The last five years have seen a lot of shuffling around for Boston’s mainstay industries, with professional service firms moving to the Seaport and tech companies moving to Kendall Square. Although we’ve seen more new residential and commercial development than ever, there will always be space limitations in Boston, which means there will always be more user demand than there is space on the market. The space left behind from tenants on the move will be easily filled by the next wave of tenants — and the cycle continues. Oxford Properties’ latest announcement of its acquisition of 222 Berkeley St. and 500 Boylston St. in the Back Bay is perhaps the best example of the trajectory model in Boston. And similar to the media and finance switcheroo that Manhattan is experiencing (the media mecca is now downtown and FiDi is now midtown), media companies in Boston are now moving into the financial district and finance firms are moving to the Seaport. Boston Globe Media Partners is close to leasing 75,000 square feet of space at 53 State Street. The publishing company will take some of Goodwin Procter’s block that will be vacated once the company relocates to the Seaport District. …
DALLAS — CBRE Global Investors will launch a $19 million capital improvement program for the Galleria Office Towers in Dallas. The three Class A office buildings are located on the corner of the Dallas North Tollway and LBJ Freeway and are directly connected to the Westin Galleria Hotel, as well as the Galleria mall. The assets were built between 1982 and 1991 and total 1.4 million square feet. Renovations will include a new parking system that will be the first of its kind at an office building in North America. The system includes license plate recognition technology that provides in and out access, electronic signs that display the number of spaces available on each level and overhead LED lights to alert drivers of open spots on each row. Other improvements include new tenant lounges at each building, multiple conference centers, an expanded fitness center and renovations to the lobbies, common corridors, restrooms and elevator cabs. CBRE Global Investors owns the buildings, which include tenants such as MetLife, Merrill Lynch and Ryan Cos. Celeste Fowden, Shannon Brown and Kenzie Killgore of CBRE’s Dallas office are the leasing agents for the Galleria Office Towers. The properties are managed by CBRE under the direction of …
SAN FRANCISCO — Broe Real Estate Group has acquired Oceanview Village Shopping Center, a 98,406-square-foot shopping center located in San Francisco, for $30.6 million. Broe Real Estate and operating partner Citivest Commercial plan to reposition the property through improvements including façade upgrades, new landscaping, entrance lighting, parking lot upgrades and a new signage program. Tenants at the center include Albertsons, Walgreens, 24-Hour Fitness and Chase Bank. Crosspoint Realty will act as property manager, while Todd Oliver and Drew Greenspan of Cushman & Wakefield will act as leasing representatives for the asset.
PHOENIX — A joint venture led by Sunroad Enterprises received $23.5 million in first mortgage debt to finance the acquisition of the 240-unit Sonoma Ridge Apartments in Phoenix. The community is located at 8201 W. Beardsley Road. HFF’s Aldon Cole and Tim Wright arranged the financing, which Mesa West Capital provided.
RIALTO, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the $14.1 million sale of Vista Cove Care Center, a 177-bed skilled nursing facility in Rialto, about 55 miles east of Los Angeles. A joint venture of a New York-based real estate group and a Los Angeles-based operator bought the property from a regional owner/operator. The purchase price equates to $79,858 per bed and a capitalization rate of 7.3 percent. Blueprint’s Christopher Hyldahl was the lead advisor and Mike Segal assisted in executing the transaction.
HUNTINGTON PARK, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant, absolute net-leased Walgreens property, located at 6100 Pacific Blvd. in Huntington Park. A private investor based in Northern California acquired the 15,525-square-foot property for $11.8 million. Walgreens has more than 22 years remaining on its initial 30-year term. Patrick Kent and Bill Asher of Hanley Investment Group represented the seller, a private investor based in Los Angeles, while Nigel Keep and Bill Kurfess of Kidder Mathews represented the buyer in the transaction.
HONOLULU — Nordstrom Inc. has opened its new, relocated store at Ala Moana Center in Honolulu. The three-level, 186,000-square-foot store features new interior and exterior design concepts, a full-service restaurant and bar, cocktail lounge and new departments. The store is a relocation from its previous home at the other end of the mall, which opened in 2008. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 326 stores in 39 states, including 121 full-line stores in the United States, Canada and Puerto Rico; 197 Nordstrom Rack stores; two Jeffrey boutiques; and one clearance store.
BURLESON, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of The Reserve at Village Creek, a 191-unit apartment community in Burleson. Will Balthrope, Drew Kile and Rowan Burch of IPA represented the seller and procured the buyer in the transaction. Built in 2012, the property is located at 444 E. Renfro St., with visibility and frontage on I-35. Texas Health Hughley Hospital is located three miles from the property and Alcon Laboratories, a manufacturer of eye care products, is six miles away. Apartments at The Reserve at Village Creek feature black appliances, island-style kitchens with granite countertops and washers and dryers. Community amenities include a fitness center and a swimming pool.
ROWLETT, TEXAS — Bart Dickinson of NorthMarq Capital’s Dallas office has secured the $4.4 million, 25-year refinancing of Lone Star Self-Storage, an 86,249-square-foot self-storage facility located in Rowlett. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
HOUSTON — Carriage Point Mango has purchased a 27,000-square-foot industrial facility located at 20221 Carriage Point Drive in Houston. Patrick Wolford and Ryan Searle of Lee & Associates Houston represented the seller, 1705163 USA Inc., in the transaction. Mike Whitsell of Mike Whitsell & Associates LLC represented the buyer.