Property Type

Blackstone Buys Market Center in San Francisco

by Nellie Day July 1, 2016

SAN FRANCISCO — Blackstone has purchased Market Center, a 753,000-square-foot office project in downtown San Francisco, for an undisclosed sum. The two-building project is located at 555 and 575 Market St. The campus was 93 percent leased at the time of sale. Market Center is home to Uber, TIBCO Software, PNC Bank and Bank of San Francisco. It will soon serve as the Northern California regional headquarters for Equity Office. Equity Office, a wholly owned affiliate of Blackstone Real Estate Partners, will manage the on-site team. Blackstone represented itself in the transaction, while Eastdil Secured represented the seller, John Hancock Real Estate, the U.S. division of Manulife Financial Corporation. CBRE’s Bill Cumbelich, Tom Poggi and Alexis Walsh will handle leasing.

July 1, 2016

California Office Western

NGKF Completes Sale-Leaseback of School Campus in Solana Beach for $6.2M

by Nellie Day July 1, 2016

SOLANA BEACH, CALIF. — Newmark Grubb Knight Frank (NGKF) has arranged the sale-leaseback of a three-building school campus located at 1010 Solana Drive in Solana Beach. LePort Real Estate LLC sold the 15,881-square-foot property to an intermediary for Builders Trust for $6.25 million. The property is fully occupied LePort Educational Institute Inc. Nick Carey, Byron Foss, Wade Tift and Brent Bohlken of NGKF represented the seller, while Commercial Asset Group represented the buyer in the transaction.

July 1, 2016

California Retail Western

Matthews Retail Advisors Negotiates $3.6M Sale of 7-Eleven Property in Carlsbad

by Nellie Day July 1, 2016

CARLSBAD, CALIF. — Matthews Retail Advisors has brokered the sale of a retail property located at 5802 Van Allen Way in Carlsbad. A private family partnership acquired the 3,260-square-foot property from a private seller for $3.6 million. Aron Cline and Matt Coates of Matthews Retail Advisors represented the seller in the deal.

July 1, 2016

California Retail Western

Faris Lee Investments Brokers $5M Sale of Retail Property in Moreno Valley

by Nellie Day July 1, 2016

MORENO VALLEY, CALIF. — Faris Lee Investments has arranged the sale of a Rite Aid property located at 24991 Alessandro Blvd. in Moreno Valley. Karaglanov Trust acquired the asset from P&A Development for $5 million. Built in 1998 and situated on 1.66 acres, the property features 16,730 square feet of retail space. Jeff Conover of Faris Lee represented the seller, while Century 21 Golden Realty represented the buyer in the deal.

July 1, 2016

California Retail Western

GPS Commercial Real Estate Arranges 2,800 SF Lease with 7-Eleven in Oxnard

by Nellie Day July 1, 2016

OXNARD, CALIF. — GPS Commercial Real Estate Services Inc. has arranged the long-term lease of 2,800-square-foot of retail space at 3280 Saviers Road in Oxnard. 7-Eleven will open a location at the site in three to four months. Pamela Scott of GPS Commercial Real Estate represented 7-Eleven in the deal.

July 1, 2016

Hospitality Loans Texas

Metropolitan Capital Advisors Secures $15M Construction Loan for Dual-Branded Hotel in McKinney

by Christina Cannon July 1, 2016

MCKINNEY, TEXAS — Metropolitan Capital Advisors has arranged a $15 million non-recourse construction loan for a dual-branded SpringHill Suites by Marriott and Home2 Suites by Hilton located in McKinney. The six-acre parcel of land is located just off the northwest corner of Eldorado Parkway and North Central Expressway. The transaction featured a non-recourse first lien mortgage and a second lien funded with EB-5 capital. A regional bank provided the loan. Three separate undisclosed firms will team up as the developer for the project, with differing levels of involvement with regard to the completion guarantee and the management of hotel operations. The project also features a partnership between two undisclosed general contracting companies.

July 1, 2016

Office Texas

Trammell Crow Completes Phase I of FMC Technologies Office Campus in Houston

by Christina Cannon July 1, 2016

HOUSTON — Trammell Crow Co. has completed Phase I of the FMC Technologies Campus at Generation Park, a 173-acre office complex located at the northeast corner of the Sam Houston Tollway in Houston. Locally based FMC Technologies is a provider of technologies and services to the oil and gas industry specializing in subsea systems. Phase I of the complex, which features six buildings situated on 71 acres, is comprised of more than 1 million square feet of office, workshop and warehouse space plus a 2,036-space parking garage. Each building is connected with covered and landscaped pedestrian walkways. A six-story, 369,000-square-foot office building within Phase I was recently awarded LEED Gold certification by the U.S. Green Building Council. Gensler was the project architect and managed the LEED certification process. Other members of the design team included civil engineer Cobb Fendley & Associates Inc.; landscape architect Clark Condon Associates, Inc.; structural engineer Cardno Haynes Whaley; MEP engineer Wylie Consulting Engineers; and general contractor David E. Harvey Builders. McCord Development constructed the project’s off-campus road and utilities infrastructure, along with an adjacent amenity lake with walking trails.

July 1, 2016

Loans Multifamily Texas

Dougherty, Old Capital Lending Arrange $10.1M Acquisition Loan for Apartment Complex in Arlington

by Christina Cannon July 1, 2016

ARLINGTON, TEXAS — A partnership between Dougherty Mortgage and Old Capital Lending has arranged a $10.1 million acquisition loan for Water Chase Apartment Homes, a 200-unit multifamily community in Arlington. The gated, pet-friendly complex features a swimming pool, fitness center and a clothing care center. Individual units include washer/dryer connections, walk-in closets and private balconies and patios. Dougherty Mortgage and Old Capital Lending arranged the 12-year Fannie Mae loan on behalf of the borrower, TFG Waterchase Apartments LLC. The loan features two years of interest-only payments and a 30-year amortization schedule.

July 1, 2016

Hospitality Texas

M&M Arranges Sale of 100-Room Motel in Mesquite

by Christina Cannon July 1, 2016

MESQUITE, TEXAS — Marcus & Millichap has arranged the sale of Spanish Trails Inn, a 100-room motel in the Dallas suburb of Mesquite, for an undisclosed price. The privately owned, two-story, exterior-corridor motel was renovated in 2013. Chris Gomes, Joseph Jaques and Allan Miller of Marcus & Millichap represented both the seller, a developer, and the buyer, a limited liability company.

July 1, 2016

Industrial Texas

NAI Partners Negotiates Lease Renewal for 14,950 SF Industrial and Office Space in Metro Houston

by Christina Cannon July 1, 2016

STAFFORD, TEXAS — NAI Partners has negotiated a lease renewal for Service Master Southwest at 12613 Executive Drive in Stafford, a suburb of Houston. The company will continue to occupy 14,950 square feet of industrial warehouse and office space at the property. Chris Caudill of NAI Partners represented the tenant during the lease negotiations, while Bo Pettit of Boyd Commercial represented the landlord, Crow Holdings.

July 1, 2016

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