Property Type

HFF Arranges $88M Construction Loan for Office Development in Seattle

by Nellie Day October 9, 2015

SEATTLE — HFF has arranged an $88 million construction loan for Urban Union, a 291,000-square-foot office development in Seattle. The trophy property will be located at 501 Fairview Ave. Urban Union will be a 12-story boutique office building featuring 284,357 square feet of office space, 6,725 square feet of ground-floor retail space and a 392-space subterranean parking garage. Its amenities will cater to TAMI (technology, advertising, media and information sectors) tenants, with two collaborative workspace features. The Union, a two-story, 4,500-square-foot gathering space will feature a conference center, catering kitchen, quiet room and board room. The Overlook will be an outdoor deck and rooftop conference center with views of Lake Union, Seattle and the Space Needle. It will also feature an indoor enclosed area that can be divided into smaller meeting spaces. The development is scheduled for completion in March 2016. The developer is Schnitzer West. HFF’s Michael Tepedino, Jennifer Keller and Tom Wilson arranged the loan through Blackstone Real Estate Debt Strategies and Bank of the Ozarks.

October 9, 2015

California Multifamily Western

Promenade Terrace Apartments in Corona Sells for $78.5M

by Nellie Day October 9, 2015

CORONA, CALIF. — The 330-unit Promenade Terrace apartments in Corona has sold to an unnamed buyer for $78.5 million. The community is located at 451 Wellesley Drive. Promenade Terrace is less than a half mile from Corona Hills Plaza, a 534,000-square-foot power center. It is also within walking distance of Corona Hills Marketplace, a 270,000-square-foot shopping mall, and near light rail transit to Los Angeles, Orange and San Bernardino counties. Alexander Garcia, Jr., Stewart I. Weston, Christopher Zorbas, David Sperling and John Montakab of Institutional Property Advisors represented both the buyer and unnamed seller in this transaction.

October 9, 2015

California Office Western

MetLife, Partners to Develop Office Tower Near Transbay Transit Center in San Francisco

by Nellie Day October 9, 2015

SAN FRANCISCO — A joint venture between MetLife, the John Buck Company and Golub Real Estate have announced plans to build Park Tower at Transbay, a 743,000-square-foot office tower near the Transbay Transit Center in San Francisco. The Class A tower will be located at Howard and Beale streets. The project will be a component of the Transbay Transit Center, a multi-billion-dollar redevelopment project that will feature residential, commercial and transportation facilities just three blocks from the San Francisco Bay. Park Tower at Transbay will feature 14 sky decks, as well as a ground-level park and a three-story lobby. The completion of the office complex is expected to coincide with the scheduled completion of the Transbay Transit Center. MetLife is an equity investor in the partnership, while John Buck and Golub are the developers. JLL is handling the project’s leasing.

October 9, 2015

California Retail Western

CBRE Brokers $13.2M Sale of Rosewood Shopping Center in Bellflower

by Nellie Day October 9, 2015

BELLFLOWER, CALIF. — CBRE Group has arranged the sale of Rosewood Shopping Center, a retail center located in Bellflower. Bristol Central LP acquired the 60,094-square-foot property for $13.2 million. Currently 74 percent leased, tenants include Fresenius Medical Care, Carl’s Jr., Health Care Partners, Papa John’s Pizza and Montano Family Dentistry. Arthur Flores of CBRE represented the seller, Rosecrans Bellflowers LLC, in the transaction.

October 9, 2015

Nevada Office Western

MDL Group Joins Corfac in Southern Nevada

by Nellie Day October 9, 2015

LAS VEGAS — MDL Group has joined Corfac International as a domestic affiliate in Southern Nevada. Hayim Mizrachi will act as president and principal of MDL Group/Corfac International. He will also be the principal point-of-contact to Corfac International and will manage MDL Group’s brokerage services practice. MDL Group was co-founded in 1989 by Carol Cline-Ong and Curt Anderson. The firm expanded its brokerage services practice in 2013 when it added Mizrachi and Jarrad Katz as principals. Mizrachi and Katz had previously operated the NAI Global Las Vegas office. MDL Group/CORFAC International is a full-service operation with 38 professionals, 13 of which are brokers. The firm closed more than $70 million in industrial, office and retail transactions and land sales in 2014. It currently manages more than 8 million square feet of commercial properties for third-party owners.

