SAN JOSE, CALIF. — InfiniPower Hospitality Group has received $19 million in financing to develop a 261-room hotel in San Jose. The project will include a 147-room Residence Inn and a 114-room Fairfield Inn & Suites by Marriott. The 166,340-square-foot, four-story building will include an outdoor pool and patio area with a fire pit, enhanced fitness center, bar, complimentary breakfast area, guest laundry facilities and a 24/7 sundry shop, as well as 1,200 square feet of meeting space and a business center. The project is located in America Center, a 30-acre mixed use development located along the South Bay Freeway (Highway 237) in northern San Jose. Canyon Partners Real Estate provided the loan.
SIMI VALLEY, CALIF. — A 1031 exchange buyer has acquired Rand Medical Building, a 19,833-square foot office property in Simi Valley, for $3 million in an all-cash transaction. The property is located at 1633 Erringer Road. It was 75 percent leased at the time of closing. The buyer plans to occupy a portion of the building. Gregory Mills of Marcus & Millichap represented the seller, an individual/personal trust, in this transaction.
IRVINE, CALIF. — SendGrid has leased 22,000 square feet of office space at 400 Spectrum Drive in the Irvine Spectrum. The customer communications platform designer will occupy the entire fourth floor of the new, 21-story campus in the heart of Irvine Spectrum early next year. The lease brings the new tower to 36 percent pre-leased. It comes just weeks after Irvine Company announced that 200 Spectrum Center, its year-old sister building, is 93 percent leased.
SAN ANTONIO — A joint venture between AMAC Holdings and EBEX Holdings has acquired Crescent at Alamo Heights, a 306-unit apartment community located in the Alamo Heights neighborhood of San Antonio for $37 million. Built in 1993, the property is situated on 14.6 acres and features a mix of one-, two- and three-bedroom units ranging in size from 669 to 1,370 square feet. Amenities include a pool, playground, picnic area and a business center.
SOUTHLAKE, TEXAS — Southlake-based N3 Real Estate has received $20 million in refinancing for a portfolio of eight retail centers totaling 172,152 square feet in various cities throughout Texas. All of the properties are shadow-anchored by Walmart locations and are 90 percent leased collectively. De’On Collins of HFF arranged the financing through Southside Bank.
HOUSTON — CBRE has arranged the sale of a four-building portfolio of industrial properties totaling 414,540 square feet in Houston. Collectively, the properties were 100 percent leased at the time of sale. Jack Fraker, Randy Baird, Heather McClain Venegoni and Tom Lynch of CBRE represented the seller, EastGroup Properties. Cabot Properties purchased the portfolio for an undisclosed price.
DALLAS — Florida-based Foundry Commercial and its capital partner, San Francisco-based Stockbridge have acquired Northview Plaza, a 116,099-square-foot retail center located at 19674 E. Northwest Highway in Dallas. The grocery-anchored property was 86 percent leased at the time of sale. The purchase raises the volume of Foundry’s Dallas acquisitions over the past 18 months to approximately $160 million.
LOMBARD, ILL. — Greystar has selected McShane Construction Co. to build Elan Yorktown, a 295-unit luxury apartment complex in the Chicago suburb of Lombard. The four-story property is under construction on a six-acre parcel at 50 Yorktown Shopping Center. The building will feature a mix of studio, one-, two and three-bedroom units. Amenities will include exterior courtyards, a fitness center, golf simulator room, theater room, library, clubroom, pool and grilling stations. ESG Architects is providing the architectural services for the project, slated for completion in May 2019.
DES PLAINES, ILL. — Cawley Chicago has been selected as the leasing agent for the O’Hare Offices, a three-building, 450,000-square-foot office portfolio in Des Plaines near the Chicago O’Hare International Airport. The portfolio consists of 999, 1011 and 1111 Touhy Ave. Affiliates of Siete 7 LLC, a private investment group that occupies space in one of the buildings, own the portfolio. The three buildings were developed from 1973 to 1979 and acquired in separate transactions in 2008 and 2009. The buildings are currently 50 percent leased and offer spaces ranging from 933 square feet to 60,000 square feet. Amenities include executive conference and training rooms as well as a fitness center. The owners of the building are undertaking several initiatives to help market and position the buildings, such as creating move-in ready suites, general cleanup and refreshing of available space and improved property signage.
UNIVERSAL CITY, TEXAS — San Antonio Commercial Advisors (SACA) has brokered the sale of Kitty Hawk Shopping Center, a 13,084-square-foot strip retail center located at 12000 E. Loop 1604 North in the San Antonio metro of Universal City. Shadow-anchored by H-E-B, the center was 85 percent leased at the time of sale to tenants such as The Cash Store, Edward Jones and Lee’s Kitchen. Bradley Suttle of SACA represented the buyer, a Texas-based limited liability company. Other terms of sale were not disclosed.