SAN ANTONIO — Tryperion Partners and Goodstone LLC have acquired Network Tech Center, an 84,505-square-foot, three-building office park located in the University Business Park of San Antonio’s Northwest office market. Located along I-10 near Loop 1604, Network Tech Center offers freeway access and close proximity to restaurant and retail amenities. CBRE’s Todd Mills represented the seller in the transaction.
GRAPEVINE, TEXAS — Realty Capital Management has sold a pad site located off Texan Trail to Norman Construction. The construction firm will be relocating its corporate offices from Coppell to a new location just north of Dallas Road on Texan Trail in Grapevine. Norman Construction has been in business since 1997 and is a full-service commercial contracting company specializing in multifamily rehab and construction. In addition, Norman offers capital improvements, fire remediation services and deferred maintenance needs. Mark Boone of Realty Capital Management represented the landlord and tenant in the lease transaction.
GALVESTON, TEXAS — Marcus & Millichap has arranged sale of Jamaica Village Shopping Center, a 21,065-square-foot retail property located in Galveston. Derek Hargrove and Matthew Mignerey of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. The team secured a Houston owner and facilitated the sale with a local bank lender. Jamaica Village Shopping Center is located at 16708 San Luis Pass Road.
ARLINGTON, TEXAS — Lee & Associates has completed a lease transaction for 46,020 square feet of industrial space located at 714-720 107th St. in Arlington. Mark Graybill of Lee & Associates’ Dallas/Fort Worth office represented the landlord, Lightning Propco III LLC. Michael Chiocca of CBRE represented the tenant, Sunrise Wood Designs LLC.
BELLEVUE, WASH. — The Bellevue Collection has received a $526 million construction-to-permanent loan to expand the 4-million-square-foot, mixed-use property in Bellevue. The new 1.5-million-square-foot phase will be known as the Lincoln Square Expansion. The development, which is currently underway, will include a 41-story multifamily/W Hotel tower, a 31-story trophy office tower, and a three-level retail podium, which will be anchored by a luxury theater and chef-driven restaurants. The retail podium and towers will sit above a six-level underground parking garage that is contiguous with more than 4,000 existing subterranean parking spaces. An affiliate of CPPIB Credit Investments Inc., a wholly owned subsidiary of Canada Pension Plan Investment Board (CPPIB), provided the financing. The single source of capital was attractive to the borrower because it removed syndication risk and provided a single point of contact. Dave Karson, Alex Hernandez and Chris Moyer of Cushman & Wakefield represented the borrower, Kemper Development Co.
LOS ANGELES — The Abbey Co. has received a $310 million bridge loan to recapitalize a 34-property Southern California portfolio. The assets securing the loan total about 3 million square feet of office, industrial and retail properties. The properties are situated throughout the Inland Empire, San Diego, Los Angeles and Orange counties. The proceeds were used to refinance two maturing CMBS loans and increase cash flow across the portfolio. David Blitz of Nebo Capital arranged the interest-only loan. Sklar Kirsh acted as the firm’s legal advisors.
PHOENIX — Physicians Realty Trust has acquired the Integrated Medical Services portfolio, which contains four Class A medical office buildings in Phoenix, for $141 million. The acquisition set a new record as the highest price paid for an on-campus, multi-tenant medical office portfolio in Metro Phoenix, according to Newmark Grubb Knight Frank’s (NGKF) Phoenix office, which brokered the sale. The portfolio includes a total of 406,894 square feet, which equated to a price tag of $347 per square foot. The sale includes Paradise Valley IMS, North Mountain IMS Medical Building, Palm Valley Medical Office Building and Avondale IMS. The portfolio is currently 96 percent leased on average. It is anchored by physician practice groups. The properties were built between 2004 and 2009. Physicians Realty Trust represented itself in this transaction. NGKF’s Garth Hogan, Todd Perman, Trisha Talbot and Kathleen Morgan, in collaboration with Global Healthcare Services, represented the unnamed sellers.
LOS ANGELES — Sonnenblick-Eichner Company has arranged $153 million in first-mortgage financing for The Pacifica Hotel Portfolio. The mostly California-based portfolio contains 10 hotel properties that total 739 rooms. A majority of the properties are oceanfront hotels situated on California’s central coast. Additional properties are located in the Los Angeles submarkets of Venice, Marina del Rey and Manhattan Beach. One property is also located in Port St. Lucie, Fla. The non-recourse loans were not cross-collateralized and feature 10-year, fixed-rate financing.
GOLD RIVER, CALIF. — Inspire Communities has named David L. Gold as its new CEO. The manufactured housing community owner is located in Gold River, just west of Sacramento. Gold has more than 30 years of institutional experience owning, financing and investing in domestic and international commercial real estate, with a focus on low- and middle-income housing. He co-founded Rockland Capital Partners in 2011, and was a managing director at Los Angeles-based real estate private equity firm Paladin Realty Partners for more than a decade. The firm’s former CEO, Matt Follett, will remain as a board member of Inspire Communities. His focus will be limited to acquiring manufactured housing communities in Washington, Oregon and California. Private investment firm American Infrastructure MLP Funds also recently announced it will invest in Inspire’s infrastructure-related operating businesses that are profitable and can expand quickly with additional capital.
ALPHARETTA, GA. — Pollack Shores Real Estate Group has purchased a development site at 10105 Westside Parkway in Alpharetta for the construction of ECHO at North Point Center. Located near Top Golf, the boutique-style multifamily property will feature 111 residential units and 5,600 square feet of retail space. Each unit will feature shaker-style cabinetry, quartz countertops and plank flooring. Community amenities will include a resort-style pool, bocce ball court and a dog park. ECHO at North Point Center is scheduled to have the first units available in summer 2016. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the property upon completion.
