SAN FRANCISCO – A locally based tech start-up company called Wish has leased 54,501 square feet of office space in San Francisco. The Class A space is located at 1 Sansome Street. The mobile commerce platform is doing business as ContextLogic. The landlord is Prudential Real Estate Investors. Wish was represented by DTZ’s Jason Burch, Jim Chesler and Charlie Moore.
GLENDALE, ARIZ. – The 138-unit Glendale Shadows Apartments has sold to Terra Vista Investments USA for $4.9 million. The community is located at 5902 W. Royal Palm Road. It was built in 1975 and boasts a current occupancy rate of 93 percent. The seller, Monterey Group, was represented by Brett Polachek and Jim Crews of Cushman & Wakefield.
CHANDLER, ARIZ. – Zounds has leased 11,639 square feet of office space at Galveston Tech Center in Chandler. The Class A office-flex building is located at 6825 W. Galveston. The current lease brings the center’s occupancy rate to 92 percent. Zounds will be relocating its engineering, office and warehouse/shipping departments to this location to accommodate the company’s growth. Zounds was represented by Cory Sposi of Commercial Properties. The landlord, ViaWest Group, was represented by DTZ’s Mike Heanel, Andy Markham and Will Strong.
IRVING, TEXAS — Dougherty Mortgage LLC has arranged an $11 million Fannie Mae loan for the acquisition of Stonehill Terrace, a 301-unit market rate multifamily housing property located in Irving. The 10-year loan includes a 30-year amortization schedule and one year of interest-only payments. Dougherty’s Dallas office arranged the loan on behalf of the borrower, Urban Stonehill Apartments LP. This transaction, along with additional capital by the buyer, will allow for upgrades and updates to the property. All Stonehill Terrace units come with a balcony, ceiling fans, appliances and free parking. Some units are upgraded with vaulted ceilings and a fireplace. The grounds are equipped with a clubhouse, laundry facilities and a swimming pool.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of a Walmart shadow-anchored retail center, a 9,000-square foot property located in Arlington. Jason Vitorino and Jared Aubrey of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino and Aubrey also procured the buyer, a limited liability company. Farhan Kabani of Mark One Capital’s Dallas office arranged the acquisition financing. The property is located at 1140 Bardin Road, less than one mile south of I-20. Built in 2004, the asset is situated in a major retail corridor. Surrounding retailers include Walmart, Home Depot, Lowe’s Home Improvement, Burlington Coat Factory, Hobby Lobby, Ross Dress for Less, Dollar Tree, Fry’s, Michaels, Best Buy and Party City. The property was 100 percent occupied at the time of listing.
GRAPEVINE, TEXAS — Irving-based Realty Capital Management LLC has leased 2,250 square feet of restaurant space to Brooklyn Crust & Bistro in Mustang Square, which is located on Highway 26 at Mustang Drive in Grapevine. The restaurant is the newest endeavor of Chef Sage Sakiri, known for his cuisine at Café Panache and Red Sage Bistro. Brooklyn Crust & Bistro will be a casual dining experience featuring New York-style pizza, as well as other dishes by Chef Sage. Mark Boone of Realty Capital Management represented the landlord and tenant in this transaction.
SAN ANTONIO — CBRE Capital Markets’ multifamily team has brokered the sale of Broadstone Colonnade on behalf of Kansas City-based Price Development Group. An unnamed buyer purchased the 282-unit, Class A multifamily asset for an undisclosed price. Broadstone Colonnade is located at 4330 Spectrum One in San Antonio. The property is made up of 282 one-, two- and three-bedroom units in eight floor plans. It is located within an infill area off of I-10, between Loops 410 and 1604. Residents have direct access to many employment centers, restaurants, retail and healthcare. Community amenities include a swimming pool with fountains, upscale fitness center, cyber lounge with computer stations, cabana area with grills and an indoor basketball court. In the last two years, capital improvements have been completed to the exterior, including new roofs, exterior paint, gutters and window screens. Charles Cirar, Ryan Epstein and Michael Wardlaw of CBRE represented the seller.
BOSTON — The Pebbles Corp. has been selected to develop its first project in Boston. The firm was selected by MassDot and Massachusetts Bay Transportation Authority (MBTA) to develop a mixed-use project at Turnpike Air Rights Parcel 13, located at the intersection of Boylston Street and Massachusetts Avenue in Boston’s Back Bay neighborhood. Along with Handel Architects and Utile Inc., a Boston-based think tank, Pebbles has proposed The Viola Back Bay, a $330 million, 390,000-square-foot mixed-use development for the site. The proposed plans include a 156-key boutique hotel, 88 condominiums with unobstructed views of the Charles River, 85 residential apartments, 20,000 square feet of retail and 138 on-site parking spaces. The transit-oriented property will be accessible by Hynes Station and offer ground-floor access via a new entrance on Boylston Avenue. HDR Inc., an architecture and engineering firm specializing in transit projects, will serve as station designer for the project. Parcel 13 encompasses approximately 54,500 square feet of air rights over the Massachusetts Turnpike and portions of the MBTA Green Line tunnel across the street the from Hynes Convention Center. Construction is expected to commence in 24 to 36 months pending the approval process.
NEW YORK CITY — Housing & Healthcare Finance (HHC Finance) has closed and funded a $47 million loan for the acquisition of The Phoenix Center for Rehabilitation and Nursing, formerly Atlantis Rehab Center, in Brooklyn’s Fort Greene section. CareRite Centers purchased the 11-story, 400-bed skilled nursing facility, which overlooks Fort Greene Park and is adjacent to Brooklyn Hospital. The facility provides short-term rehab, respiratory care, IV therapy, wound care, long-term healthcare and hospice care services. The acquisition financing comprised a $41.6 million first mortgage and a $5.2 million mezzanine loan provided by HHC Finance. Additionally, the overall financing package included a $4 million accounts receivable line of credit.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a 16-building multifamily portfolio in the northern section of Staten Island. A private investor purchased the 177-unit portfolio from a real estate investment firm for $17.89 million. Located at 150, 165 and 220 Trantor Place, the portfolio features 106 one-bedroom units and 71 two-bedroom units. Victor Sozio, Shimon Shkury, Michael Tortorici, Mark Spinelli and Josh Berkowitz of Ariel Property Advisors represented the seller and buyer in the transaction.