LOS GATOS, CALIF. — The Grove, a 485,000-square-foot office campus in Los Gatos that will soon to be home to Netflix’s world headquarters, has received a $100-million construction loan. The Class A campus will be located on Winchester Boulevard, alongside Highway 85, in Silicon Valley. The first phase will contain 242,000 square feet in two office buildings that are pre-leased to Netflix. Construction is already underway, with an anticipated completion date of next May. John Nelson of CBRE’s San Francisco office arranged the financing on behalf of the borrower/developer, a joint venture between Sand Hill Property Company and the Carlyle Group. It was provided by a syndicate of lenders headed up by SunTrust Robinson Humphrey. SunTrust Bank also acted as administrative agent. The interest rate was a variable, LIBOR-based rate.
MILPITAS, CALIF. — Tasman Technology Park, a 610,000-square-foot office and R&D campus in Milpitas, has received an $84-million acquisition loan. The institutional-quality property is located at 1371 McCarthy Blvd., just north of San Jose. The 14-building campus is situated in the center of Silicon Valley’s “Innovation Triangle,” which is home to more than 7,000 technology companies. These include Array Networks, Fire Eye Inc., KLA Tencor, Lifescan, SanDisk and Touchstone Semiconductor. The seven-year, non-recourse, fixed-rate loan was arranged by Brad Zampa, Michael Walker and Megan Woodring of CBRE’s San Francisco office on behalf of the borrower, an entity owned by Lionstone Investments and Orchard Partners. The partial interest-only financing features a rate in the low 4 percent range. It was provided by an East Coast-based life insurance company. The seller, Deutsche Asset & Wealth Management, was represented by Russell Ingrum, Joe Moriarty, Sean Sullivan and Tyler Meyerdirk of CBRE Capital Markets’ Institutional Properties team.
GLENDALE, ARIZ. — A joint venture between by the Bascom Group and funds managed by Oaktree Capital Management has acquired the 408-unit Indigo Creek Apartments in Glendale for $40.5 million. The community is located at 14221 N. 51st Ave. Indigo Creek was built in 1998. Community amenities include three resort-style swimming pools, two spas, a 24-hour fitness center, common-area Wi-Fi, barbecue grills and detached garages. Steve Gebing and Cliff David from Marcus & Millichap represented both the buyer and unnamed seller in this transaction. Property management will be handled by Morrison, Ekre & Bart Management Services. The JV acquired the asset through Bascom Arizona Ventures LLC, an affiliate of the Bascom Group. Indigo Creek was acquired with a $35-million loan from Mesa West Capital. The JV plans to recapitalize the property.
DENVER – The Garlic Knot Pizza has leased 1,900 square feet of space at Willow Grove Shopping Center in Denver. The center is located at 1402-1422 S. Parker Road. It is anchored by Wal-Mart. The New York-style pizza and pasta restaurant is scheduled to open in the fourth quarter of this year. The landlord was represented by Jim Hoffman and Tony Pierangeli of the SRS Real Estate Partners Denver.
CAMBRIDGE, MINN. — Marcus & Millichap has brokered the $2.5 million sale of Calhoun Apartments, a 48-unit apartment property located in Cambridge. Calhoun Apartments is located at 414 Calhoun Place N. and 514 Calhoun Terrace. The 48-unit community consists of two 24-unit buildings that include one- and two-bedroom apartments. Calhoun Apartments was developed in 1978 as part of the USDA Rural Housing 515 Program. In 2009, the property had successfully exited the program and began renting at market rate. Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office represented the seller, a limited liability company. Evan Miller of Marcus & Millichap, along with Gunderson and Linnell, represented the buyer, a limited liability company.
MARINE CITY, MICH. — L. Mason Capitani CORFAC International has arranged the sale of a 153,000-square-foot industrial facility in Marine City. LTC Roll & Engineering purchased the property located at 7177 Marine City Highway for an undisclosed sales price. LTC Roll & Engineering is a manufacturer of metallic components and assemblies supplying the automotive, building products and alternative energy market segments. Jason Capitani and Joe DePonio of L. Mason Capitani represented LTC Roll & Engineering in the transaction.
CLAYTON, MO. — The Sansone Group has arranged an office lease renewal of 10,094 square feet of space in Clayton. The property is located at 120 S. Central Ave. The Sansone Group represented the landlord, Clayton Central Investors LLC. Blitz, Bardgett & Deutsch LC is the tenant.
CHARLOTTE, N.C. — Portman Holdings has shared its design details and renderings of 615 South College, a 19-story office tower in Uptown Charlotte. Portman has begun the permitting process and expects to break ground in June 2015. Travis Garland of Portman will work with Trinity Partners to lease and market the 370,000-square-foot tower, which is slated for a fourth quarter 2016 completion. The property will feature an elevated green plaza, two-story corner balconies, floor-to-ceiling windows, signage opportunities fronting I-277, a fitness center and a conference facility. The tower will be situated atop an underground parking garage. Architect John Portman & Associates is designing 615 South College to achieve LEED Gold certification.
DORAL, FLA. — PS Business Parks Inc. has purchased a 148,618-square-foot, Class A industrial building located in the Miami International Commerce Center. Dubbed 2323 at MICC, the industrial building is located at 2323 N.W. 82nd Ave. in Doral and is 100 percent vacant. The property features a two-story open office space, air-conditioned warehouse with 16- to 24-foot clear heights and a fully fenced parking lot.
DALLAS — Hines and Cousins Properties Inc. have formed a joint venture to develop Victory Center in the Uptown Dallas submarket. The planned 23-story tower will include 466,000 square feet of office and retail space. Duda/Paine Architects will design the project, which will be built to LEED Gold standards. The 2.9-acre site is under contract and construction is expected to begin in mid-2015. Victory Center will be located just north of Hines’ One Victory Park office development, near the DART rail system, the Katy Trail, W Dallas Victory Hotel and American Airlines Arena.