Property Type

Telecommunications Firm Signs 44,508 SF Office Lease in North Austin

by Taylor Williams May 7, 2018

AUSTIN, TEXAS — Virginia-based telecommunications firm GTT Communications has signed a 44,508-square-foot lease at Stonebridge Plaza I & II, a 386,101-square-foot office property in north Austin. KBS Realty Advisors owns the Class A property, which is located near The Domain and The Arboretum at Great Hills, two retail and dining destinations. The surrounding area also offers access to walking trails, tennis and basketball courts and a pool. Robbye Schroeder Kirkpatrick of Newmark Knight Frank represented GTT Communications in the lease negotiations.

May 7, 2018

California Loans Office Western

Hines Joint Venture Receives $144M in Financing for Four-Building Office Campus in Orange County

by Amy Works May 7, 2018

IRVINE, CALIF. — A joint venture between a global investment management firm and Hines has received $144 million in financing for Intersect, a four-building office campus in Irvine. Kevin MacKenzie, John Chun, Jamie Kline, Peter Thompson, Michael Leggett and Dereck Barker of HFF arranged the three-year, floating-rate loan through New York Life Insurance. The borrower will use the loan to retire existing debt and fund the remaining lease-up of the property. Intersect comprises Buildings A, B, C and D located at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave., respectively, in the core airport-area submarket of Orange County. The 425,203-square-foot campus features a restaurant; micro-retail shipping containers that serve grab-n-go coffee, juice and food; indoor and outdoor workspace; a 6,000-square-foot indoor/outdoor gym; private tenant terraces; a 100-seat, stadium-style conference center; a 20-person board room; and an outdoor game pavilion. Additionally, the property features surface parking, a 1,583-space structured parking garage at 17892 Gillette Ave. and a 177-stall subterranean parking facility.

May 7, 2018

California Development Student Housing Western

Servitas, Orange Coast College to Develop 811-Bed Student Housing Community in Costa Mesa

by Amy Works May 7, 2018

COSTA MESA, CALIF. — Servitas and Orange Coast College have announced plans for an 811-bed student housing community on the college’s campus in Costa Mesa. The project site is on campus land. The arrangement is structured as a ground lease to a nonprofit organization, allowing for tax-exempt debt financing with no recourse to the college, district or taxpayers. The design-build team includes HPI Architecture, MVE Architects and construction firm C.W. Driver. George K. Baum & Co. provided the bond underwriting, and The Scion Group will manage the project in close collaboration with the college. “This project will benefit Orange Coast College in more than one way,” says Matt Myllykangas, senior vice president of Servitas. “Not only will the college be able to provide its students with on-campus housing for the first time, but also enhance the student experience overall. This residence hall will add to the college’s sense of community. Servitas is thrilled to be part of this exciting time for OCC, and looks forward to seeing how this project impacts the college and its students in the years to come.” A timeline for the development has yet to be announced.

May 7, 2018

California Loans Multifamily Western

KeyBank Originates $125M in Financing for Two-Property Multifamily Portfolio in Metro Los Angeles

by Amy Works May 7, 2018

LOS ANGELES AND MONTCLAIR, CALIF. — KeyBank Real Estate Capital has originated a total of $125 million in Freddie Mac first mortgage financing for two multifamily properties in the Los Angeles area. The firm arranged a $72.4 million fixed-rate loan for The Paseos Apartment Homes, a 385-unit multifamily property located in Montclair. Built in 2014, the property comprises 15 three-story apartment buildings. The undisclosed borrower used the loan to refinance existing debt. The loan features a 10-year term, five-year interest-only payment period and 30-year amortization schedule. Additionally, KeyBank arranged a $52.6 million fixed-rate loan for The Piero, a 225-unit garden-style apartment complex located in Los Angeles. The property is comprised of a seven-story apartment building, with three unit layouts ranging from 468 square feet to 1,218 square feet. The undisclosed borrower used the loan to refinance existing debt. The financing features a 10-year, interest-only term. Robert Prouty of Key’s Commercial Mortgage Group arranged the financing for both properties.

