Property Type

ACC Breaks Ground on $120M Live-Learn Facility at ASU

by Nellie Day November 10, 2015

TEMPE, ARIZ. — American Campus Communities has broken ground on its sixth student housing facility at Arizona State University in Tempe, a $120 million live-learn facility. Upon its opening in fall 2017, the facility will house 1,594 students enrolled in the Fulton Schools of Engineering. The property will feature E-Space, a 3,500-square-foot lab outfitted with resources that cater to the needs of Fulton Schools students. The dining facility also has been designed with Fulton Schools of Engineering students in mind. The facility is approximately 14,000 square feet, includes seating for 500 students, and features four food stations and a mixture of seating types, including counter seating, booth seating and tables. A tech lounge is located on the mezzanine level along with individual seating pods with views of the landscape and main level. The new residence hall will be located in the heart of campus on East University Drive, providing residents with the option to walk or bike to class. The property features amenities such as social and recreation lounges, an Academic Success Center, a cardio fitness room and several academic study spaces.

November 10, 2015

California Life Sciences Loans Office Western

Genesis at Campus Point in San Diego to Undergo $96.4M Biotech Conversion

by Nellie Day November 10, 2015

SAN DIEGO — HFF has arranged a $96.4 million loan for Genesis at Campus Point, a vacant, four-building office complex in the UTC submarket of San Diego, which will fund the complex’s conversion into a biotech space. The 311,022-square-foot campus is located at 4224, 4242 and 4244 Campus Point Court and 10210 Campus Point Drive. The space is situated near the convergence of interstates 5 and 805 inside a life science cluster. Other notable tenants in the area include the University of California San Diego, Scripps medical campus, Illumina, Eli Lilly and Celgene. The buildings will feature multiple conference rooms, an on-site café with indoor and outdoor seating, a full-service fitness center, large balconies and a combination of covered and surface parking. HFF’s Tim Wright, Todd Sugimoto and Zack Holderman arranged the financing on behalf of the borrower, a partnership between Phase 3 Real Estate Partners and its institutional partner. The 36-month, floating-rate loan was placed with TPG Real Estate Finance Trust. Proceeds will be used to recapitalize the mid-year acquisition and fund the immediate repositioning costs of the asset.

November 10, 2015

California Loans Multifamily Western

Berkadia Arranges $130M Fannie Mae Financing for St. Moritz Apartments in Aliso Viejo

by Nellie Day November 10, 2015

ALISO VIEJO, CALIF. — Berkadia has arranged $130 million in financing for the 675-unit St. Moritz Apartments. The community is located at 23411 Summerfield in Aliso Viejo, southeast of Los Angeles. The property was about 95 percent occupied at the time of closing. The loan features a 10-year term, 3.51 percent interest rate and interest-only payments for the full term. Mitch Thurston and Andy Ahlers of Berkadia originated the loan through the firm’s Fannie Mae program.

November 10, 2015

California Hospitality Western

Bartell Hotels Buys San Diego Airport Hilton on Harbor Island for $37.7M

by Nellie Day November 10, 2015

SAN DIEGO — Bartell Hotels has purchased the 211-room San Diego Airport Hilton on Harbor Island for $37.7 million. The hotel is located at 1960 Harbor Island Drive. The property is situated along San Diego’s waterfront, less than a mile from San Diego International Airport. It underwent an extensive renovation in the early 2000s when the hotel joined the Hilton Worldwide brand. Bartell plans to make an additional $5 million in upgrades. The company now owns eight properties in San Diego.

November 10, 2015

California Multifamily Student Housing Western

Sundt Tops Out Campus Village Phase II at San Jose State University

by Nellie Day November 10, 2015

SAN JOSE, CALIF. — Sundt Construction Inc. recently topped out Campus Village Phase II, a 10-story student housing building at San Jose State University. When complete, the building will feature 850 beds, common study rooms, a lounge, multi-purpose room, recreation room and more. Sundt is working with architects Solomon Cordwell Buenz on the $102 million project, which is expected to be completed in mid-2016.

