SUGAR LAND, TEXAS — Stockdale Capital Partners has acquired Sugar Creek I and II, a 409,168-square-foot office complex in the Houston suburb of Sugar Land. The property was 96.1 percent leased at the time of the sale by tenants including Noble Drilling Corp. and United Healthcare. On-site amenities include a fitness center, deli and conference rooms. Rusty Tamblyn and Trent Agnew of HFF represented the sellers, Granite Properties and MetLife. Jeremy Womack of HFF arranged acquisition financing.
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DENVER — Hudson’s Bay Centre, a 172,912-square-foot boutique office building in Denver, has received $21.2 million in acquisition financing. The Class A office building was acquired by a joint venture between MDC Realty Advisors USA and Artis REIT. The property is located at 1600 Stout Street in the Midtown East section of the Central Business District. It sits adjacent to the 16th Street Mall Shuttle and Stout Station RTD light rail station. The transit-oriented property is currently 96.4 percent leased. The seven-year loan features a fixed interest rate of 3.76 percent. It was secured by HFF’s Josh Simon and Leon McBroom. The loan was placed with Principal Real Estate Investors.
ROCK HILL, S.C. — Angelic Real Estate and Red Rock Development have closed the sale-leaseback financing of a 105,000-square-foot headquarters and lab building in Rock Hill, part of the greater Charlotte, N.C., area. The financing amount was roughly $24.4 million. Red Rock developed the property on behalf of the tenant, Physicians Choice Laboratory Services (PCLS). The facility serves as PCLS' headquarters and primary testing facility. BlackArch Partners also provided financial advisory services to PCLS in the transaction. Red Rock Development and Angelic Real Estate have a strategic partnership for the financing and capitalization of commercial properties.
CHARLOTTE, N.C. — NorthMarq Capital has arranged approximately $2.9 million to refinance Mallard Professional Center, a 31,500-square-foot office building in Charlotte. Kevin Jenkins of NorthMarq's Charlotte office arranged the five-year loan with a 20-year amortization schedule through an unnamed credit union.
ROSEMONT, ILL. — Bradford Allen Realty Services has arranged the lease of an 8,807-square-foot office space in Rosemont. VHT Inc., a full service provider of visual marketing services designed for the real estate industry, will occupy space at 6400 Shafer Court. The firm is relocating from its offices also located in Rosemont. Joel Berger and C.J. Ricardi of Bradford Allen Realty Services represented VHT. Zachary Fox of Transwestern represented the landlord, Crossroads Development, in the transaction.
PORTLAND, ORE. – A pair of Class A office buildings in Portland has sold to joint venture Woodside Palisades Partners for an undisclosed sum. The buildings, Cascade Station I and II, are located in the Cascade Station mixed-use development. They contain a total of 127,000 square feet. Woodside Palisades Partners is a joint venture between Joaquin Charles de Monet of Palisades Capital Realty Advisors and two Silicon Valley investors. The unnamed sellers were represented by CBRE’s Kevin Shannon.
SEATTLE – The University District Building, a 79,513-square-foot office building in Seattle, has received a $9-million refinance. The building is occupied by the University of Washington. It is located at 1107 NE 45th Street in the U District. The 10-year loan features a 25-year amortization schedule and a sub-5 percent interest rate. It was secured by Ken Griggs and Paddy Ryan of NBS Financial Services. The pair also collaborated with Mike Wood. NBS represented the lender, Riversource Investments, in this transaction.
DETROIT — Bernard Financial Group has arranged a $24.5 million, non-recourse CMBS loan to refinance a 23-story office building in Detroit. The building is located at 1001 Woodward Ave. The property has attached parking and ground-floor retail containing 298,517 square feet of net rentable area and 729 parking spaces. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan on behalf of the borrower, 1001 Webward LLC. The CMBS lender is a servicing correspondent of Bernard Financial Group. Bedrock Real Estate Services operates the office building.
HOUSTON — Tanglewood Property Group (TPG) has acquired a 101,000-square-foot office building in Houston’s Beltway 8 Corporate Center business park. The property, located at 5300 W. Sam Houston Parkway North, was fully leased at the time of the sale. Henry Hagendorf of TPG and Tom Lynch of CBRE represented TPG in the acquisition.
GLENDALE, ARIZ. — California Casualty Insurance Co. has renewed its lease for 27,750 square feet at Talavi Corporate Center in Glendale. The center is located at 5651 W. Talavi Blvd. The insurance company renewed for another six years. It has resided at the center since 2004. California Casualty was represented by Craig Coppola and Andrew Cheney of Lee & Associates Arizona. The landlord, Regent Properties, was represented by CBRE’s Ashley Brooks, Jr. Regent acquired the property from CW Capital Asset Management during the lease negotiation.