SAN DIEGO — NorthMarq Capital has arranged an $11 million bridge loan for the refinancing of an office project in San Diego. The non-recourse loan includes a future funding provision that provides the borrower with capital to complete renovations to the property, according to Steve Hollister of NorthMarq Capital’s San Diego office. Hollister arranged the three-year, interest-only financing, along with Aaron Beck.
OAKLAND, CALIF. — An unnamed buyer has purchased a 521,177-square-foot office tower in Oakland’s City Center mixed-use development for an undisclosed sum. The 24-story tower is located at 1221 City Center, at the intersection of 12th Street and Broadway. The tower’s lobby and common areas have recently undergone a $21.5 million renovation. The property also enjoys immediate access to the Bay Area Rapid Transit (BART). The space is now 98 percent occupied. The seller was a joint venture between American Realty Advisors and Westcore Properties. Eastdil Secured represented the joint venture in the sale.
CEDAR PARK, TEXAS – Riverside Resources has begun construction on the first phase of a 100-acre mixed use campus on Parmer Lane in Cedar Park. The first phase of the campus, called Presidio, will feature 74,000 square feet of office space, a 100-room hotel, 320 urban lofts and 21,000 square feet of retail/restaurant space. The initial phase spans 26 acres off the southeast corner of Parmer Lane and Ranch Trails Court. The remaining 74 acres is on the other side of Ranch Trails Court. Presidio will be able to accommodate an office campus with upwards of 500,000 square feet, along with additional lofts, retail and restaurant space. The design’s intent is to bring a more urban, walkable mixed-use campus to Parmer Lane and Cedar Park, with a trail system, local restaurants, a park and a food trailer court. The Phase I office building has been 50 percent pre-leased to American Constructors and will be ready for occupancy in the fall of 2016. In early 2016, Riverside Resources will also move ahead with the other components of the first phase, including a 21,000-square-foot restaurant and retail component it’s developing in partnership with Chris Whitworth and Mauricio Gonzalez Kane of Cordova Real …
DALLAS — Jerry Averyt of Henry S. Miller Brokerage’s office division has represented Pace Communications in the lease of its new office space in Dallas. Pace Communications leased 3,400 square feet at 2811 McKinney Ave. from 2811 McKinney TT. Blake Shipley and Ashley Curry of JLL represented the landlord in the transaction.
SANTA ANA, CALIF. — Nova Academy Children’s Foundation has purchased a 38,000-square-foot office building in Santa Ana for $8 million. The building is located at 500 W. Santa Ana Blvd. The foundation will use this property as a flagship charter high school. Brian Corrigan of Voit Real Estate Services’ Anaheim executed the sale.
RICHARDSON, TEXAS — Spear Street Capital, Cushman & Wakefield and Peloton Commercial Real Estate will redevelop Galatyn Commons, a Class A office campus in Richardson. Located at 1011 Galatyn Parkway, the campus includes 600,000 square feet available for lease. Chris Taylor of Cushman & Wakefield, along with Peloton’s Russ Johnson, handle property leasing on behalf of the owner, Spear Street Capital. The multi-million dollar investment to redevelop Galatyn Commons is underway and will provide current and future tenants a full array of amenities. Renovations include the expansion of the parking garages to a ratio of 5 spaces per 1,000 square feet, as well as a complete renovation of the full-service cafeteria and outdoor amenity complex. Other new indoor amenities will include a coffee shop, conference center and new lobbies supported by 24-hour security. New outdoor enhancements include the addition of a food truck pavilion, an amphitheater, outdoor kitchen, fire pits and bocce courts. The campus will also feature a regular shuttle, as well as bike checkout stations providing access to CityLine, a 186-acre mixed-use development in Richardson. The Galatyn Commons campus is also adjacent to the Renaissance Hotel and Conference Facility and the Eisemann Center for Performing Arts. The full …
RICHMOND, VA. — HFF has brokered the $78 million sale of Richmond Tower, a 207,000-square-foot office tower located at 200 S. 10th St. in downtown Richmond. Completed in 2010, the 15-story property was 98 percent leased at the time of sale. Law firm Williams Mullen occupies roughly 82 percent of the office tower, which is situated adjacent to Kanawha Plaza and a few blocks from the Virginia State Capitol. Stephen Conley, Dek Potts, Jim Meisel, Andrew Weir and Matt Nicholson of HFF represented the seller, Armada Hoffler Properties Inc., in the transaction. Adam Vaisman of Butters Construction and Development and Richard Ostrovsky of MEK Management Services Inc. advised the buyer, Kireland South 10th Street LLC. Cary Abod of HFF’s debt placement team arranged $52 million in fixed-rate acquisition on behalf of the buyer.
ORLANDO, FLA. — Ready Capital Structured Finance has provided an $8.8 million acquisition loan for a six-story, 82,892-square-foot Class B office building in Orlando’s central business district. The unnamed sponsor purchased the asset to renovate and upgrade the lobby and common areas, and to lease up the remaining vacant office space. The non-recourse loan features a three-year term with a one-year extension, which is inclusive of a facility to provide for future tenant improvements, leasing commissions and capital expenditures.
HOUSTON — Adam Lipkin of Grandbridge Real Estate Capital’s Miami team has secured a $6.2 million bridge loan for a Houston-area office building. A sovereign wealth fund operated by the Republic of Nauru owns the property. A direct small-balance commercial real estate lender provided the two-year loan to the Nauru Phosphate Royalties Trust, a subsidiary of Nauru Realty Trust. With just under 10,000 inhabitants, Nauru is the world’s smallest island nation. Its government developed the Nauru Phosphate Royalties Trust to invest proceeds from a state-owned mining company. The loan facilitated by Lipkin provides a short-term financing solution for the Houston office building, which is occupied by Jacobs Technology, a wholly owned subsidiary of publicly traded NASA contractor Jacobs Engineering Group. Jacobs provides technical, professional and construction services to various industrial, commercial and governmental clients. The Jacobs office building is located at 2224 Bay Area Blvd. at the hard corner of Bay Area Boulevard and Space Center Boulevard in the Clear Lake area of Houston.
HOUSTON — Weeks Marine has leased 8,266 square feet at the Columbia Centre building located at 11011 Richmond Ave. in the Westchase submarket of Houston. Griff Jaggard and Kurt Kistler of Moody Rambin represented the building owner, DIG Columbia Centre, in the lease. Andre Granello with Cresa Partners represented the tenant in negotiations. Weeks Marine is a marine construction and dredging company.
