SAN ANTONIO — Stream Realty Partners has signed the United States Automobile Association (USAA) to a lease totaling 128,354 square feet in buildings III and IV of the University Tech Park Center in northwest San Antonio. The lease brings both buildings to 100 percent occupancy, with USAA occupying all of building IV and 39,834 square feet of building III. Atento, a business process outsourcing firm, occupies the remainder of building III. Jason Schnittger of Stream Realty represented property owner BP Westchase LLC, while Travis Commercial represented the tenant.
DALLAS — Which Wich Superior Sandwiches has leased two full floors of Adolphus Tower located in downtown Dallas. The lease, arranged by Carla Machulis of Henry S. Miller, totals approximately 14,000 square feet overlooking Main and Akard streets. Which Wich, founded in Dallas in 2003 by Jeff Sinelli, has 300 locations open or under development in 30 states and four countries.
BURBANK, CALIF. – A 34,153-square-foot office building in Burbank has sold to a locally based private investor for an undisclosed sum. The building is located at 2727 W. Alameda Ave. in the city’s media district. The sale comes just days after the building's two tenants, FotoKem and St. Joseph’s Hospital/Providence Health System, renewed their leases. Corey Spound and Dean Hawthorne of Jones Lang LaSalle’s Los Angeles office represented both the buyer and the seller, GLC Enterprises, in this transaction. The firm also completed the two lease renewals.
SAN DIEGO — Cornerstone Heights Corporate Center, a 97,945-square-foot office property in the San Diego submarket of Sorrento Mesa, has received $13.7 million in acquisition/bridge financing. The two-building center is located at 5959 and 6059 Cornerstone Court West. Both buildings underwent significant renovations in 2008. The property now boasts a 90 percent occupancy. The three-year, floating-rate loan was arranged by HFF’s Aldon Cole, Kara Mathis, Jay Marshall and Doug Bond on behalf of a joint venture between Lincoln Property Company and Artemis Real Estate Partners. The loan was placed with Bank of America.
HUNTINGTON BEACH, CALIF. – A 102,700-square-foot industrial building in Huntington Beach has sold to a joint venture between CT Realty Investors and Artemis Real Estate Partners for $10.6 million. The building is located at 17311 Nichols Lane. The JV also recently signed a 10-year lease with Driessen Aircraft Interior Systems Inc. that is valued at $9.1 million. The company, which specializes in designing, manufacturing and marketing high-quality galleys for commercial and private aircraft, will occupy 100 percent of the space. Per the lease agreement, Driessen has the option to convert a portion of the warehouse into office space and add 10,447 square feet of second-story mezzanine office space. Driessen is owned by Zodiac Aerospace. The JV was represented by Darin McDonald and Ted Sawyer of Lee & Associates’ Newport Beach office. McDonald and Sawyer also represented Driessen in the lease transaction. The seller, a former owner/user, was represented by Jeffrey Read and Scott Read of Newmark Grubb Knight Frank in Newport Beach. The transaction was executed on behalf of New York State Common Retirement Fund’s $300-million real estate emerging manager program. The program hopes to invest with best-in-class operating partners that have proven market and product expertise.
LEHI, UTAH — Perry & Associates, Inc. has broken ground on Traverse Ridge Center I, a 70,000-square-foot, Class A office building in Lehi. The building represents the first phase of a 22-acre, mixed-use office campus. It will be located at the intersection of Triumph Boulevard and SR-92. The building is scheduled for completion in April 2014. Build-to-suit and ground lease options are currently available. The listing is managed by CBRE’s Eric Smith, Kreg Peterson, James Mecham and Jessmine Kim.
PHOENIX — Pinnacle Peak Commerceplex I, a 302,254-square-foot warehouse/distribution property in Phoenix, has received $17.1 million in first-mortgage refinancing. Financing was based on a 10-year term and a 27-year amortization schedule.It was arranged by James DuMars and Michael Elmore of NorthMarq Capital through the firm’s relationship with a correspondent life company lender.
COLUMBIA, MD. — Fernau LeBlanc Investment Partners has purchased Rivers Business Commons from an affiliate of Greenfield Partners. The four-building office park is located at 8945-8975 Guilford Road in Columbia. It contains 101,596 square feet of class A office space. It was 87 percent leased to a tenant roster that includes St. Agnes Hospital, Black & Veatch, and Beazer Homes. Cristopher Abramson, Brian Kruger, Nicholas Signor and Jonathon Chalkley of Cushman & Wakefield represented the seller.
DORAL, FLA. — Riviera Point Development Group (RPDG) has announced plans for its second South Florida office project. The developer has closed on the acquisition of 2.5 acres at 9000 NW 89th Court and NW 15th Street in Doral, and it plans to construct a 41,000-square-foot, lakeview office building on the site. The $9.5 million project, known as Riviera Point Business Center, will feature flexible office space with suites as small as 2,000 square feet. RPDG is developing the project with funds from the U.S. Citizenship and Immigration Services’ EB-5 program, which offers a fast track to permanent U.S. residency for foreign nationals who invest in commercial enterprises that generate at least 10 jobs for U.S. workers for two years. Corrales Group Architects is designing the project. RPDG also recently topped out on its first two buildings at the $17 million, EB-5 funded Professional Center at Riviera Point, which is being developed in Miramar.
VIENNA, VA. — NorthMarq has arranged a $13.7 million loan for the acquisition of a 95,000-square-foot office property in Vienna. The property includes two office buildings located at 8381 and 8391 Old Courthouse Road. Gary McGlynn of NorthMarq’s Washington, D.C. office arranged the loan on behalf of the undisclosed borrower through a non-recourse bridge lender.