SIGNAL HILL, CALIF. — CenterPoint Properties has acquired nine acres of land at 2550 Orange Ave. in Signal Hill from Signal Hill Petroleum for an undisclosed price. CenterPoint plans to develop a 100,147-square-foot distribution facility with 17 dock-high doors and 73 trailer parking stalls on the former driving range site. Tom Holland, Justin Domblaser and Alex Matar represented CenterPoint in the deal.
VISTA, CALIF. — Black Lion Investment Group has completed the sale of the fifth and final parcel of Vista Terrace Marketplace, a retail property in Vista. Crow Holdings acquired the two-acre parcel, which features 28,440 square feet of retail space, for $13.3 million. Vista Terrace Marketplace is currently more than 90 percent occupied by a variety of tenants, including Jersey Mike’s Subs, Pacific Dental, Sports Clips and Discovery Preschool. Gleb Lvovich and Daniel Tyner of JLL’s Capital Markets team handled the transaction.
PORTLAND, ORE. — M&T Realty Capital Corp. has arranged a $20 million FHA-insured loan to refinance a 98-unit memory care facility in Portland. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 232/223(f) program. At an 80 percent loan-to-value ratio, the non-recourse, 35-year, fully amortizing loan with a fixed interest rate below 2.4 percent refinanced M&T Realty’s bridge loan. Located within a designated Opportunity Zone, the FHA application was given priority treatment within the FHA queue resulting in the bridge loan being refinanced in under seven months. Steven Muth of M&T Realty Capital’s Richmond office led the transaction, in collaboration with Chris Tesla.
PHOENIX — Next Gen 101, an entity of Helix Properties, has completed the disposition of West 101 Corporate Center, an office asset in Phoenix’s West Valley submarket. Nevada-based Overstreet Project LLC acquired the property for $17.5 million. Located at 1860 N. 95th Lane, the three-story asset features 81,040 square feet of Class A office space. At the time of sale, the building was 93 percent leased to a variety of tenants. The property was built in 2008. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the deal.
PHOENIX — JLL Capital Markets has brokered the sale of Block 23 in downtown Phoenix for $150 million. Completed in 2019, the property consists of 307,030 square feet of Class A office, retail and amenity space. Located at 101 E. Washington St., Block 23 is 95 percent occupied by tenants such as Western Alliance Bank, EY and Chase. The asset is immediately adjacent to CityScape Phoenix, a new 1.2 million-square-foot mixed-use property, and is directly across from Footprint Center where the Phoenix Suns of the National Basketball Association (NBA) play. Block 23 is home to Fry’s Fresh Marketplace, as well as restaurant concepts Blanco Tacos & Tequila and Ingo’s Tasty Food. Amenities at the property include a pickleball court, sky lobby, rooftop amenity deck and onsite parking. Ben Geelan and Kevin MacKenzie of JLL represented the seller, an affiliate of RED Development, and procured the buyer, City Office REIT Inc. (NYSE: CIO). The sales price of $488.55 per square foot sets a new per-square-foot record in the city for multi-tenant office trades, according to JLL. “Block 23 has a superior long-term core location in downtown Phoenix, which has seen more than $6 billion of investment into the immediate area since …
By Blake Virgilio, SIOR, CCIM, vice president at Colliers The Houston office market continued its very gradual stabilization with 27,000 square feet of positive absorption in the third quarter. While that volume of absorption only represents roughly one floor of office space in a typical Houston office building, it’s the first time the market has posted a quarter of positive net absorption in the last two years. The key activities of tenant tours and the return of employees to the office continued to increase throughout the third quarter. Nonetheless, the vacancy rate rose over the course of the quarter by 400 basis points from 22.9 to 23.3 percent, a historical high. Also in the most recent quarter, Houston’s office inventory increased slightly, with approximately 1 million square feet of new product added. There is still 3.2 million square feet of office space under construction, and most of the new inventory, which is 47 percent preleased, is expected to deliver this year. Of that total new product, about 2.3 million square feet is spec development, of which 60 percent is preleased. Houston has one of the highest physical office occupancy rates in the country, though many larger corporations began phasing their …
