DOWNEY, CALIF. — PSRS has arranged $6.9 million in refinancing for a multi-tenant office building in Downey. Constructed in 1969, the six-story property features 65,481 square feet of space. Grady Seldin of PSRS secured the fixed-rate, cash-out, non-recourse loan with a 10-year term and a 30-year amortization through one of PSRS’ correspondent life insurance companies.
PORTLAND, TEXAS — McLeod Cobb Investments will develop Portland Town Center, a $100 million multifamily and retail project that will be located near Corpus Christi in South Texas. Plans for Portland Town Center currently call for 200,000 square feet of retail space that will be anchored by a 128,500-square-foot Target store, as well as 300 multifamily units. The design team includes Osborn & Vane Architects Inc. and Terra Associates Inc, and Arch-Con Corp. is the general contractor. Plains Capital Bank provided construction financing for the 45-acre project. Construction is scheduled to begin in November.
FORT WORTH, TEXAS — Manulife Investment Management has acquired Alliance Gateway 11, a 788,160-square-foot warehouse and distribution center in Fort Worth. The facility sits on a 38.2-acre site near Alliance Airport on the city’s north side. According to commercialcafé.com, the single-tenant facility was built in 2007 and features 930 car parking spaces. The property was fully leased to an undisclosed e-commerce user at the time of sale.
HOUSTON — Arizona-based investment banking firm Arriba Capital has provided a $37.4 million construction loan for a dual-branded hotel that will be located at 1514 Leeland St. in downtown Houston. The hotel will total 221 rooms under the Home2 Suites by Hilton and Tru by Hilton brands and offer shared amenities such as a lobby bar, breakfast dining areas, meeting space, an outdoor pool, fitness room, laundry facilities and a market pantry. Completion is slated for the third quarter of 2024. The borrower and developer is Houston-based PA Hospitality, which will also manage the property. Hall Structured Finance provided the loan.
MARLOW, OKLA. — Partners, the Houston-based firm formerly known as NAI Partners, has negotiated the sale of a 40,000-square-foot industrial building in Marlow, about 70 miles south of Oklahoma City. The sale included 8.6 acres of undeveloped land. Jon Silberman and Pierce Beyer of Partners represented the seller, Cimarron Energy, in the transaction. Steve Fithian and Trent Herrera of SVN Trinity Advisors represented the undisclosed buyer.
DENTON, TEXAS — Weitzman has arranged the sale of a 13,562-square-foot retail strip center in the North Texas city of Denton. The centers sits on 1.1 acres at 111 E. University Drive. Tenants include The UPS Store, Taqueria Monterrey and Sangam Indian Restaurant. A local investor sold the property to a California-based limited liability company for an undisclosed price, with both parties requesting anonymity. David Zoller of Weitzman brokered the deal.
BRAINTREE, MASS. — Virginia-based investment firm Anchor Health Properties has acquired a 47,530-square-foot medical office building in the southern Boston suburb of Braintree for $15.1 million. Robert Griffin, Frank Nelson, Michael Greeley and Blake McLaughlin of Newmark represented the seller, Foxfield LLC, in the transaction and procured Anchor Health as the buyer. The building was 94 percent leased to 16 tenants at the time of sale.
FLORHAM PARK, N.J. — Colliers has arranged the $13.2 million sale of Westminster Corporate Center, a 158,583-square-foot office campus in the Northern New Jersey community of Florham Park. The campus, which was 57 percent leased at the time of sale, comprises two three-story buildings on a 15.3-acre site. Jacklene Chesler, Patrick Norris and Joe Lane of Colliers brokered the deal. The buyer, Pentaurus, plans to implement a value-add program that will upgrade the lobby and existing fitness facilities, as well as add pickleball and basketball courts.
CLIFTON, N.J. — Summit Health has opened a 100,000-square-foot medical office building at 1255 Broad St. in the Northern New Jersey community of Clifton. Among the specialty practices housed within the facility are primary care, family medicine, dermatology, orthopedics, urology, breast care, imaging and lab services and comprehensive cancer care. Gensler designed the facility, which also features 118 exam rooms and an urgent care clinic operated by CityMD.
PITTSBURGH — Northmarq has brokered the $7.1 million sale of a 13,575-square-foot restaurant building in downtown Pittsburgh. The freestanding building is located within the Southside Works development and is leased to The Cheesecake Factory, which has occupied the property since its original construction in 2004. Asher Wenig of Northmarq represented the buyer and seller, both of which were New York-based firms that requested anonymity, in the transaction.
