Property Type

Stanton Road Capital Acquires 210,000 SF Former AT&T Building in Metro Dallas

by Taylor Williams April 25, 2019

RICHARDSON, TEXAS — Los Angeles-based Stanton Road Capital LLC has acquired Campbell Glen II, a 210,000-square-foot office building located in the northeastern Dallas suburb of Richardson. The Class A building, which is currently vacant, was formerly 100 percent leased to AT&T. Stanton Road Capital will undertake a capital improvements program that will overhaul the property’s lobby and common areas and introduce new amenities, including a fitness center, tenant lounge and outdoor recreational spaces. Cushman & Wakefield will handle leasing of the property under the new ownership.

April 25, 2019

Development Multifamily Texas

HS Development to Build 115-Unit Multifamily Project in Northwest Houston

by Taylor Williams April 25, 2019

HOUSTON — Local firm HS Development will build The Edge at Langham Creek, a 115-unit apartment project that will be located in northwest Houston. The property will offer convenient access to Interstate 10, the Energy Corridor and Texas Medical Center West Campus. Mark Crosswell and Eric Kline of Berkadia arranged approximately $1.8 million in preferred equity through MidHudson Capital to complete the $18 million capital stack for the project. Construction is underway and the developer expects to complete the project by May 2020.

April 25, 2019

Loans Office Texas

Money360 Closes $4.4M Bridge Loan for Refinancing of San Antonio Office Asset

by Taylor Williams April 25, 2019

SAN ANTONIO — California-based direct lender Money360 has closed a $4.4 million bridge loan for the refinancing of an undisclosed office property in San Antonio. The loan featured a 24-month term, a fixed interest rate of approximately 7.8 percent and a loan-to-value structure of 69.8 percent. The borrower was not disclosed.

April 25, 2019

Acquisitions California Retail Western

Brixton Capital Sells 290,000 SF Towngate Center in Moreno Valley for $50.9M

by Amy Works April 25, 2019

MORENO VALLEY, CALIF. — Brixton Capital has completed the sale of Towngate Center, a community shopping center located at 12625 Frederick St. in Moreno Valley. An Asian-Pacific-based 1031 exchange buyer acquired the asset for $50.9 million. At the time of sale, the 290,000-square-foot property was 95 percent occupied by national and regional credit tenants, including TJ Maxx/Home Goods, BevMo, Ross Dress for Less, Dollar Tree, ULTA Beauty, Regency Theaters, Planet Fitness, Chipotle and Wells Fargo Bank. Phillip Voorhees of CBRE’s National Retail Partners-West represented the seller in the transaction.

April 25, 2019

Industrial Leasing Activity Texas

Plastics Distributor Signs 6,000 SF Industrial Lease in San Antonio

by Taylor Williams April 25, 2019

SAN ANTONIO — Harrington Industrial Plastics, one of the nation’s largest distributors of plastic products, has signed a 6,000-square-foot industrial lease at 4030 Naco-Perin Blvd. in northeast San Antonio. Roger Hill and Kyle Mueller of JLL represented the landlord, Aguja Holdings LLC, in the lease negotiations. The representative of the tenant was not disclosed.

April 25, 2019

Acquisitions Hospitality Nevada Western

MCR Acquires 139-Room Hilton Garden Inn Las Vegas/Henderson in Nevada

by Amy Works April 25, 2019

HENDERSON, NEV. — MCR has purchased Hilton Garden Inn Las Vegas/Henderson, a hotel located approximately six miles from McCarran International Airport. Terms of the deal were not released. Located at 1340 W. Warm Springs Road, the hotel features 139 pet-friendly guestrooms with microwaves, coffee makers and refrigerators; free Wi-Fi; Rachel’s Kitchen, serving breakfast, lunch and dinner; The Pavilion Pantry, a 24-hour convenience store; 1,300 square feet of meeting and event space for up to 100 people; 24-hour business center; fitness center; heated outdoor swimming pool and hot tub; and on-site laundry service.

April 25, 2019

Acquisitions California Industrial Western

Cushman & Wakefield Brokers $14.4M Sale of Industrial Facility Near San Diego

by Amy Works April 25, 2019

CARLSBAD, CALIF. — Cushman & Wakefield has brokered the sale of an industrial facility, located at 3248 Lionshead Ave. in Carlsbad. Badiee Development sold the property to a San Diego-based high-net-worth family for $14.4 million. Built in 2017, the property features 55,573 square feet of Class A industrial space with dock- and grade-level loading, designed ingress/egress, outdoor amenities and an efficient layout for warehouse and showroom use. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, Zach Harmam and Devin Muna of Cushman & Wakefield’s San Diego and Orange County, Calif., offices represented the seller in the transaction. Additionally, Brant Aberg and Dennis Visser of Cushman & Wakefield provided local market advisory for the deal.

April 25, 2019

Acquisitions Arizona Office Western

Pathfinders Partners, Global Building Divest of 32,741 SF Office Property in Phoenix for $5.2M

by Amy Works April 25, 2019

PHOENIX — Pathfinders Partners and Global Building LLC have completed the sale of an office building located at 2730 W. Agua Fria Freeway in Phoenix. Devil Dogs Properties acquired the property for $5.2 million. Located in the Deer Valley/Interstate 17 submarket, the asset features 32,741 square feet of office space. At the time of sale, the multi-tenant property was fully leased. Darren Tappen and Peter Beauchamp of Kidder Mathews represented the seller, while Michelle Gardner, also of Kidder Matthews, represented the buyer in the transaction.

April 25, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Arranges $3.3M Sale of West Hill Apartments in Colorado

by Amy Works April 25, 2019

PUEBLO, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of The West Hill Apartments, a multifamily property located in Pueblo. An undisclosed buyer acquired the 36-unit property for $3.3 million, or $91,388 per unit. The six-building asset features 32 two-bedroom/two-bath units and four two-bedroom/one-bath units. All units are individually metered for gas and electric, while 32 of the units are individually metered for water. Chris Knowlton of Pinnacle Real Estate Advisors represented both parties in the deal.

April 25, 2019

Development Massachusetts Multifamily Northeast

Carlyle, Procopio to Develop 259-Unit Multifamily High-Rise Project in Metro Boston

by Taylor Williams April 25, 2019

LYNN, MASS. — A joint venture between affiliates of global investment firm The Carlyle Group and local developer The Procopio Cos. will develop The Caldwell, a 259-unit multifamily high-rise project in the northern Boston suburb of Lynn. The 10-story, transit-served property will offer amenities such as a rooftop deck, pool, fitness center and a gaming lounge. Square Mile Capital Management LLC provided a $63.9 million construction loan for the project that was placed by CIT Group Inc. Jeff Black and Sean Burke of Colliers International also worked on behalf of Procopio to place the construction debt and arrange the equity partnership, resulting in an $84 million capital stack. The development team broke ground on The Caldwell in March 2019 and expects to complete construction by fall 2020.

April 25, 2019

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