IRVINE, CALIF. — J & R Main Street LLC has purchased a 143,695-square-foot office building and an adjoining data center in Irvine for $36 million. The property is located at 2525 Main Street. It is situated near the 405 and 550 freeways in the Airport Area submarket. The building is 85 percent leased to tenants like Advanstar Communications, OSI Consulting and a colocation facility operated by GrupoSMS. The LLC was represented by JLL’s Joe Bevan. The seller, Main Street Office Partners LLC, was represented by David Dowd of Cushman & Wakefield. Bevan will handle the building’s leasing, along with JLL’s Wade Clark and Bryce Mordoff. The firm’s property management team will also manage the building.
Property Type
PLEASANTON, CALIF. – The 292-room DoubleTree by Hilton Pleasanton at the Club has opened in Pleasanton. The hotel is located at the crossroads of highways 580 and 680. The property was formerly a Hilton Hotels & Resorts-branded property. It is owned and operated by Johnson Hotel Company and managed by Pacific Pearl Hotels. The DoubleTree also contains 10,000 square feet of flexible meeting and event space, a restaurant and lounge, fitness center, outdoor pool and a 24-hour business center.
PHOENIX – A joint venture between TruAmerica Multifamily and an affiliate of Berkshire Group have acquired the 254-unit Avenue 25 Apartments in Phoenix for $35.4 million. The community is located at 18250 North 25th Ave. The community is situated along Interstate 17, near the U.S. 101 interchange. Major employers in the area include American Express, PetSmart and Safeway. The seller, NextGen Apartments, was represented by Alon Shnitzer and Rue Bax of Abi Multifamily. The off-market transaction was completed with pre-stabilization debt financing provided by Capital One Commercial Bank.
SAN BERNARDINO, CALIF. – The 44-unit Brentwood Apartments in San Bernardino has sold to an unnamed buyer for $2.4 million. The community is located at 1415 East Date Street, near Interstate 210. The seller, a private investor, was represented by Reza Ghaffari of Marcus & Millichap’s Ontario office.
HOUSTON — MetroNational, owner, manager and developer of Memorial City, a 250-acre mixed-use property in Houston, has completed its newest building, The Treehouse. The building uses green technology and includes office and meeting space. The Treehouse is a two-story, 14,700-square-foot structure featuring a geothermal cooling and heating system, solar panels, rainwater collection, a wind turbine and rooftop garden. Located at 963 Bunker Hill Road, the building’s owners hope to receive LEED Platinum certification.
FLOWER MOUND, TEXAS — StoneCreek Real Estate Partners has begun construction on Elan Oaks, an 82-unit assisted living and memory care facility. Elan Oaks will be located at 3281 Long Prairie Road in Flower Mound, Texas and is expected to create more than 100 new jobs. The property will be owned and funded by a joint venture between StoneCreek and The Collin Fund with financing from NorthStar Bank of Texas. The building’s design includes 58 studio, one-bedroom and two-bedroom assisted living apartments along with 24 private and semi-private memory care suites. The project is expected to be completed in July 2015.
GARLAND, TEXAS — Westmount Realty Capital LLC has announced two new leases at the Logistics Pointe/Garland property located at 2600 McCree Road in Garland, Texas, near Dallas. The property is adjacent to Interstate 635 and includes 1.1 million square feet on a 66-acre, rail-serviced site. Calavo Growers Inc., a publicly traded provider of fresh foods, extended its lease of 149,000 square feet for an additional 15 years. H&M Bay, a provider of temperature-controlled freight solutions, signed a new 10-year lease for 67,800 square feet.
HOUSTON — Marcus & Millichap has announced the sale of 1515-1507 West Gray Street, a collection of retail properties totalling 16,000 square feet in Houston. Derek Gargrove and Justin Miller with Marcus & Millichap’s Houston office facilitated an assemblage of the properties to affiliates of Braun Enterprises. The properties are located just east of the River Oaks Shopping Center.
PALM COAST, FLA. — Atlanta-based Branch Properties LLC, in conjunction with Michael Collard Properties, plans to commence the $40.8 million redevelopment of Palm Harbor, a Publix-anchored shopping center in Palm Coast. Branch and Michael Collard purchased the 28.7-acre site from The Inland Real Estate Group in May. Plans call for an additional 50,000 square feet of new retail space at the center. As part of the expansion, Publix signed a lease for a new 53,785-square-foot store, approximately 20 percent larger than the existing store. The shopping center, which will be renamed Island Walk, will be revitalized in three phases. Phase I includes the addition of several small shop tenants and will be completed by spring 2015. Phase II includes the new Publix store and additional small shops and will be completed by fall 2015. The final phase is the addition of retail space to the east of the new Publix and will be completed by mid-2016. Construction is slated to kick off in the fall. Synovus Bank provided a construction loan for the project.
MARIETTA, GA. — Atlanta-based SDM Partners has purchased Sandy Plains Business Park, a 167,329-square-foot office/flex business park in Marietta, a northwest suburb of Atlanta. SDM purchased the three-building asset from an unnamed global investment manager. The property was 94 percent leased at the time of the sale. The Bank of North Georgia, represented internally by Mark Hancock, provided acquisition financing, and Rooker Properties provided equity financing. Colliers International’s Atlanta office will provide leasing and property management services at the business park. Matt Tritschler of Avison Young represented the seller in the transaction.