Property Type

Cross Development Buys Industrial Building in San Marcos for $3.5M

by Nellie Day June 1, 2016

SAN DIEGO — Cross Development has purchased a 29,477-square-foot manufacturing facility in the San Diego submarket of San Marcos for $3.5 million. The facility is located at 185 Vallecitos De Oro. Caliber Collision, a collision repair provider, will occupy the property. CBRE’s Jason Reed and Jeff Drew of Retail Insite represented Cross Development. Trent France, Isaac Little, Marko Dragovic and John Perrillo of Lee & Associates – North San Diego County and Don Grant of Cushman & Wakefield represented the seller, Nelson Family Trust, in this transaction.

June 1, 2016

California Multifamily Western

Pacific Beach Apartment Complex Trades for $2.3M

by Nellie Day June 1, 2016

SAN DIEGO – Santa Margarita Properties I LLC has purchased a six-unit apartment complex in the San Diego submarket of Pacific Beach for $2.3 million. The community is located at 2009-2013 Oliver Ave. The space was renovated in 2015. The sale was completed as part of a 1031 exchange. Terry Moore of ACI Apartments represented the buyer. Chris Robinson, Ken Herskind and Dylan Wright of ACRE Commercial represented the seller, 2009 Oliver Avenue LLC, in this transaction.

June 1, 2016

California Office Western

The University of Redlands Leases Space at Garrett Corporate Center in Temecula

by Nellie Day June 1, 2016

TEMECULA, CALIF. — The University of Redlands has signed a 66-month lease for 9,561 square feet of office space at Garrett Corporate Center in Temecula. The Class A building is located at 1 Betterworld Circle. The university will open its new space on July 1. Corey Martin and Matt Shaw of Legacy Properties Group represented the landlord.

June 1, 2016

Loans Office Texas

CapRidge Partners Buys 180,000 SF Office Park in Austin

by Haisten Willis June 1, 2016

AUSTIN, TEXAS — CapRidge Partners has acquired Lakewood on the Park, a 180,558-square-foot office campus in Austin’s northwest submarket, from Equity Commonwealth. Los Angeles-based Mesa West Capital provided financing for the acquisition and repositioning of the property. Located at 7600 Capital of Texas Highway (Loop 360), the property features two, three-story Class A office buildings on a 9.9-acre site overlooking Bull Creek. Lakewood on the Park includes both structured and surface parking. Built in 1998 by local developer HPI, the complex received the 2012-2013 TOBY Award from Building Owners and Managers Association for best low-rise suburban office park in Austin. Lakewood on the Park was 77 percent leased at closing. Tenants include Centaur Technology, Bulldog Solutions and USA Southwest. Mesa West’s $32.1 million non-recourse, floating-rate loan includes future funding for a capital improvement program and leasing costs associated with the repositioning and stabilization of the property. CapRidge’s renovation plans call for a redesign of all common areas including lobbies, corridors and restrooms, plus a new fitness center, tenant lounge, coffee bar and shared conference center. Exterior improvements will include new landscaping, signage and lighting. Andy Scott and Jim Curtin in the Dallas office of HFF arranged the financing. HFF also represented …

June 1, 2016

mission-bend-shopping-center-houston-texas

Retail Texas

Hartman Retail II Acquires Mission Bend Shopping Center in Houston for $15.1M

by Haisten Willis June 1, 2016

HOUSTON — Hartman Retail II, a Delaware Statutory Trust, has purchased Mission Bend Shopping Center in Houston for $15.1 million. The property is located at 6806 Highway 6. Mission Bend Shopping Center is a 140,576-square-foot retail center on 11 acres. It was built in 1984 and is 98 percent leased to tenants including dd’s Discounts, Melrose Family Fashions, Dollar General and Harbor Freight. George Cushing and Wendy Vandeventer of JLL represented the seller in the transaction. Dave Wheeler, Julian Kwok and Russell Turman internally represented the buyer, Hartman Retail II DST.

