PLEASANTON, CALIF. – Meridian Property Company has purchased the Atrium, a 74,000-square-foot office building in Pleasanton, for an undisclosed sum. The building is located at 5776 Stoneridge Mall Road. It was built in 1982. Meridian was represented by Simon Vogt of Lee & Associates-East Bay. The seller, Downtown Properties, was represented by CBRE’s Katherine J. Kelleher.
IRVINE, CALIF. – Freedom National Insurance has acquired a 9,900-square-foot office/R&D building at the Irvine Spectrum for an undisclosed sum. The building is located at 8855 Research Drive. Freedom National plans to use the property to house its technology research and development division. The company was represented by Cushman & Wakefield’s Blake Garrett. The seller, Research Property LLC, was represented by Bob Reiden of Lee & Associates.
MCKINNEY, TEXAS — Disney Investment Group (DIG) has arranged the sale of Lake Forest Crossing in McKinney. Lake Forest Crossing is a 29,897-square-foot shopping center shadow-anchored by Walmart Supercenter and located at the intersection of McKinney Ranch Parkway and Lake Forest Drive. Lake Forest Crossing was developed in 2005 and is in close proximity to Craig Ranch, a 2,200-acre, master-planned community under development. McKinney recently ranked No. 2 on Money Magazine’s “Best Places to Live in America” list. David Disney and Adam Crockett of DIG represented the seller, Los Angeles-based Westwood Financial Corp., in the transaction, and also procured the Texas-based private buyer.
EDWARDSVILLE, ILL. — KeyBank Real Estate Capital has secured $25.9 million in CMBS financing for Enclave West, a 552-bed student housing apartment complex in Edwardsville. Randy Martin of KeyBank Real Estate Capital Markets arranged a $22.7 million non-recourse, fixed-rate CMBS first mortgage and a $3.24 million full-recourse, fixed-rate life company mezzanine loan for the undisclosed borrower. Located 20 miles northeast of downtown St. Louis, the 98.4 percent occupied property was built in phases in 2013 and 2014. The property is the closest off-campus student housing property to the University of Southern Illinois Edwardsville.
AUSTIN, TEXAS — Kendra Scott Design (KSD) is consolidating its corporate headquarters and moving to a new home at Lamar Central, a Class-A, mixed-use development located at 38th Street and Lamar Boulevard in Austin. Highland Resources, the project’s developer, has signed the jeweler to a 10-year lease. KSD will lease Lamar Central’s entire fourth floor, spanning 43,500 square feet, for its headquarters, and an additional 1,500 square feet on the ground floor to open a flagship Austin retail location. The company plans to relocate to its new home by the end of the year. Cushman & Wakefield/Oxford Commercial, on behalf of Highland Resources and JLL, represented KSD in the transaction. CBRE and JLL negotiated the retail lease. Lamar Central is a four-story, 165,000-square-foot mixed-use development featuring more than 132,000 square feet of office space with an additional 33,000 square feet of retail and restaurant space. Construction is slated for completion in the third quarter of 2015. On-site amenities include floor-to-ceiling windows, garage parking with a direct connection into each tenant floor, a landscaped courtyard with patios for outdoor dining, car-charging stations, bike storage, showers and changing rooms.
COPPELL, TEXAS — Construction is complete on Logistics Center I, the largest non-terminal development ever built at Dallas/Fort Worth International Airport. Officials from the airport, the city of Coppell, and joint venture developers Hillwood Investment Properties and Perot Development Co. held a ribbon cutting ceremony for the 1 million-square-foot, cross-dock facility on Jan. 29. Logistics Center I will be a distribution center located at 2701 W. Bethel Rd. in Coppell. The development is situated on 60 acres located near I-635, I-35 East, I-35 West, State Highway 114, State Highway 121 and the President George Bush Turnpike. Features include minimum 36-foot clear ceiling heights, over 200 dock doors, 550 parking spots and 500 trailer storage positions. The facility was built on a speculative basis. Halff Associates served as the project architect and civil engineer and Hillwood Construction Services was the general contractor.
MINNEAPOLIS — Saks Fifth Avenue OFF 5TH has signed a lease for 40,321 square feet in the retail portion of Minneapolis City Center. The new store is slated to open in April 2016. Saks Fifth Avenue OFF 5TH will occupy ground-floor space and more than 16,000 square feet on the skyway level. The space anchors the 250,000-square-foot retail portion of Minneapolis City Center. The store is located near the main entrance of the center, at 6th St. and Nicollet Mall. Minneapolis City Center is the two-story retail portion of the 1.6 million-square-foot mixed-use property owned by Shorenstein Properties at 33 S. Sixth St. Shorenstein acquired Minneapolis City Center in 2012 and has made several improvements including repositioning and re-tenanting the retail space.
ROUND ROCK, TEXAS — Marcus & Millichap has arranged the sale of Christian Brothers Automotive, a 4,945-square-foot, net-leased property located in Round Rock. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Robb Johnson of the firm’s San Diego office procured the buyer, an out-of-state private investor. The transaction was part of a 1031 exchange. The buyer sold a manufactured home community asset on the West Coast and acquired three single-tenant, long-term, net-leased properties. Chad O’Connor of Marcus & Millichap Capital Corporation’s San Diego office arranged financing. Christian Brothers Automotive is located at 413 Louis Henna Blvd., just southeast of the I-35 and State Highway 45 interchange.
ALSIP, ILL. — Marcus & Millichap has brokered the $2 million sale of Fasco Inc., a 45,883-square-foot, net-leased property located in Alsip. Fasco Inc. is located at 11610 S. Austin Ave. The property is a tilt-up concrete building and has a rentable area of 50,483 square feet. Approximately 20 percent of the building is office space. Sean O’Brien of Marcus & Millichap’s Chicago Oak Brook office marketed the property on behalf of the seller, a private investor, and represented the buyer, another private investor.
KENOSHA, WIS. — Mid-America Real Estate – Wisconsin LLC has arranged a 1,100-square-foot retail lease in Kenosha. Remax Leading Egde has leased space within Southport Plaza located 7200 Green Bay Road. Teresa Shemitis of Mid-America represented the landlord and Tony Colvin of Mid-America represented the tenant in the transaction.