October 9, 2015

California Retail Western

Marcus & Millichap Arranges $10.2M Sale of Sunrise Center in Palm Springs

by Nellie Day October 9, 2015

PALM SPRINGS, CALIF. — Marcus & Millichap has brokered the sale of Sunrise Center, a retail center located at 100 S. Sunrise Way in Palm Springs. The property sold for $10.2 million, or $206 per square foot. Renovated in 2009, tenants include Fresh & Easy Market, VIP Urgent Care, Palm Liquors, Power of Fitness and Regal Cleaners. At the time of sale, the property was 96 percent leased. Jack Hopkins and Matthew Hardke of Marcus & Millichap represented the buyer, an investor in an 1031 exchange, while Gregory Mills and Dave Lincoln, also of Marcus & Millichap, represented the undisclosed seller. Sharone Sabar of Marcus & Millichap arranged debt placement for the acquisition.

October 9, 2015

Office Texas

Alliance Architects to Design New Office Building in Plano

by Haisten Willis October 8, 2015

PLANO, TEXAS —Alliance Architects Inc. has been selected to design a new regional office facility for APCON, a provider of network monitoring solutions. APCON is relocating to a new facility in Plano. Situated along President George Bush Turnpike, the three-story building features 58,000 square feet of Class A office space. APCON will occupy a significant portion of the building and the additional space will be available for other tenants. Building amenities will include a gym, elevated terrace and a ground-level outdoor patio. The building was designed using metal, stone, concrete and glass materials. These materials are utilized in the two-story atrium and continue throughout offices, technology labs, conference rooms and gathering spaces. Alliance Architects’ team members include Chad Michel, Barb Caires, Zach Weldy, Joseph Amos, Scott Franckowiak, Jordan Raymond and Kelsey Kupish. Hill & Wilkinson is providing general construction services.

October 8, 2015

Office Texas

Crescent Tops Out McKinney & Olive Office Tower in Dallas

by Haisten Willis October 8, 2015

DALLAS — On Oct. 5, The Beck Group celebrated the topping out of Crescent Real Estate Holdings’ McKinney & Olive office tower, located at the corner of McKinney Avenue and Olive Street in Uptown Dallas. The Beck Group is constructing the building. while Crescent is the developer. The 530,000-square-foot project is the tallest office building in Uptown Dallas at 20 stories. The building is the first in Dallas to be designed by architect Cesar Pelli. The project will include a blend of office, retail and restaurants and a one-acre public outdoor piazza, with landscaping for customers and the Uptown community. The building is designed so that corner offices have an unobstructed view of Uptown and downtown Dallas. Once open in 2016, the building will feature 10-foot ceilings, an outdoor landscaped garden on the fifth floor, a fitness center designed by Canyon Ranch and a conference center.

October 8, 2015

Industrial Office Texas

M&M Arranges Sale of 41,806 SF Office, Industrial Portfolio in Metro Dallas

by Haisten Willis October 8, 2015

PANTEGO, TEXAS — Marcus & Millichap has arranged the sale of a 41,806-square-foot industrial and office portfolio located in Pantego, a suburb of Dallas. Cody Payne of Marcus & Millichap’s Fort Worth office marketed the properties on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also secured and represented by Payne. The portfolio includes two office buildings and two industrial buildings. Three of the buildings are located on Pioneer Parkway and West Pioneer Parkway. Pioneer Parkway includes a total of 24,034 square feet between the office building and industrial building. 3600 W. Pioneer Parkway is a 6,834-square-foot office building built in 1964. 2321 W. Arkansas Lane is a 10,938-square-foot office/industrial building built in 1980.

October 8, 2015

Multifamily Texas

Austin Investor Buys 308-Unit Value-Add Multifamily Community in Irving

by Haisten Willis October 8, 2015

IRVING, TEXAS — CBRE Capital Markets’ Investment Properties has arranged the sale of Newport, a 308-unit multifamily community in the north Dallas suburb of Irving. The PPA Group, based in Austin, purchased the asset from Shreveport, La.-based Fortis Co. for an undisclosed price. Chris Deuillet of CBRE’s Dallas office represented the seller. The 238,784-square-foot asset, located at 3466 N. Beltline Road, was built in 1981. The Class B complex includes one- and two-bedroom units with an average size of 775 square feet. Newport was 96 percent occupied at closing. Two hundred units have been upgraded with modern wall texturing, customized kitchen cabinet doors, black appliances and faux-wood flooring in select areas of each unit. Other capital improvements were completed on the exterior and in common areas between 2010 and 2012. The buyer plans to complete the remaining unit remodels, add a dog park and increase the size of the play area.

October 8, 2015

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