HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. has arranged a $5.8 million loan for the acquisition and redevelopment of a 30,000-square-foot office building in west Houston. Constructed in 2002, the Class A, tilt-wall facility is located on a three-acre parcel in Westway Business Park. Matt Franke and Larry Peters worked on behalf of the borrower, GE Oil & Gas Inc., to arrange the 90 percent loan-to-value financing through a regional bank.
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SAN FRANCISCO — Christian Dior has announced it will open a 10,000-square-foot flagship store in San Francisco. The international fashion house will be located on three floors at 185 Post Street in the Union Square shopping district. It is scheduled to open in 2016. Grosvenor Americas purchased the building in 2005. Originally built in 1908, Grosvenor set about to preserve the building’s brick exterior by encapsulating it in layers of translucent and frosted glass. The firm also upgraded all of its building systems, including seismic protection. Grosvenor owns nearby properties at 251 and 180 Post Street, which are leased to notable tenants like Coach, The North Face, Ghurka and Facconable, among others.
LOS ANGELES – A 101,653-square-foot medical office building in Beverly Hills has received $40 million in refinancing. The fully leased building is located at 450 N. Roxbury, near the intersection of Wilshire and Santa Monica boulevards in the Golden Triangle area. The 15-year, fixed-rate loan will be used to refinance the property’s senior debt. Financing for Starpoint Properties was arranged by HFF’s Chris Vittetoe and Paul Brindley through an affiliate of Guggenheim Finance LLC. The loan will be serviced by HFF.
TRACY, CALIF. — Costco Wholesale Corporation has acquired the remaining two buildings at Patterson Pass Business Park in Tracy for an undisclosed sum. The facilities are located at 25850-25928 S. Corporate Court and 17270-17350 Commerce Way, between Hayward and Modesto. The wholesaler acquired the first Patterson building, an 84,000-square-foot warehouse, from Lowenberg Associates this past November. It now owns all three of the business park buildings, which total 265,687 square feet on more than eight acres. Lowenberg had acquired the three-building complex in 2009. This transaction was executed by Michael Goldstein, Gregory O’Leary and Greig Lagomarsino of Colliers.
SEAL BEACH, CALIF. — Rexford Industrial Realty has acquired a 170,865-square-foot industrial building in the Orange County submarket of Seal Beach for a reported $21.1 million. The Class A building is located at 1700 Saturn Way in the Pacific Gateway Business Park. It is fully leased to Dendreon Corporation. The biotechnology company invested about $65 million to transform the building into a drug manufacturing facility with extensive HVAC, mechanical, plumbing and electrical system improvements. Dendreon focuses on the discovery, development and commercialization of novel therapeutics that may improve cancer treatment options for patients. Darla Longo, Barbara Emmons, Rebecca Perlmutter, John Schumacher and Brian DeRevere of CBRE’s Capital Markets represented both Rexford and the seller, an institutional owner, in this transaction.
RENTON, WASH. — TruAmerica Multifamily has acquired the 174-unit Montclair Heights apartment complex in Renton for $28.6 million. The community is located at 2223 Benson Road S. It was built in 1990. TruAmerica plans to make improvements to the property. The seller was Braddock & Logan. The transaction was executed by David Mortensen of Turning Point Realty Advisors and Dave Schumacher and Dylan Simon of Colliers International. TruAmerica has purchased nearly $110 million dollars of apartments in the Seattle area in the past five months.
NASHVILLE, TENN. — The Connor Group has acquired the 331-unit Elliston 23, a mixed-use development in Nashville comprised of apartment and retail components. The Connor Group purchased the asset from 2300 Ellison Place LLC. The sales price wasn’t disclosed, but The Connor Group confirmed it was the highest-priced acquisition in the company’s history. Elliston 23, located in Nashville’s West End submarket, was completed in 2013.
MIAMI — Colliers International South Florida has arranged the sale of two sites totaling nearly three acres in Miami’s central business district (CBD) for $33.1 million, or $256 per square foot. Larry Stockton, Alex Morcate and Jeff Resnick of Colliers International represented the sellers, Riverfront Parcel 5 LLLP and Riverfront Parcel 6 LLLP, both controlled by Intergra Investments. The buyers, MRP Parcel 5 LLC and MRP Parcel 6 LLC, are both controlled by KAR Properties. The land parcels are part of Miami River Village, Miami CBD’s only gated waterfront community. KAR is approved to develop 1,426 units in three high-rise towers, the first of which is an 800-foot tall condominium property. Colliers International has another multifamily site in Miami’s Brickell neighborhood that is under agreement, according to Stockton.
ROCKVILLE, MD. — NAI KLNB has brokered the sale of 1801 and 1803 Research Boulevard, a two-building office portfolio in Rockville. RFII Acquisitions LLC purchased the two assets for approximately $18.3 million from DMARC 2006-CD2 Research Office LLC. The six-story properties are 48 percent leased to tenants such as Allied Technologies, Adventist Healthcare and BLH Technologies. Christopher Kubler of NAI KLNB, in cooperation with C-III Realty Services LLC, brokered the transaction on behalf of the buyer.
MIAMI — Koniver Stern Group has arranged the $10.1 million sale of Eureka Plaza, a 66,142-square-foot shopping center located at 18300 S.W. 137 St. in Miami. The shopping center is comprised of a 52,450-square-foot Winn-Dixie, a 3,367-square-foot McDonald’s, a 3,500-square-foot Pollo Tropical and three free-standing retailers. Larry Soroka of Koniver Stern Group represented the buyer, Eureka Plaza Group LLC.