, including an upgraded lobby and storefront, new building systems and a new fitness center. Second & Spring was constructed in 1906 and redeveloped in 2013. The seller was not named.
MOUNT LAUREL, N.J. — Paramount Realty has completed the sale of Village at Cambridge Crossing in Mount Laurel. Cornerstone Real Estate Advisers acquired the shopping center for an undisclosed price. Tenants at the LA Fitness-anchored center include Chico’s, Ann Taylor Loft, Verizon Wireless, AAA Car Center, Ruby Tuesday and Charming Charlie. The property was 100 percent leased at the time of sale. Brad Nathanson, Thomas Gorman, Jeffery Dunne and David Gavin of CBRE represented the seller and procured the buyer in the deal.
KENNESAW, GA. — Passco Cos. LLC has acquired the recently completed Twenty25 Barrett, a 238-unit apartment community, for $38.8 million. The LEED Gold-certified property is located at 2025 Barrett Lakes Blvd. in Kennesaw, a northern suburb of Atlanta. The property includes a clubhouse/business center, fitness center, executive club lounge, swimming pool with sunning shelf, dog park and lakefront trail. Developed by AMLI, the property’s units average 990 square feet.
RYE, N.Y. — HFF has brokered the sale of International Corporate Center at Rye, an office property located in Rye, Westchester County, N.Y. Faros Properties sold the 180,000-square-foot, Class A property for $39.5 million. Located at 555 Theodore Fremd Ave., the property, which was renovated in 2012, features three office buildings connected by a five-story glass rotunda lobby. On-site amenities include a fitness center, cafeteria, conference center with boardroom and an outdoor tenant courtyard. At the time of sale, the property was 98 percent leased to tenants in the financial service, private equity, law and consumer product sectors. Jeff Julien, Jose Cruz and Andrew Scandalios of HFF represented the seller. Richard Goldstein of Goldstein & Associates Realty represented the undisclosed buyer in the transaction.
SAN ANTONIO — NorthMarq Capital’s San Antonio office has arranged the $18.3 million refinancing of Concord Park II, a 121,698-square-foot office property located at 401 E. Sonterra Blvd. in San Antonio. The seven-year loan included a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with AIG, a life insurance company. Tenants at the property include Baker Hughes, Microsoft Corp., Weatherford International, Liberty Mutual and Raymond James Financial, Inc.
