Property Type

Next Century Partners Receives $1B in Construction Financing for Century Plaza Mixed-Use Project in Los Angeles

by Nellie Day July 11, 2016

LOS ANGELES — Next Century Partners has received $1 billion in construction financing for the Century Plaza mixed-use project in Los Angeles. The $2.5 billion project will include two residential towers, restaurants and retail shops. The existing, five-star Century Plaza Hotel on the site will also undergo a renovation. The project is located at 2025 Avenue of the Stars in the Century City submarket. Construction is scheduled to commence later this summer. The hotel closed for renovations in March, and is set to reopen in early 2018. It will include a redesigned open-air lobby that connects public plazas and fountains to a two-acre garden surrounded by restaurants and retail. The hotel has hosted a number of notable events over its 50-year run, including the Grammy Awards and the “Dinner of the Century” in 1969, which honored the first astronauts to reach the moon. The full, mixed-use project will feature about 100,000 square feet of retail. The 46-story residential towers will include 290 luxury residences. A variety of loans provided the $1 billion in financing, including a $446 million senior loan from J.P. Morgan Chase; $120 million mezzanine financing from an investment vehicle managed by Colony Capital; and $450 million of …

July 11, 2016

Hospitality Oregon Western

Hilton to Debut New Canopy by Hilton Brand in Portland

by Nellie Day July 8, 2016

PORTLAND, ORE. — Hilton Worldwide and the Buccini/Pollin Group have announced plans to build a Canopy by Hilton hotel in Portland. The 153-room hotel will be located at 425 NW 9th Ave. in the Pearl District’s Gallery Row. Portland and Washington, D.C., are the first two U.S. cities to receive hotels under the new Canopy by Hilton brand. Both are slated for opening in 2017. Phillips Realty Capital arranged a $27.7 million construction loan, while EB5 Capital provided $15.5 million in preferred equity raised from 31 foreign investors seeking U.S. residency under the EB-5 Immigrant Investor Program.

July 8, 2016

California Loans Retail Western

Cohen Financial Secures $5M Acquisition Loan for Retail Property in Redding

by Nellie Day July 8, 2016

REDDING, CALIF. — Cohen Financial has secured $5 million for the acquisition of a retail property in Redding. Paul Schroeder of Cohen Financial secured the fixed-rate, non-recourse loan with Wells Fargo for the undisclosed borrower. The 94,000-square-foot property is leased to Green Bay, Wis.-based Shopko Stores. Shopko operates 363 stores in 24 states.

July 8, 2016

California Retail Western

NAI Capital Negotiates $2.1M Sale of Retail Property in Corona

by Nellie Day July 8, 2016

CORONA, CALIF. — NAI Capital has arranged the sale of a freestanding, 9,000-square-foot retail property located within a grocery-anchored shopping center located at 1187 E. Magnolia Ave. in Corona. Boca Raton, Fla.-based KC Propco sold the property to Newport Beach, Calif.-based Corona Temescal Village5 for $2.1 million, or $235 per square foot. By the end of escrow, the property was fully leased. Mario Alvarez and Lidia Talavera of NAI Capital represented the seller.

July 8, 2016

California Retail Western

Lee & Associates Brokers 12,945 SF Lease for Black Plague Brewing in Oceanside

by Nellie Day July 8, 2016

OCEANSIDE, CALIF. — Lee & Associates has completed a lease for 12,945 square feet of retail space at 2550 Jason Court within the Jason Court Business Park in Oceanside. Black Plague Brewing plans to open in the location sometime in the next six months. Monique Medley of Lee & Associates – North San Diego County represented Black Plague Brewing, while Bob Willingham of Kidder Mathews represented the landlord, Southwest Greene International Inc. The lease was valued at approximately $724,000.

July 8, 2016

Multifamily Texas

Bell Partners Acquires 357-Unit Apartment Property in Austin

by Christina Cannon July 8, 2016

AUSTIN, TEXAS — Bell Partners Inc. has acquired a 357-unit apartment community in Austin for an undisclosed price. Cielo South Lamar, built in 2015, will be renamed Bell South Lamar. The community offers a mix of studio, one- and two-bedroom apartments and townhomes within seven buildings. Located on South Lamar Boulevard, Bell South Lamar is currently 91 percent occupied. Unit amenities include 9-foot ceilings, modern lighting, granite countertops, walk-in closets, soaking tubs, walk-in showers and wood-style flooring. All units are also pre-wired for high-speed Internet. Community amenities include a swimming pool, grilling stations, a pet park, outdoor yoga area, vegetable garden, fitness center, resident lounge and a business center. Bell Partners will manage the community. The seller in the transaction was undisclosed.

July 8, 2016

Loans Multifamily Texas

Pillar Provides $9.4M Fannie Mae Loan for Apartment Community in Dallas

by Christina Cannon July 8, 2016

DALLAS — Pillar has originated a $9.4 million acquisition loan for Villa Bonita Apartments, a 232-unit multifamily community in Dallas. Built in 1969, the property features both affordable and market-rate apartment units. The complex consists of 20 two-story buildings and features amenities such as a playground and laundry facility. The asset was fully occupied at the time of financing. Evan Hom of Pillar’s New York office arranged the fixed-rate, Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, California-based BRC Bellaire Holdings LLC.The sponsor and its affiliates own several properties in the Dallas/Fort Worth area. The seller was a New Jersey-based investor. Al Silva of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.

July 8, 2016

Industrial Texas

MIG Real Estate Purchases Three Buildings at Braker Center Business Park in Austin

by Christina Cannon July 8, 2016

AUSTIN — MIG Real Estate, a Newport Beach, Calif.-based real estate investment firm, has purchased three buildings within Braker Center Business Park in Austin. The acquisitions include Buildings 6, 7 and 11 and total more than 218,000 square feet of flex office and light industrial space. All three buildings are single-story and served by dock and semi-dock overhead doors with ramps and feature 16-foot clear heights. The assets were 91 percent leased at the time of sale to tenants including The Carrier Corp., Landis+Gyr Technologies Inc. and DeWalt. Will Nichols, Sam Owen and Caitlyn Ryan of Stream Realty represented the undisclosed seller in the transaction. MIG Real Estate was self-represented.

July 8, 2016

Multifamily Texas

Greysteel Arranges Sale of 20-Unit Apartment Building in Fort Worth

by Christina Cannon July 8, 2016

FORT WORTH, TEXAS — Greysteel has arranged the sale of a 20-unit apartment building in Fort Worth for an undisclosed price. The Edmundton Apartments, located at 5601 Birchman Ave., is a two-story building that was constructed in 1968. The property, which is situated on less than a half acre, has recently undergone renovations including faux wood flooring, brushed nickel features, upgraded bathroom vanities and toilets, upgraded appliance packages, a new irrigation system and the replacement of 15 of the 20 HVAC units. Both the buyer and seller in the transaction were undisclosed. Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson of Greysteel brokered the transaction.

July 8, 2016

Retail Texas

Baker Katz Brokers 23,500 SF Aldi Lease Near Houston

by Christina Cannon July 8, 2016

LAKE JACKSON, TEXAS — Houston-based brokerage Baker Katz has arranged the lease of a freestanding, 23,500-square-foot building to discount grocery chain Aldi in Lake Jackson, located approximately 55 miles south of Houston. The building is located at the corner of State Highway 288 and This Way Street. Streetwise Realty Partners represented the tenant. Situated near Lowe’s Home Improvement and Dow Chemical’s new campus, the new Aldi is slated to open this fall.

July 8, 2016

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