Property Type

M&M Arranges Sale of 200-Unit Apartment Building in Metro Dallas

by Haisten Willis July 24, 2015

DUNCANVILLE, TEXAS — Marcus & Millichap has arranged the sale of Fairmeadows Apartments, a 200-unit apartment property situated on 11.7 acres in Duncanville. John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a partnership. Barker also secured the buyer, a partnership that assumed an existing Fannie Mae loan. Fairmeadows Apartments is located at 800 Merrill Road in Duncanville, a city situated within Dallas County nine miles from downtown Dallas. The construction includes a concrete slab foundation, wood framing, brick with vinyl siding exterior and pitched composition roofs. On-site amenities include laundry facilities, a swimming pool and a playground area.

July 24, 2015

Transwestern Represents Mod Pizza in Opening of Five Houston Area Locations

by Haisten Willis July 24, 2015

HOUSTON — Transwestern has represented MOD Pizza in five leases totaling 13,662 square feet for new locations in the Houston area. Grant Walker and Chris Reyes of Transwestern served as advisors for MOD Pizza in the Houston market, and represented the retailer in the transactions. MOD will be operating over 100 stores across the U.S. by the end of 2015, with plans to open more than 30 additional locations in Houston within the next four to five years. MOD Pizza’s newest Houston locations include 3,175 square feet at 19820 Southwest Freeway in Sugar Land, 2,797 square feet at 5777 San Felipe St. in Houston, 2,744 square feet at 2682 Pearland Parkway in Pearland, 2,446 square feet at 10123 Louetta Road in Houston and 2,500 square feet at 14555 Memorial Drive in Houston.

July 24, 2015

Loans Office Texas

NorthMarq Secures $16.5M Refinancing of Landmark Towers in Oklahoma City

by Haisten Willis July 24, 2015

OKLAHOMA CITY — Robert Hervey and Mark Dodson of NorthMarq Capital’s Los Angeles office have arranged the $16.5 million refinancing of Landmark Towers, a 274,656-square-foot office property located at 3335-3555 NW. 58th St. in Oklahoma City. The transaction was structured with a 10-year term, five years of interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender.

July 24, 2015

Office Washington Western

American Realty Advisors Acquires Amazon-Occupied Building in Seattle

by Nellie Day July 24, 2015

SEATTLE — American Realty Advisors has purchased a 317,000-square-foot mixed-use building in Seattle’s South Lake Union neighborhood for a reported $215 million. The 12-story high rise is located at 2201 Westlake. Office and retail tenants include Amazon and global health company PATH. Amazon currently occupies more than half of the property. Bang & Olufsen, West Elm, Einstein Bagels and Ann Sacks Tile & Stone occupy the retail space. American is acquiring all of the building’s office and retail components. The property also includes the 135-unit Enso condominiums. The seller was Vulcan Real Estate. CBRE’s Kevin Shannon executed the transaction.

July 24, 2015

Multifamily Washington Western

TruAmerica Buys Pacific Northwest Multifamily Portfolio for $115M

by Nellie Day July 24, 2015

PORTLAND, ORE. — TruAmerica and its institutional partners DVO Real Estate and RCG Longview have acquired a five-property portfolio in the Pacific Northwest known as FPA Multifamily for $115 million. The transaction includes the 76-unit Lighthouse and the 177-unit Village at Lake Meridian in Kent, Wash., as well as the 210-unit Park at Tualatin in the Portland suburb of Tualatin. TruAmerica closed on the 126-unit Haven at Charbonneau in Wilsonville, Ore., and the 329-unit Somerset apartments in Kent this past June. The company plans to invest $8 million in interior-unit and common-area improvements throughout the portfolio. Renovations will include new kitchen appliances, cabinets, countertops, lighting and hardware. Common-area upgrades will enhance the renter experience with scenic landscaping, fresh pool furniture, a dog park and an outdoor kitchen. Noah Hochman led TruAmerica’s acquisition team.

July 24, 2015

California Hospitality Western

CBRE Global Investors Fund Buys Irvine Marriott Hotel

by Nellie Day July 24, 2015

IRVINE, CALIF. — CBRE Global Investors has acquired the 487-room Irvine Marriott Hotel for an undisclosed sum. The hotel is located at 18000 Von Karman Ave. Irvine Marriott Hotel features a newly renovated lobby, restaurants and a lounge, 27,000 square feet of meeting space, a fitness center and swimming pool. CBRE plans to reposition the asset through a significant capital program. This will include renovations to room finishes and improvements to the fitness center, pool area, common areas and landscaping. The CBRE Strategic Partners U.S. Value 7 fund purchased the property.

July 24, 2015

California Multifamily Seniors Housing Western

WNC Closes $75M Fund to Purchase Nine California Communities

by Nellie Day July 24, 2015

IRVINE, CALIF. — Real estate investment company WNC has closed WNC Institutional Tax Credit Fund X California Series 13 LP, a $75 million institutional, low-income housing tax credit (LIHTC) fund. The fund, which includes seven investors, will acquire nine properties in California. Composed of family and senior housing properties, the fund includes 978 units of affordable housing in both suburban and urban parts of the state, including Casa de Seniors in San Clemente, a 72-unit seniors housing rehabilitation project. This is the company’s second largest equity raise, thus far. WNC, which is based in Irvine, has closed a total of 18 California funds that have acquired more than 250 properties in 46 counties.

July 24, 2015

California Retail Western

Phillips Edison & Co. Acquires Central Valley Marketplace

by Nellie Day July 24, 2015

CERES, CALIF. — Phillips Edison & Co. has acquired Central Valley Marketplace, an 81,897-square-foot shopping center in Ceres. A 59,809-square-foot Food 4 Less anchors the center. Additional tenants include Starbucks Coffee, GameStop, H & A Wireless, Panda Express, Round Table Pizza, Wingstop, Bel Air Nails and Subway.

July 24, 2015

District of Columbia Hospitality Southeast

Songy Highroads Sells Hyatt Place D.C. Hotel to RLJ Lodging Trust for $68M

by John Nelson July 24, 2015

WASHINGTON, D.C. — Atlanta-based Songy Highroads LLC has sold the 164-room Hyatt Place D.C./Downtown/K Street hotel in Washington, D.C., to RLJ Lodging Trust for $68 million. The 11-story hotel is located at 1522 K St. N.W. and is within walking distance of three Metro stations and the White House. The hotel, which was formerly a 91,000-square-foot office building, opened in late April. The hotel features the 24-hour Gallery Restaurant, a 24-hour fitness center and a rooftop event space.

July 24, 2015

Alabama Retail Southeast

Rouse Properties to Redevelop Bel Air Mall in Mobile

by John Nelson July 24, 2015

MOBILE, ALA. — New York-based Rouse Properties Inc. has unveiled plans for a redevelopment of Bel Air Mall, a 1.3 million-square-foot regional mall in Mobile. Once complete, the renovated property will be known as The Shoppes at Bel Air. Renovations will include the redevelopment of the enclosed mall space into a streetscape with retail and high-volume restaurant concepts fronting on Airport Boulevard, as well as an interior cosmetic revamp, improved lighting, interior landscaping, soft seating and high-end finishes and amenities. Rouse recently inked a lease with Belk Inc. to open a new 237,000-square-foot flagship store, which will take the place of an existing Sears location. Construction on the new store is slated to begin in January 2016 with completion slated for that fall. Other tenants to join The Shoppes at Bel Air include a P.F. Chang’s and Grimaldi’s Pizza, which will open 6,000-square-foot and 3,500-square-foot locations, respectively, on the newly designed streetscape.

July 24, 2015

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