IRVING, TEXAS — CBRE has brokered the sale of Market Square, a 46,979-square-foot strip shopping center in the Las Colinas community of Irving. The unanchored property, located at 5401-5465 N. MacArthur Blvd., was 96 percent occupied at the time of the purchase by tenants including FedEx Office, Sal’s Italian Restaurant, Boston Market and Pizza Hut. Jennifer Pierson and Beth Pierson of CBRE represented the seller, Ritter Management Inc., in the transaction. Carlisle Interests purchased the asset.
Property Type
ARLINGTON, TEXAS — Dougherty Mortgage LLC has arranged a $3.4 million loan for the acquisition of Arbor Terrace Apartment Homes, a 143-unit multifamily property in Arlington. The complex includes efficiency, one- and two-bedroom apartments, as well as a swimming pool and gazebo. The Dallas office of Dougherty Mortgage arranged the 10-year loan on behalf of AT Apartments LP.
SAN DIEGO — Harrison Properties has acquired 0.75 acres of land in Encinitas that is occupied by Pacific Surf Inn for $4.2 million. The land is located at 1076 N. Coast Highway 101 in the San Diego submarket. Harrison was represented by Peter Curry of Cassidy Turley. The seller, Gili Investments, was represented by Tim Winslow, Jason Kimmel and Kevin Nolen of the same firm.
SALEM, ORE. — Vista Pointe Luxury Apartments in Salem has received a $4.1-million refinance. The community is located at 1830 Wiltsey Road SE. The loan has a low fixed interest rate and a 30-year amortization schedule. It was arranged for the local borrower by Blake Hering, Jr. and Matt Illias of NBS Financial Services. NBS will also service the loan for the lender, life insurance company Genworth Financial.
SAN DIEGO – A 7,500-square-foot retail building in the San Diego submarket of El Cajon has sold to Cindy C. Kasai Separate Property Trust and Pai Ho Wey Separate Property Trust for $2.6 million. The building is located at 1025 Fletcher Parkway within the Wild West Village shopping. It is currently occupied by CoCo’s Bakery & Restaurant, which has 9.5 years remaining on its lease. The buyers were represented by John R. Wertz of Colliers International. The seller, Barsky Family Limited Partnership, was represented by Justin Earley of Capital Real Estate Ventures.
LOS ANGELES – A 36,000–square-foot Wal-Mart Neighborhood Market has opened at Thousand Oaks Marketplace. The retail center is located on the northeast corner of Ventu Park Road and Highway 101 in the Los Angeles submarket of Thousand Oaks. Wal-Mart Neighborhood Market is designed as a smaller footprint with a pharmacy, health and beauty products, affordable groceries and merchandise. Thousand Oaks Marketplace is owned by NewMark Merrill Companies.
HAYWARD, CALIF. – Questcor has renewed its lease for 30,000 square feet at the Point Eden Business Park in Hayward. It has signed an additional lease for 13,867 square feet at the park. The spaces are located at 3980 Point Eden Way and 26118 Research Road, respectively. The expansion will provide the biopharmaceutical company with office space. Questcor was represented by Todd Severson of Colliers International in Oakland. The landlord was represented by CBRE.
CHICAGO — Marcus & Millichap has arranged the $4 million sale of a 10,236-square-foot retail property in Chicago. James Court | Lincoln Park is located at 1315-1325 W. Diversey Parkway. The property is fully leased to three tenants, including Athletico, Jenny Craig and Lincoln Park Family Physicians. All three tenants occupy space on a net-lease basis. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap represented the seller, a developer. Mendoza, Weisenbeck and Sharko also represented the buyer, a private investor.
WASHINGTON, D.C. — MAC has arranged $50 million in construction financing for two urban-infill sites in Washington, D.C., that will fund the construction of 133 new multifamily units. Andrew McAllister, Bruce Levin and Ben Lazarus of MAC arranged one of the loans through a regional bank on behalf of an unnamed developer. The developer will acquire a site at 1600 Pennsylvania Ave. S.E. in Washington’s Capitol Hill neighborhood for a five-story, 77-unit property. Caren Garfield of MAC, along with McAllister, Levin and Lazarus, arranged the second loan on behalf of an unnamed developer based in Washington, D.C., through a regional bank. The developer will acquire an existing property at 1921 14th St. N.W. and construct a nine-story high-rise apartment building offering 56 units and 13,000 square feet of retail space. Construction of the second project will kick off in June and wrap up in early 2016.
CHAPEL HILL, N.C. — NorthMarq Capital has secured $18.6 million in acquisition financing for CVS Plaza, a 100,634-square-foot mixed-use property in Chapel Hill. The property, located adjacent to the University of North Carolina at Chapel Hill campus, includes a new ground-floor CVS/pharmacy, restaurants, retail, more than 60,000 square feet of office space and a parking structure. Todd Crouse of NorthMarq’s Raleigh, N.C., office arranged the five-year loan through a life insurance company. The loan features two years of interest-only payments and a 30-year amortization schedule.