DALLAS — DuWest has arranged the sale of a single-tenant retail property located at 8330 N. Stemmons Freeway in Dallas. A California-based 1031 exchange buyer acquired the 30,054-square-foot property from a local partnership for an undisclosed price. Office Depot currently occupies the property. DuWest represented the seller in the deal.
CHANDLER, ARIZ. AND IRVING, TEXAS — Columbia Property Trust Inc. has sold CVS Health Tower in Irving, a western suburb of Dallas, and SanTan Corporate Center in Chandler, a southern suburb of Phoenix, for $109.5 million. With the sales, Columbia has exited the Dallas and Phoenix markets and will use the profits for reinvestment in its target markets. The buyers were not disclosed. CVS Health Tower is a 315,000-square-foot, Class A office building located at 750 W. John Carpenter Freeway. The building is primarily leased to CVS Caremark, an independent pharmacy benefit management provider. IBM also maintains a lease at the property. The 12-story building was completed in 1999 and acquired by Columbia in 2006. SanTan Corporate Center consists of two office buildings totaling 267,000 square feet, completed in 2000 and 2003. Columbia acquired the buildings in 2006. Both buildings are 100 percent leased. Toyota Financial Services fully occupies SanTan Corporate Center I, while multiple tenants occupy SanTan Corporate Center II. With these sales, Columbia has completed $660.5 million of dispositions in 2016. Atlanta-based Columbia Property Trust owns and operates Class A office buildings. The company’s portfolio includes 21 office properties and one hotel. -Kristin Hiller
SAN FRANCISCO — American Realty Advisors has purchased Foundry Square III, a 291,093-square-foot office building in San Francisco’s Transbay District, for an undisclosed sum. The building is situated one block from San Francisco’s $4.5 billion Transbay Transit Center. It is fully leased to tenants like IBM, NASDAQ, Perkins Coie, Neustar and Silicon Valley Bank. Jeffrey Weber and Stephen Van Dusen of Eastdil Secured represented the seller, a development joint venture between Tishman Speyer and institutional investors advised by J.P. Morgan Asset Management.
PHOENIX — City Office REIT has acquired a 175,835-square-foot office building in Phoenix for $42.6 million. The Class A building is located at 5090 N. 40th St. within the Camelback Corridor. It is more than 90 percent leased. The seller was a joint venture between Lowe Enterprises and J.P Morgan Asset Management. CBRE’s Jim Fijan and Will Mast negotiated the transaction.
LOUISVILLE, COLO. — Koelbel and Co. has broken ground on a 57,700-square-foot office project in Louisville. The Class A building is located at 168 Centennial Parkway within the Centennial Valley Business Park. The property offers direct access to U.S. Highway 36 and is nearby to Boulder.
DENVER — HFF has arranged a $32 million refinancing for a 151,500-square-foot creative office development in downtown Denver. The property is located at 3001 Brighton Blvd. in the River North (RiNo) submarket. The property was built in 1939 as a produce depot before. It is 97.7 percent leased to a mix of office, retail and restaurant tenants, including CorePower Yoga, Booyah Marketing and Uber. HFF’s Josh Simon, Kristian Lichtenfels and Riaz Cassum secured the seven-year, fixed-rate loan through a life insurance company. The team worked on behalf of Industry Founders and Clarion Partners.
SAN DIEGO — Pinnacle International has purchased a 30,000-square-foot redevelopment site in San Diego for $14.5 million. The site is located at 1141 E St. in the East Village submarket. It contains a 25,000-square-foot industrial building. The property is zoned for multifamily residential development. Ben Tashakorian and Jessie James of Marcus & Millichap represented the buyer and seller, Rodney Starkey, in this transaction.
ROWLETT, TEXAS — Huffines Communities has opened the first phase of Harmony Luxury Apartments at 11010 Harmony Hill Lane in Rowlett. Phase I features 326 apartment units, a 7,000-square-foot clubhouse and a pool. The property offers one- and two-bedroom apartments in a variety of floorplans, ranging from 560 square feet to 1,263 square feet. Huffines has broken ground on the property’s second phase, which will add 318 units, including a limited number of three-bedroom units. The project team includes JHP Architecture/Urban Design and Moore Design Group.
DALLAS — Marcus & Millichap has arranged the sale of two apartment buildings in Dallas: Rosemont at San Jacinto and Carroll Terrace. A private investor sold the properties for an undisclosed price. Located at 4400 San Jacinto St., Rosemont at San Jacinto features 16 apartments, and Carroll Terrace, located at 1607 N. Carroll Ave., features 18 apartments. Stephen Crittenden of Marcus & Millichap represented the seller and procured the buyer, a private investor, in the deal.
SAN ANTONIO — The Turner Multifamily Impact Fund, a real estate investment fund managed by Turner Impact Capital, has acquired San Mateo and The Grove, both in San Antonio, for an undisclosed price. Situated on 10.9 acres in northeast San Antonio, San Mateo features 252 units in nine three-story buildings. On-site amenities include a pool, basketball court and student/business center. Located on 11 acres, The Grove features 276 units in 30 two- and three-story residential buildings. Community amenities include two swimming pools, a clubhouse with business lounge and fitness center, landscaped grounds and on-site laundry facilities.