SAN ANTONIO — Hunt Real Estate Capital has provided a $45 million bridge loan for the refinancing of a portfolio of 645 multifamily units in San Antonio and nearby Universal City. The sponsor was LYND Co., a locally based investment and development firm. The portfolio includes the 224-unit Auburn Creek in San Antonio; the 205-unit Fairways 5 in San Antonio; and the 216-unit Meadows Apartments in Universal City, all of which were built in the mid-1970s. LYND will use a portion of the proceeds to renovate the properties and upgrade countertops, backsplashes, cabinetry, plumbing fixtures, flooring and appliance packages.
HOUSTON — LandPark Advisors LLC has brokered the sale of a 68,000-square-foot office building located at 397 N. Sam Houston Parkway in Houston. The building is situated on three acres near Beltway 8, Interstate 45 and George Bush Intercontinental Airport and includes a three-story parking deck. Will McGrath and Ryan Burnaman of LandPark Advisors represented the seller, JLC Omni LLC, in the transaction. Other terms of sale were not disclosed.
CHANDLER, ARIZ. — The San Diego office of NorthMarq has arranged a $185 million loan for the recently completed Northrop Grumman Innovation Systems’ campus in Chandler. A life insurance company funded the fixed-rate loan, which amortizes over 23 years. Eric Flyckt, Wyatt Campbell and Casey Allred of NorthMarq secured the loan for Northrop Grumman, an aerospace and defense technologies designer and manufacturer. The campus comprises a three-story, Class A office building totaling 352,545 square feet and a 269,852-square-foot manufacturing facility. The property serves as Northrop Grumman Innovation Systems’ Launch Vehicle Division Headquarters. Designed and manufactured at the campus, the launch vehicles transport cargo to the International Space Station, launch satellites and are used for military functions. The campus is located within San Diego-based Douglas Allred Co.’s Park Place, a 200-acre business park situated at the intersection of Loop 101 and 202 freeways.
SEATTLE and TACOMA, WASH. — Madison Realty Corp. has originated a $27 million first mortgage loan. The financing will allow the undisclosed borrower to complete construction of an eight-story, 158,952-square-foot mixed-use rental building with 144 apartments and 5,917 square feet of ground-floor retail space in Tacoma. The property is already 65 percent complete and will be a key component of The Tacoma Town Center, a multi-purpose, mixed-use, urban development that will include multifamily, retail and office space. Located in Tacoma’s Hilltop neighborhood, the mixed-use property will feature apartments on floors three through eight in a unit mix of 36 studios, 83 one-bedrooms and 25 two-bedrooms. A partially subterranean, 116-space parking garage will cover the three bottom floors with an entrance/exit along 23rd Street. A 1,000-square-foot amenity room will be located on the third floor. Additionally, the borrower used the funding to refinance an existing land loan on a 9,878-square-foot development site in the Denny Triangle/Belltown neighborhood of downtown Seattle. The site currently houses a vacant restaurant property and is entitled for a future condominium tower.
BOSTON — Blackstone Real Estate has acquired 179 Lincoln Street, a 221,474-square-foot office asset in the Boston Leather District. Completed in 1899, the building recently underwent a $20 million redevelopment and now offers amenities such as a café, fitness center and a parking garage. At the time of sale, the building was 88 percent leased to tenants including project management software providers Smartsheet and PowerAdvocate, as well as advertising company Outfront Media. Edward Maher, Matthew Pullen and James Tribble led a Newmark Knight Frank team that represented the seller, Invesco Real Estate, in the transaction. The sales price was undisclosed.
BLUE BELL, PA. — Marcus & Millichap has arranged the $40 million sale of Centre Square Commons, an 88,598-square-foot retail center in Blue Bell, a northern suburb of Philadelphia. A 22,450-square-foot Aldi Supermarket anchors the shopping center, which was 96 percent occupied at the time of sale. Other tenants include Pennsylvania Fine Wine & Spirits Signature Premium Store, Starbucks and Anthony’s Coal Fired Pizza. Brad Nathanson of Institutional Property Advisors represented the seller, Kinsley Properties, in the transaction. Nathanson also procured the buyer, Medipower Overseas Co.
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Guardian Arms Apartments, a multifamily community located at 5217 Hollywood Blvd. in Los Angeles. A joint venture between MWest Holdings and Pacific Reach sold the property to ROM Investments for $26.2 million, or $259,405 per unit. Built in 1928, Guardian Arms Apartments features 101 residential units and 9,207 square feet of ground-floor retail space. Joe Grabiec, Kevin Green and Greg Harris of IPA represented the seller in the deal.
PHOENIX — Pinnacle Peak, a Bellingham, Wash.-based investment company, has purchased an industrial manufacturing building located at 2140 W. Pinnacle Peak Road in Phoenix. Thul LLC sold the property for $17 million. The seller is a principal of APSM Systems, a sheet metal fabrication company that has occupied the property since 1994. APSM signed a 10-year leaseback for the property. Situated on 13.5 acres within the Deer Valley submarket, the 168,897-square-foot industrial building features 25,484 square feet of office space. Eric Bell, Mike Ciosek and Dylan Scott of Kidder Mathews represented the buyer in the transaction.
BURBANK, CALIF. — CBRE has arranged the sale of a newly built industrial building located at 3700 Vanowen St. in Burbank. Shubin Nadal Realty Investors & Penwood Real Estate Investments sold the asset to Crown Realty Development and its affiliate, CPF Vanowen Associates, for $16.8 million. ARRI Inc., a designer and manufacturer of camera and lighting systems for the film and broadcast industry, occupies the 39,829-square-foot property on a 15-year triple-net lease. The building features creative office space, 24-foot clear heights, HVAC throughout and dock-high loading. Mark Perry, Carlene O’Neil, David Harding and Greg Geraci of CBRE represented the sellers, while the buyers were self-represented in the transaction.
NEW YORK CITY — Fitness Factory Health Club has signed an 18,000-square-foot lease s at 475 Clermont, a 363-unit multifamily building in Brooklyn. The lease term is 10 years. The facility will feature weight and circuit training equipment and a spa, as well as specialty class and personal training services. Beyond the Fitness Factory lease, the building has 17,000 square feet of retail space available for lease. Jason Pennington, Andrew Clemens, Benjamin Weiner and Jessica Hedrington of RIPCO Real Estate represented the landlord, RXR Realty, in the lease negotiations.