KANSAS CITY, MO. — Construction is underway on a new $1.5 billion terminal at Kansas City International Airport. Henderson Engineers is serving as the lead engineer and designed the technological infrastructure, which includes touchless kiosks and video walls. This infrastructure will also support a biometric verification system that will enable travelers to use their faces as boarding passes. Using three-dimensional building information modeling software, Henderson determined placement for security cameras throughout the 1 million-square-foot terminal. Siemens is assisting with innovative technology efforts. Completion of the project is slated for early 2023. The airport will transition from its current three-terminal layout to the new single terminal. Since airport operations will need to remain functional during the transition, air transport communications company SITA is designing an IT network that will prevent interruptions to security and other vital systems during the changeover. In addition to technology, Henderson’s array of building systems design services for the new terminal includes acoustics, audio-video, electrical, fire alarm, mechanical and plumbing. Skidmore Owings & Merrill is the lead architect for the project and Edgemoor Infrastructure & Real Estate is the developer.
MIAMI — CBRE has arranged a $120.1 million loan for the $174 million purchase of the East Miami hotel, a 352-room hotel property in downtown Miami’s Brickell district. Located at 788 Brickell Plaza, East Miami Hotel is situated within Brickell City Centre, a $1.1 billion, 5.4 million-square-foot mixed-use development that was completed in 2016. Mark Owens, John Avanzino and Estelle Wang of CBRE facilitated the debt financing through global alternative investment firm Värde Partners on behalf of the buyer, a joint venture between funds managed by Honolulu-based Trinity Fund Advisors LLC and New York-based private equity firm Certares Real Estate Management LLC. Christian Charre and Paul Weimer of CBRE Hotels represented the developer and seller, Hong Kong-based Swire Properties, in the sales transaction. Each room at the hotel features a walk-in rain shower and Wi-Fi. The hotel offers coworking space, a pool and a pool deck. The hotel also has dining options such as Quinto La Huella, a Uruguayan eatery, and Sugar and Tea Room, a rooftop bar and hidden door speakeasy located on the 40th floor. The property is LEED-certified and has a recycling program. The hotel is located a half mile from downtown Miami, 10.5 miles from Miami …
ST. CHARLES, ILL. — Colliers Chicago has arranged the sale of 1st Street Development, a mixed-use development in the heart of St. Charles, about 40 miles west of Chicago. The sales price was undisclosed. The five-building asset consists of retail, office and residential space. The properties include: The Plaza, a two-story retail and office building; Ale Building, a four-story office and retail asset; River Loft, a five-story office, retail and condo property; Sterling Building, a five-story office and condo building; and Building 7A, a three-story retail and residential asset. Notable tenants include Kilwin’s, Gia Mia, Alter Brewing, XSport Fitness, Coldwell Banker, Ohio Farmers Insurance and Regus. The property is 97 percent leased. Peter Block, Tyler Hague and Lauren Stoliar of Colliers represented the seller, First Street Development LLC. Tabani Group LLC was the buyer.
EVANSVILLE, IND. — The NRP Group has opened Homes of Evansville II, a 100-unit affordable housing community in the southwest Indiana town of Evansville. The project consists of 20 single-family homes, five duplexes and a 30-unit apartment building. The units are reserved for residents earning between 30 and 80 percent of the area median income. Twelve of the units are permanent supportive housing with services provided by ECHO Housing. HOPE of Evansville served as the joint venture partner. Additional project partners included the City of Evansville, which contributed HOME funds; Boston Financial, which provided the tax credit equity; BMO Financial Group, which provided the construction and permanent loans; and the Indiana Housing & Community Development Authority, which provided a development fund loan. Phase I of the project, completed in 2013, consisted of 40 single-family homes.
