DICKINSON, TEXAS — Tony Talamas of BMC Capital’s Houston office has arranged a $2.6M loan for the purchase of Dickinson Arms, a 96-unit multifamily property in Dickinson. The loan features a two-year interest-only period allowing the buyer to implement a capital improvement plan over the first year. The loan was arranged through one of BMC Capital’s correspondent relationships.
NEWPORT BEACH, CALIF. — Tarsadia Investments has leased the top floor of a 21-story office building that sits across from Fashion Island in Newport Beach. The property is located at 520 Newport Center Drive. The financial company will occupy 18,000 square feet. The new lease brings the property’s occupancy to about 85 percent. Nearly half of the larger Newport Center’s 2.5 million square feet of office space is leased to financial services companies. Tarsadia will share a building with other financial institutions, including Merrill Lynch, Janus Capital Group, Wing Lung Bank, Stifel, Nicolaus & Co., Wells Fargo Advisors and Hightower Advisors. Irvine Company Office Properties owns the building. Additional banking, investment and financial companies that boast office space within Newport Center include PIMCO, Allianz, Pacific Life, UBS Financial Services, Oppenheimer, J.P. Morgan, BNY Mellon, Northern Trust, Morgan Stanley, Aviation Capital Group, ROTH Capital Partners, U.S. Trust and City National Bank.
LAKEWOOD, COLO. — CAM Lakewood LLC has purchased Garrison Business Park, a 49,000-square-foot flex-industrial property in Lakewood, for $7.5 million. The property is located at 9195-9197 W. 6th Ave., about seven miles outside of downtown Denver. The fully leased property is occupied by tenants like Pinkard Construction and Golder Associates. The seller, Pathfinder Partners, purchased the property in December 2012 from a CMBS special servicer’s real estate-owned (REO) department.
DENVER — Sovran Self Storage Inc. has purchased the 521-unit Extra Space Storage self-storage facility in the Denver submarket of Thornton for an undisclosed sum. The sales price equates to $203 per square foot, the highest price paid per square foot for a self-storage facility in Colorado, according to Marcus & Millichap, which represented both the buyer and seller, TRC Companies, in this transaction. The facility is located at 9000 Gale Blvd., about 10 miles north of downtown Denver. It was built in 2011. Adam Schlosser and Chico LeClaire led the Marcus & Millichap team.
HOUSTON — Marcus & Millichap has arranged the sale of West Shopping Center, a 19,927-square-foot retail property located in Houston. Watt Harrison and James Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. West Shopping Center is located at 13442 Bellaire Boulevard in Houston.
DENVER — Jackson Square Properties has acquired the 185-unit Arapahoe Club apartment community for an undisclosed sum. The community is located at 2800 S. Syracuse Way. It was built in 1994. The Class B property is situated near the Denver Technological Corridor, the area’s largest employment hub with more than 423,000 workers. ARA Newmark represented the seller, the Reliant Group, in this transaction.
FORT WORTH, TEXAS — Marcus Paslay, chef and owner of Clay Pigeon, will open his second restaurant, Piattello Italian Kitchen, this fall in Fort Worth’s Waterside mixed-use development. Piattello will feature a seasonal menu. Paslay’s take on Italian fare will include pastas as well as pizzas from a wood-burning oven. In the mornings, part of the restaurant will be open as Piattello Coffee Bar. The restaurant will span 5,300 square feet with a covered patio. Mitchell Garman Architects of Dallas will design the interior.
BALLSTON, VA. — The Shooshan Co. and Brandywine Realty Trust plan to build a 22-story mixed-use high-rise project for the final portion of their Liberty Center development at 4040 Wilson Blvd. in Ballston, roughly six miles west of Washington, D.C. The first two floors will house retail space (34,000 square feet), the next eight floors will comprise office space (190,000 square feet) and the top 12 floors will feature 245 residential units. Both the office and residential components will have separate roof terraces. VIDA Fitness has signed a letter of intent to occupy 30,000 square feet at the site between the second floor and the B1 level. Shooshan has already built out the five-level, below-grade parking garage at the site that features 550 car spaces. Liberty Center is a 2.3 million-square-foot, eight-property development within walking distance of the Ballston Metro. At full build-out the development is expected to house 5,000 people.
NASHVILLE, TENN. — Marcus & Millichap has brokered the $58 million sale of the 154-room Hampton Inn & Suites located at 310 4th Ave. S. in downtown Nashville. The hotel is situated across the street from the new Music City Center, two miles from Vanderbilt University and eight miles from the Nashville International Airport. Opened in 2007, the hotel features a breakfast buffet, wireless Internet access, fitness center, indoor pool and 2,500 square feet of meeting and event space. Georgia Krewson and Wes Tiner of Marcus & Millichap’s National Hospitality Group (NHG), along with Scott Franco, Zach Moore and Kelley Deibler of Marcus & Millichap’s Nashville office, represented the seller, MR Hotels LLC, in the transaction.
WINSTON-SALEM, N.C. — Signet Development, in partnership with Kelley Properties Inc., will begin construction on Deacon Place, a 328-bed student housing community adjacent to Wake Forest University in Winston-Salem. The property, located at the intersection of Long Road and University Drive near the north entrance to campus, will comprise 82 units. Construction is expected to begin in late spring, with completion expected for the fall 2017 school year.