DENVER – Greenbriar Plaza Shopping Center in Denver has sold to JS Western Retail Investments for $8.2 million. The center is located at 7041-7181 Pecos Street. It is fully occupied by 21 tenants, including Family Dollar, Ace Hardware, Pizza Hut and Grease Monkey. Acquisition financing was arranged by Bryan Gortikov of George Elkins Mortgage Banking Company. This is JS Western’s first acquisition in Colorado. The firm was represented by Chris Wiedenmeyer of Legacy Retail Group. The seller, Real Capital Solutions, was represented by Barry Higgins of Marcus and Millichap.
DENVER – A 23-unit apartment building in Denver has sold to an unnamed buyer for $3.4 million. The community is located at 2701 Federal Blvd., near the Highland neighborhood. It was built in 1971. The buyer was represented by Saratoga Property Advisors. The seller, Cedarbridge Apartments, was represented by the Calame Lewallen Team at Pinnacle Real Estate Advisors.
BOULDER, COLO. – Walnut Business Center, a 113,594-square-foot industrial/flex property in Boulder, has received $6.5 million in permanent financing. The center is located at 3201-3297 Walnut Street, 3220-3240 Prairie Ave. and 1925-1965 33rd Street. The eight-tenant center is fully leased. Financing was arranged by Steve Bye and Brian Fisher of NorthMarq Capital’s Denver office through the firm’s correspondent relationship with a life insurance company.
DENVER – Molson Coors Brewing Co. has leased 53,872 square feet in Denver. The 1.3-million-square-foot building is located at 1801 California Street in the city’s Central Business District. Molson Coors was represented by Ted Harris and Travis Young of Cassidy Turley. The landlord, Brookfield Office Properties, was represented by Nicholas Pavlakovich and David Sternberg of Cushman & Wakefield.
It’s no secret that with the abundance of developable land, affordable housing, and close proximity to the ports and major freeways, the Inland Empire has a tremendous advantage in relation to other Western markets. The Inland Empire industrial market has experienced a transactional volume of 120 deals for 100,000 square feet or more, as of this past November. There are also more than 30 buildings under construction, which total more than 15 million square feet. Developers have been quick to respond to demand, with about 15.5 million square feet of construction completed in the Inland Empire to date, thanks to Fortune 500 retailers and third-party logistics (3PL) firms nabbing large space within the market due to an improving economy. With another 15 million square feet currently under construction, the Inland Empire’s industrial base will foreseeably increase by 10 percent by the end of 2016. Assuming the current state of economic growth continues, the Inland Empire industrial market is expected to finish 2014 strong, with positive market activity poised to continue well into 2015 and 2016. The industrial demand in the Inland Empire is closely associated to international trade and continues to attract large distributors, warehouses, e-commerce companies and logistics firms …
THE WOODLANDS, TEXAS — The Howard Hughes Corp. and its subsidiary, The Woodlands Development Co., have broken ground on a new Embassy Suites at Hughes Landing, a 66-acre mixed-use development in The Woodlands. Hughes Landing is located on Lake Woodlands and is designed as a live/work/play community with a blend of retailers, dining, entertainment, multifamily residences and Class A office space. The 205-room, full-service hotel is set for completion in late 2015. When finished, it will span 172,000 square feet with 3,000 feet of meeting and event space, a business center, restaurant, rooftop pool deck and 24-hour gym.
STAFFORD, TEXAS — Construction has begun on a 100,000-square-foot facilityfor Ellen Lighting and Hardware in Stafford. The development will feature retail, office and distribution space for the company. DMAC Construction & Development is the general contractor and Three Square Design is providing architectural services. The facility will include a showroom showcasing the supplier’s light fixtures and hardware. The space will also include an office and distribution center. The Ellen Lighting and Hardware facility will consist of tilt wall construction with a glass curtain wall, with a two-story portal entry.
SAN ANTONIO — CBRE Capital Markets’ Senior Housing Debt & Structured Finance group has arranged $40.3 million in acquisition financing for a joint venture between Franklin Development Properties and Harrison Street Real Estate Capital. The financing will be used to acquire Franklin Park Stone Oak, a Class A assisted living and memory care community in San Antonio. CBRE negotiated an $18.2 million, five-year, 36-month interest-only, floating rate mortgage loan at a 70 percent loan-to-value ratio for Phase I, which was built in 2011. The company also negotiated a $22.1 million, five-year, 48-month interest-only, floating rate construction loan at a 70 percent loan-to-cost ratio to develop Phase II, which will be adjacent to the existing campus. The completed property will consist of 162 independent living units, 66 assisted living units and 33 memory care units.
DALLAS — The Cantrell Co. has sold the 606-unit Spring Hill Apartments in north Dallas. Spring Hill Investors LP of Dallas purchased the property located at 13750 Maham Road. HS Spring Hill LLC of California was the seller. The complex is a Class C property with below-market rents for the north Dallas submarket. Units average 789 square feet. The 72-building complex was built between 1969 and 1978 on 25.6 acres.
CUYAHOGA FALLS, OHIO — Mission Capital Advisors has arranged non-recourse financing totaling $14.3 million on behalf of PEBB Enterprises for two shopping centers. The properties include the Shoppes at Chapel Hill, a regional shopping center in Cuyahoga Falls, Ohio, and Walden Park Shopping Center in Austin, Texas. Jordan Ray, Ari Hirt, Steve Buchwald and Jamie Matheny of Mission Capital Advisors represented PEBB Enterprises in arranging the 10-year loans for both deals. The Shoppes at Chapel Hill is an 85,229-square-foot shopping center. Staples and Michael’s anchor the shopping center, which also includes Panera Bread and Brick House Tavern. The 57,569-square-foot Walden Park Shopping Center includes a mix of national and local retailers.