IRVING, TEXAS — SMB Suite has leased 5,000 square feet of office space at One Panorama Center, located in Irving at 7701 Las Colinas Ridge. SMB Suite is a software developer providing cloud-based solutions. Todd Noonan and Tyler Maner of Stream Realty represented the tenant, while Nathan Durham and Duane Henley of Transwestern represented the landlord, Regent Properties, in the transaction.
VICTORVILLE, CALIF. — Construction has commenced on a 444,740-square-foot industrial facility at Southern California Logistics Centre (SCLC) in Victorville. The new building is scheduled for completion and occupancy this fall. Stirling Capital Investments, which has already delivered more than 3 million square feet of Class A industrial space at SCLC, is developing the 2,500-acre commercial and industrial complex. A national manufacturer has already secured the 211,000-square-foot pre-lease commitment. The remaining space is now committed to a second multi-national tenant that will utilize the 233,740-square-foot space for regional and national product distribution. SCLC, along with the Southern California Logistics Airport (SCLA) and the Southern California Rail Complex (SCRC), comprise Global Access Victorville. The complex is entitled for 60 million square feet of development.
SANTA CLARA, CALIF. — KT Properties Urban has purchased a 70,520-square-foot R&D office building in Santa Clara for $19 million. The building is located at 3055 Patrick Henry Drive. It was vacant at the time of sale. Tom Trombatore of Colliers International represented KT Properties. The seller was Hudson Pacific Properties.
LA MESA, CALIF. — Hanley Investment Group has arranged the sale-leaseback of a 2,806-square-foot, single-tenant Wendy’s restaurant in the San Diego suburb of La Mesa. The triple-net-leased property sold for $4.1 million. The sale included both the land and the building, and featured a new 20-year lease with increases every five years. Eric Wohl of Hanley represented the San Diego-based seller, which operates 54 Wendy’s locations in California. The buyer, represented by Thomas Ahn of Integrity Capital, was a private investor based in San Diego.
HOLLYWOOD, FLA. — Kimco Realty Corp. has purchased the remaining 45 percent ownership interest in the Oakwood Plaza shopping center and the Dania Pointe mixed-use development in Hollywood for a gross purchase price of $299.2 million. Kimco acquired the interest and assumed $100 million of mortgage debt from its joint venture partner, Canada Pension Plan Investment Board. The adjacent properties have a combined two miles of frontage on I-95 and are near the Fort Lauderdale-Hollywood International Airport and the Port Everglades international cruise port. Oakwood Plaza is a 900,000-square-foot open-air retail center that is fully leased to tenants such as Home Depot, Marshalls, HomeGoods, Ross Dress for Less, Michaels, PetSmart, BJ’s and Regal Cinemas. Dania Pointe is a mixed-use, ground-up development project that will include approximately 900,000 square feet of retail stores and restaurants, 1,000 luxury apartments, two hotels totaling 300 rooms and two office towers. Phase I will be a traditional 318,000-square-foot open-air retail power center with construction expected to begin in the fall of 2016. Phase II will be a lifestyle center featuring 575,000 square feet of Main Street retail, residential towers and office buildings. Construction for Phase II is scheduled to start at the end of 2017.
BOCA RATON, FLA. — Miami-based Ocean Bank has provided a $50 million construction loan that will fund the development of a 282-unit luxury apartment community at the Park at Broken Sound in Boca Raton. The project will be located on 14.1 acres at the southeast corner of Congress Avenue and Clint Moore Road, a few miles from Florida Atlantic University, Mizner Park, Boca Town Center and the beaches. The apartment complex, which includes a 5,500-square-foot clubhouse, is expected to open in 15 to 16 months. Ralph Gonzalez-Jacobo and Eddie Diaz of Ocean Bank originated the loan on behalf of the Miami-based borrowers, Sergio Rok and James Tate of TR Danburg Boca Holdings. The loan represents 70 percent of the estimated total cost of $71.4 million, or $177,000 per unit, for the development and construction of the property.
FORT LAUDERDALE, FLA. — Blackhawk Properties & Investment LLC has selected Berger Commercial Realty to lease and manage the new seven-story 550 Building that is set to break ground in downtown Fort Lauderdale. Scheduled to begin construction this summer and open in fall 2017, the 70,000-square-foot, Class A office tower will be located at 550 S. Andrews Ave., the former site of the 32,500-square-foot Justice Building. The project will have an attached parking garage and ground-floor retail space. Roughly 10,000 square feet of 550 Building’s office space has been pre-leased. The development team includes Blackhawk, Collins Capital Partners, Craven Thompson & Associates, Douglas Management and Falkanger, Snyder, Martineau and Yates. Steve Hyatt, Joseph Byrnes and Stephanie Bernota of Berger Commercial Realty are the leasing agents for both the office and retail components at the 550 Building.
CARTERSVILLE, GA. — Pattillo Industrial Real Estate has wrapped up construction on a 265,200-square-foot spec industrial facility within Cartersville Business Park. The building is situated on 34 acres at 731 Cassville White Road in Cartersville, a northwest suburb of Atlanta. The facility is roughly a half-mile from I-75 and features 30-foot clear heights, a white reinforced TPO roof system, 185-foot truck court, 24 dock high doors, an ESFR sprinkler system, T5 fluorescent lighting and 61 spaces for trailer parking.
MIDDLEBURG, FLA. — NAI Avant has brokered the $2 million sale of a newly developed Family Dollar store in Middleburg. The 8,320-square-foot, freestanding store is located at 4249 County 218 Road. Dail Longaker of NAI Avant represented the buyer, Mid-Carolina Trading of Florida LLC, in the transaction.
CHICAGO — Leopardo Companies Inc. has broken ground on a 290,000-square-foot office building in Chicago’s Fulton Market neighborhood. Fulton West, which will be located at 1330 W. Fulton St., will be a nine-story building. The property will include balconies, a private roof deck, 610 onsite parking spaces and an adjacent 20,000-square-foot mini-park. Sterling Bay is the project developer, and Gensler is the architect of record. The speculative building is slated for completion in spring 2017.