There is no denying that most, if not all, industrial markets across Texas were exposed to the economic effects of the “Great Recession.” McAllen and the Rio Grande Valley of Texas were no different. However, today Texas markets are again thriving with activity and occupancy above recession-contracted rates. Trends for McAllen—the seventh largest industrial market in Texas—are following suit. Economic The McAllen-Edinburg-Mission metropolitan statistical area (MSA) has evolved as a vital part of the dynamic Rio Grande Valley in south Texas. Once a rural and agricultural region, the area is now one of the fastest growing in Texas, fueled by accelerated population growth, economic development and a booming neighboring industrial market in north-central and northeastern Mexico. Data from the U.S. Census Bureau show that the McAllen MSA, also defined as Hidalgo County, has almost tripled in population since 1980, from 283,323 to 815,996 in 2013. Likewise, an overall Metro Business Cycle Index produced by the Federal Reserve Bank of Dallas places the McAllen MSA as the second most improved metropolitan area in Texas and first among the border markets, relative to its own base since 1980. The index, which summarizes the broad movements in nonagricultural employment, the unemployment rate, real …
TUCSON, ARIZ. — GRI Investors has acquired Casas Adobes Plaza, a 91,318-square-foot shopping center in Tucson, for $46 million. The center is located at the southwest corner of Ina and Oracle roads. Casas Adobes is anchored by a new Whole Foods that opened this past August. Other notable tenants include Starbucks, Chipotle, Pei Wei Asian Diner, Jos. A. Bank, Chico’s, Sauce, Loop Jean Company and a Wildflower restaurant. GRI Investors was represented by Jan Fincham and Patrick Dempsey of Lee & Associates in Phoenix. The seller was Casas Adobes Plaza LLC.
IRVINE, CALIF. — The Hoag Health Center – Irvine has received $41.2 million in a construction-to-permanent loan. The center will be located at the intersection of Alton Parkway and Sand Canyon Avenue, directly across from Hoag Hospital Irvine. The 150,000-square-foot medical office development contains three Class A, 50,000-square-foot ambulatory care centers with flexible floor plans. It is scheduled for completion in early 2016. The 12-year, fixed-rate loan is interest-only during the two-year construction period. The fixed rate was locked over eight months in advance of the loan closing. HFF’s Zach Koucos, Aldon Cole and Tim Wright secured the loan on behalf of Pacific Medical Buildings (PMB). The firm is also servicing the loan, which was secured through a correspondent life insurance company.
PORTLAND, ORE. — BDC Advisors has acquired a 96,250-square-foot office building in Portland for $35.3 million. The mid-rise building is located at 2100 Southwest River Parkway in the city’s Central Business District. The Class A building is situated in the south end of CBD on the Willamette River. It sits adjacent to the southern-most part of Waterfront Park, less than a mile southeast of Downtown. The eight-story property was built in 1995. It is fully leased to two tenants. The transaction was executed by HFF. The seller was Clarion Partners. HFF also secured a seven-year, fixed-rate acquisition loan for BDC through a regional bank.
SAN DIEGO — A regional hotel investor has purchased the 175-room Holiday Inn San Diego Mission Valley Stadium for an undisclosed sum. The hotel is located at 3805 Murphy Canyon Road. The Holiday Inn is located about three miles from Qualcomm Stadium, home to the San Diego Chargers. The seller, a special servicer, acquired the hotel through foreclosure. It was represented by Mike Armstrong of HREC Investment Advisors.
LIVERMORE, CALIF. – Exeter Property Group has purchased an 81,717-square-foot distribution building in Livermore for more than $6.5 million. The Class A building is located at 7701-7703 Las Positas Road. Exeter was represented by Michael Donnelly and Joe Yamin of Colliers International. The seller, Bolliboka Properties, was represented by Michael Lloyd of the same firm.
KENSINGTON, MD. — Prudential Mortgage Capital Co., the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU), has provided a $41 million loan to Fountain Square Properties to refinance Kensington Park, a Class A independent, assisted and memory care community located in Kensington. Tom Goodsite and Trace Wilson of Prudential Mortgage Capital were the leads on the transaction. The loan was originated through Freddie Mac’s Senior Housing program. The property consists of 61 independent living units, 52 assisted living units and 51 memory care units and is situated on more than eight acres, just north of the I- 495 Beltway in Montgomery County. Kensington Park is managed by an affiliate of its owner, Fountain Square Properties.
FORT MILL, S.C. — Atlanta-based tvsdesign has announced the groundbreaking of LPL Financial’s new regional headquarters in Fort Mill, a suburb of Charlotte. The architecture firm was the architect and interior designer of record for the 450,000-square-foot campus that will be located on 27.9 acres in Kingsley, a master-planned development. The new campus will house roughly 1,000 LPL Financial employees and will have elevators and stair cores separated from office areas to maximize interior space and natural daylight. Other sustainable features include reclaimed interior woodwork sourced from white oak trees on the grounds, the use of local and recycled materials, electric vehicle charging stations, tree preservation, bicycle storage and net-zero water efficiency techniques. The property’s on-site amenities will include outdoor meeting areas, a restaurant, fitness center and health clinic. The campus is slated for a late fall 2016 completion.
JACKSONVILLE, FLA. — Monmouth Real Estate Investment Corp., a public equity industrial REIT, has acquired a new 297,579-square-foot industrial building located at 13509 Waterworks St. in Jacksonville for $30.6 million. The property is net-leased to FedEx Ground Package System Inc. for 15 years. The distribution center is located on a 42.2-acre site near the Port of Jacksonville, as well as I-95 and I-10. The seller was undisclosed.
TALLAHASSEE, FLA. — CBRE Debt & Structured Finance has originated a $21.9 million acquisition loan for Delaney Park at Southwood, a 248-unit luxury apartment community located at 3550 Esplanade Way in Tallahassee. Completed in 2007 by Epoch Properties, the community’s interiors include 9- to 18-foot ceilings, bay windows, private entryways and surround sound. The property’s amenity package includes a clubhouse, movie theater, garages, car wash, sauna and spa, fitness center, indoor basketball court, business center, library and a swimming pool. Christopher Apone, Charles Foschini and Christian Lee of CBRE arranged the 10-year loan with four years of interest-only payments through Fannie Mae on behalf of the borrower, Miami-based Momentum Real Estate Partners.