OCEANSIDE, CALIF. — Milan Capital Management has received a $12.1 million loan for the refinancing of Mission Promenade, a 105,700-square-foot retail center in Oceanside, approximately 40 miles northwest of San Diego. Built in 1972 and renovated in 1999, the property was 97 percent leased at the time of financing to tenants including El Super and dd’s Discounts. Jeff Sause and John Chun arranged the 10-year loan through a regional bank on behalf of the borrower.
TOLLESON, ARIZ. — Tempur-Pedic has signed a full building prelease at Buckeye85 near Phoenix’s I-10 Corridor. It is located at 10333 W. Buckeye Road in Tolleson. The lease brings the $60 million warehouse and distribution project to full occupancy prior to construction completion. The 321,892-square-foot space will become home to a new Tempur-Pedic distribution center, allowing to the company to continue expanding its long-standing, multi-building metro Phoenix logistics presence. JLL’s Riley Gilbert represented Tempur-Pedic in the lease agreement. Lincoln Property Co. owns Buckeye85.
PFLUGERVILLE, TEXAS — Dallas-based developer Ironwood Realty Partners is underway on construction of a project in the northern Austin suburb of Pflugerville that will add 490,000 square feet of industrial space across three buildings to the local supply. The project represents the third and final phase of 130 Crossing, a development whose first two phases featured five buildings totaling 675,000 square feet. Alliance Architects is designing Phase III, and Catamount Constructors is serving as the general contractor. Stream Realty Partners is the leasing agent. Completion is slated for the fourth quarter.
FERRIS, TEXAS — Dallas-based Henry S. Miller Cos. will develop Casitas Shaw Creek, a 204-unit multifamily project in Ferris, a southern suburb of Dallas. The project has a total price tag of $35 million. Casitas Shaw Creek will comprise six three-story residential buildings and a 5,000-square-foot retail building on an 11.4-acre site. Units will come in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, resident clubhouse, dog park and outdoor grilling and dining areas. Construction is scheduled to begin next spring and to last about 24 months.
HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.5 million loan for the refinancing of two multifamily properties totaling 206 units in Houston. Fairmount and Atwell Village, both of which are located in the Bellaire submarket on the city’s west side, total 164 and 42 units, respectively. Both properties are currently in the midst of being renovated. Adam Pike and Brad Korndorffer of MMCC arranged the financing. The borrower and direct lender were not disclosed.
TULSA, OKLA. — Miami-based hospitality brokerage firm Park-Equities has negotiated the sale of a 96-room hotel in Tulsa. The property originally opened as a Residence Inn and was operated under the Motel 6 brand at the time of sale. SL Capital purchased the property from an undisclosed seller. Park-Equities brokered the deal in conjunction with Jennifer Stein Real Estate.
HOUSTON — Diamond Offshore Drilling has signed a 62,584-square-foot office headquarters lease in Houston’s Energy Corridor area. The energy firm will occupy the ninth, 11th and 12th floors of One Eldridge, a 245,315-square-foot building, with plans to move in during the fourth quarter. Lonna Jenks of JLL and Eric Anderson of Transwestern represented Diamond Offshore in the lease negotiations. Jon Dutton and Andrew Elliott represented the landlord, Granite Properties, on an internal basis.
NEW YORK CITY — A joint venture between Gamma Real Estate and JVP Management has completed Sutton Tower, an 80-story residential tower located at 430 E. 58th St. within the Sutton Place neighborhood in Midtown Manhattan. The building houses 120 for-sale condos and amenities such as a pool, fitness center, sports simulator room, screening room, private dining room, children’s play area and a sculpture garden. Thomas Juul-Hansen designed the building, and global development and investment firm Lendlease served as the general contractor. Construction began in 2018. Move-ins will begin over the summer.
NORTH FAYETTE, PA. — Locally based developer Ashford Partners has begun vertical construction on North Fayette Industrial Park, a $100 million project in North Fayette, a western suburb of Pittsburgh. Plans for the 164-acre development currently call for nine buildings totaling roughly 850,000 square feet. Ashford Partners expects to deliver the first of the eight 100,000-square-foot buildings, which will feature a clear height of 30 feet, 10 loading dock doors, two drive-in doors and an ESFR sprinkler system, by the end of the year. Bateman NFIA & Associates is Ashford’s financial partner on North Fayette Industrial Park.
NEW YORK CITY — Savills has negotiated a 41,613-square-foot office sublease at 1345 Avenue of the Americas in Midtown Manhattan. The tenant, law firm Greenspoon Marder, plans to take occupancy of the entire 22nd floor of the building by the end of the year. Jeffrey Peck, Daniel Horowitz, Thomas Capocefalo and Jacob Stern of Savills represented Greenspoon Marder in the negotiations for the eight-year sublease. Bryan Boisi and Paul Ferraro from Cushman & Wakefield represented the sublandlord, CBS Broadcasting. Fisher Brothers owns the building.
