Property Type

Marcus & Millichap Brokers $1.4M Commercial Property Sale in Vermont

by Amy Works January 9, 2015

WATERBURY, VT. — Marcus & Millichap has arranged the sale of a Merchant’s Bank location in Waterbury. A New England-based investor acquired the property, which is located at 994 Waterbury Stowe Road, for $1.4 million. The bank is located off Interstate 89 in an area with 26,000 vehicles passing per day. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the buyer, while Marcus & Millichap’s San Diego office represented the seller. Jeffrey Nick, also of Marcus & Millichap, is the broker of record in Vermont.

January 9, 2015

Florida Loans Multifamily Southeast

Integra Real Estate Capital Arranges $22.5M Acquisition Loan for Embassy Crossing

by John Nelson January 9, 2015

PORT RICHEY, FLA. — Integra Real Estate Capital has secured a $22.5 million bridge loan for the acquisition of Embassy Crossing, a 333,850-square-foot shopping center in Port Richey. Embassy Crossing’s tenant roster includes Sports Authority, Bed Bath & Beyond, Ross Dress for Less, Michael’s, Books-A-Million, Lane Bryant, Bealls Outlet, Famous Footwear, Mercantile Bank, Petco, Scottrade, Chili’s Grill & Bar and Olive Garden. Meyer Perlman of Integra arranged the interest-only, non-recourse loan through an unnamed balance sheet bridge lender on behalf of the borrower, a New York-based buyer.

January 9, 2015

California Industrial Western

Townsgate Business Center in Thousand Oaks Sells for $13M

by Nellie Day January 9, 2015

LOS ANGELES – Townsgate Business Center, a 73,888-square-foot business park in the Los Angeles submarket of Thousand Oaks, has sold to Townsgate Business Park LLC for $13 million. The four-building complex is located at 2637-2649 Townsgate Road. It is fully leased and offers a mix of warehouse, flex and office applications. The seller, DMC Investment Group, was represented by Dan Spell, Timothy P. Foutz and Mickey Belt of NAI Capital. Delphi Business Properties also assisted with this transaction.

January 9, 2015

Florida Multifamily Southeast

Franklin Street Brokers $10.4M Sale of Orlando Apartment Community

by John Nelson January 9, 2015

ORLANDO, FLA. — Franklin Street Real Estate Services has brokered the $10.4 million sale of Waterstone Apartments, a 208-unit multifamily community located at 5224 Long Road in Orlando. Constructed in 1991, the wood-frame complex is comprised of two-, three- and four-bedroom units. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zachary Ames of Franklin Street represented both the seller, a private company based in California, and the buyer, FVP KP Waterstone LLC. The buyer used agency financing to fund the acquisition, according to Franklin Street.

January 9, 2015

California Office Western

Jay Paul Co. Receives $610M Loan to Build Google’s New Silicon Valley Campus

by Nellie Day January 9, 2015

SUNNYVALE, CALIF. — Jay Paul Company has received a $610-million loan to fund the first phase of construction on Google’s new office campus in Silicon Valley. The campus will be located at the intersection of Moffett Park Drive and Bordeaux Drive in Sunnyvale. The first phase will include 943,056 square feet of office space throughout three, eight-story buildings. It will also include two parking structures with 4,300 spaces, as well as a 52,500-square-foot amenities building. The secured, non-revolving, senior loan will also be used to finance the construction of a new fire station for the City of Sunnyvale. Jay Paul Company was represented by Clayton B. Gantz, Grace S. Yang and Scott B. Johnson of Manatt, Phelps & Phillips.

January 9, 2015

California Office Western

Canada Pension Plan Buys Stake in San Francisco Office Building

by Nellie Day January 9, 2015

SAN FRANCISCO — A joint venture between Canada Pension Plan Investment Board (CPPIB) and Hudson Pacific Properties has acquired a 45 percent interest in a 1-million-square-foot office building in San Francisco for $219.1 million. The Class A building is located at 1455 Market Street. The 22-story property was acquired by Hudson in December 2010. Hudson will retain a 55 percent ownership in the property, as well as its “general partner” status. It will also continue to oversee the building’s leasing and management. The office building fronts an entire block along 11th Street in San Francisco’s Mid-Market neighborhood. The concrete building was constructed in 1976. It features a nine-story podium topped by a 14-story tower. The building currently serves as the global headquarters for Uber and Square. It was previously a critical data center for Bank of America. A repositioning and expansion of the property’s ground-floor retail will commence early this year. The goal is to attract high-end retail and restaurant users to the space. Hudson plans to use joint-venture proceeds for a like-kind exchange, which could include an acquisition from Blackstone Real Estate Partners V and VI, as part of the Equity Office Properties’ San Francisco Peninsula and Silicon Valley …

January 9, 2015

Industrial Nevada Western

GID Leases Space at Prologis Las Vegas Corporate Center

by Nellie Day January 9, 2015

LAS VEGAS — Global Industrial Distribution (GID) has leased a 464,203-square-foot speculative industrial building in the Prologis Las Vegas Corporate Center. The building is located at 3700 Bay Lake Trail in North Las Vegas. This is the largest industrial spec building to be leased in Las Vegas in the past eight years, according to Cushman & Wakefield | Commerce, which represented GID in this transaction. GID distributes electronics, office supplies and other equipment. The Prologis Corporate Center is expected to be delivered in the second quarter of this year. GID is scheduled to occupy the building this July. The distributor was represented by C&W’s Danielle Steffen, Art Farmanali and Amy Ogden.

January 9, 2015

Hospitality Washington Western

Value Place Partners with West77 to Roll Out 25 New Hotels in Washington

by Nellie Day January 9, 2015

BELLEVUE, WASH. — Value Place and West77 Partners LLC have teamed up to develop 25 new hotels in the State of Washington. The first three hotels are expected to break ground this spring. They will be located within the Seattle region. Value Place has about 200 extended-stay hotels in 32 states. The development agreement between Value Place Franchise Services LLC and West77 aims to roll out or commence construction on all the hotels over the next four years. West77’s partner company in this agreement is Keystone National Group, which develops multifamily and commercial properties. Value Place Property Management will manage the new West77 Partners portfolio.

January 9, 2015

Retail Southeast Tennessee

The Boulder Group Brokers $4.2M Sale of Bank of Bartlett in Germantown

by John Nelson January 9, 2015

GERMANTOWN, TENN. — The Boulder Group has brokered the $4.2 million sale of a Bank of Bartlett branch at 1870 Kirby Parkway in Germantown, roughly 22 miles southeast of Memphis. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Southeast-based partnership, in the transaction. The buyer was an institutional investor based in Tennessee. The bank has five years remaining on its lease.

January 9, 2015

Santa Barbara Arms Pompano Beach Florida

Florida Multifamily Southeast

Marcus & Millichap Brokers $2.9M Sale of Apartment Community in Pompano Beach

by John Nelson January 9, 2015

POMPANO BEACH, FLA. — Marcus & Millichap has brokered the $2.9 million sale of Santa Barbara Arms, a 22-unit apartment community located at 811 and 831 S.E. 22nd Ave. in Pompano Beach. The apartment property sits on one of Lake Santa Barbara’s finger canals. Brandon Rex and Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor based in Pompano Beach. Felipe Echarte, also with Marcus & Millichap’s Fort Lauderdale office, represented the buyer, a limited liability company based in Avon, Conn.

January 9, 2015

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