May 7, 2018

Acquisitions California Industrial Western

American Realty Advisors Buys 143,000 SF Industrial Facility in Anaheim

by Amy Works May 7, 2018

ANAHEIM, CALIF. — American Realty Advisors (ARA) has acquired a newly constructed industrial facility located at 1730 S. Anaheim Way in Anaheim. A joint venture between Batcheller Equities and Panattoni Development sold the property for an undisclosed price. The 143,930-square-foot facility features floor-to-ceiling windows, modernized creative office space, a hybrid solar roof system complete with skylights and solar panels, 32-foot clear heights, ESFR sprinklers and a 2.05/1,000 parking ratio. An electrical contractor currently fully occupies the facility on a lease that runs through 2028. ARA represented itself in the transaction, while Bret Hardy and Jeff Read of NKF Capital Markets represented the seller.

May 7, 2018

Development Nevada Retail Western

Fisher Brothers, Beneville Studios Break Ground on Retail, Entertainment Complex in Las Vegas

by Amy Works May 7, 2018

LAS VEGAS – Fisher Brothers and Beneville Studios have broken ground on AREA15, a retail, art and entertainment complex located along West Desert Inn Road in Las Vegas. Weaving together immersive experiences, music and corporate events, art installations, restaurants, bars and nightlife, the 126,000-square-foot complex is slated to open in late 2019. The complex will appeal to a variety of clientele, including gamers, comic-con and sci-fi enthusiasts, artists and music and festival lovers.

May 7, 2018

Acquisitions Illinois Midwest Retail

TEI Acquires 340,849 SF Power Center in McHenry, Illinois for $32M

by Kristin Harlow May 7, 2018

MCHENRY, ILL. — Time Equities Inc. has acquired the Shops at Fox River in McHenry, about 50 miles east of Rockford, for $32 million. The power center, built in 2007, features 340,849 square feet. Tenants include TJ Maxx, Ross Dress for Less, Dick’s Sporting Goods, Bed Bath & Beyond, DSW, Ulta Beauty, Old Navy and PetSmart. A 30,000-square-foot box space and a 12,000-square-foot suite remain available for lease. Additionally, a nearly two-acre out parcel is available for further development. Ben Wineman of Mid-America Real Estate Corp. represented the seller, DDR Corp.

May 7, 2018

Acquisitions Illinois Midwest Multifamily

Interra Negotiates $5.7M Sale of Apartment Building in Chicago

by Kristin Harlow May 7, 2018

CHICAGO — Interra Realty has negotiated the sale of a 32-unit apartment building in Chicago’s Uptown neighborhood for $5.7 million. The three-story property is located at 5022-30 N. Winthrop Ave. Originally constructed in 1916, the building recently underwent a renovation that included new windows, new decks and an intercom entry system. Brad Feldman and Adam Saxon of Interra represented the buyer, 5022 North Winthrop LLC, which was completing a 1031 exchange. Joe Smazal of Interra represented the sellers, 1425 West Chase Associates LLC and 3030 Princeton Associates LLC.

May 7, 2018

Acquisitions Illinois Midwest Office

Podolsky Circle Arranges $2.7M Sale of Office Building in Schaumburg, Illinois

by Kristin Harlow May 7, 2018

SCHAUMBURG, ILL. — Podolsky Circle CORFAC International has arranged the sale of a 43,800-square-foot office building in Schaumburg for $2.7 million. The fully leased property is located at 1000 E. State Parkway within the Woodfield Business Center. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, Clear Height Properties. Kelly Joyce of Colliers International represented the buyer, a private investor.

May 7, 2018

Acquisitions Illinois Midwest Restaurant Retail

Premier Brokers Sale of 5,085 SF Building Formerly Occupied by Fradillio’s Restaurant in Algonquin, Illinois

by Kristin Harlow May 7, 2018

ALGONQUIN, ILL. — Premier Commercial Realty has brokered the sale of a 5,085-square-foot building formerly occupied by Fradillio’s restaurant in Algonquin. The property, located at 2321 Algonquin Road, includes a drive-thru. Bruce Kaplan and Kevin Kaplan of Premier represented the seller, North Shore Bank. Eddie Hernandez of Casa Grande Realty represented the buyer, who plans to open a Burrito Parrilla Mexicana restaurant. There are currently six other Burrito Parrilla Mexicana locations in Illinois.

May 7, 2018

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