Property Type

HFF Arranges Sale, Financing of Energy Square in Dallas

by Haisten Willis August 4, 2015

DALLAS — HFF has arranged the sale of and arranged financing for Energy Square, a 948,678-square-foot, Class A office project in Dallas. HFF marketed the property on behalf of the sellers, Lincoln Property Co., Champion Partners and Long Wharf Real Estate Partners. Energy Square was purchased by a partnership between GlenStar Properties and USAA Real Estate Co. The new owner was also assisted in securing floating-rate financing through Wells Fargo Bank by HFF. Energy Square consists of a 10.3-acre site containing three buildings, plus a one-acre development site zoned for a mixed-use development. The properties feature a fitness center, three conference centers, multiple food service options, Grub Burger Bar restaurant, an outdoor plaza and direct access to the DART Light Rail. Energy Square is 82 percent leased to tenants including New York Life Insurance Co., Davaco and Advanced Homecare. Located at 4925 and 4849 Greenville Ave. and 6688 N. Central Expressway, respectively, Energy Square is situated just off the North Central Expressway near Southern Methodist University north of downtown Dallas.

August 4, 2015

Industrial Texas

Stream Realty Partners Purchases Land for Farmers Brothers Cos. Headquarters

by Haisten Willis August 4, 2015

NORTHLAKE, TEXAS — Stream Realty Partners has acquired a 28-acre site at the corner of I-35 West and State Highway 114. The land will be the site of Farmer Brothers Cos.’ new headquarters facility in Northlake. Northport 35 is Stream’s three-building, 945,000-square-foot industrial project that broke ground in January. Farmer Brothers’ new headquarters will include corporate office space, a training facility, coffee roasting plant and distribution warehouse. Cannon Green, Albert Jarrell and Bob Hagewood of Stream’s development team will commence construction on the project this month. Green and Hagewood represented Stream Realty Acquisition LLC in the land transaction. The land contract holder, Bill Vaughan, represented himself. Stream will develop the site, Wells Fargo will own it and Farmer Brothers will handle leasing.

August 4, 2015

Affordable Housing California Multifamily Western

Affordable Housing Portfolio Near Hollywood Park Sells for $24.8M

by Nellie Day August 4, 2015

LOS ANGELES – A local investment firm has acquired a three-property multifamily portfolio in the Hollywood Park area of Los Angeles for $24.8 million. The portfolio contains a total of 150 affordable apartment units. They are located on or near the part of Normandie Avenue that buttresses Inglewood. The buyer plans to use government incentives to upgrade and renovate the buildings. The company also intends to manage the properties as a scattered-site portfolio. Kitty Wallace and Rob Shiels of Colliers International represented the seller.

August 4, 2015

California Industrial Western

Ancon Marine Leases Industrial Space in Carson

by Nellie Day August 4, 2015

CARSON, CALIF. — Ancon Marine has leased a 108,400-square-foot industrial building in Carson. The lease is valued at $12.4 million. The building is located at 22707 S. Wilmington Ave. It features 11,067 square feet of office space with dock-high and grade-level loading. Ancon Marine will use the space as its corporate headquarters. Marc Bonando of Heger Industrial represented Ancon in the deal. The landlord was not named.

August 4, 2015

California Loans Retail Western

NorthMarq Capital Secures $9.6M Refinance of Lakeview Terrace Center

by Nellie Day August 4, 2015

LAKEVIEW TERRACE, CALIF. — NorthMarq Capital has arranged the $9.6 million refinance of Lakeview Terrace Center, a 78,634-square-foot shopping center located in Lakeview Terrace. David Blum of NorthMarq arranged the cash-out, 10-year term loan with 1.5 years’ interest followed by a 30-year amortization schedule through a CMBS lender. The largest tenant in the unanchored center is Lakeview Farmers Market.

