Property Type

The Milgraum Center in Downtown Charlottesville Sells for $1.9M

by John Nelson November 14, 2014

CHARLOTTESVILLE, VA. — CBRE | Charlottesville has brokered the $1.9 million sale of The Milgraum Center, a 25,000-square-foot mixed-use building located at 310-312 E. Main St. in downtown Charlottesville. The property was 92.5 percent leased at the time of sale to tenants such as Silverchair Information Systems and Vita Nova Pizza. Milgraum Trust sold the property to Armory 310 East Main LLC. Rob Stockhausen of CBRE | Charlottesville represented the seller in the transaction, while Carolyn Shears of CBRE | Charlottesville represented the buyer.

November 14, 2014

California Office Western

Shubin Nadal, DRA Buy Harman International Business Campus in Los Angeles

by Nellie Day November 14, 2014

LOS ANGELES – Shubin Nadal Realty Investors and DRA Advisors LLC have acquired Harman International Business Campus, an 856,515-square-foot office and industrial campus in Los Angeles, for an undisclosed sum. The 44-acre campus is situated along Balboa Boulevard in the San Fernando Valley. The property has been rebranded as “The Campus.” It will undergo a multi-million-dollar repositioning plan to convert the property into a contemporary mixed business park. The repositioning will include the demolition of some buildings and the addition of new creative office, R&D and retail space. The new campus will also include significant outdoor amenities. The transaction was executed by Marc Renard, Manfred Schaub, David Hasbrouck and Lars Platt of Cushman & Wakefield’s Capital Markets Group. The seller was not named.

November 14, 2014

Multifamily Washington Western

Security Properties Sells Newport Crossing in Newcastle for $38.8M

by Nellie Day November 14, 2014

NEWCASTLE, WASH. – Security Properties has sold Newport Crossing, a 192-unit apartment complex in the Bellevue submarket of Newcastle, for $38.8 million. The buyer was not named. The community is located at 7311 Coal Creek Parkway SE. Security Properties acquired the community in 2012 in a joint venture with an East Coast insurance company through its Security Properties Multifamily Fund. The company implemented a substantial value-add renovation program in conjunction with its affiliated property management firm, Madrona Ridge Residential, prior to the sale. The renovation included an investment of $1.5 million to re-paint and re-roof the buildings, redesign the community pool, improve landscaping and upgrade unit interiors. Newport Crossing was built in 1990. Security Properties Multifamily Fund currently has 15 remaining multifamily properties in its portfolio. The fund launched in June 2011.

November 14, 2014

California Office Western

Former Coca Cola Building in LA’s Arts District to Undergo Adaptive Reuse

by Nellie Day November 14, 2014

LOS ANGELES – A 150,000-square-foot building in Los Angeles that formerly served as a Coca Cola production facility will soon undergo an adaptive reuse. The five-story, red-brick industrial building is located at 963 East 4th Street in Downtown Los Angeles’ Arts District. The property is being converted into a mixed-use, Class A creative office building. The redesign will utilize the building’s large, high-volume, 35,000-square-foot floor plates, in addition to its 14-foot ceilings, expansive windows and panoramic rooftop views. Current plans include 70,000 square feet of retail and restaurant space situated on the street and lower levels. A new flagship restaurant is planned for the east end of the building, which faces Traction Avenue, and for the west end, which faces the main entry and courtyard. Construction should be complete in the fourth quarter of next year. The redesign will highlight the building’s original brick façade. It will feature new, operable dual-glazed windows and a large atrium lobby. It will also include a newly constructed, 10,000-square-foot rooftop penthouse that will be surrounded by a landscaped rooftop deck with an outdoor kitchen, firepit and entry court park. The adaptive reuse is being carried out by HLW International. The building is owned by …

November 14, 2014

California Hospitality Western

Hyatt Place San Diego in Vista Changes Hands

by Nellie Day November 14, 2014

SAN DIEGO – A joint venture between Core Capital Investments and Downtown Properties has acquired the 150-room Hyatt Place San Diego in the submarket of Vista for a reported $22 million. The hotel is located at 2645 South Melrose Drive. The premium, select-service branded hotel opened in July 2012. It enjoys convenient access to Interstate 5, Highway 78 and Legoland. The seller, an entity controlled by ABA Development, was represented by Rod Apodaca and Bob Kaplan of CBRE Hotels in Newport Beach.

