FORT WORTH, TEXAS — Hillwood has broken ground on a 200,000-square-foot office building for Mercedes-Benz Financial in Fort Worth. The build-to-suit property is located within the AllianceTexas master-planned community and will serve as the company’s national business operations center. Mercedes-Benz Financial has operated out of AllianceTexas since 2007, and the development of this property ensures that roughly 900 direct and indirect jobs will be retained in Fort Worth.
GARLAND, GRAPEVINE AND MCKINNEY, TEXAS — Greystone Real Estate Advisors has brokered the sale of the Grand Brook Portfolio, a trio of memory care communities in the DFW metroplex totaling 114 units. The Class A properties were developed between 2004 and 2006 and are located in Garland, Grapevine and McKinney. Cody Temper and Mike Garbers of Greystone represented the seller in the transaction. Other terms of sale were not released.
SEATTLE — A joint venture between Investcorp International Realty and Schnitzer West has secured $170 million in refinancing for a 540,589-square-foot office tower in downtown Seattle. The Class A tower is located at 901 Fifth Ave. The tower was originally built in 1998. The core office asset was recently renovated with more than $7 million in improvements, including updates to the lobby, conference center and executive board room. It is almost fully leased to credit tenants like the City of Seattle, St. Jude, State Farm Mutual, SVB Financial Group, AllState Insurance, Washington State University, the Federal Home Loan Bank of Des Moines and Pitchbook Inc. HFF’s Michael Gigliotti, Tom Wilson and Michael Tepedino secured the loan through HSBC.
SAN DIEGO — Colliers International has arranged the $19.9 million sale of a 17,462-square-foot retail property located in San Diego’s Gaslamp Quarter. Bill Shrader, David Maxwell, Joe Brady and Serena Patterson of Collers arranged the transaction on behalf of both the seller, ASP/Blatteis 665 Urban 5th Venture LLC, and the undisclosed buyer. The three-unit property is home to Ghirardelli Café and Urban Outfitters. Colliers will handle leasing for the 2,692-square-foot unit located between the two retailers, which will become available in March.
BAKERSFIELD, CALIF. — Cushman & Wakefield has arranged $11.6 million in construction financing for The Palms at San Lauren, a 68-unit assisted living and memory care community in Bakersfield. The borrower was a joint venture between development firm Blue Mountain Enterprises Inc. and regional operator Pragma Management. The project is the third development project by the partnership. Pragma will manage the community once completed. PNC provided the capital for the loan. The Palms at San Lauren will be situated on a 3.5-acre site and will feature 44 assisted living units and 24 memory care units in a single-story building. The community will be situated next to a newly constructed skilled nursing facility. The Cushman & Wakefield team involved in the transaction included Aaron Rosenzweig, Jay Wagner, Sam Dylag and Alex Petrosian.
PHOENIX — Prologis has completed 710,000 square feet of tenant improvements and shell space in Phoenix. The new space is situated within Prologis Riverside Distribution Center and Prologis Park Riverside. Prologis Riverside Distribution Center received a 115,000-square-foot build-out for bathroom refurbishment company Home Brand, which is expanding and relocating within metro Phoenix. In addition, the property received a 115,000-square-foot build-out for video game accessory company Performance Designed Products (PDP), which relocated from California to Arizona. The tenants occupy the entire 230,000-square-foot Prologis Riverside Building II. Shell construction was also completed on the 480,000-square-foot Building III at Prologis Park Riverside, an industrial distribution center at 55th Avenue and Lower Buckeye Road. The project also included a 15-week, $15 million tenant improvement for a national e-commerce tenant. Building III sits adjacent to Prologis Park Riverside Building II, which is fully occupied by StitchFix, and Prologis Park Riverside Building I, which is fully occupied by Marshalls. Graycor Construction Co. completed construction on all the projects.
BRISBANE, CALIF. — DHL Global Forwarding has leased a 76,375-square-foot industrial warehouse building in the San Francisco Bay Area submarket of Brisbane. The building is located at 99 S. Hill Drive. The full complex contains 165,000 square feet on seven acres. The building features 22-foot clear height, 15 loading docks, two grade-level openings, sprinklers and trailer/employee parking. There is immediate access to US 101 and to the Bayshore Commuter Rail. The property is close to San Francisco International Airport and the Port of Oakland. Greig Lagomarsino and Mike Davis of Colliers International represented DHL, while Joe Harney of HCM Commercial Properties represented the landlord in this transaction.
NEW YORK CITY — JLL Capital Markets has arranged $41.6 million in financing for the acquisition and renovation of a multifamily portfolio located across five locations in the Bronx. The borrower is Quality Communities, a partnership between Taconic Investment Partners and a client of Clarion Partners. Related Cos. sold the 12-building portfolio, which was 97 percent leased at the time of sale. Jonathan Schwartz, Aaron Appel, Mark Fisher and Brian Buglione of JLL secured the financing, which was provided by Sterling National Bank, for the borrower.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 2197 Ocean Ave. in Brooklyn’s Madison neighborhood. Shirben Ocean 2197 LLC sold the building to 2197 Ocean LLC for $10 million. Built in 1928, the six-story, 30,000-square-foot building features 35 apartment units. Aaron Jungreis of Rosewood represented the seller, while Michael Guttman, also of Rosewood, represented the buyer in the deal.
NEW YORK CITY — Cushman & Wakefield has negotiated the sale of a mixed-used building located at 1618 Benson St. in the Westchester Square neighborhood of the Bronx. SKYC Management acquired the property for $4.5 million. The five-story, 20,930-square-foot building features 23 apartment units and three commercial units. Guthrie Garvin and Karl Brumback of Cushman & Wakefield represented the undisclosed seller in the transaction.
