CITRUS HEIGHTS, CALIF. — Newmark has secured $5.7 million in acquisition financing for a retail property located in Citrus Heights. Smart & Final, which opened in May 2016, occupies the 28,243-square-foot property. Mitch Zeemont and Darija Walker of Newmark arranged the non-recourse, 20-year loan that features a 20-year amortization schedule. The name of the borrower was not released.
SAN FRANCISCO — CBRE has hired Matt Kircher as managing director and executive vice president in San Francisco to lead the company’s Bay Area retail leasing business. In this role, Kircher will direct the company’s retail-leasing platform, professionals and offering in the Bay Area. A 27-year veteran of retail real estate, Kircher most recently served at Cushman & Wakefield/Terranomics.
SAN FRANCISCO — Paramount Group Inc. has received a $975 million loan for the refinancing of One Market Plaza, a property featuring two landmark office towers in San Francisco’s South Financial District. The property consists of 1.6 million square feet of Class A office and retail space. The buildings, originally constructed in 1976, underwent a $25 million lobby and atrium renovation that was completed in 2015. The 43-story Spear Tower and 27-story Steuart Tower are bridged by a six-story office and retail annex. Amenities include two restaurants, subterranean valet parking, on-site banking and dry-cleaning, and 24-hour security. The seven-year loan has a fixed interest rate of 4 percent. The net proceeds from the refinancing were used to repay the existing $873 million loan scheduled to mature in December 2019. Goldman Sachs Mortgage Co., Morgan Stanley Bank, Deutsche Bank AG and Barclays Bank PLC provided the loan. Eastdil Secured LLC arranged the financing. New York City-based Paramount Group is a real estate investment trust that owns, operates, manages, acquires and redevelops Class A office properties located in central business district submarkets of New York City, Washington, D.C. and San Francisco. — Kristin Hiller
DENVER — Pauls has received a $73 million loan to refinance a 14-building industrial portfolio in Aurora. The portfolio totals 1.9 million square feet of Class A distribution warehouse space. Properties included in the portfolio feature clear heights between 22’ to 32’ and buildings sizes ranging from 72,000 square feet to 347,840 square feet. All buildings were constructed between 1996 and 2015. The buildings are leased to 40 tenants, including Whole Foods Market, VWR International, Simmons Company and MSI International. They are situated on a total of 111.7 acres in the East I-70/Montbello industrial submarket in northeast Denver. The two 10-year, fixed-rate, full-term, interest-only loans were placed with Nationwide Life Insurance Co. The funds were used to refinance an existing life company loan and a construction loan. HFF’s Kristian Lichtenfels and Eric Tupler arranged the loans.
ANAHEIM, CALIF. — Community Preservation Partners (CPP), in a joint venture with Jamboree Housing, has acquired Miracle Terrace Apartments, a 179-unit affordable seniors housing community in the Los Angeles suburb of Anaheim, for $53.5 million. A private owner sold the property. As part of the transaction, the Anaheim Housing Authority will help keep rents below market level. Irvine-based CPP plans to invest $7.4 million in renovations to the property, including new air conditioning units, energy-efficient appliances, water conservation upgrades, improvements to the façade, amenity improvements, and new countertops, cabinets and flooring. Jamboree Housing will provide wellness and mobility services, as well as coordinate services and offer community events.
AUSTIN, TEXAS — High Street Residential and Principal Real Estate Investors (PREI) have broken ground for Crestview Commons, a four-story residential property located adjacent to the Crestview MetroRail station at North Lamar Street and Sugaree Avenue in Austin. The property will feature 353 apartment units in a mix of one-, two- and three-bedroom layouts ranging in size from 642 square feet to 1,405 square feet. Community amenities will include a conference room, resident lounge, entertaining kitchen, top-floor indoor and outdoor clubroom, three courtyards, pool and a dog park. JHP Architecture is serving as project architect and Andres Construction is the general contractor. Comerica Bank and Southside Bank are providing construction financing. Pre-leasing is slated to start in January 2018.
SAN FRANCISCO — Mesa West Capital has provided $16 million in financing for a 12,281-square-foot Disney Store in San Francisco. The two-story building is located at 39 Stockton St., one and a half blocks south of Union Square. John Churchward of HFF placed the floating-rate loan on behalf of the borrower, Vanbarton Group.
LONG BEACH, CALIF. — CNR International has signed a five-year lease for 163,499 square feet of industrial space in the Long Beach submarket of Rancho Dominguez. The space is located at 2626 Vista Industria. The lease is valued at $6.8 million. Dylan Espley-Jones and Say Jeon of Lee & Associates represented the integrated logistics solutions provider. CBRE’s Brian Held and NGKF’s Jim Biondi and Terry Reitz represented the landlord, Prologis, in this transaction.
OKLAHOMA CITY — Binswanger has arranged the sale of an industrial building located at 6700 S. Sooner Road in Oklahoma City. Barr and Hoffman Properties acquired the 18,480-square-foot building from Barclay Properties for an undisclosed price. The building feature four 16-foot overhead doors, two 20-foot overhead doors, one 15-ton crane and 950 square feet of office space. Kipp Collins of Binswanger represented the seller in the deal.
RENO, NEV. — Houston-based Asset Campus Housing has been awarded management of The Summit, a 709-bed community located near the University of Nevada-Reno (UNR) in Nevada. The Summit in Reno offers two-, three-, four- and five-bedroom, fully furnished units. Community amenities include a two-story clubhouse, resort-style pool and tanning deck, outdoor barbecue area, hot tub and private study rooms.
