SUGAR LAND, TEXAS — WorkSuites, a provider of coworking, virtual and executive office space throughout Houston, has leased 19,692 square feet at 77 Sugar Creek, a Class A office building located in the southwestern metro of Sugar Land. Dan Boyles and Michael Mannella of NAI Partners, along with John Pelletier and Greg Burns of ESRP Advisory, represented WorkSuites in the lease negotiations. Mat Volz and Craig McKenna of Stream Realty Partners represented the landlord, Velocis.
TEMPE, ARIZ. — Tonti Properties has sold Wilshire Pines, a multifamily property located at 208 E. Baseline Road in Temple. Sheiner Group acquired the asset for $22.5 million. Built in 1979, the property features 173 apartment units. Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, and Cliff David of Marcus & Millichap represented the seller and procured the buyer in the deal.
LAS VEGAS — Northcap Commercial Multifamily has negotiated the sale of Desert Manor, a mixed-use asset located on an entire city block at 629 S. Main St. in Las Vegas. An undisclosed buyer acquired the property for $11.5 million. The sale consisted of 191 multifamily units, 6,364 square feet of retail space and 0.89 acres of land. Devin Lee of Northcap Multifamily represented the seller, 1060 Broadway LLC, in the deal.
SAN JOSE, CALIF. — Splunk Inc. has signed a long-term lease for 301,000 square feet of office space at 700 Santana Row. The 319,000-square-foot mixed-use building is under construction at the intersection of Santana Row and Olsen Drive in San Jose. Splunk is a publicly traded software company that creates applications for tracking big data. Developed by Federal Realty Investment Trust, 700 Santana Row is scheduled for delivery in 2019. The property will feature seven levels of office space above ground-floor retail space and a parking garage with approximately 1,300 spaces. San Francisco-based WRNS Studio designed the asset, which Devcon Construction is building. The all-concrete structure features 13-foot ceiling heights, a modern glass curtain wall, private terraces, a world-class urban plaza and is built to LEED Silver standards. Once completed, Santana Row will offer a total of 690,000 square feet of Class A office space, which is fully leased; 50 shops; 30 restaurants; nine personal service businesses; 615 rental apartments; 219 residential condominiums; and the 215-room Hotel Valencia.
DENVER — HFF has arranged financing for the development of Solera at Cherry Creek, a Class A seniors housing development in the Cherry Creek neighborhood of Denver. Solera at Cherry Creek will comprise 64 assisted living apartments and 32 memory care units within a three-story building totaling approximately 55,000 rentable square feet. A joint venture between affiliates of Banner Senior, Solera Senior Living and Wheelock Street Capital are developing the property. Rosemann & Associates is designing the community, which is scheduled for completion in 2019. The HFF team representing the borrower included David Fasano, Sarah Anderson and Brock Yaffe. A national bank is providing the nonrecourse loan. The amount of the financing was not disclosed.
BOSTON — CBRE/New England has negotiated the sale of Troy Boston, a 378-unit apartment tower in the South End neighborhood of Boston. The 19-story high-rise opened in 2015 and has an overall average unit size of approximately 630 square feet. The property is certified to LEED Gold standards. Simon Butler and Biria St. John of CBRE represented the seller, a fund advised by Gerding Edlen, in the transaction. Equity Residential bought the property for an undisclosed price.
GUNNISON, COLO. — Quantum Real Estate Advisors has arranged the sale of a retail property located at 800-810 N. Main St. in Gunnison. An individual investor from Crested Butte, Colo., acquired the multi-tenant building from an Aspen, Colo.-based individual for $1 million. At the time of sale, the 11,700-square-foot property was fully leased to a number of local tenants with long-term occupancy. Zack Hilgendorf of Quantum Real Estate represented the seller in the transaction.
WEST HARTFORD, CONN. — CS Acquisition Group LLC has purchased Westwood Apartments, a six-building, 200-unit apartment community in West Hartford for $20.8 million. The complex is the largest market-rate multifamily property in West Hartford by number of units and was constructed in 1971. Victor Nolletti and Wes Klockner of Institutional Property Advisors represented the seller, Westwood Apartments LLC, in the transaction.
BREINIGSVILLE, PA. — Cronheim Hotel Capital has arranged a $12.5 million acquisition loan for a Holiday Inn in Breinigsville. The property is located approximately seven miles east of Kutztown. Built in 1988, the 175-room hotel includes 14,000 square feet of meeting space as well as a 10,660-square-foot ballroom. Cronheim secured the non-recourse, floating-rate loan with a three-year term on behalf of borrower Infinity Asset Management. The lender was undisclosed. The property will be converted into a Delta by Marriot hotel.
LEMOYNE, PA. — Marcus & Millichap has brokered the sale of 840 Market Street Shopping Center, a 32,379-square-foot retail center in Lemoyne. The property sold for $2.8 million, which equates to an 8.9 percent capitalization rate. Craig Dunkle of Marcus & Millichap represented the seller, a private investor based in Mechanicsburg, in the transaction. RSR Realtors represented the buyer, a regional investor. The tenant roster at the shopping center includes Dollar General, Little Caesars, Akita’s Sushi Restaurant, 717 Cross Fit, Burn 30, and Rem Staffing.
