SANTA CLARA, CALIF. – Old Mission Center, a 30,000-square-foot office property in Santa Clara, has sold to an unnamed buyer for $7 million. The center is located at 1601 Civic Center Drive. It is situated in Silicon Valley, near the newly built Santa Clara Town Centre. The sale was executed by J.J. Taughinbaugh and Yuri Sergunin of Marcus & Millichap’s Palo Alto office.
PHOENIX – Mattress Firm has signed three leases throughout Arizona. The bedding retailer signed leases for a 7,000-square-foot location at Emerald Center in Tempe; a 3,500-square-foot location in the Silverstone Marketplace in Scottsdale; and a 3,800-square-foot location in Mesa. Mattress Firm was represented by Darren Pitts and Michael Clark of Velocity Retail Group in all three transactions.
DENVER – A multi-tenant medical office building that houses the HealthONE Rose Surgery Center and Cherry Creek Eye Center has sold to Jaman Solutions LLC for an undisclosed sum. The 19,026-square-foot center is located at 4999 East Kentucky Ave. in the Glendale submarket. Jaman was represented by Eric Schierburg of Marcus & Millichap. The seller, CCEC LLC, was represented by Brian C. Smith of the same firm.
AUSTIN, TEXAS — A planned 58-story condo tower will become the tallest building in Austin upon completion. The planned 685-foot tall structure will be called The Independent. The property is also set to become the tallest residential building in the U.S. west of the Mississippi River. The Independent will feature 370 condo residences, ranging from 675 to 3,485 square feet, with floorplans featuring one to three bedrooms. Units will range in price from the mid-$300,000s to over $3 million. The 950,000-square-foot project is located at the northeast corner of West 3rd Street and West Avenue.
HOUSTON — Marcus & Millichap has arranged the sale of Shadowbriar Shopping Center, a 16,400-square-foot retail property located in Houston. James Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a developer. Marc Irvin of Marcus & Millichap’s Atlanta office secured and represented the buyer, a private investor. Shadowbriar Shopping Center is located at 12303 Westheimer Road.
EL PASO, TEXAS — Hunt Cos. has secured financing, project development and construction for 1,590 units across 13 properties in the city of El Paso. The project is Phase I of a rental assistance demonstration project. In December 2013, the Department of Housing and Urban Development approved The Housing Authority of the City of El Paso’s (HACEP) application to convert 6,100 units through the rental assistance demonstration initiative (RAD). RAD allows public housing agencies to leverage public and private debt and equity in order to rehabilitate public housing. HACEP selected Hunt Cos. as its development partner for Phase I of the project in 2014. The partnership will revitalize the properties over the next two years. Hunt Development Group will act as the development manager; Moss Construction will be the project’s master subcontractor; Hunt Mortgage Group provided the debt through a Freddie Mac tax-exempt loan direct purchase program; and Hunt Capital Partners secured the tax credit equity from Aetna, MetLife and USAA. The project represents a $250 million initial public/private investment, which could grow to a total of $1 billion over the next five years.
STAFFORD, TEXAS — NAI Partners has arranged the sale of a 58,000-square-foot industrial building in Stafford. The property is located on six acres at 10905 Cash Road. Chris Caudill of NAI Partners represented the buyer, OHK LLC. Marc Drumwright of Southwest Realty Advisors represented the seller, Satake USA Inc.
CHARLOTTE, N.C. — Crescent Communities has broken ground on Air Park West Three, a 209,000-square-foot industrial building in the AirPark West industrial facility in northwest Charlotte. Merriman Schmitt Architects designed the property to achieve LEED certification and feature 32-foot clear heights, an ESFR sprinkler system, 60 mil TPO roof, 46 insulated overhead doors and two drive-in doors. The Class A front-loading building will be 200 feet deep. General contractor Myers & Chapman expects to complete the facility in September. AirPark West is located at I-85 and Sam Wilson Road and offers close proximity to I-485, Charlotte Douglas International Airport and the Charlotte Regional Intermodal Facility. The park features two fully leased industrial buildings, also developed by Crescent, that total 276,000 square feet.
ORLANDO, FLA. — CBRE has brokered the sale of a four-property multifamily portfolio in Central Florida that totals 1,075 residential units. The portfolio includes Vinings at Hunter’s Green in Tampa and Heritage on Millenia, Summit at Metrowest and Legends at ChampionsGate in Orlando. The portfolio was acquired by affiliates of Dallas- and New York-based The Milestone Group LLC and Milestone Apartments Real Estate Investment Trust and represents the largest apartment transaction in Central Florida in 2015 to date, according to CBRE. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.
TITUSVILLE, FLA. — Sean Glickman of Coldwell Banker Commercial NRT and Glickman Retail Group brokered the $16 million of Crossroads Marketplace, an 89,200-square-foot shopping center located at 3065 Columbia Blvd. in Titusville, a town in Central Florida. The asset was 95 percent leased at the time of sale to tenants such as Marshalls, Petco, Parish Medical, AT&T, GNC and Dollar Tree. The asset is also shadow-anchored by a Super Target. The buyer is an international investment firm. Glickman represented the seller, a 106-year-old family-owned company that owns shopping centers in 12 states in the Southeast.