Property Type

Century City Office Tower Receives $125M Loan

by Nellie Day February 13, 2015

LOS ANGELES — A 28-story office tower in the Los Angeles submarket of Century City has received $125 million in financing. The Class A tower was built in 1969. The 596,856-square-foot tower contains a mixture of FIRE (finance, insurance, real estate) and legal tenants. The non-recourse, fixed-rate loan features a 10-year, interest-only term. It was arranged by George Mitsanas and Doug Tisdale of Newmark Realty Capital’s Los Angeles office through the firm’s correspondent life insurance company lenders. Mitsanas has previously financed this property twice for the borrower.

February 13, 2015

Arizona Office Western

Lincoln Towne Centre in Scottsdale Sells for $58.8M

by Nellie Day February 13, 2015

SCOTTSDALE, ARIZ. — Transwestern Strategic Partners has acquired Lincoln Towne Centre, a 226,112-square-foot office property in downtown Scottsdale, for $58.8 million. The two-building property is located at 4150-4250 N. Drinkwater Blvd. Lincoln Towne Centre is situated directly across from the Scottsdale City Hall, near the Loop 101. Nearly half of the property is occupied by investment-grade tenants, including CAN, Catlin and EMC2. The seller, Equus Capital Partners, was represented by Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield of Arizona. Equus had acquired the asset on behalf of its value-add fund, BPG Investment Partnership IX, L.P. Transwestern acquired the asset on behalf of its TSP Value and Income Fund. Transwestern Strategic Partners is the discretionary investment management arm of Dallas-based Transwestern Investment Group.

February 13, 2015

California Multifamily Western

Iron Point at Prairie Oaks Apartments in Folsom Sells for $58.2M

by Nellie Day February 13, 2015

FOLSOM, CALIF. — Sequoia Equities has acquired the 280-unit Iron Point at Prairie Oaks in the Sacramento Valley submarket of Folsom for $58.2 million. The community is located at 1550 Iron Point Road. Iron Point was built in 2000. It is situated near Prairie City Crossing neighborhood shopping center, the Palladio at Broadstone lifestyle center, Folsom Premium Outlets, Broadstone Marketplace and Plaza, the Folsom Historic District and the central Folsom shopping district. Community amenities include a fitness center, resort-style swimming pool and hydrotherapy spa, a business center and a clubhouse. Sequoia Equities was represented by Kenneth Blomsterberg of Marcus & Millichap. The seller, Interland LLC, was represented by IPA’s Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni.

February 13, 2015

Colorado New Mexico Retail Western

Twisters Restaurants in Colorado, New Mexico Change Hands

by Nellie Day February 13, 2015

DENVER AND ALBUQUERQUE — Gary Hines and Ray Ubieta have sold their 19 Twisters restaurants, the Twisters concept and its intellectual property to Rajiv Grover of VKC Group. The Southwestern fast-casual concept is located throughout Denver and Albuquerque. The restaurant gained notoriety when one of its locations served as the setting for “Los Pollos Hermanos,” a fictional Mexican restaurant in AMC’s Breaking Bad. The transaction was brokered by National Restaurant Brokers and its affiliate National Convenience Store Brokers.

February 13, 2015

California Retail Western

24 Hour Fitness Building in Monrovia Sells for $5.5M

by Nellie Day February 13, 2015

MONROVIA, CALIF. – A 17,000-square-foot building in Monrovia that is triple-net leased to 24 Hour Fitness has sold to HREH LLC for $5.5 million. The building is located at 715 East Huntington Drive, within the East Huntington Drive technology corridor. It was built in 1995. 24 Hour Fitness has occupied the property for 19 years. The gym recently signed a 10-year lease extension. The seller, Monrovia Fitness LLC, was represented by Jeff Conover of Faris Lee Investments. The all-cash buyer represented itself.

