Property Type

Federal Capital Partners Sells Arlington Office Building for $56.2M

by John Nelson December 10, 2014

ARLINGTON, VA. — Federal Capital Partners (FCP) has sold a 10-story, 182,832-square-foot office building located at 4040 N. Fairfax Drive in Arlington’s Ballston submarket for $56.2 million. The buyer, a joint venture between Lionstone Investments and Penzance, also holds an option to acquire the adjacent office building located at 4000 N. Fairfax Drive. The McMullin Revocable Family Trust, FCP’s partner and prior owner of 4040 N. Fairfax, has retained control of the property’s density rights, which will be sold separately to the Lionstone-Penzance venture. FCP entered into a partnership with the McMullin Family on the office building in July 2012 with a preferred equity investment. Since then, the partnership has fully renovated the office building and inked lease agreements with Marymount University and Virginia Heritage Bank, which is now known as Eagle Bank. Law firm McGuire Woods negotiated the transaction via a trust structure that separated the building from its additional density rights. Bill Collins and Jud Ryan of Cassidy Turley represented the buyer in the transaction.

December 10, 2014

Georgia Multifamily Southeast

Batson-Cook Breaks Ground on $4.8M Multifamily Project in West Point, Ga.

by John Nelson December 10, 2014

WEST POINT, GA. — Batson-Cook Construction has broken ground on Phase I of Abbey Glen, a $4.8 million, 72-unit apartment complex in West Point. Scheduled for a late 2015 completion, Abbey Glen will feature a swimming pool, clubhouse and exercise facilities. The project team includes owner Abbey Glen LLC, engineer Harris Gray LLC and lender Auburn Bank. Construction on the remaining phases will follow annually, increasing the number of units in Abbey Glen as well as adding retail space.

December 10, 2014

Georgia Hospitality Southeast

NGKF Hotels Brokers Sale of Hotel in Savannah’s Historic District

by John Nelson December 10, 2014

SAVANNAH, GA. — Newmark Grubb Knight Frank Hotels (NGKF Hotels) has brokered the sale of the 101-room Country Inn & Suites located at 320 Montgomery St. in Savannah’s Historic District. The sales price was undisclosed. The buyer, an affiliate of InSite Group, plans to renovate and rebrand the hotel into a boutique property known as B Historic Savannah. The hotel will be affiliated with B Hotels & Resorts. The property will be open during renovations and will add a spa suite with customizable treatments, upscale bedding and linens and a small-plate and tapas lounge/bar in the lobby. The hotel currently features a fitness center, heated indoor swimming pool and 1,000 square feet of meeting space. NGKF Hotels represented the seller, Tara of Savannah LLC, in the privately marketed transaction.

December 10, 2014

Hawaii Loans Multifamily Western

Honolulu Apartment Project Receives $100.6M in Financing

by Nellie Day December 10, 2014

HONOLULU — A 269-unit apartment project in Honolulu has received $100.6 million in construction financing. The development will be located at 7000 Hawaii Kai, at the intersection of Keahole Street and Hawaii Kai Drive in East Honolulu. The two, 10-story buildings will be situated on one of the last remaining residential development sites in the submarket, according to HFF, which secured the financing. Community amenities will include a swimming pool, fitness center with cardio machines and yoga studio, club room with full kitchen, library, meeting room, media/performance room and business center. The community will overlook the Hawaii Kai Marina once it’s completed in 2016. The project is being developed by a subsidiary of Hanwha America Development LLC and Avalon Development. Hanwha is the U.S. real estate arm of Korea-based Hanwha Engineering Construction Corp. HFF’s Aldon Cole and Zack Holderman secured the financing, which is composed of a $67.2-million, first-lien loan and $33.4 million in mezzanine financing. The first-lien loan was placed with Bank of the Ozarks, while the mezzanine financing was provided by iStar Financial.

December 10, 2014

Industrial Nevada Western

Cambridge, Diamond Rock to Build Massive Las Vegas Industrial Development

by Nellie Day December 10, 2014

LAS VEGAS — A partnership between Cambridge Companies and Diamond Rock Partners has announced plans to build a 1-million-square-foot industrial project in Las Vegas. The project will be constructed on about 50 acres of land in North Las Vegas. It will target end-users seeking larger facilities. Cambridge Companies has developed projects and invested in land in Las Vegas for more than 20 years. Diamond Rock Partners LLC is a privately held real estate owner and investment company that advises and invests alongside high-net-worth and institutional clients in a broad range of commercial and residential real estate, including property acquisitions, development, construction and repositioning.

