Property Type

Strata Equity Group Receives $100M in Financing for Multifamily Portfolio in Seattle

by Nellie Day December 3, 2015

SEATTLE — Strata Equity Group has received $100 million in acquisition financing for a multifamily portfolio in Seattle. The portfolio contains a total of 1,041 units. The portfolio features five properties that were built between 1986 and 1991. Strata plans to execute a capital improvement program that will upgrade the residential amenities and interior unit finishes. Four of the properties are within five miles of Boeing’s Everett Factory, the region’s largest employer, which is undergoing a large expansion. The other property is in Lynwood, 16 miles north of downtown Seattle. The 10-year loan features full-term, interest-only payments through Freddie Mac. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz arranged the financing.

December 3, 2015

California Office Western

JV Buys Lakes at West Covina Office Campus in California for $34.8M

by Nellie Day December 3, 2015

WEST COVINA, CALIF. — A joint venture between Stillwater Investment Group, Greenlaw Partners and CrossHarbor Capital Partners has acquired The Lakes at West Covina, a 176,843-square-foot office campus, for $34.8 million. The two-building campus is located at 1000 and 1050 Lakes Drive in West Covina. The Class A campus is 73.5 percent leased. Notable tenants include Wells Fargo Bank, Balfour Beatty, State of California and the U.S. Government Services Administration. Taylor Ing, Drew Sanden and Scott Maples of Cushman & Wakefield are the leasing agents for the Lakes at West Covina. This is the JV’s first acquisition. It plans to focus on the Southern California office market, in addition to assets it can purchase well below replacement cost.

December 3, 2015

Arizona Office Western

Buchanan Street Buys Paradise Valley Corporate Center in Scottsdale

by Nellie Day December 3, 2015

SCOTTSDALE, ARIZ. — Buchanan Street Partners has purchased Paradise Valley Corporate Center, a 198,000-square-foot office building in Scottsdale, for an undisclosed sum. The center is located at 4835 East Cactus Road. Paradise Valley Corporate Center was 95 percent leased at time of sale. Buchanan Street plans to upgrade the lobby, landscaping and other common areas. Buchanan Street represented itself in this transaction, while Christopher Toci of Cushman & Wakefield represented the unnamed seller.

December 3, 2015

California Office Western

Munger, Tolles & Olson Law Firm Leases Space in Downtown LA

by Nellie Day December 3, 2015

LOS ANGELES — Munger, Tolles & Olson LLP has leased 150,500 square feet at a 52-story office tower in Downtown Los Angeles. The building is located at 350 S. Grand Ave. It is referred to as “2 Cal.” The law firm specializes in litigation, corporate, labor and employment, environmental, real estate, financial restructuring and tax. It plans to relocate to the space in early 2017. The landlord is CIM Group.

December 3, 2015

Mixed-Use Multifamily Retail Texas

Venture Completes 43-Acre Land Assemblage for Mixed-Use Development in Metro Dallas

by Haisten Willis December 3, 2015

EULESS, TEXAS — Venture Commercial Real Estate has completed an assemblage of 43 acres of land located at the northeast quadrant of Cheek-Sparger Road and Heritage Avenue west of State Highway 121 in Euless. The buyer, Tonti Properties, is expected to break ground in spring 2016 on Trinity Union, a 457-unit multifamily community. The project has a mixture of product types including a four-story wrap-style building with structured parking and separate townhome-style buildings with direct-access garages and private yards. Trinity Union will feature an urban design, and 19 acres of the site will be devoted to retail use. John Zikos, Ken Reimer, Christopher Gibbons and Cheryl Hill of Venture worked with Tonti to acquire three separate land tracts. In the most complex of the transactions, Venture represented the seller, a family that had owned a 25-acre tract for 54 years, while Wilson Stafford of Edge Realty Capital Markets represented Tonti Properties. In the other transactions, Venture and Edge co-represented Tonti Properties.

