NEW YORK CITY — Cignature Realty has arranged the sale of a multifamily property located at 574 W. 161st St. in Manhattan’s Washington Heights neighborhood. BSF 574 West 161st Street Holding LLC acquired the asset from Hillcrest Acquisitions LLC for $7.2 million, or $286 per square foot. Built in 1910, the five-story, 25,160-square-foot building features 31 apartments. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and the seller in the transaction.
HOUSTON — Hines REIT Inc., one of three public non-listed REITs sponsored by investment firm Hines, has approved a liquidation plan in which Hines REIT will sell seven West Coast office assets to an affiliate of Blackstone Real Estate Partners VIII — a transaction valued at $1.1 billion. The portfolio totals approximately 3 million square feet, and includes Howard Hughes Center Los Angeles; Daytona Buildings in Redmond, Wash.; Laguna Buildings in Redmond, Wash.; 5th and Bell in Seattle; 2100 Powell in Emeryville, Calif.; 2851 Junction Ave. in San Jose, Calif.; and 1900 and 2000 Alameda in San Mateo, Calif. Hines REIT is currently in the process of liquidating the remaining assets that comprise its portfolio that includes the Chase Tower in Dallas and 321 North Clark in Chicago, along with a grocery-anchored retail portfolio located primarily in the Southeast. “When we first launched Hines REIT in 2003, it was structured as a perpetual life vehicle, much like many institutional funds,” says Sherri Schugart, president and CEO of Hines REIT. “Impacts from the Great Recession caused us to close the fund to new investors in 2009, so we began considering other options that could provide the best opportunities for enhancing stockholder …
LOS ANGELES — Universe Holdings has received $124.7 million to refinance a seven-property multifamily portfolio in Southern California. The properties contain a total of 559 units. The refinancing program generated $15 million in proceeds for new acquisitions and asset improvement programs. Universe is targeting up to $100 million in new acquisitions this year, according to the firm’s CEO. Properties in the portfolio are the 50-unit Isles of Charm in Los Feliz; the 172-unit Nantucket Creek in Chatsworth; the 53-unit Chateau Lakeside; the 82-unit Chateau Woodley Hart in Van Nuys; the 52-unit Chateau Regent in North Hollywood; the 56-unit Chateau Spring Terrace in La Mesa; and the 94-unit Chateau Spring Hill in La Mesa. HFF’s Charles Halladay arranged the loans through HFF’s Freddie Mac Program Plus® Seller/Servicer Program and Sabal Financial’s Freddie Mac Small Balance Program.
THOUSAND OAKS, CALIF., AND SCOTTSDALE, ARIZ. — CBRE has arranged $80 million in financing for a joint venture between Blue Moon Capital Partners and Belmont Village Senior Living. The JV will use the funds to purchase an assisted living and memory care portfolio consisting of Belmont Village Thousand Oaks in metro Los Angeles and Belmont Village Scottsdale in the Phoenix suburb of Scottsdale. The seven-year, fixed-rate loan includes 48 months of interest-only payments. A life insurance company provided the funds. The two communities total 275 units and Belmont Village will continue to operate the properties. The California location was built in 2011 and the Arizona location in 2012. Aron Will, vice chairman of CBRE National Senior Housing, arranged the financing.
SANTA CLARA, CALIF. — SVN | The Kase Group has arranged the $25.5 million sale of a 95,700-square-foot Home Depot property located in Santa Clara. Jacob Abusharkh of SVN | The Kase Group represented the undisclosed seller in the transaction. An undisclosed all-cash buyer acquired the property. The Home Depot has less than four years remaining on its lease.
SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the $15.6 million sale of Zocallo Plaza, a 51,195-square-foot shopping center located in the Phoenix suburb of Scottsdale. The property, located within the master-planned community of Kierland, is fully occupied by tenants including Corner Bakery Café, Pella Windows, Desert Schools Credit Union and Classy Closets. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Enright Zocallo LP. The buyer was undisclosed.
LOS ANGELES — BRC Advisors has arranged the lease of a restaurant space located at 7807 Beverly Blvd. in Los Angeles. The space is located between Fairfax and La Brea near Farmers Market and The Grove. Elan Kermani of BRC Advisors represented the landlord in the transaction.
MURPHY, TEXAS — Phillips Edison Grocery Center REIT I Inc. has acquired Murphy Marketplace, a 218,598-square-foot, Sprouts-anchored shopping center located in Murphy, a suburb 25 miles northeast of Dallas. The center is home to tenants including Michaels, 24 Hour Fitness, Tuesday Morning, T-Mobile, Chick-fil-A, Einstein Bros. Bagels, Chipotle Mexican Grill, Firehouse Subs and Dunkin’ Donuts.
DALLAS AND HOUSTON — JLL has arranged the sale of CarMax-Dallas and CarMax-Houston on behalf of Thompson National Properties, an advisor of the former ownership group. Realty Income Corp. purchased both freestanding CarMax Auto Superstores for an undisclosed price. CarMax-Dallas is located at 4448 W. Plano Parkway in Plano, and CarMax-Houston is located at 19500 N. West Freeway in Houston. Both assets are triple net-leased to Richmond, Va.-based CarMax, which operates 151 used car stores in 76 markets.
DALLAS — Alliance Architects has completed the design of a 760,000-square-foot distribution center in Dallas. The property is a build-to-suit for Ulta Beauty, a national beauty products retailer. The recently completed facility is located on a 94-acre site within Mountain Creek Business Park. The property features 32-foot clear heights, 46 dock doors and 29,220 square feet of office space. The distribution center is in the process of becoming LEED-certified. Alliance Architects’ team members included Chad Michel, Zac Bartz and Scott Franckowiak. The development team includes developer Prologis, general contractor The Conlan Co., civil engineer Pacheco Koch Consulting Engineers, structural design firm McHale Engineering and landscape architect Belle Firma.
