HOUSTON — Colliers International has arranged the sale of an office and warehouse building located within Park 10 at 16337 Park Row in Houston. Plano Vistas Ltd. sold the 41,170-square-foot property to 16337 Park Row LLC for an undisclosed price. Marshall Clinkscales of Colliers International represented the seller, while Marc Drumwright of Southwest Realty Advisors represented the buyer in the deal. Tom Hamilton of Alamo Title Co. handled the closing.
NEWARK, N.J. — LNR Property, a subsidiary of Starwood Property Trust Inc., has completed the sale of 33 Washington Street, an iconic office tower located in downtown Newark. Berger Organization acquired the 450,000-square-foot property for an undisclosed price. Situated on 1.6 acres, the 18-story property features a fitness center, shared conference rooms, on-site parking, a lobby and views of the Manhattan skyline. Audible and DHL, among other tenants, occupy the multi-tenant building. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller in the deal.
BEVERLY HILLS, CALIF. — Beverly Hills-based Sonnenblick-Eichner Co. has arranged $92 million in first mortgage debt to refinance a portfolio of four hotels totaling 592 rooms. The financing consists of four separate non-recourse, non-cross collateralized loans from three different lenders. Sonnenblick-Eichner Co. was able to arrange for a money center commercial bank to provide 10-year, fixed-rate financing on each of the Hyatt House properties and LIBOR-based floating rate financing from two regional banks for the remaining properties. The properties are the 147-room Hyatt House Philadelphia/King of Prussia in King of Prussia, Pa., the 126-room Hilton Garden Inn Albany/SUNY in Albany, N.Y., the 171-room Archer Hotel in Austin, Texas, and the 148-room Hyatt House Falls Church/Merrifield in Falls Church, Va.
HANOVER, N.J. — CBRE Capital Markets has arranged a $24 million bridge loan for the refinancing of 10 Park Avenue, a vacant office building located in Hanover. The borrower was Ravine Development Co. Built in 2001, the 154,776-square-foot Class A office building features a 376-person full-service cafeteria, fitness center and multi-media room. The property housed Metropolitan Life’s international fixed-income investment division for 13.5 years until the tenant move to MetLife’s new global headquarters at the end of October 2016. James Gunning, Donna Falzarano and Stephen Joseph of CBRE secured the loan, which was provided by The Provident Bank of New Jersey.
NEW YORK CITY — Savanna, in a joint venture with Hornig Capital Partners, has completed a $12 million capital improvement project at The Bruckner Building in the South Bronx neighborhood of Mott Haven. Located at 2417 Third Ave., the eight-story property features 172,000 square feet of office and light industrial space. With completion of the improvements, the building now offers commercial space for tenants as small as 1,000 square feet to as large as 21,000 square feet. Additionally, the property offers three billboard signage opportunities.
SCRANTON, PA. — Hinerfield Commercial Real Estate Co. has arranged the sale of an industrial building, located at 1350 Von Storch Ave. in Scranton. 1350 Von Storch Avenue LLC acquired the property for an undisclosed price. Situated on three acres, the building features 50,000 square feet of industrial space and 1,000 square feet of office space. Richard Levy of Hinerfield represented the seller, Von Storch Avenue LLC, while Steve Farrell of Classic Properties represented the buyer in the transaction.
SAN FRANCISCO — Cushman & Wakefield has arranged the sale of a portfolio of Sleepy Hollow Investment Co. office properties for $130 million. The portfolio consists of multi-tenant office buildings located in several markets throughout the San Francisco Bay Area. The portfolio was sold in components to five buyers that included Eagle Canyon Capital, Square I, STG Group, James Lindsey and Long Market Property Partners. Totaling 661,319 square feet, the portfolio spans 10 properties comprising 14 office buildings located on over 32 acres. The assets are located in Pleasant Hill, Walnut Creek, Orinda, San Ramon, Dublin, Santa Rosa and Santa Clara, all in the East Bay, Silicon Valley and North Bay regions. The full list of properties was not disclosed, but two Class A office buildings in the portfolio are The Terraces in Pleasant Hill and Riviera Plaza in Walnut Creek. The portfolio is currently 92 percent occupied by 132 tenants. Eric Fox, Michael Speers and Steve Hermann of Cushman & Wakefield represented the seller. Whiff Collins of Cushman & Wakefield provided local market advisory services. Pleasant Hill-based Sleepy Hollow Investment Co. invests in and manages commercial property throughout the Bay Area. — Kristin Hiller
DALLAS — Miami Lakes, Fla.-based The Kislak Organization has acquired Routh Street Flats, an apartment complex located at 3033 Routh St. in Dallas. Alamo Manhattan sold the 208-unit property for an undisclosed sum. Built in 2015, the property features 149 one- and two-bedroom layouts, a gated parking garage, rooftop terrace, infinity pool, fitness center, business center, bike repair station, pet park, resident lounge, fire pits and picnic areas. Moran & Co. Southwest represented the seller. Team Mozer with George Smith Partners arranged the acquisition financing, which was provided by Connecticut General Life Insurance Co. Kislak has selected Cottonwood Residential to manage Routh Street Flats’ day-to-day operations.
AUSTIN, TEXAS — RD Management has acquired Shops at Tech Ridge, a shopping center located in Austin, for an undisclosed price. Excluding the recently vacated Target store, the 504,153-square-foot property is 96 percent occupied. Since purchasing the property, RD Management has signed a lease with Floor & Décor for 77,958 square feet of space in the former Target store. Ross Dress for Less, PetSmart, Toys “R” Us and Conn’s HomePlus also occupy the center. The buyer plans to renovate the façade of the former Target space and develop two new pad sites at the center. The name of the seller was not released.
STAFFORD, TEXAS — LandPark Advisors has brokered the acquisition of an office building located at 12603 Southwest Freeway in Stafford. Stone Mountain Properties acquired the 143,211-square-foot building for an undisclosed price. Constructed in 1981 and renovated in 2015, the property is a Class B, six-story building that has received $1.5 million in capital improvements since 2013. Bill McGrath and Peter Wall of LandPark Advisors represented the buyer in the deal. The name of the seller was not released.