LOS ANGELES — Lincoln Property Company has purchased a 22-story office tower in Downtown Los Angeles that it had previously sold in 2007. The latest purchase price was not disclosed. The Class A asset is located at 915 Wilshire Blvd. It is situated across the street from the 73-story Wilshire Grand Center. Lincoln plans to renovate 915 Wilshire by updating the ground-floor lobby and valet area. It will also redesign the outdoor patio space, as well as replace elevators and dated building systems. Though the firm previously sold the 390,312-square-foot property to Brickman Associates, it stayed on as the tower’s property manager and leasing agent. The tower was built in 1980. It is currently 88 percent leased. Kevin Shannon of Newmark Grubb Knight Frank executed the deal.
NAPA, CALIF. — JOSS Realty Partners has acquired Napa Square, a 65,848-square-foot mixed-use asset in downtown Napa, for $39.3 million. Originally built in 1957 and redeveloped in 2009, Napa Square is LEED Gold certified and features 41,010 square feet of office space and 24,848 square feet of ground-floor retail. Wells Fargo, Charles Schwab, U.S. Bank and UPS occupy the 92 percent leased center along with anchor tenants Oenotri, a southern Italian restaurant, and The Norman Rose Tavern, a neighborhood pub. Nicholas Bicardo, Scott Pertel, Danny Reddin and Brandon Rogoff of HFF represented the seller, CDI Companies, in the transaction. Jordan Angel of HFF secured a $22.3 million acquisition loan with J.P. Morgan Asset Management on behalf of JOSS.
DENVER — HFF has arranged $30.5 million in financing for construction of the 216-unit Mountain View at Palisade Park in the Denver submarket of Broomfield. The community will be located at the southwest corner of 169th Avenue and Huron Street. The property will contain eight residential buildings with one-, two- and three-bedroom units averaging 909 square feet once it’s completed in 2017. HFF’s Josh Simon and Kristian Lichtenfels placed the construction loan with a regional bank on behalf of MountainView Capital.
BOISE, IDAHO — PMZ Realty Capital has arranged a $27 million refinancing for a four-property hotel portfolio in Boise. The Boise Airport Hotel Portfolio includes the Fairfield Inn by Marriott Boise, Hampton Inn Boise – Airport, Holiday Inn Boise Airport and the La Quinta Inn & Suites Boise Airport. The portfolio contains more than 300 hotel rooms.
MORENO VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of Plaza De Majorca, a shopping center located at 12220 Pigeon Pass Road in Moreno Valley. A Gardena, Calif.-based private investor acquired the asset from Continental Investment Group for $5.8 million. Circle K and Farmer Boys anchor the 38,872-square-foot retail center. Greg Bedell , Paul Su and Brad Umansky of Progressive Real Estate Partners represented the seller, while William Larson of Sonnocco Real Estate Group represented the buyer in the transaction.
SPRING, TEXAS — Kimco Realty Corp. is set to break ground in April on Grand Parkway Marketplace, a planned 450,000-square-foot shopping center development in Spring anchored by Target. About 75 percent of the retail space is pre-leased, including eight leases with national junior anchors. The groundbreaking ceremony will take place Thursday, April 7 at 10 a.m. CDT. Grand Parkway Marketplace will be located at the corner of Kuykendahl and Spring Stuebner roads. The ceremony will be open to the public.
DALLAS, IRVING and GARLAND, TEXAS — Younger Partners has arranged three office leases in the Dallas area. In the first transaction, Neligan Foley LLP renewed its 11,374-square-foot, full-floor lease at Republic Center, located at 325 N. St. Paul St. in Dallas. Dan Woldert of Swearingen Realty Group represented the tenant. Trae Anderson, Kathy Permenter and Sarah Savage at Younger Partners represented the landlord. In the second transaction, SilverXis leased 4,000 square feet at The Offices at Cimarron Trail, located at 305 Cimmaron Trail in Irving. Byron McCoy and Ally Price at Younger Partners handled the lease negotiations. In the third transaction, Ortiz Law Firm leased 2,243 square feet at 3200 Broadway Blvd. in Garland. Zach Stevens of NAI Robert Lynn represented the tenant. Anderson and Savage of Younger Partners represented the landlord.
FORT WORTH, HARLINGEN and SHERMAN, TEXAS — SHOP Cos. Investment Sales has secured the sale of three retail properties in Texas totaling 55,645 square feet. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the sellers in each transaction. The first is Rosedale Plaza, a 21,602-square-foot, newly renovated retail center located in Fort Worth. The property is located 10 miles southeast of downtown Fort Worth at the northeast corner of Rosedale Street and Ayers Avenue. At the time of closing, Rosedale Plaza was 94 percent leased to tenants including Family Dollar, Cricket Wireless, La Familia Insurance, Rosedale Laundry, Hernandez Mexican Food and Dr. Aaron Salmon, D.D.S. SHOP Cos. represented the seller, a Dallas-based limited liability, in the transaction. A private limited liability company from west Texas was the buyer. The second transaction was Ed Carey Plaza, a 23,243-square-foot shopping center located in Harlingen. At the time of closing, the property was 100 percent leased to tenants including T-Mobile, Marble Slab Creamery, Quizno’s, Wing Barn, Advance America, Sun Loan and Sylvan Learning Center. Ed Carey Plaza is located along North Ed Carey Drive. SHOP Cos. represented the seller, a Dallas-based limited liability company, and procured the buyer, a limited partnership from …
GRAPEVINE, TEXAS — The award-wining Perry’s Steakhouse & Grille will open a new location in Grapevine. Once completed in 2017, the 10,000-square-foot restaurant will be located at 2400 W. State Highway 114 and will be the first in Tarrant County. Perry’s owns and operates two other steakhouses in the Dallas metro area — Uptown and Frisco.
HOUSTON — Real estate professionals Jay Holland and Jim McCartney have opened a Big Space Storage location at 11847 Spears Road in Houston. The property consists of 270 units and features wide driveways for easy maneuverability, monitoring and pull-through capability in select units. Big Space Storage also includes an onsite leasing and management office and a manager’s apartment. Several other Big Space Storage brand sites are under consideration in other parts of Houston.