Property Type

Del Marco Buys Desert Gardens Apartments in Glendale for $19.5M

by Nellie Day April 12, 2017

GLENDALE, ARIZ. — Del Marco LLC has acquired the 307-unit Desert Gardens apartments in Glendale for $19.5 million. The community is located at 13517 W. Glendale Ave. Desert Gardens was 99 percent leased at the time of the sale. It contains 17 two-story buildings situated on 11.1 acres. Community amenities include a covered playground, basketball court, dog park, tennis court, horseshoe pit, sand volleyball court, fitness center, clubhouse, heated pool, jetted hot tub and barbecue areas. It is situated near Luke Air Force Base, the Westgate Entertainment District, University of Phoenix Stadium and Gila River Arena. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International represented both the buyer and seller, Desert Gardens V LLC, in this transaction.

April 12, 2017

California Hospitality Western

New Hyatt Place Emeryville/San Francisco Opens in East Bay

by Nellie Day April 12, 2017

EMERYVILLE, CALIF. — The 175-room Hyatt Place Emeryville/San Francisco hotel has opened in East Bay. The hotel is located at 5700 Bay St. in Emeryville. The new Hyatt has been a part of Emeryville’s ongoing downtown expansion and restoration initiative. It serves as the flagship hotel in Bay Street Emeryville, a three-block-long development. The retail mega-center features 65 stores, 10 restaurants, a movie theater and 400 residential units. Ensemble Real Estate Investments led the hotel’s development.

April 12, 2017

California Office Western

Affirm Leases 86,225 SF of Office Space in San Francisco

by Nellie Day April 12, 2017

SAN FRANCISCO — Financial technology company Affirm has signed an eight-year lease for 86,225 square feet of office space in San Francisco. The space is located at 650 California St. Affirm will occupy floors eight through 12, as well as the building’s annex. The company is scheduled to relocate its headquarters from nearby 633 Folsom St. this August. Co-working company WeWork also recently leased space at this property. The landlord is Columbia Property Trust.

April 12, 2017

Office Oregon Western

The PIA Agency Rents Creative Office Space at the New Market Theater in Portland

by Nellie Day April 12, 2017

PORTLAND, ORE. — The PIA Agency has leased 9,380 square feet of creative office space at the New Market Theater in Portland. The theater is located at 115 S.W. Ash St. in the Old Town-Chinatown historic district. The New Market Theater was built as a marketplace and 1,200-seat theater in two phases in 1872 and 1875. It was modeled after a building in Venice, Italy. The space was converted into creative office after it was purchased by Swift Real Estate Partners in 2015. Jennifer Medak of Colliers International represented PIA, a creative content agency. CBRE’s Trevor Kafoury, Michelle Franceschi and Autumn Brice represented Swift.

April 12, 2017

Multifamily Texas

Stoneleigh, Realty Capital Break Ground on 234-Unit Apartment Complex in Carrollton

by Taylor Williams April 12, 2017

CARROLLTON, TEXAS — Chicago-based developer Stoneleigh Cos. and partner Realty Capital Management have broken ground on Switchyard Apartments, a 234-unit apartment complex located at 1199 N. Broadway St. in Carrollton. The four-story building, which will be located next to a Dallas Area Rapid Transit (DART) station, will feature a resort-style pool, fitness center and a juice bar. Units will range from 525 square feet to 1,262 square feet.

April 12, 2017

Loans Multifamily Texas

Dougherty Mortgage Places $9.4M Acquisition Loan for 224-Unit Apartment Complex in Dallas

by Taylor Williams April 12, 2017

DALLAS — Dougherty Mortgage LLC has placed a $9.4 million Fannie Mae for the acquisition of Sierra Vista Apartments on behalf of SevenSeas Holdings IV LLC. The 224-unit multifamily property is located at 2775 Northaven Road in Dallas. The 12-year loan, which was arranged through a partnership with Old Capital Lending, features a 30-year amortization schedule and one year of interest-only payments.

April 12, 2017

Loans Multifamily Texas

Mason Joseph Arranges $6.6M HUD Refinancing of 152-Unit Apartment Community in Fort Worth

by Taylor Williams April 12, 2017

FORT WORTH, TEXAS — Mason Joseph Co. Inc., a San Antonio-based lender, has arranged a $6.6 million loan for the refinancing of Pennsylvania Place Apartments, a 152-unit multifamily complex located at 250 E. Pennsylvania Ave. in Fort Worth’s Medical District. The U.S. Department of Housing and Urban Development provided the 35-year, non-recourse loan to the borrower, Fort Worth Housing Solutions.

April 12, 2017

Multifamily Texas

EDGE Realty Brokers Sale of 10,501 SF Shopping Center in Metro Houston

by Taylor Williams April 12, 2017

SPRING, TEXAS — EDGE Realty Capital Markets has brokered the sale of Imperial Oaks Shopping Center, a 10,501-square-foot retail property located at 2319 Rayford Road in Spring. The center, which is shadow-anchored by Kroger, currently houses tenants such as Verizon Wireless, Today’s Vision and Sports Clips. Burdette Hoffman of EDGE represented the seller, Rayford Retail Partners, in the transaction. Sumner Hollingsworth of Hollingsworth & Associates represented the undisclosed buyer.

April 12, 2017

Retail Texas

Retail Solutions Secures 25,000 SF Lease for Ross Dress for Less in Laredo

by Taylor Williams April 12, 2017

LAREDO, TEXAS — Retail Solutions has secured a 25,000-square-foot lease at Laredo Town Center, a retail center located at 5511 Bob Bullock Expressway. Chris Flesner of Retail Solutions and Jim Weir of The Retail Connection represented the landlord in the transaction Jim Tapp of The Tapp Co. represented the tenant, Ross Dress for Less.

April 12, 2017

Florida North Carolina Office Southeast

Dilweg Acquires Two-Building Office Portfolio in Charlotte, Sarasota for $115.5M

by John Nelson April 12, 2017

CHARLOTTE, N.C. AND SARASOTA, FLA. — The Dilweg Cos. has purchased a two-building office portfolio in the Southeast for $115.5 million. The assets include the 23-story First Citizens Bank Plaza in Uptown Charlotte and the two-tower Sarasota City Center in downtown Sarasota. Built in 1986 and renovated in 2002, the 476,393-square-foot First Citizens Bank Plaza was 29 percent leased at the time of sale to tenants such as First Citizens Bank, Advanced Disposal, The Carlyle Group and ManpowerGroup. Dilweg, which also announced the opening of its new Charlotte office, has tapped Tom Fitzgerald and Barry Fabyan of JLL to lease the property. Built in 1989, the 245,293-square-foot Sarasota City Center was 88 percent leased at the time of sale to tenants such as Boar’s Head, Wells Fargo, Merrill Lynch and UBS. Dilweg has retained Lori Hellstrom of Colliers International’s Tampa Bay office to lease Sarasota City Center. Dilweg plans to invest more than $10 million in capital improvements for First Citizens Bank Plaza and more than $4 million to improve Sarasota City Center. Ryan Clutter, Scot Humphrey, Herman Rodriguez, Tracey Goo and Chris Lingerfelt of HFF represented the sellers, Osprey East LLC and Osprey s.a. Ltd., in the transaction. Travis …

April 12, 2017

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