KATY, TEXAS — Mark One Capital has arranged $2.9 million in financing for a 20,000-square-foot retail property in the Houston suburb of Katy. Farhan Kabani, a senior director in the firm’s Dallas office, arranged the loan. The name of the borrower was not disclosed. The loan is structured with a 10-year term and amortizes over 25 years with a fixed interest rate of 4.25 percent.
Property Type
HOUSTON — Hunington Properties has sold the Plaza at Bellaire, a 74,315-square-foot shopping center in Houston. The seven-acre property, located at the northeast corner of Bellaire Boulevard and Renwick Drive, is fully leased and anchored by 99¢ Only and Advance Auto Parts. Todd A. Carlson of Hunington Properties represented the seller, a local private partnership, in the transaction. The buyer was a local investor.
PEARLAND, TEXAS — HFF has closed the sale of SouthWind, a 312-unit multi-housing complex in the Houston of Pearland. HFF marketed the property on behalf of the seller, a TIC ownership group managed by Joseph and Henry Mandelbaum of RealTax Inc. An entity owned by JMG Realty bought the complex for an undisclosed amount. SouthWind is located at 9720 Broadway St., 15 miles south of downtown Houston. The property is 95.2 percent leased with one-, two- and three-bedroom units averaging 969 square feet. Amenities include a swimming pool, hot tub, fitness center, volleyball court, clubhouse, business center and playground. The HFF team included directors Chris Curry and Tre Banks along with senior managing directors Todd Marix and Todd Stewart.
SALT LAKE CITY — USAA Real Estate Company has announced plans to build a 590,000-square-foot logistics center in Salt Lake City. The dual distribution warehouses will be situated on 31 acres at the entrance to the master-planned Bonneville Center. The 480-acre Bonneville Center is located two miles west of Salt Lake City International Airport. The new Class A project is known as I-80 Logistics Center due to its close proximity to the interstate. The first phase of I-80 Logistics Center will include two buildings of 305,760 square feet and 283,920 square feet. Each building will be designed to accommodate up to six tenants. The properties can also be combined to accommodate a larger user that requires up to 650,000 square feet. The project is being co-developed by Seefried Properties. USAA originally acquired 57.4 acres near the Bonneville Center, 26.4 of which may be used to construct a third building with 502,320 square feet at a later date.
SAN FRANCISCO — ASB Real Estate Investments has acquired a 111,497-square-foot creative office and retail property in San Francisco for $61.2 million. The six-story property is located at 989 Market Street, near the intersection of Market Street and 6th Street in the city’s Mid-Market corridor. The historic office building was originally constructed in 1908. It underwent extensive renovations from 2011 to 2013. It is now 94 percent occupied. Notable tenants include tech companies Zendesk and Zoosk, as well as Blick Art Supplies, which occupies the ground-floor retail space. The seller, Harbert Management Corporation, was represented by HFF’s Steven Golubchik, Nicholas Bicardo, John Simerlein, Nathan Blair, Mark Damiani and Josh DiSalle. HFF had previously secured $27.69 million in financing for the seller in 2012.
PHOENIX – A limited partnership formed by the Sheiner Group has acquired the 384-unit Colter Park apartment complex in Phoenix for an undisclosed sum. The community is located at 909 West Colter Street, near the Melrose District/7th Avenue/Camelback Valley Metro light rail station. The community was built in 1972. It also enjoys easy access to the Uptown/Midtown office corridor, Downtown Phoenix and the Biltmore area of the Camelback Corridor. The seller, an institutional pension fund advisor, was represented by Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap.
FORT COLLINS, COLO. — Mountain View Capital has acquired the 240-unit Terra Vida apartment complex in Fort Collins for $39 million. The community is located at 3707 Precision Drive, just west of Interstate 25 near East Harmony Road. Terra Vida is situated near Colorado State University, in addition to major employers like Agilent Technologies, HP, Intel, Poudre Valley Health Systems and Wolf Robotics. The community was 96 percent occupied at the time of sale. It was built in 2012. The sellers, Milestone Development Group LLC and partner Les Kaplan, were represented by ARA Colorado’s Doug Andrews, Jeff Hawks, Terrance Hunt and Shane Ozment.
WASHINGTON, D.C. — Marriott International last month opened its 4,000th hotel — the $520 million Marriott Marquis in Washington, D.C. The hotel, located adjacent to the Walter E. Washington Convention Center, is one of five Marriott Marquis hotels in the United States. International architecture firms Cooper Carry and tvsdesign collaborated on the hotel, which was designed to achieve LEED Silver certification. The 15-story, 1,175-room hotel is linked to the historic Samuel Gompers AFL-CIO headquarters, which features an upscale bar, fitness center and boutique guestrooms. The project team includes developers Quadrangle Development Corp. and Capstone Development.
LITHIA SPRINGS, GA. — Keurig Green Mountain Inc. has purchased a 584,678-square-foot production facility located at 7705 Staples Drive in Lithia Springs, roughly 17 miles west of Atlanta. Known for its single-serving coffee and tea brewing, Keurig will produce pods for its new Keurig Cold beverage platform at the property. Sean Boswell and Scott Plomgren of Colliers International represented the seller, CenterPoint Properties, in the transaction. The facility features 9,200 square feet of office space, 32-foot clear heights, 80 exterior docks, three drive-in doors, 196-space parking lot and 199 trailer positions.
JACKSONVILLE, FLA. — Fairlead Commercial Real Estate has purchased three Class A office properties totaling 241,277 square feet in Jacksonville. The office buildings are located at 7406 and 7411 Fullerton St. and 10199 Southside Blvd. in the 23-acre Gran Park at the Avenues business park. Fairlead, along with its equity partner Bridge Investment Group Partners, purchased the assets for an undisclosed price. John Bell of Transwestern represented the seller, Flagler Development Group, in the transaction. Fairlead has hired Ross Carrier of Flagler Development to lease the properties.