February 13, 2015

Hospitality Oklahoma Texas

DoubleTree by Hilton Hotel Opens in Oklahoma City

by Haisten Willis February 13, 2015

OKLAHOMA CITY — The new DoubleTree by Hilton Oklahoma City Airport hotel is now open. Renovations on the 134-room, full-service hotel included updates to the design and furnishings throughout the lobby, guest rooms and public areas. Suenos LLC owns the hotel. HP Hotels, the same team that owns and operates Hilton Garden Inn North Quail Springs in Oklahoma City, manages the property. The hotel’s guest rooms feature HDTVs, a refrigerator and microwave and complimentary WiFi. Community amenities include an indoor heated pool and hot tub, 24-hour fitness center, business center, on-site parking and shuttle service to and from the airport. Three meeting rooms span more than 1,600 feet of event space. The hotel is located off I-40 and is four miles from Will Rogers World Airport (OKC).DoubleTree by Hilton Oklahoma City Airport is located at 4410 SW. 19th Street.

February 13, 2015

Multifamily Texas

Mill Creek Residential to Renovate Lakewood on the Trail Apartments in Dallas

by Haisten Willis February 13, 2015

DALLAS — Mill Creek Residential will renovate the Lakewood on the Trail apartment complex in Dallas as part of its value-add joint venture with AEW Capital Management. Mill Creek purchased the 352-unit complex in September 2013 and completed a renovation of the clubhouse. The company plans to renovate the units. Each apartment unit at the complex, built in the 1980s, will undergo an extensive upgrade package, including the addition of custom cabinets, granite countertops, modern lighting and new faucets. The new clubhouse and leasing office features a brand-new fitness studio and a Starbucks coffee station. Located at 101 N Brookside Dr., Lakewood on the Trail offers direct access to the Santa Fe Trail and is adjacent to the Lakewood Country Club. Mill Creek owns and operates 560 apartment homes in the Dallas market, with an additional 507 apartments under construction.

February 13, 2015

Office Texas

NAI Partners Negotiates the Sale of Office Property in Houston

by Haisten Willis February 13, 2015

HOUSTON — NAI Partners has negotiated the sale of 2610 W. Sam Houston Parkway,a 24,300-square-foot office building located just north of Westheimer Road. A local law firm purchased the two-story, multi-tenant office property. Doug Pack and Sam Hansen with NAI Partners negotiated the sale on behalf of the unnamed seller.

February 13, 2015

Loans Multifamily Texas

HFF Secures $15M in Financing for 514-Unit Apartment Complex in Houston

by Haisten Willis February 13, 2015

HOUSTON — HFF has secured $15 million in financing for the Trails of Ashford, a 514-unit apartment property in southwest Houston. HFF worked on behalf of the borrower, Bayshore Properties, to secure the 10-year, fixed-rate loan with Jefferies LoanCore LLC. Loan proceeds were used to refinance and recapitalize the asset. The Trails of Ashford consists of 34 two- and three-story buildings totaling 390,960 square feet. There are nine different floor plans with an average unit size of 751 square feet. The property features a fitness center, two swimming pools, sand volleyball court, a lighted tennis court and limited gate access. The property is situated on nearly 29 acres at 12710 Brant Rock Drive. The property is within 10 miles of both the 610 Loop and the Sam Houston Tollway (Beltway 8), which provides access to all other major highways in and around Houston. Jason Bond and Dan Kearns led the HFF debt placement team representing the borrower.

February 13, 2015

Multifamily Seniors Housing Texas

Satterfield & Pontikes to Construct Skilled Nursing Facility in Metro Houston

by Haisten Willis February 13, 2015

KATY, Texas — Satterfield & Pontikes Construction has been selected by Medistar Corporation to construct an 80-bed skilled nursing facility at Katy Fort Bend Road and Colonial Parkway in far west Harris County. Work on the 60,000-square-foot building is scheduled to begin early this year. Construction is expected to take approximately 11 months. The $12.3 million Kindred Parkwest Skilled Nursing Facility was designed by architect Davis Stokes Collaborative PC of Brentwood, Tenn. The 5-acre site will have room for future expansion to 120 inpatient rooms. The two-story building will feature a structural steel frame and an exterior façade of synthetic stucco, brick and stone. A separate generator with a weatherproof enclosure will be installed to provide emergency power. Medistar Corporation is a full-service real estate development company that specializes in the design, development, financing and construction of office buildings and other facilities for the healthcare industry.

February 13, 2015

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