WICHITA FALLS, TEXAS — NorthMarq Capital has arranged the $13 million refinance of a three property multifamily portfolio consisting of 588 units in Wichita Falls. The properties are located at 3611 and 4515 Maplewood Ave. and 4700 Taft Blvd. Rob Hervey and Mark Dodson of NorthMarq secured financing on behalf of the borrower through a CMBS lender. The loan is structured under a 10-year term with a 30-year amortization schedule.
SPARTANBURG, S.C. — Binswanger has arranged a 101,959-square-foot industrial lease at 700 Buffington Road in Spartanburg. The warehouse facility fronts the I-85 Business Loop and features 31-foot clear heights, four tailgate loading docks and T-5 fluorescent lighting. The owner, Covington Group Inc., is planning to add office space, restrooms and more dock doors, as well as install an ESFR sprinkler system. Shaun Kirchin of Binswanger’s Columbia, S.C., office represented Covington Group in the lease transaction. The tenant, Kimura Inc., a supplier of steel containers and racks, plans to use the space to provide third-party logistics services for one of its customers.
HOUSTON — EDGE Realty Partners has arranged two retail leases totaling 3,078 square feet at separate shopping centers located in Houston. In the first transaction, EDGE Realty Partners negotiated a 1,730-square-foot lease for OXXO at Sandbridge Plaza at the intersection of Eldridge Parkway and Sandbridge Drive. In the second transaction, the brokerage firm arranged a 1,348-square-foot lease for One Stop Nutrition at Briar Forest Plaza at the intersection of Eldridge Parkway and Briar Forest Drive in Houston. Hannah Smith of EDGE Realty Partners represented the landlord, West Houston Retail, in both transactions. Schuyler Pulford of Remax Commercial represented OXXO, and Jim Hendrix of Streetwise Retail Advisors represented One Stop Nutrition.
THE WOODLANDS, TEXAS — NorthStar Midstream, a midstream crude and natural gas service, storage and transportation company, has relocated its corporate headquarters from Minneapolis to The Woodlands, a northern suburb of Houston. The new office occupies 7,500 square feet on the top floor of Parkwood I, an office complex at 10077 Grogan’s Mill Road. Terms of the lease were not disclosed. Rob Banzhaf, managing principal of Newcor Commercial Real Estate, represented NorthStar in the office lease transaction. Lisa Hughes with The J Beard Company represented the landlord, Parkwood Holdings.
LOS ANGELES — The ConAm Group has acquired the 137-unit TownCentre Commons apartments in the Los Angeles submarket of Brentwood for $26.4 million. The community is located at 1275 Central Blvd. TownCentre Commons is currently 98.5 percent leased. ConAm plans to implement a series of interior and exterior upgrades at the property, including the common area amenities. Seth Siegel and Jason Parr of Cushman & Wakefield represented both ConAm and the seller, Ridge Capital Investors, in this transaction.
LOS ANGELES — The Herald Examiner Building in downtown Los Angeles will soon undergo redevelopment. to turn the historic space into a mix of creative office space, retail and restaurants. The Herald Examiner Building was originally constructed in 1914 between South Park and the Broadway Corridor. The two-story lobby will also undergo a restoration as part of the renovation. The Georgetown Company has partnered with the Hearst Corporation on this project. The Herald Examiner Building was initially designed by Julia Morgan, the same architect who designed Hearst Castle. Carl Muhlstein of Jones Lang LaSalle will lead the leasing efforts.
LOS ANGELES — Newmark Grubb Knight Frank has arranged a $27 million loan for a 151,013-square-foot office building in downtown Los Angeles. The Class A building is located at 626 Wilshire Blvd. The property features ground-floor retail atop two below-grade parking levels. It was originally built in 1966 as the headquarters for State Mutual Savings & Loan, one of Southern California’s leading financial institutions at the time. The borrowers, Barker Pacific Group and Golden Boy Enterprises, will use these funds to retire existing debt. The financing will also be used for property upgrades. Jordan Roeschlaub, Daniel Fromm and Scott Selke of NGKF Capital Markets team arranged and restructured the loan.
BERKELEY, CALIF. — Landmark Properties has acquired The Bancroft Center, a mixed-use site that sits adjacent to UC Berkeley, for $18.5 million. The property is located at 2580 Bancroft Way. The center currently houses nine retail tenants. It also contains the Fred Turner Building, a city-designated landmark that will be preserved in any future development. Frank Wheeler, Brandon Geraldo, Tony Crossley and Tim Maas of Colliers represented the seller, Bancroft Center Company.
PHOENIX — Liv Biltmore LLC has purchased Willowick Square, a 53,417-square-foot office building in Phoenix, for $5.9 million. The Class B complex was built in 1974. The seller was Presson Advisory LLC. Brad and Cindy Cooke of Colliers International executed the transaction.
DENVER — Laramie Energy Company has subleased 19,592 square feet of office space in downtown Denver. The space is located at the former offices of Pioneer Natural Resources Company in the Lower Downtown (LoDo) district. The address is 1401 17th St. Laramie Energy has outgrown its space at nearby Writer Square. CBRE’s Greg Holm represented the natural gas exploration and production company.