November 14, 2014

Retail Texas

Construction Begins on Harley-Davidson Dealership in Metro Dallas

by John Nelson November 13, 2014

BEDFORD, TEXAS — Construction has begun on Adam Smith’s Texas Harley-Davidson in Bedford, a suburb of Dallas. The six-acre site will be home to a 70,000-square-foot Texas flagship store for Harley-Davidson. The new building will consolidate the current three-building setup, adding more than 20,000 square feet, and will move the sales floor, service area and administrative offices into one location. Adam Smith’s Texas Harley-Davidson is already one of the top 10 Harley dealerships in the United States in terms of service, finance and sales volume. The flagship store is set to open in the fall of 2015.

November 13, 2014

Healthcare Texas

Balfour Beatty Celebrates Opening of $95.5M Hospital in Fort Worth

by John Nelson November 13, 2014

FORT WORTH, TEXAS — Balfour Beatty Construction recently celebrated the opening of Forest Park Medical Center, a new hospital in Fort Worth. Balfour Beatty worked in conjunction with Neal Richard Group and architect Perkins + Will on the project. The hospital opened to patients Nov. 3 and spans 150,000 square feet with 12 operating suites, a full-service imaging center and laboratory, 54 inpatient rooms, six intensive care units, ancillary services and vegetated roof systems. The $95.5 million project includes development of the hospital, medical office building and a 550-space parking garage.

November 13, 2014

Hospitality Texas

MCR Development Completes Hotel Renovation in Austin

by John Nelson November 13, 2014

AUSTIN, TEXAS — MCR Development LLC has completed a renovation of the 134-room Fairfield Inn & Suites by Marriott Austin Northwest located at 11201 N. MoPac Expressway in Austin. The renovation enhanced the hotel’s lobby, guest rooms and common areas with the goal of creating more open, relaxing and welcoming spaces. The lobby has been outfitted with new carpeting and furniture, while the fireplace has been removed to accommodate expanded breakfast and common areas. There is also an updated pool area with new patio and lounge furniture and the business center features new paint and furniture. The renovation is part of MCR’s strategy to enhance the guest experience and drive RevPAR growth.

November 13, 2014

Retail Texas

M&M Arranges Sale of Retail Property in Metro Houston

by John Nelson November 13, 2014

TEXAS CITY, TEXAS — Marcus & Millichap has arranged the sale of Three Palms Center, a 26,318-square-foot retail property in Texas City. Derek Hargrove and Justin Miller of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a Houston-based developer. Hargrove and Miller also secured the buyer, a private international investor. Three Palms is located at 8030 FM 1765 at the corner of FM 1765 and South Amburn Road. The three-building development was completed in 2013. Tenants include A Brighter Day Childcare, Chicken Plus, KLM Food Mart, K&G 5 Star Barber College and Cricket Wireless.

November 13, 2014

Office Texas

JLL Negotiates 78,705 SF Office Lease in Metro Dallas

by John Nelson November 13, 2014

PLANO, TEXAS — JLL has negotiated a 78,705-square-foot sublease at Plano Tower, the former Encana Oil & Gas Inc. regional headquarters located in Legacy Town Center at 5851 Legacy Circle in Plano. Plano-based LegacyTexas Bank will occupy the top three floors of the building. Ben Sumner of Centurion Real Estate Partners represented LegacyTexas Bank. Greg Biggs, Doug Carignan, Torrey Littlejohn and Marc Feldman of JLL represented the sub landlord, Encana. American Realty Capital Properties owns the building. KDC Real Estate Development built the 12-story, 318,582-square-foot Class A property in 2012.

November 13, 2014

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