June 1, 2016

Loans Multifamily Texas

CBRE Capital Markets Provides $13.7M Loan for Creekwood Place in Metro Dallas

by Haisten Willis June 1, 2016

LANCASTER, TEXAS — CBRE Group, through its FHA lending platform, has refinanced Creekwood Place, a market rate apartment community located in Lancaster. The fully amortizing $13.7 million loan was funded through HUD’s Section 223(f), providing a 35-year, fixed-rate loan structure. The loan will finance the rehabilitation of the complex, a 200-unit Class B community with 176 two-bedroom units and 24 three-bedroom units. Constructed in 1997, the project is located 0.3 miles east of I-35E and 16 miles south of downtown Dallas. Chad Ricks and Jeff Shaw of CBRE’s Dallas office originated financing for Creekwood Place.

June 1, 2016

pine-creek-apartments-maxey-road-houston-texas

Multifamily Texas

Elandis Acquires Four Multifamily Communities in Houston

by Haisten Willis June 1, 2016

HOUSTON — Elandis, the real estate ownership, development and property management arm of the Libra Group, has acquired 1,000 units in four separate multifamily communities in Houston. The combined purchases are valued at $50 million and expand the company’s portfolio of owned and managed residential units to 2,500. The four apartment communities, each consisting of one-, two- and three-bedroom units, include Kirkwood Landing on South Kirkwood Road; The Forest on Imperial Valley Drive; Valencia at Spring Branch on Long Point Road, and Pine Creek on Maxey Road. The properties will be managed by Elandis’s wholly owned subsidiary, Elandis Property Management.

June 1, 2016

Industrial Texas

ML Realty Partners Buys Industrial Building in Northeast Dallas

by Haisten Willis June 1, 2016

DALLAS — ML Realty Partners has acquired a 163,390-square-foot industrial building at Northgate Business Park in Dallas. ML Realty Partners plans to update the building’s office space to support the growing demand for industrial businesses in northeast Dallas. The distribution facility is located at 9660 Dilworth Road and will be available for lease for spaces as small as 32,584 square feet. The property provides access to I-635 and U.S. Route 75. Gordon Foster & Scott Voelkel of Foster & Co. represented the seller. Matthew Dornak and Ryan Wolcott of Stream Realty Partners represented ML Realty Partners in the acquisition and will also be responsible for leasing the building.

June 1, 2016

Illinois Midwest Office

Opus Starts Construction on 175,000 SF Headquarters for MC Machinery Systems in Suburban Chicago

by Christina Cannon June 1, 2016

ELK GROVE VILLAGE, ILL. — The Opus Group has broken ground on a 175,000-square-foot corporate headquarters for MC Machinery Systems Inc. in Elk Grove, approximately 25 miles northwest of Chicago. MC Machinery Systems, a subsidiary of Mitsubishi Corp., sells high-tech manufacturing equipment used for metalworking and fabrication. The building will feature 50,000 square feet of office space, 75,000 square feet of ancillary office and storage areas and a 50,000-square-foot showroom. The facility will also include spaces for customer product demonstrations, research and development, machine refurbishment and a customer support call center. Construction is slated for completion by this December.

June 1, 2016

Industrial Midwest Ohio

CBRE Brokers $4.5M Sale of Industrial Building in Cincinnati Suburb

by Christina Cannon June 1, 2016

WEST CHESTER, OHIO — CBRE Group Inc. has arranged the $4.5 million sale of an industrial property in West Chester, approximately 25 miles north of Cincinnati. Ohio Eagle Distributing, a wholesale distributer of domestic, imported and craft beers, purchased the 136,550-square-foot building from Bakery Crafts LLC. The facility, located at 9300 Allen Road, features an office area with break room, hospitality and tasting room, private offices and a warehouse area. The building is situated on 15 acres. Robert Bunton of CBRE represented the seller in the transaction, and Rod MacEachen from SqFt Commercial represented the buyer. Ohio Eagle Distributing will relocate from its current space at 150 Lawton Ave. in Monroe after the building is retrofitted to Anheuser-Busch specifications.

June 1, 2016

Newer Posts

Older Posts