SOMERSET, N.J. — Office interior design firm Tecno Spa has signed a 15,000-square-foot industrial lease in Somerset, a southwestern suburb of New York City. The property, located at 65 Clyde Road, spans 160,000 square feet of industrial space with 24-foot ceiling heights, three loading doors and close proximity to the New Jersey Turnpike. Scott Perkins and Chris Todd of NAI James Hanson represented Tecno Spa in the lease transaction. TA Realty is the landlord.
PORTLAND, ORE. — Barings, a diversified real estate investment manager, has completed the sale of Riva on the Park, a multifamily property located in Portland’s South Waterfront neighborhood. Griffis Residential acquired the high-rise asset for $116.1 million, free and clear of existing financing. The 22-story property features 294 apartments, averaging 811 square feet, and more than 13,000 square feet of ground-floor retail space. Apartment amenities include granite countertops and plank-wood flooring in the kitchens; oversized, energy-efficient windows; full-sized washers/dryers; central heat and air conditioning; decks or patios; and city and river views. Community amenities include a lobby with fireside lounge, eco-terrace with grills, 24-hour fitness center and concierge services. The transit-oriented Riva on the Park is located steps from Portland Streetcar, MAX Light Rail and the Portland Aerial Tram. The community is also adjacent to Oregon Health & Science University, which is undergoing a 1.1 million-square-foot expansion. Ira Virden and Carrie Kahn of JLL represented the seller in the transaction.
RANCHO CORDOVA, CALIF. — CBRE has arranged the sale of an office building, located at 2882 Prospect Park Drive in Rancho Cordova, a suburb 15 miles east of Sacramento. Lafayette, Calif.-based Prospect Park LLC sold the asset to San Jose, Calif.-based Prospect Park Drive LLC for an undisclosed sum. Matt Post, Stuart Wright and Randy Getz of CBRE’s Sacramento office represented the seller in the deal. Built in 1999, the four-story, 112,511-square-foot property was 88 percent leased at the time of sale. The asset is located within the Highway 50 Corridor submarket, which has a total of 11.4 million square feet of office space.
CULVER CITY, CALIF. — Ready Capital has provided a $18.1 million loan for the refinancing, repositioning and lease-up of a vacant creative office portfolio in Culver City. The loan will be used to reposition the 38,000-square-foot property from traditional office to modern, creative-type finishes and simultaneously provide a facility for tenant lease-up. The name of the borrower was not released. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of a facility to provide future funding for the capital expenditures, tenant leasing costs and interest and operating reserves.
MORENO VALLEY, CALIF. — Rockefeller Group has broken ground on Centerpointe Commerce Center, a speculative distribution center situated on 8.8 acres of industrial land in Moreno Valley. The 203,944-square-foot facility is slated for completion in summer 2020. Located on Frederick Street, the dock-high industrial building will feature 32-foot clear heights, 8,000 square feet of speculative office improvements, 106 auto-parking stalls and 26 trailer-parking stalls. Additionally, the property will offer access to several Southern California freeways, including Interstate 215, State Route 60, State Route 90 and Interstate 10. Rockefeller Group acquired the site from Newcastle Partners in April. Newcastle pursued the required governmental approvals for the projects beginning in October 2017, and the company successfully obtained the entitlements and zoning just prior to Rockefeller Group’s acquisition. Rockefeller Group and Newcastle selected Newport Beach, Calif.-based RM Dalton as general contractor, Herdman Architecture + Design as architect and SDH & Associates as civil engineer. Bill Heim, Finn Comer, Alex Heim and Nesha Ritchie of Lee & Associates are the exclusive leasing agents for Centerpointe Commerce Center.
TEMPE, ARIZ. — Security Properties has purchased The Rev Apartments, a Class C, garden-style multifamily property located in Tempe, for $28.2 million. Originally constructed in 1972 on 11 acres, The Rev features 172 units spread across 16 residential buildings. The previous owner fully renovated the property, including new dual-pane windows and slider glass doors, exterior paint, roof upgrades/repairs and the addition of in-unit washers/dryers and above-range microwaves. Community amenities include a fully renovated leasing office and fitness center, as well as an outdoor heated swimming pool and spa. Security Properties has a light upgrade planned for the property, including adding a number of supplemental items to unit kitchens and strategic improvements to the community’s amenity package. Security Properties Residential, an affiliate of Security Properties, will manage the asset. With this acquisition, Security Properties now owns 122 assets totaling approximately 24,000 units across its portfolio, including eight properties and more than 3,200 units in the Phoenix market.
DALLAS — JMJ Development will build a 25-story project in the Turtle Creek neighborhood of Dallas that will house a 177-room hotel and 97 condominium units. The site, which will include 387 parking spaces, is located just north of downtown Dallas. JMJ is currently negotiating with five-star hotel brands for the hospitality component of the project. New York City-based Madison Realty Capital provided a $32.5 million loan for the acquisition of the land. A construction schedule is still being finalized.
DALLAS — JLL has arranged an undisclosed amount of permanent financing for 3000 and 3100 Olympus Boulevard, two office buildings totaling 467,366 square feet in Dallas. Allianz Real Estate of America provided the 15-year, fixed-rate loan, proceeds of which will be used to retire construction debt following the stabilization of the buildings. Trey Morsbach and Jim Curtin of JLL placed the debt on behalf of the borrower, locally based developer Billingsley Co.
THE WOODLANDS, TEXAS — General contractor Paragon Services Inc. is underway on the renovation of Boardwalk at Town Center, a 450-unit apartment community in The Woodlands, about 30 miles north of Houston. The project, which began last fall and is now 40 percent complete, will upgrade unit interiors with quartz countertops, stainless steel appliances, pendant lighting and wood-style flooring. Amenities at the property include two pools, a rooftop lounge, business center with a coffee bar, fitness center and a clubroom with a gourmet kitchen. Bentall GreenOak, an investment firm formed by the recent merger of Bentall Kennedy and GreenOak Real Estate, owns the asset.
DALLAS — Marcus & Millichap has brokered the sale of Courtyard by Marriott Dallas Northwest, a 146-room hotel located at 2930 Forest Lane on the city’s north side. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a private investor. Both parties requested anonymity.
