PALO ALTO, CALIF. – Pacific Urban Residential has received $31 million in acquisition financing for the 90-unit Park Towers apartment complex in Palo Alto. The community is located at 535 Everett. It is walking distance to University Avenue and Stanford University. The six-story apartment building was originally developed in 1964. Park Towers’ amenities include subterranean parking, pool and a fully equipped gym. The first-mortgage financing was provided by Mesa West Capital. Mesa West also provided a $20.4-million, first-mortgage loan to California Landmark Group for the acquisition and repositioning of the 80-unit Woodlark Apartments in Larkspur. The 11-building complex is located at 965 Magnolia Ave. It was built in 1962. The sponsor plans to utilize a portion of the loan proceeds on renovations and improvements. This will include new appliances, cabinets, laminate flooring, paint, stone countertops, and the installation of washers and dryers in each unit, as well as a new gym and leasing office.
Property Type
LOS ANGELES – A local private investor has acquired a 186,000-square-foot creative office building in Downtown Los Angeles for $19 million. The 12-story building is located at 155 W. Washington Blvd. The structure was originally built in 1927. It was renovated in 2010. The building currently boasts a 97 percent occupancy rate. It enjoys high visibility from the 110 and 10 freeways. The buyer was represented by Emil Golub of Fortune Investments. The seller, West Washington Properties LLC, was represented by John Anthony and Christopher Steck of Charles Dunn Company.
LAS VEGAS — Escondido Industrial Park, a 153,000-square-foot distribution and warehouse facility in Las Vegas, has sold to a private partnership for $7.3 million. The facility is located south of McCarran International Airport. Notable tenants at the park include Konami Gaming, G-Tech and Absolute Exhibits. The facility recently underwent a major renovation. The buyer was represented by Las Vegas Realty. The seller, CIP Real Estate, was represented by Brian Riffel of Colliers International.
DALLAS — Marcus & Millichap has arranged the sale of Mira Flores, a 304-unit apartment property in Dallas. Bard Hoover and Nick Fluellen with Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Stephen Crittenden, William Jarnagin and Michael Ware, also of Marcus & Millichap’s Dallas office, represented the buyer, an individual/personal trust. Mira Flores is located at 9901 Bruton Road in the East Dallas submarket between Loop 12/Buckner Boulevard and Interstate 635. Eighty-four percent of its units are either two or three bedrooms. The average size is 854 square feet.
EULESS, TEXAS — Bardin Square Investors Ltd. has sold a fully leased, single-tenant medical office building to HBR Real Estate LLC, which is owned by two local doctors. The 11,622-square-foot Class B building sits on one acre at 310 S. Industrial Blvd. in Euless, a city located between Dallas and Fort Worth. ProLab Inc. occupies the entire building. Bardin Square Investors is a single-entity partnership of Arlington-based SkyWalker Property Partners. Amber Wimberly of KW Commercial/Noble Crest Property Group LLC. marketed the asset. Larry Dillon of Champions DFW Commercial represented the buyer.
HOUSTON — HFF has arranged the sale of Southwest Corporate Center, a 525,580-square-foot office complex in Houston’s southwest/Beltway 8 submarket. HFF marketed the property on behalf of the seller, TX 9700 Bissonnet LLC. Omninet Capital purchased the property for an undisclosed amount on an all-cash basis. Southwest Corporate Center was transformed from the former Westwood Mall and renovated in 2000. The property is 62 percent leased to tenants including Stewart Lending Services, Texas Children’s Health Plan and Corinthian College. The two-story property is located on more than 40 acres at 9700 Bissonnet St., close to the U.S. Highway 59 and Beltway 8 interchange. HFF’s team representing the seller included Rusty Tamlyn and Wesley Hightower along with Rhonda Toming.
DALLAS — Rambler Park has become the first building in Dallas to be certified as LEED Platinum for Existing Buildings: Operations and Maintenance. The park is located at 7557 Rambler Road in Dallas, with direct access to Dallas Area Rapid Transit. Rambler Park is a 14-story, 310,771-square-foot office building located one-half mile east of I-75 Central Expressway. Parmenter Realty Partners bought the property in 2013. LEED certification recognizes excellence in sustainability in building operations.
HOUSTON — Logistics provider NDLI Inc. has signed a 45,675-square-foot lease at 8844 N. Sam Houston Parkway in the Sam Houston Business Park. Owned by the Levey Group, the park is located in the northwest Houston submarket and consists of three tilt-wall facilities. The layout of Sam Houston Business Park allows tenants to combine office or showroom space with manufacturing, laboratory, warehouse and distribution areas. Other tenants in the park include Tyndale USA, WestermannBG, Doorscapes Inc. and Ringers Gloves. Joseph Smith of CBRE represented Levey Group in the transaction. Glynn Mireles of CBRE represented NDLI.
HARRISBURG, N.C. — Aston Properties has plans to develop Caldwell Crossing, an 85,000-square-foot shopping center in Harrisburg, a suburb of Charlotte. The Harris Teeter-anchored center will be located on the corner of Caldwell Road and Highway 49. Aston Properties plans to deliver the center in late fall 2015. Lauren Hansen of Aston Properties will handle leasing the remaining 26,000 square feet of small shop space and two outparcel stores. The design team for the project includes engineer Jeff Orsborn of Orsborn Engineering and architect Childrey Robinson.
KISSIMMEE, FLA. — HFF has arranged the sale of The LOOP, a 434,909-square-foot power center in Kissimmee. The asset is located on approximately 57 acres at the northwest corner of the intersection of Osceola Parkway and John Young Parkway. The property was built in 2005 and is currently 99 percent leased to 43 tenants, including Regal Cinema, Kohl’s, Sports Authority, Michael’s, Petco and CVS/pharmacy. AEW Capital Management LP sold the asset on behalf of its institutional clients to MetLife. Danny Finkle, Brad Peterson, Luis Castillo and Kim Flores of HFF represented the sellers in the transaction.