MAHWAH, N.J. — HREC Investment Advisors has brokered the sale of a Sheraton in Mahwah. Located in the Crossroads Corporate Center, the 225-room hotel is on the border of New York and New Jersey. Ketan Patel, Geoff Davis and Scott Stephens of HREC represented the seller in the transaction.
Property Type
DALLAS — Goddard Investment Group LLC has acquired the 58-story Fountain Place office tower, located at 1445 Ross Ave. in Dallas. The 1.2 million-square-foot building is 88 percent occupied. The purchase of Fountain Place was completed through the Goddard Value-Add Office Fund I LP. Cassidy Turley has been retained to oversee leasing at the property. Goddard plans to renovate the building to re-establish it as a Class A asset. Specific property improvements include refurbishing the lobby and elevator banks and enhancing the exterior fountains and landscaping. In addition, Goddard plans to build a new parking garage adjacent to the building. Fountain Place was built in 1986 and designed by I.M. Pei.
EL PASO, TEXAS — CBRE has sold the 10/375 Industrial Portfolio, which totals nearly 1.1 million square feet. IndCor Properties purchased the assets for an undisclosed sum. The CBRE National Partners team of Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain Venegoni, along with Anthony Mash of CBRE in El Paso, represented an institutional seller. The 10/375 Industrial Portfolio includes seven Class A bulk distribution buildings that are 83 percent occupied. Tenants include ProTrans International Inc., Electrical Components International and Handgards Inc. CBRE retains the leasing and property management assignments for the assets.
HOUSTON — Stream Realty Partners has negotiated a lease extension and expansion on behalf of attorneys Doyen Sebesta Ltd. LLP at Paragon Center One, located at 450 Gears Road. Doyen Sebesta now leases 5,694 rentable square feet in the building. Anthony Squillante and Greg Marconi of Stream Realty Partners represented Doyen Sebesta. Carrie Powledge, leasing director of Rosemont Realty, negotiated on behalf of the landlord, Paragon Operating Associates LP.
HOUSTON AND FORT WORTH, TEXAS — BMC Capital has arranged loans for several multifamily properties in Texas. The properties that received refinance loans include the 72-unit Court of Charleston in Houston, which received $2.2 million; the 22-unit Melrose Place in Houston, which received $1.1 million; and Brentwood Apartments in Fort Worth, which received $2.4 million. The terms of the loans featured, respectively, a five-year fixed rate at 3.5 percent and a 30-year amortization; a seven-year fixed rate at 5.2 percent and a 25-year amortization; and a five-year fixed rate at 4.7 percent and a 25-year amortization.
GRAND PRAIRIE, TEXAS — The Kislak Organization has purchased The Fairways Apartments, a 348-unit multifamily community located at 1450 N State Highway 360 in Grand Prairie. The Fairways is a garden-style apartment community that offers a mix of one- and two-bedroom apartment homes and townhomes with fireplaces, walk-in closets and private patios and balconies. The community was built in 1984. Kislak plans to upgrade the property’s clubhouse and recreational facilities. Nearby attractions to the community include Six Flags Over Texas theme park, the Texas Rangers’ Globe Life Park stadium and the Dallas Cowboys’ AT&T Stadium.
SAN FRANCISCO — JP Morgan Chase & Co. has acquired Pacific Place, a 430,000-square-foot office, retail and hotel property in Downtown San Francisco, for an undisclosed sum. The property is located at the intersection of 4th and Market streets at the nexus of the Union Square, South of Market and Financial District neighborhoods. Pacific Place contains three adjacent properties. They include 16 floors of office space, about 200 feet of Market Street retail storefront and the Palomar Hotel, a five-floor, 198-room luxury boutique hotel. The 202,000-square-foot office portion was leased to Intuit last year after the building was repositioned. It is currently home to Demandforce, which is a part of Intuit’s Small Business Division. The renovation included enhancements to the lobby, in addition to a new coffee bar and cafe concept by Small Foods. The retail portion contains flagship stores for Levi’s and Old Navy, as well as space for The Container Store. The asset was held by the Jamestown Premier Property Fund, the firm's flagship core and core-plus investment vehicle for institutional investors. Jamestown was represented by Eastdil Secured.
HUNTINGTON BEACH, CALIF. — Pacific City, a 191,000-square-foot retail center project in Huntington Beach, has received $93 million in construction financing. The shopping center will be located along Pacific Coast Highway, just three blocks south of Main Street. It will be bound by Pacific View Avenue, as well as by 1st and Huntington streets. The new development is situated on a site that overlooks the Huntington Beach Pier and Pacific Ocean. Its two-story open design will grant most of the tenants ocean views. The tenant roster will include a mix of national retailers that represent “iconic California lifestyle brands,” in addition to several well-known restaurants and an Equinox fitness center. The adjacent Lot 579 marketplace will feature local and regional food artisans in a farmer’s market-style setting. Pacific City is scheduled to open next summer. It is being developed by DJM Capital Partners. The non-recourse financing, which consisted of a $56.5-million senior loan and a $37-million mezzanine loan, was arranged by George Smith Partners. Only a minimal amount of pre-leasing was required for the funding.
COSTA MESA, CALIF. — S.B. Restaurant Co., the Costa Mesa-based parent company of the Elephant Bar casual dining chain, has filed for Chapter 11 bankruptcy. The company has also closed 16 of its 29 restaurants, which are located throughout six states. Restaurants affected by the closures include the Elephant Bar locations in Irvine, Rancho Bernardo (San Diego), Palm Desert, Valencia, Northridge, Simi Valley, Burbank and Goleta, Calif., among other locations.
SAN FRANCISCO — Patson Cos. has acquired a 140,000-square-foot office building at 1155 Market Street in San Francisco for $72.6 million. The deal represents an internal rate of return of more than 56 percent for investors. The 11-story building was virtually empty when Laurus Corporation acquired it in 2011, as the single tenant was in the process of vacating. The company implemented a tenant improvement program and re-leased more than 75 percent of the building to the City and County of San Francisco within 90 days. The building also underwent a $14-million renovation program, which included upgrades to the facade, lobby, corridors, bathrooms, elevators and common areas, among other items. The majority of the sales proceeds will be rolled into the Ethika Diversified Opportunity Real Estate Fund. Laurus formed this fund to provide investors access to a unique platform that invests in opportunistic and value-add assets in the United States.