WAUKESHA, WIS. — Siegel-Gallagher has arranged a 5,202-square-foot office lease in Waukesha, approximately 20 miles west of Milwaukee. The building, Crossroads XIV, is located at 20300 Water Tower Blvd. Lueder Financial Group LLC (also known as Northwestern Mutual) is the tenant, and Janesville LLP is the landlord. Shaun Dempsey of Siegel-Gallagher brokered the deal.
ARLINGTON, TEXAS — Dougherty Mortgage LLC has closed a $7.3 million Fannie Mae loan for the refinancing of Park Row East Apartments, a 205-unit market rate multifamily property in Arlington. The 10-year loan was arranged on behalf of the borrower, DCP 3201 East Park Row Drive LLC, through a partnership with Old Capital Lending and Dougherty’s Minneapolis office. The loan was structured with a 30-year amortization schedule.
FORT WORTH, TEXAS — SVN / Trinity Advisors recently closed several industrial transactions in Fort Worth, Arlington and Carrollton. James Blake of SVN /Trinity arranged the sale of a warehouse located at 2405 Ludelle St.in Fort Worth to XS Sights System, which will occupy the 10,500-square-foot building. Built in 1986, the industrial building is located just off I-30 and Beach Street. Blake represented the seller, Powerspoint Investments LLC, in the transaction. Tyler Trahant with The Trahant Co. represented the buyer. Carl Brown of SVN / Trinity arranged the lease of three spaces in the Beach Conner Industrial Park, located 10 minutes from downtown Fort Worth on Beach Street. The first lease deal was 3,600 square feet to Surgidental for a two-year term. The second deal was 7,200 square feet leased to Delta Structural Tech for a one-year term, and the third deal was 3,600 square feet leased to Munoz Furnishings for a one-year term. Brown also arranged the lease of 3,000 square feet of industrial space to HD Foundation for a three-year term at 801 Secretary Drive in Arlington. In addition, SVN / Trinity’s Clint Montgomery arranged the lease of 1,120 square feet of space in an industrial complex in Carrollton …
DALLAS — Greysteel has arranged the sale of Carroll Place, a 26-unit apartment community in the Old East Dallas neighborhood of Dallas. Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill of Greysteel served as advisor and agent to 1502 Carroll Place LLC in the sale of Carroll Place to Old East Carroll LLC. The property includes six efficiency and 20 one-bedroom/one-bathroom units within three two-story buildings.
HOUSTON — Old Capital has provided a loan for the 38-unit Magnum Oaks Apartments in Houston. The transaction includes a cash-out refinance after 15 months for a local owner, who is a foreign national. Old Capital provided the Freddie Mac, non-recourse loan with a 30-year amortization schedule at a 4.75 percent interest rate and 75 percent loan-to-value ratio. The loan term is 10 years with a declining pre-payment penalty and three years of interest-only payments.
SAN MATEO, CALIF. — Investcorp has purchased Tower Plaza, a multi-tenant office complex in the San Francisco submarket of San Mateo. The Class B property was purchased as part of a nationwide office and industrial portfolio acquisition that was valued at $400 million. Tower Plaza contains a 12-story office tower; three, two-story plaza buildings; one single-story plaza building; and a five-story parking garage. The property is located at 2121 S. El Camino Real. It is situated between San Francisco and Silicon Valley. The other assets are located in Atlanta and Wilmington, Mass. The properties were purchased in four separate transactions. The portfolio contains a total of more than 5.5 million square feet, with an average occupancy rate of about 85 percent. Investcorp plans to add value to the properties through upgrades, renovations and capital investment.
SAN FRANCISCO — The CBRE Strategic Partners U.S. Value 7 fund has acquired the 421-room Sofitel San Francisco Bay in Redwood City submarket of San Francisco for an undisclosed sum. The hotel is located at 223 Twin Dolphin Drive. The eight-story, full-service hotel sits adjacent to Highway 101. It includes more than 20,000 square feet of meeting space, a full-service restaurant, fitness center, and outdoor pool and event patio. The fund is exploring value-add options, which may include upgrading the unit interiors, creating additional meeting space and guestrooms, and expanding food and beverage service.
SAN DIEGO — Nonprofit affordable real estate developer Community HousingWorks has announced plans to build a $27 million, unnamed seniors housing community in San Diego that would welcome LGBT seniors. The 76-unit, affordable independent living community will be located at the corner of Texas Street and Howard Avenue in San Diego’s North Park neighborhood. The community will be open to all seniors, but is intended to create a welcoming community to LGBT seniors. The City of San Diego and the San Diego Housing Commission are providing $7 million for the $27 million complex, which is expected to take about 18 months to build. The San Diego LGBT Community Center recently completed a study that found 68 percent of LGBT seniors had neither family nor younger friends they could count on for support or assistance as they age, and were more likely to live alone and not be in a significant relationship. Further, 23 percent of the LGBT seniors responding to the survey reported an annual income of less than $20,000 per year. Only 16 percent reported having $100,000 or more saved for retirement.
RENO, NEV. — A joint venture between ProEquity Realty Partners and CRG LLC has acquired a 76,800-square-foot-office building in Reno for $12.4 million. The building is located at 885 Trademark Drive and is fully leased by Mitel Communications. The JV plans to reposition the property. Morrissey Realty represented the seller, Dermondy Property Investments, in this transaction.
PHOENIX — Yotam Shochat at NOY Investments LLC has purchased the 38-unit West Glen apartment complex in Phoenix for $2.7 million. The community is located at 911 and 917 W. Glendale Ave. It was built in three phases in 1954, 1959 and 1963. Zack Mishkin of Orion Investment Real Estate represented the buyer. Bill Hahn of Colliers HSK Multifamily represented the seller, Cal DeSouza at Sonoma West Villas LLLP.