November 10, 2015

Office Texas

HFF Arranges Sale of BBVA Compass Plaza in Houston’s Galleria Area

by Haisten Willis November 10, 2015

HOUSTON — HFF has arranged the sale of BBVA Compass Plaza, a Class A office building totaling 326,200 square feet in Houston. BBVA Compass Plaza is the first office building to be delivered to the Galleria area in nearly three decades. HFF marketed the asset on behalf of the seller, a joint venture partnership between Stream Realty Partners, TRC Capital Partners (formerly The Redstone Cos.) and an institutional client of L&B Realty Advisors. Masaveu Post Oak Houston Delaware LLC purchased BBVA Compass Plaza for an undisclosed amount. Completed in 2013, BBVA Compass Plaza is a LEED Gold-certified, 22-story building that is 83 percent leased. BBVA Compass Bank occupies 58 percent of the net rentable area, and the remaining tenants are a mix of national and international firms. The recently completed property features a 1,144-space parking garage, a full retail bank branch, fitness center and two restaurants: Caracol and Oka Sushi. BBVA Compass Plaza is situated in Houston’s Galleria submarket with access to Loop 610, I-10, Highway 59 and Westpark Tollway. Scott Galloway, Dan Miller, Matt Kafka, Colby Mueck and Trent Agnew led the HFF investment sales team.

November 10, 2015

Office Texas

Paradigm Tax Group Relocates Headquarters to Dallas

by Haisten Willis November 10, 2015

DALLAS — Paradigm Tax Group has relocated its headquarters to Dallas and added a new CEO. Paradigm provides property tax consulting services for commercial property owners and has more than 30 regional offices across the U.S. Paradigm will retain its presence in its former headquarters in the Phoenix area. Steve Stubitz will remain chairman of the company but step down from his interim CEO role to welcome Mark Wanic as CEO. Stubitz held the position following the retirement of Paradigm’s prior CEO Bob Dunlap. Wanic comes to Paradigm after holding a variety of executive positions at Cushman & Wakefield. Wanic is the latest addition to a new management team, which includes new CFO Francoise Mattice, who joined Paradigm in March. Paradigm helps clients identify potential tax-saving opportunities.

November 10, 2015

Office Texas

GuideIT Expands to Over 17,000 SF at Plano Tower in Metro Dallas

by Haisten Willis November 10, 2015

PLANO, TEXAS — Boxer Property has concluded long-term lease negotiations on a 17,000-square-foot lease with GuideIT, a Perot company. GuideIT has been a tenant of Boxer in the Plano Tower building since early 2013. Plano Tower is located at 101 E. Park Blvd. and is owned and managed by Boxer Property. Mark Dowdle, of Boxer Property’s Dallas office, negotiated the agreement on behalf of Boxer, and Louis Pascuzzi of Jackson Cooksey represented GuideIT. Plano Tower includes 13 stories with a total of 225,445 square feet of office space for rent. The Class A building features a mirrored glass exterior, surface and covered parking, an upgraded lobby, granite floors, elevator service, on-site banking services and drop boxes.

November 10, 2015

Hospitality New Jersey Northeast

Mack-Cali’s Roseland to Develop Dual-Branded Marriott Hotels at Port Imperial in New Jersey

by Amy Works November 10, 2015

WEEHAWKEN, N.J. — Roseland, a subsidiary of Mack-Cali Realty Corp., is developing two dual-branded Marriott hotels at Port Imperial, the company’s $3 billion mixed-use, master-planned waterfront development in Weehawken. Roseland and its partner, XSS Hotels, secured approximately $94 million in financing for a syndicated construction loan led by Fifth Third Bank, with additional syndicated lending institutions, including Santandar and Investors Savings Bank. Featuring a 210-key Renaissance hotel and a 154-key Residence Inn, the project will feature meeting and function space for 450 guests and a 15,000-square-foot deck off the sixth floor sky lobby offering views of Manhattan. The two hotels will be built on top of the 850-space Port Imperial parking garage with 17,000 square feet of ground-level retail space next to the New York Waterway ferry terminal. Expected to create more than 100 permanent full-time jobs, the hotels are slated for completion by the end of 2017.

November 10, 2015

Multifamily Seniors Housing Texas

$72M Expansion Project Begins on The Buckingham in Houston

by Haisten Willis November 10, 2015

HOUSTON — Construction has begun on 183 new residences at The Buckingham, a seniors housing community in Houston. Once completed, the $72 million construction project will add 80 new jobs to the local economy and provide living for nearly 200 additional residents. Located at 8580 Woodway Drive, The Buckingham currently includes 205 independent living residences, 43 private assisted living apartments, 16 private memory support apartments and 60 private skilled nursing suites. Six additional acres were acquired to accommodate the project, which will add 106 independent living apartment homes, 27 assisted living suites, 18 memory care residences, 32 private skilled nursing rooms, additional underground parking and more surface level spaces. The new independent living apartment homes will be offered in one-, two- and three-bedroom floor plans.

November 10, 2015

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