DALLAS — Minneapolis-based Dougherty Mortgage LLC has arranged an undisclosed amount of Fannie Mae acquisition financing for Northhaven Terrace, a 208-unit multifamily community in Dallas. The property was built in 1968 and consists of 26 two-story buildings and a leasing office. Dougherty arranged the funds through a partnership with Old Capital Lending on behalf of un undisclosed limited liability company.
HUMBLE, TEXAS — Newmark Knight Frank (NKF) has negotiated a 41,675-square-foot industrial lease extension at 14428 Smith Road in Humble, a northern suburb of Houston. Garrett Gibbons, Trace Elrod and John Brewer of NKF represented the tenant, Global Heat Transfer Houston, in the lease negotiations. Capital Real Estate Commercial represented the undisclosed landlord.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Pantego Auto Center, a 36,910-square-foot retail center in Arlington. The center was fully leased at the time of sale to a mix of tenants that serve the automobile industry. Bill Jordan and Steven McClendon of Marcus & Millichap represented the seller, a private investor, in the transaction. Dimitri Jordan, Justin Miller and Davis Hansen, also with Marcus & Millichap, secured the buyer, a 1031 exchange investor.
TEXARKANA, TEXAS — Loc Performance Products, a Michigan-based defense contractor, has signed a 12,000-square-foot industrial lease at TexAmericas Center’s campus in Texarkana. The facility will provide kitting, assembly and machining services to the defense industry. Loc is in the process of hiring new employees to work at the facility.
SAN DIEGO — JLL has secured $222.5 million in refinancing on behalf of Sunroad Enterprises for two apartment assets within the 232-acre Centrum Master Plan in San Diego’s Kearny Mesa submarket. Aldon Cole, Tim Wright and Bharat Madan of JLL Capital Market arranged the 10-year, fixed-rate loan for the borrower. Totaling 803 units, the portfolio includes Ariva, a 253-unit property, and Vive on the Park, a 550-unit asset. Built in 2014, Ariva features studio, one- and two-bedroom units ranging in size from 595 square feet to 1,241 square feet. Community amenities at Ariva include a recreation room, exercise room, game room, learning center, outdoor pool and spa, outdoor showers, private cabanas, barbeque areas, pool deck, fire pit and waterfall. Completed in 2019, Vive on the Park features studio, one-, two- and three-bedroom units with a variety of community amenities, including rooftop lounges, pool, spa, multi-level fitness center, business center, sand fire pits, wooded elevated deck, clubroom, game room, social club and on-site storage.
ALAMEDA, CALIF. — The City of Alameda, Eden Housing and Alameda Point Partners have broken ground on Alameda Point Senior Apartments, a 60-unit affordable seniors housing community in Alameda, just south of Oakland. Development costs are estimated at $36 million. The community will be located at Alameda Point’s Site A, a $1 billion mixed-use, transit-oriented waterfront development on the site of the former Naval Air Station Alameda, which closed over 20 years ago. Alameda Point Senior Apartments includes 48 one-bedroom and 12 two-bedroom apartments that will be available to seniors with annual incomes from 20 to 60 percent of the Alameda County Area Median Income. Thirty units will serve seniors experiencing homelessness, of which 28 will serve veterans exiting homelessness. “Alameda has stepped up to provide homes for those without housing, most importantly for homeless veterans who have served our county,” said City of Alameda Mayor Marilyn Ezzy Ashcraft. “I can’t think of a better place to do that than at the former Naval Air Station.” Supportive services will be delivered to residents through a collaboration between Operation Dignity, Eden Housing and the VA. This development is being built using green building techniques and materials and incorporates a number of …
SAN DIEGO — Meridian Capital Group has arranged $23.1 million in financing for the acquisition of Hilton Garden Inn San Diego Mission Valley Stadium in San Diego. The name of the borrower was not released. Seth Grossman, Steven Adler and Jackie Tran of Meridian Capital Group secured the 10-year CMBS loan, which features a fixed rate and 24 months of interest-only payments followed by a 30-year amortization schedule. Located at 3805 Murphy Canyon Road, the four-story hotel features 178 guestrooms, including 17 upgraded suites. The property was converted from a Holiday Inn into a Hilton Garden Inn with a $10 million renovation, completed in July 2016. Renovations included upgrades to the guest rooms, guest bathrooms, lobby, front desk, 5,000 square feet of meeting space and on-site restaurant and bar. Additionally, the hotel offers a heated outdoor pool and spa, fitness center, business center and guest laundry.
HOBBS, N.M. — Marcus & Millichap has arranged the sale of Homestead, a multifamily property located in Hobbs. Terms of the transaction, including the names of the seller and buyer and acquisition price, were not released. Built in 2016 and situated in 10.6 acres, Homestead features 240 apartments with high-end interior finishes. John McGregor, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller and procured the buyer in the deal. Matt Reeves of Marcus & Millichap is the broker of record in New Mexico.
LAS VEGAS — Newmark Knight Frank has arranged the sale of Cornet Plaza in Las Vegas. Cornet Plaza LLC sold the asset to C&C Elliot Street LP for $6.4 million. Located at 771 E. Horizon Drive, the shopping center features 26,888 square feet of space. Tenants include Capriotti’s, Papa John’s and Hammers Grill & Bar. Michael Zobrist and Nelson Tressler of Newmark Knight Frank represented the seller in the deal.
CHICAGO — Glassdoor has unveiled plans to further expand its presence in Chicago. The technology company, which operates a recruiting and job review website, has signed a long-term lease for two floors of a new office building, West End on Fulton. Glassdoor will maintain its existing space and operations at 1330 West Fulton. The new space will support up to 400 employees and the company plans to create up to 500 new jobs in Chicago over the next several years. Glassdoor expects to move into its new 52,000-square-foot space in summer 2020. Kyle Kamin and Dan Persa of CBRE represented Glassdoor in the lease transaction. Sara Spicklemire and Kelsey Scheive of CBRE represented the developer, Trammell Crow Co.
