Property Type

San Carlos Associates Receives $65M to Refinance Marriott Monterey Hotel

by Nellie Day April 13, 2016

MONTEREY, CALIF. — San Carlos Associates has received $65 million in first-mortgage debt for the 341-room Marriott Monterey Hotel. The AAA-rated, Four Diamond hotel is located at 350 Calle Principal in downtown Monterey. Marriott Monterey Hotel sits adjacent to the Monterey Conference Center in the downtown retail district. The 10-story hotel includes about 16,500 square feet of meeting space, a spa, two restaurants and subterranean parking for 142 cars. A European Money Center bank provided the 10-year, fixed-rate financing, which was underwritten at a debt yield below 10 percent. Sonnenblick-Eichner Co. arranged the financing.

April 13, 2016

California Retail Western

Z Capital Partners To Acquire Pink Taco Restaurant Brand

by Nellie Day April 13, 2016

LOS ANGELES — An affiliate of Z Capital Partners, the private equity management arm of Z Capital Group, has agreed to acquire chain restaurant brand Pink Taco for an undisclosed price. Z Capital Partners is the largest shareholder in restaurant group Real Mex Restaurants, and plans to expand the Pink Taco brand via new locations and improvements to operations and marketing. Third-generation restaurateur Harry Morton founded Pink Taco in Las Vegas in 1999, and the franchise also has locations in Los Angeles. Hard Rock Hotel will still own and operate the original Las Vegas location. Morton will continue to guide strategic marketing, design and future locations of the chain, as well as help launch take-home products for the brand. The transaction is expected to close in the second quarter of 2016.

April 13, 2016

Retail Texas

Kroger Marketplace Opens at Woodshore Marketplace in Metro Houston

by Haisten Willis April 13, 2016

CLUTE, TEXAS — Cencor Realty Services will soon open Phase I of Woodshore Marketplace, a 140,000-square-foot shopping center at the southeast corner of Oyster Creek and Dixie drives in the master-planned Woodshore community near Houston. The anchor for Woodshore Marketplace, a 124,000-square-foot Kroger Marketplace, is now open. In addition to the Kroger anchor, Phase I of Woodshore Marketplace will also feature 16,450 square feet of in-line space set to open later this spring, along with three pad sites for freestanding concepts. Steve Chandler, city partner for Cencor in Houston, is directing development of the community retail center. Randy Hopper and Kyle Knight with The Weitzman Group are the leasing agents for Woodshore Marketplace.

April 13, 2016

Retail Texas

Signorelli Co. Signs Academy Sports + Outdoors to Co-Anchor Valley Ranch Town Center

by Haisten Willis April 13, 2016

THE WOODLANDS, TEXAS — The Signorelli Co. has signed Academy Sports + Outdoors as the third anchor for Valley Ranch Town Center, a retail district inside the master-planned community of Valley Ranch. Academy’s 62,943-square-foot location will open during the third quarter. The 1,400-acre community is located at the intersection of US 59 North and the Grand Parkway in The Woodlands, just north of Kingwood. Also in negotiations are other big box retailers and smaller shops, a selection of restaurants, a multi-attraction cinema and a 10,000-seat amphitheater.

April 13, 2016

Loans Multifamily Texas

Old Capital Provides $1.7M Acquisition Loan for Shady Creek Apartments in Metro Dallas

by Haisten Willis April 13, 2016

AZLE, TEXAS — Old Capital has provided a $1.7 million bridge loan for the purchase of Shady Creek Apartments, a 54-unit complex in Azle. A local ownership group bought the asset, which is located in a secondary submarket. Renovations are planned to increase rental rates.

April 13, 2016

Office Texas

Younger Partners Arranges Office Lease in Dallas

by Haisten Willis April 13, 2016

DALLAS — All Risks Ltd. has leased 10,168 square feet at 3 Park Central located at 12700 Park Central Drive in Dallas. Younger Partners’ Heather Shover, Kathy Permenter and Sean Dalton represented the landlord, McKnight Realty Partners, in the extension of 5,110 square feet and expansion of 5,058 square feet for the wholesale specialty insurance broker.

April 13, 2016

Office Texas

Stream Realty Brokers Office Lease in Metro Dallas

by Haisten Willis April 13, 2016

IRVING, TEXAS — SMB Suite has leased 5,000 square feet of office space at One Panorama Center, located in Irving at 7701 Las Colinas Ridge. SMB Suite is a software developer providing cloud-based solutions. Todd Noonan and Tyler Maner of Stream Realty represented the tenant, while Nathan Durham and Duane Henley of Transwestern represented the landlord, Regent Properties, in the transaction.

April 13, 2016

California Industrial Western

Construction Begins on New Southern California Logistics Centre Facility in Victorville

by Nellie Day April 13, 2016

VICTORVILLE, CALIF. — Construction has commenced on a 444,740-square-foot industrial facility at Southern California Logistics Centre (SCLC) in Victorville. The new building is scheduled for completion and occupancy this fall. Stirling Capital Investments, which has already delivered more than 3 million square feet of Class A industrial space at SCLC, is developing the 2,500-acre commercial and industrial complex. A national manufacturer has already secured the 211,000-square-foot pre-lease commitment. The remaining space is now committed to a second multi-national tenant that will utilize the 233,740-square-foot space for regional and national product distribution. SCLC, along with the Southern California Logistics Airport (SCLA) and the Southern California Rail Complex (SCRC), comprise Global Access Victorville. The complex is entitled for 60 million square feet of development.

April 13, 2016

California Office Western

KT Properties Urban Buys Office Building in Santa Clara for $19M

by Nellie Day April 13, 2016

SANTA CLARA, CALIF. — KT Properties Urban has purchased a 70,520-square-foot R&D office building in Santa Clara for $19 million. The building is located at 3055 Patrick Henry Drive. It was vacant at the time of sale. Tom Trombatore of Colliers International represented KT Properties. The seller was Hudson Pacific Properties.

April 13, 2016

California Retail Western

Hanley Investment Group Arranges Sale-Leaseback of Wendy’s in Metro San Diego

by Nellie Day April 13, 2016

LA MESA, CALIF. — Hanley Investment Group has arranged the sale-leaseback of a 2,806-square-foot, single-tenant Wendy’s restaurant in the San Diego suburb of La Mesa. The triple-net-leased property sold for $4.1 million. The sale included both the land and the building, and featured a new 20-year lease with increases every five years. Eric Wohl of Hanley represented the San Diego-based seller, which operates 54 Wendy’s locations in California. The buyer, represented by Thomas Ahn of Integrity Capital, was a private investor based in San Diego.

April 13, 2016

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