Property Type

Marcus & Millichap Brokers $20.5M Sale Silicon Valley Industrial Warehouse

by Amy Works March 13, 2020

SAN JOSE, CALIF. — Marcus & Millichap has negotiated the sale of 1800 Dobbin Drive, an industrial warehouse located in San Jose. San Diego-based Westcore Properties acquired the asset from an undisclosed seller for $20.5 million, or $252 per square foot. Built in 1967 on 3.5 acres, the 81,475-square-foot property features 29-foot clear heights. The building is partitioned into a 25,000-square-foot unit and a 56,475-square-foot unit. Additionally, the facility is in close proximity to the Berryessa/North San Jose Bay Area Rapid Transit station. Jeffrey Ida, Cole Ferrari and Brendan Gallagher of Marcus & Millichap’s San Francisco office represented the seller in the deal.

March 13, 2020

Acquisitions Arizona Industrial Western

Doubletree Partners Divests of Doubletree Centre Industrial Building in Scottsdale, Arizona

by Amy Works March 13, 2020

SCOTTSDALE, ARIZ. — Doubletree Partners has completed the sale of Doubletree Centre, a multi-tenant industrial property located in Scottsdale. Quesnell International acquired the asset for an undisclosed price in a 1031 exchange. Located at 9525 E. Doubletree Ranch Road, the property features 22,303 square feet of industrial space. Doubletree Partners acquired the property in 2014 with only one tenant and invested into the building to facilitate owner/use requirements to bring the property to 100 percent occupancy. Michelle Gardner of Kidder Mathews represented the seller in the transaction.

March 13, 2020

Development Mixed-Use Texas

High Street Residential to Develop 280,000 SF Mixed-Use Project in East Austin

by Taylor Williams March 13, 2020

AUSTIN, TEXAS — High Street Residential, a subsidiary of Trammell Crow Co., will develop The Block Yard, a 280,000-square-foot mixed-use project in Austin. Designed by JHP Architecture, the transit-oriented development will be situated on four acres at 2900 E. Martin Luther King Blvd, adjacent to the Capital Metro MLK Light-Rail Station and just two miles north of downtown. Plans for the project currently call for 302 residential units, 63,800 square feet of office space and 4,200 square feet of ground-floor retail space. Construction of the office and residential components is expected to be complete in July 2021 and January 2022, respectively. LEVY Architects has been tapped to design the commercial component and project interiors, and CBRE will handle leasing of the commercial space.

March 13, 2020

Acquisitions Office Texas

Entrada Partners Buys 151,736 SF Travis Park Plaza Office Building in San Antonio

by Taylor Williams March 13, 2020

SAN ANTONIO — Los Angeles-based investment firm Entrada Partners has purchased Travis Park Plaza, 151,736-square-foot office building located at 711 Navarro St. in San Antonio’s central business district. Built in 1970 and renovated in 2001 and 2009, the seven-story building was 82 percent leased at the time of sale to tenant such as Conviva Care Solutions, Kairoi Residential and Tetra Tech. Todd Mills, Carrie Caesar and Hunter Mills of Cushman & Wakefield represented the undisclosed seller in the transaction. De’On Collins of JLL arranged acquisition financing for Entrada Partners, which will implement a multimillion-dollar capital improvement program. Transwestern has been tapped to lease and manage the property.

March 13, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 176-Unit Casa Bella Apartments in Dallas

by Taylor Williams March 13, 2020

DALLAS — Marcus & Millichap has brokered the sale of Casa Bella, a 176-unit apartment community in Dallas. According to apartments.com, the property was built in 1974, features one-, two-, three- and four-bedroom units and offers amenities such as a pool, playground and outdoor grilling area. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor. Both parties requested anonymity.

March 13, 2020

Acquisitions Industrial Texas

CanTex Capital Acquires 92,000 SF Industrial Property in Dallas

by Taylor Williams March 13, 2020

DALLAS — Dallas-based investment firm CanTex Capital has acquired a 92,000-square-foot industrial complex in Dallas. The property is situated on two contiguous lots and is located within two miles of Dallas Love Field Airport. CanTex will implement a capital improvement program at both buildings on the property, which will be rebranded as Stemmons Design Center. Stream Realty Partners will handle leasing of the upgraded space.

March 13, 2020

Development Retail Texas

Brosco Group Breaks Ground on 21,000 SF Retail Project in Mesquite, Texas

by Taylor Williams March 13, 2020

MESQUITE, TEXAS — Locally based developer Brosco Group has broken ground on Corner Stone Plaza, a 21,000-square-foot retail project in the eastern Dallas suburb of Mesquite. Weitzman, which is handling leasing of the center, is targeting a mix of restaurant, beauty, fitness and service tenants, as well as healthcare practices. Completion is slated for mid-2020.

March 13, 2020

Loans Massachusetts Multifamily Northeast

Berkadia Arranges $211.2M Loan for Refinancing of Multifamily Property in Chestnut Hill, Massachusetts

by Alex Patton March 13, 2020

CHESTNUT HILL, MASS. — Berkadia has arranged a $211.2 million refinancing loan for Hancock Village, a 161-unit multifamily community in Chestnut Hill, a northwestern suburb of Boston. The 15-year Freddie Mac loan featured a fixed interest rate and a 30-year amortization schedule. The property features one- and two-bedroom townhomes and amenities including a fitness center and a resident lounge. Robert Lipson of Berkadia arranged the loan on behalf of the borrower, Chestnut Hill Realty.

March 13, 2020

Connecticut Loans Multifamily Northeast

Greystone Arranges $50M Construction Loan for Multifamily Project in New Haven, Connecticut

by Alex Patton March 13, 2020

NEW HAVEN, CONN. — Greystone has arranged a $50 million construction loan for a multifamily project that will be located at 44 Olive St in New Haven. BMO Harris Bank, a subsidiary of BMO Financial Group, provided the loan on a three-year initial term. The borrower, Adam America Real Estate, will use the loan to finance construction of a six-story multifamily building with 299 units and 6,100 square feet of ground-floor retail space. Drew Fletcher and Matthew Hirsh of Greystone arranged the loan. Construction is slated to be complete by August 2022.

March 13, 2020

Development Massachusetts Multifamily Northeast

Greystar Underway on 126-Unit Multifamily Project in Boston’s Bay Village Neighborhood

by Alex Patton March 13, 2020

BOSTON — Greystar Real Estate Partners is underway on a 126-unit multifamily project in the Bay Village neighborhood of Boston. The 150,000-square-fooot, 19-story building will be located at 212 Stuart St., a site that was previously a vacant lot. The project will also include two townhouses and retail space on the ground level. Sasaki is serving as the project architect, and Höweler + Yoon is the design architect. Construction is slated for completion in early 2022.

March 13, 2020

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