December 3, 2015

The-Corner-student-housing-UT-Texas-Austin

Multifamily Student Housing Texas

Johnson Trube & Associates to Develop Student Housing Near UT Austin

by Haisten Willis December 3, 2015

AUSTIN, TEXAS — Austin-based developer Johnson Trube & Associates is moving forward with construction of a Class A student housing development near the University of Texas at Austin campus. Located at 2508 San Gabriel St. in Austin, The Corner will offer 62 units with a mix of two to five bedrooms for a total of 207 beds. The eight-story structure is scheduled to open to students in the fall of 2016. The property is being built using a framing technology developed by Prescient, a Denver-based software design and structural system manufacturing company. The pre-manufactured metal framing system is designed to offer a faster, greener and more cost-effective alternative to conventional structures. The development team includes Johnson Trube & Associates, JE Dunn, Mark Hart Architecture, Prescient, Wuest Group, Austin City Realty and Fairway Properties. Project features and amenities include walking/biking access to campus, secure access, a cyber café, quartz countertops, wood floors and stainless steel appliances.

December 3, 2015

Office Texas

HFF Represents Menlo Equities in 650,000 SF Office Acquisition in Austin

by Haisten Willis December 3, 2015

AUSTIN, TEXAS — HFF has arranged the sale of and secured financing for Amber Oaks Corporate Center, a 10-building, 650,000-square-foot corporate office campus in Austin. HFF marketed the campus on behalf of the seller and represented Menlo Equities as the purchaser of Amber Oaks for an undisclosed amount. Additionally, HFF assisted Menlo Equities in securing financing through a national bank. Amber Oaks Corporate Center is situated on a 70-acre site adjacent to I-45 in the northwest submarket of Austin. Amber Oaks Corporate Center is 85 percent leased to tenants including AECOM/URS Corp., Deloitte, Xerox, Endo Pharmaceuticals, Office Depot and Toshiba. The property features basketball and tennis courts, outdoor seating areas and an adjacent 120,000-square-foot Life Time Fitness facility.

December 3, 2015

Hospitality Texas

M&M Arranges Sale of 100-Room Hospitality Property in Metro Dallas

by Haisten Willis December 3, 2015

MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of Quality Inn McKinney, a 100-room hospitality property located in McKinney. Chris Gomes of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, marketed the property on behalf of the seller, a private investor. Gomes and Miller also procured the buyer, a private investor. Quality Inn McKinney is located at 1300 N. Central Expressway in McKinney, just south of West White Avenue. Constructed in 1981 and renovated in 2013, the asset is situated on approximately 3.8 acres. The economy hotel features an outdoor swimming pool, breakfast area, meeting space, fitness room and an on-site owner apartment.

December 3, 2015

Multifamily Texas

CBRE Negotiates Sale of Multifamily Property in Arlington

by Haisten Willis December 3, 2015

ARLINGTON, TEXAS — CBRE Capital Markets’ Investment Properties has negotiated the sale of Serena Vista Apartments, a 120-unit, value-add multifamily community in Arlington. Des Moines, Iowa-based BHE Acquisitions purchased the asset from Cascades 120 LLC for an undisclosed amount. Dirk Goris and Chris Deuillet of CBRE’s Dallas office represented the seller. The 105,636-square-foot asset, located at 1519 San Francisco Court, was built in 1980. The complex consists of 15 different floor plans and offers efficiency, loft, one-, two- and three-bedroom options. It was 97 percent occupied at closing. Most of the units have received flooring and/or countertop and cabinet upgrades. Five units were recently updated with stainless steel appliances, kitchen backsplashes and fans.

December 3, 2015

Loans New York Northeast Office

Paramount Completes $1B Refinancing of 1633 Broadway in Manhattan

by Amy Works December 3, 2015

NEW YORK CITY — Paramount Group has completed a $1 billion refinancing of 1633 Broadway, a 2.6 million-square-foot office building in Manhattan. The seven-year loan is interest only at LIBOR plus 175 basis points and can be increased by $250 million to a total $1.25 billion. The proceeds from the loan were used to repay existing $926 million loan and fund $42 million of swap breakage costs. Landesbank Banden-Württemberg New York Branch, Landesbank Hessen-Thüringen Girozentrale, DekaBank Deutsche Girozentrale, ING Capital and Wells Fargo Securities served as joint lead arrangers for the loan. Landesbank Banden-Württemberg New York Branch will serve as administrative agent and Wells Fargo National Association will serve as syndication agent. Eastdil Secured arranged the financing for the borrower.

December 3, 2015

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