August 4, 2015

California Multifamily Seniors Housing Western

Granite Sells Plot in California to Seniors Housing Developer for $5.7M

by Nellie Day August 4, 2015

PALM DESERT, CALIF. — An affiliate of Granite Investment Group has sold 6.8 acres of land in Palm Desert for $5.7 million to WL Palm Desert Property LLC, a wholly owned subsidiary of seniors housing developer and operator West Living LLC. West Living has designed a prominent 150-unit assisted living facility, with a memory care component, which it will construct on the property. Located at the southwest corner of the intersection at Country Club Drive and Portola Avenue, an additional 6.4 acres of land zoned for seniors-related use remains available for sale. Based in Irvine, Calif., Granite Investment Group currently manages a portfolio of commercial real estate assets valued at approximately $540 million, primarily comprised of seniors housing communities that offer a total of 4,442 licensed beds.

August 4, 2015

Nevada Retail Western

Miller’s Ale House Restaurant in Las Vegas Sells for $5.2M

by Nellie Day August 4, 2015

LAS VEGAS — The 9,500-square-foot Miller’s Ale House Restaurant located in the Las Vegas submarket of Henderson was sold for $5.25 million. Miller’s Ale House has 14 years remaining on its triple-net lease. Rob Moore of Faris Lee represented the seller, Sunstone Arroyo LLC, and StreetView Realty represented the buyer, FL Grandland LLC.

August 4, 2015

Arizona Market Reports Office Western Western Market Reports

Phoenix’s Office Market Encounters Slow, Steady Recovery

by Nellie Day August 4, 2015

After muddling through the post-recession with office vacancy rates stuck around 20 percent for the overall Phoenix office market, the office sector has begun to show elements of stabilization in the Valley of the Sun. The unemployment rate in Phoenix plummeted to 5 percent in April this year, down from more than 11 percent near the end of 2009. The overall office vacancy ended the first quarter of this year at 17.2 percent. Second quarter figures were not available at press time, but my colleagues and I think it will dip below 17 percent at mid-year. If it does, the vacancy rate will have dropped nearly 300 basis points over the previous 24 months. The submarkets with the lowest vacancy rates are the usual suspects in our marketplace: Scottsdale (11.2 percent), 44th Street Corridor (aka Camelback Corridor at 11.6 percent) and Tempe, which houses the main campus of Arizona State University (12.7 percent). The slow and steady recovery makes for a healthier market than boom and bust swings. Some of the region’s larger office occupiers have expanded in recent years, which account for a substantial amount of office space absorption. A short list of growing companies with significant footprints here …

August 4, 2015

Loans New Jersey New York Northeast Office Retail

Cronheim Secures $26.9M in Financing for Four Properties

by Amy Works August 4, 2015

JERSEY CITY, BRICK AND NEPTUNE, N.J., AND COBLESKILL, N.Y. — Cronheim Mortgage has secured $26.9 million in financing for four individual properties located in Jersey City, Brick, Neptune and Cobleskill. Each loan was structured on a 10/30 basis for affiliated entities of New York-based National Realty & Development Corp. The properties include Old Colony Square, a 100,073-square-foot retail center in Jersey City owned by Grand Street Realty; LHOP Holding LP’s 13-building Lions Head Office Park in Brick; two retail pads in Neptune owned by Red Baron Property Resources LP; and C.P. Plaza LP’s 24,500-square-foot retail center in Cobleskill. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage arranged the financing.

August 4, 2015

Northeast Pennsylvania Retail

The Shopping Center Group Brokers Sale of Scranton Regional Mall

by Amy Works August 4, 2015

SCRANTON, PA. — The Shopping Center Group has brokered the sale of The Mall at Steamtown, located at 300 Lackawanna Ave. in Scranton. Steamtown 300 LLC purchased the property for an undisclosed sum. Situated adjacent to the Steamtown National Historical Site, a railroad museum, the 558,816-square-foot enclosed regional mall was developed in the early 1990s as part of the revitalization of downtown Scranton. The mall is anchored by Boscov’s Department Store. The Shopping Center Group represented the undisclosed seller in the transaction.

August 4, 2015

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