DETROIT — Money360 has provided a $17 million bridge loan for the refinancing of 1200 Sixth St. in Detroit’s Corktown neighborhood. The two-tower office property spans 600,000 square feet. The South Tower was constructed in 1966, while the North Tower was built in 1971. The nonrecourse loan features a two-year term and a loan-to-value ratio of 41 percent. The borrower is 1200 Sixth Street LLC.
LANCASTER, TEXAS — Jones Development Co. (JDC) will build a 615,000-square-foot, build-to-suit distribution center in the southern Dallas metro of Lancaster for discount retailer Ollie’s Bargain Outlet, which will ultimately purchase the property. The Class A facility will be located within Wintergreen Exchange, a 71-acre industrial park, and is expected to be complete by the fourth quarter of 2019. Building features will include 36-foot clear heights, 75-foot speed bays, 100 dock doors, 14,500 square feet of office space and an ESFR sprinkler system. Gary Collett and David Eseke of Cushman & Wakefield marketed the property on behalf of JDC. John Van Buskirk of Lee & Associates, along with Sharon Morrison and Brad Struck of ESRP, represented Ollie’s Bargain Outlet in the deal. The project team is comprised of general contractor Bob Moore Construction, civil engineer Pacheco Koch and designer Alliance Architects.
EL PASO, TEXAS — Hanson Asset Management LP has broken ground on Hanson Spec Building B, a 125,646-square-foot industrial project located at 9581 Joe Rodriguez Drive in El Paso. The Class A property will be situated one block from the Zaragoza International Bridge and will be available for lease beginning in July 2019. CBRE is marketing the property on behalf of Hanson. Two additional buildings are planned next door for any future expansion requirements.
IRVING, TEXAS — Fortune 500 pharmaceutical company McKesson Corp. (NYSE: MCK) will relocate its corporate headquarters from San Francisco to Irving’s Las Colinas district, where it already has a regional office. The company’s new campus will obtain LEED Gold certification and feature an array of amenities and enhanced technology capabilities, according to a statement from the company. The relocation will begin in April of next year. The number of jobs that will be relocated was not provided.
SAN ANTONIO — Regal Self Storage Development has acquired land at 12615 Judson Road near Interstate 35 in northeastern San Antonio for the construction of a new, Class A facility. Though subject to change, Phase I of the site plan proposed by the seller would deliver 704 units totaling 82,100 net rentable square feet. Phase II would expand the site by 10,800 gross square feet. Jon Danklefs and Michael Mele of Marcus & Millichap represented the seller, a limited liability company, in the land sale. A timeline for construction has not yet been established.
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has closed four loans totaling $15 million for a quartet of multifamily properties totaling 335 units throughout the greater Houston area. The properties are located in the Galveston, Spring Branch and north Houston submarkets. Jamie Safier of LMI Capital placed the loans for the Galveston and north Houston communities, as well as for one of the Spring Branch assets. Jamie Mullin of LMI Capital placed the loan for the other Spring Branch property. The borrowers, lenders and property names were not disclosed.
GARDEN GROVE, CALIF. — CBRE Hotels has arranged $71 million loan for the Embassy Suites by Hilton Anaheim South, located at 11767 Harbor Blvd. in Garden Grove. Landmark Cos. is the borrower. Marc Sallette, Olga Lepow, Cara Leonard and Charlie Ryan of CBRE Hotel’s Debt & Structured Finance facilitated the 10-year, fixed-rate, interest-only loan to refinance existing debt. The debt is split into a $56 million senior mortgage to be securitized by Deutsche Bank, while Artemis Real Estate Partners provided a $15 million junior mezzanine loan to be held on book. The majority of the new mortgage is extinguishing existing loans. Additionally, Landmark is undertaking a five-year, $16 million renovation of the hotel in conjunction with the financing. Landmark developed the 375-room hotel, which is located near Disneyland Resort, in 2001.
LOS ANGELES — Asana Partners has purchased The Balcony at Beverwil, a shopping center located at the corner of Pico Boulevard and Beverwil Drive in Los Angeles. A private partnership sold the asset for $50.2 million. Built in 1996, the two-story property features 71,184 square feet of retail space and underground parking for 262 vehicles. At the time of sale Ralphs, CVS/pharmacy, One West Bank and six other tenants fully occupied the property. Geoff Tranchina of JLL represented the seller in the deal.
SAN FRANCISCO — A public-private partnership between American Campus Communities (ACC) and San Francisco State University has broken ground on a 584-bed student housing community with mixed-use components on the university’s campus in San Francisco. The development will offer fully furnished, apartment-style units. Shared amenities will include social and recreational lounges and an academic success center, alongside 15,000 square feet of retail space. The development, located on the southeast edge of campus, is scheduled for completion in 2020.
STOCKTON, CALIF. — A Northern California-based private partnership has completed the sale of College Square, a community shopping center located at 4756 Pershing Ave. in Stockton. A Southern California-based private investor acquired the property for $20 million in a 1031 exchange. Hobby Lobby and Planet Fitness anchor the 126,098-square-foot shopping center, which was built in 1976 and renovated in 2012. Additional tenants include Wienerschnitzel and Outback Steakhouse. Chris Tramontano, John Redfield and Tom Power of SRS Real Estate Partners’ Investment Properties Group represented the seller, while the buyer was self-represented in the deal. Ben Townsend and Matt Marlin, also of SRS’ Debt & Equity team, structured a high-leverage, non-recourse loan with a favorable reserve structure that allowed the new ownership to receive a cash-out return of approximately 10 percent.