December 10, 2014

California Office Western

San Mateo BayCenter Office Campus Receives $86M in Financing

by Nellie Day December 10, 2014

SAN FRANCISCO — San Mateo BayCenter, a 303,257-square-foot office campus in the Silicon Valley submarket of San Mateo, has received $86 million in financing. The Class A campus is located at 901 and 951 Mariners Island Blvd., and 999 Baker Way. San Mateo BayCenter is situated at the intersection of U.S. Highway 101 and Highway 92. The three-building campus was built in 1987. The campus is more than 98 percent leased to tenants like Marketo, Brightedge Technologies and Actuate. The floating-rate, post-acquisition financing was arranged by HFF’s Bruce Ganong, Jordan Angel and Walter Chui on behalf of Rockpoint Group. HFF also handled the property’s sale, which closed in September. The seller was Equity Office Properties.

December 10, 2014

Arizona Office Western

Desert Ridge Corporate Center in Phoenix Sells for $58.6M

by Nellie Day December 10, 2014

PHOENIX — Regent Properties has acquired Desert Ridge Corporate Center (DRCC), a 293,161-square-foot office and retail property in Phoenix, for $58.6 million. The institutional-grade center is located at 20860, 20830 and 20910 N. Tatum Blvd., within the master-planned community of Desert Ridge. DRCC contains two Class A office buildings, in addition to a 17,953-square-foot, multi-tenant specialty retail building. The property is located on land encumbered by a State of Arizona ground lease that has 78 remaining years. Notable tenants at the center include GEICO Insurance, Vantage Retirement, Wells Fargo Bank, C.H. Robinson Worldwide, K. Hovnanian Homes, Summit Energy, SimonMed Imaging and Scottrade. DRCC was built in 2007.

December 10, 2014

Industrial Nevada Western

Monsoon Pacific Expands at Spice Islands Industrial Center in Sparks

by Nellie Day December 10, 2014

SPARKS, NEV. – Monsoon Pacific has expanded at the Spice Islands Industrial Center in Sparks. The company has absorbed an additional 20,400 square feet at the center, which is located at 945 Spice Island Drive, just east of Reno. Michael Nevis, Dave Simonsen, J. Michael Hoeck and Steve Kucera of the NAI Alliance Industrial Properties Group represented both the tenant and unnamed landlord in this transaction.

December 10, 2014

Multifamily Texas

CBRE Arranges $151M Financing for Nine Apartment Properties in Texas

by Haisten Willis December 9, 2014

CARROLLTON, PLANO, HALTOM CITY, BEDFORD, DALLAS, HOUSTON, EULESS & LEWISVILLE, TEXAS — CBRE Capital Markets’ Debt & Structured Finance team has arranged $151 million in financing on behalf of Harbor Group International for the acquisition of The England Group Portfolio. The 2,368-unit multifamily portfolio includes nine apartment complexes in the Dallas and Houston areas. A total of nine loans were provided in three separate closings. Freddie Mac provided seven new mortgages, each with a seven-year term and floating interest rate. Freddie Mac also provided two supplemental loans on two of the assets, each with a 7.6-year term and fixed rate. The apartments are located in Carrollton, Plano, Haltom City, Bedford, Dallas, Houston, Euless and Lewisville. Charles Foschini, Christopher Apone and Christian Lee of CBRE’s Miami office facilitated the loans.

December 9, 2014

Hospitality Texas

M&M Brokers Sale of Hospitality Property in Houston

by Haisten Willis December 9, 2014

HOUSTON — Marcus & Millichap has brokered the sale of a two-building, 109-room Holiday Inn Express Hotel & Suites in Houston. Terms of the sale were not released. Jake Gaddy and Steve Swenholt of Marcus & Millichap’s Austin office represented the seller, a Houston-based developer. Chris Gomes of the firm’s Dallas office and Allan Miller of the San Antonio office represented the buyer, a private client. The three-story hotel was built in 1999 and was converted into a Holiday Inn Express & Suites in early 2012. The hotel is located at 125 Airtex Drive and is five miles away from George Bush Intercontinental Airport. Amenities include an outdoor pool, gym, guest laundry, business center and meeting room.

December 9, 2014

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