JESSUP AND SAVAGE, MD. — CBRE has brokered the $27 million sale of three industrial facilities totaling 429,100 square feet in the Baltimore-Washington Corridor. The portfolio of properties is located at 8263-8265 Patuxent Range Road in Jessup and 8700 Larkin Road in Savage. An affiliate of Industrial Property Trust Inc. purchased the three assets from Colony Realty Partners. Bo Cashman, Jonathan Beard and Mike Roden of CBRE’s Baltimore office brokered the transaction.
PHILADELPHIA — Meridian Capital Group, on behalf of Pantzer Properties, has arranged a $31.5 million loan for the acquisition of The Sansom, a multifamily property located in Philadelphia. Located at 1605 Sansom St., the eight-story property features 104 multifamily units and 10,900 square feet of retail space occupied by Adolf Biecker Spa and Salon, Abe Fisher and Dizengoff. On-site amenities include a 24/7 doorman, private lobby, residents’ lounge, fitness center, bicycle parking and an outdoor terrace. The five-year loan, provided by a regional balance sheet lender, features a 3.13 percent fixed rate and two years of interest-only payments followed by a 30-year amortization schedule. Drew Anderman and Alan Blank of Meridian Capital Group’s New York City headquarters negotiated the transaction.
LOS ANGELES — Shoe Palace has opened four new stores within the Los Angeles area. The new stores include a 4,460-square-foot store at 7721-7725 Melrose Ave., which was leased from 499 Canon LLC; a 4,945-square-foot space at 214 Santa Monica Blvd. in Santa Monica, leased from Schrober Investments; a 14,800-square-foot store at 6351-6353 Pacific Blvd. in Huntington Park that was purchased from Fine Discounts; and a new store on Van Nuys Boulevard in Panorama City that is currently in escrow. It is scheduled to open by the end of the year. The combined sales and lease transactions for all four properties total more than $8 million. Shoe Palace is owned and operated by the Mersho family. The retailer was represented by Irwin Hyman and Jesse Paster of NAI Capital’s Encino office.
LOS ANGELES – A 39-unit apartment complex in Studio City has sold to Raintree Partners for $9.5 million. The community is located at 4250 Coldwater Canyon Ave. It was fully occupied at the time of sale. Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and unnamed seller.
PORT ARTHUR, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.1 million interest-only acquisition loan for a 226-unit apartment complex in Port Arthur. Michael Laurencelle and Jonathan Vollinger of MMCC’s Austin office arranged the financing. Mark Diebold of MMCC’s San Antonio office marketed the property on behalf of the seller, a limited liability company. Diebold also secured the buyer, another limited liability company. The property was built in two phases in 1968 and 1972 and underwent a $2 million renovation in 2013. The complex was 78 percent occupied at the time of sale.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-story mixed-use building located at 183-187 Avenue C in Manhattan’s Alphabet City neighborhood. Darwin Management sold the 24,534-square-foot building to Nader Shalom, a private investor, for $18.4 million. Built in 1910, the property features 43 residential units and three commercial units, which are occupied by Cafetico, a dry cleaner and a bodega. Additionally, the building features 1,090 square feet of air rights. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the deal.
FULLERTON, CHINO AND SANTA ANA, CALIF. — Yokohama Tire Corp. has sold its 439,567-square-foot warehouse facility in Fullerton for $42.7 million. The facility, located at 601 South Acacia Ave., served as the company’s U.S. headquarters. KTR DC III LLC acquired Yokohama’s former facility. CBRE’s Michael Kendall, Darla Longo, Barbara Emmons, Ben Seybold and Andrew Morrow represented Yokohama in the transaction. The tire company has signed a new 15-year lease for a 658,756-square-foot distribution center in Chino. That space is located at 16388 Fern Ave. The landlord is Invesco. Morrow and Seybold once again represented Yokohama, along with David Consani and Joey Sugar of CBRE. Yokohama has also signed a 10-year lease for 57,624 square feet in Santa Ana that will serve as the company’s U.S. headquarters. That space is located at 1 MacArthur Blvd. in Santa Ana. CBRE’s Dean Chandler and John Weiner represented the landlord, Equity Office. Morrow and Seybold, along with Scott Kenny and Garrett Ellis of CBRE, represented Yokohama.
HARTFORD, WIS. AND MECHANICSVILLE, VA. — Capital Square Realty Advisors has acquired two healthcare buildings for an undisclosed price in the Richmond suburb of Mechanicsville and the Milwaukee suburb of Hartford. The portfolio includes a 73,756-square-foot, two-story building located at 1550 Innovation Way in Hartford and a build-to-suit 20,066-square-foot, single-story medical office building located at 7515 Right Flank Road in Mechanicsville. Each of the healthcare properties are on long-term leases to tenants.
CHARLOTTE, N.C. — Trinity Capital Advisors, owner of the six-building Toringdon Office Park in Charlotte’s Ballantyne submarket, has struck a deal to bring a new Hampton Inn and Suites to one of the office park’s outparcels. The 120-room, six-story hotel will feature a fitness center, indoor/outdoor pool and meeting space. The new hotel will be Beacon IMG’s fourth hotel in the greater Charlotte area. Construction will begin in the fall and wrap up in late 2015 or early 2016. Trinity Capital Advisors has also signed TIAA-CREF to a 24,190-square-foot lease in the Toringdon 4 building. TIAA-CREF will have signage on the exterior of the building that is visible from nearby Interstate 485, as per the lease agreement. Josh Lebowitz and Rob Hinton of CBRE represented TIAA-CREF in the lease transaction. Rhea Greene and Jennifer Kurz represented Trinity Capital Advisors internally.
DALLAS — Greystone has provided a $19.5 million bridge loan for the acquisition of two apartment complexes in Dallas. JD Stettin of Greystone’s New York office originated the loan. The interest-only bridge loan for the properties, known as Vineyards and Villa Jolla, includes a two-year term for the borrower, Dallas-based Presidium Group. Presidium plans to invest more than $5 million in capital improvements for both properties for interior and exterior upgrades. Presidium will pursue long-term HUD financing through Greystone.
