PHOENIX — Archon Acquisition LLC has purchased a 295,401-square-foot office property in Phoenix’s Camelback Corridor for $81.7 million. The two-building property is located at 3131 and 3133 Camelback Road. The asset is 93 percent occupied. It was built in 1998. Lincoln Property Co. serves as the property manager. JLL’s John Bonnell, Brett Abramson and Chris Latvaaho will lead the leasing efforts. The seller was TR Camelback Corp. JLL’s Dennis Desmond and Lynn LaChapelle executed the sale.
EUGENE, ORE. — Walker & Dunlop has arranged $43.5 million in financing for the 263-unit Tennyson at Crescent Village in Eugene. The newly constructed, Class A multifamily community is located at 2850 Shadow View Drive. Crescent Village is Eugene’s first master-planned urban neighborhood. The Tennyson contains 35 buildings with units ranging from one- to three-bedrooms. Amenities include a clubhouse with a brew station and fitness center with on-demand classes, racquetball courts, a swimming pool and hot tub. The loan features a 10-year term and 30-year amortization at 70 percent loan-to-value ratio. The borrower will use the loan proceeds to pay off two existing loans. The property also received a spread reduction by qualifying for Green Building Certification through the Green Globes program. The property experienced rapid lease-up and was 80 percent occupied at the time of rate lock. Ralph Lowen and Steve Natale led the Walker & Dunlop team.
SEATTLE – China-based Xaio Investment Co. has acquired the 34-unit Uptown 11 apartment complex in Seattle for $32.3 million. The community is located at 11 W. Mercer St. CVS occupies the ground-floor retail space. Units range from studios to two-bedroom units. The seller was Velmeir Cos.
ANAHEIM, CALIF. — Doyle Properties has purchased an 84,928-square-foot industrial facility in Anaheim for $19.8 million. The flex facility is located at 1250 N. Tustin Ave. The property will serve as the Econolite Group’s new high-image facility. The group specializes in dynamic intelligent transportation systems and transportation management. Econolite previously occupied a former 144,000-square-foot property on La Palma Avenue. The company was in search of a new facility where it could modernize the layout and design to help attract and retain employees. The company also wanted to transition from a heavy manufacturing and sheet metal fabrication site to an engineering/high-tech one. CBRE’s Carol Trapani, Ben Seybold and Sean Ward represented Doyle Properties. Clyde Stauff of Colliers represented the seller, Blackstone Group, in this transaction.
DALLAS — De La Vega Development will develop OVERstreet at SEVENTYfive, a 1.4 million-square-foot mixed-use project situated at the corner of North Central Expressway and Haskell Avenue in Dallas. The four-building project will deliver 767,000 square feet of office space, a 150-room hotel, 59,500 square feet of retail and restaurant space and a 462,000-square-foot residential tower. The project will also include three parking garages totaling 2,770 spaces. De La Vega purchased the 10-acre tract on which the project will be developed, according to The Dallas Morning News.
DALLAS — Woodbine Legacy Investments, a division of Dallas-based hospitality investment firm Woodbine Development Corp., has acquired the Hilton Dallas Park Cities, a 224-room hotel located in the University Park neighborhood in Dallas. The 11-story hotel, which was built in 2001 and renovated between 2012 and 2013, features a heated rooftop pool, business center, fitness center and 10,529 square feet of meeting and event space. John Bourret and Austin Brooks of HFF represented the undisclosed seller in the transaction.
HOUSTON — Boyd Commercial has brokered the sale of a 30,114-square-foot office/warehouse property located at 9122 and 9000 Telephone Road in Houston. David Munson and David Boyd of Boyd Commercial represented the sellers, MPM Real Estate LLC and Kervinen Petteri, which sold 9122 Telephone Road and 9000 Telephone Road, respectively. Athena Sidhu of RE/Max Top Realty represented the buyer, Aslam Properties Inc.
DALLAS — Dougherty Mortgage LLC has closed the $14 million refinancing of El Sol Del Lago, a 318-unit multifamily community located at 3120 Oradell Lane in Dallas. Dougherty arranged the 12-year Fannie Mae loan, which has a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, El Sol Del Lago LLC.
ARLINGTON, TEXAS — Eastern Union Funding, a New York-based mortgage brokerage firm, has arranged a $1.5 million loan for the refinancing of the Quality Inn at Arlington Highlands, a 128-room hotel located near AT&T Stadium in Arlington. Peter Blass of Eastern Union arranged the loan through Southwest National Bank on behalf of the borrower, RMG Hospitality. A portion of the funds will be used for renovating the property.
BARTLETT, ILL. — CBRE has arranged the sale of a 300,608-square-foot industrial facility in Bartlett, about 35 miles northwest of Chicago. The sales price was not disclosed. The property is located at 1340 Brewster Creek Blvd. on a 16.5-acre site within the Brewster Creek Business Park. Built in 2008, the building features 30-foot clear heights, 4,160 square feet of office space, 65 car stalls and 64 exterior docks. Matt Mulvihill, Kevin Segerson and Cal Payne of CBRE represented the seller, Brewster Creek of Illinois LLC. Jeff Fischer of NAI Hiffman represented the buyer, Greco & Sons.
