Property Type

The Pendry San Diego Receives $95M Construction Loan

by Nellie Day October 29, 2014

SAN DIEGO – The new 317-room Pendry San Diego has received $95 million in construction financing. The Montage-branded hotel will be located on 5th and J streets in Downtown San Diego’s Gaslamp Quarter. The hotel will be situated three blocks from the San Diego Convention Center. Pendry San Diego will mark the launch of the new Pendry hotel brand. The development site originally housed a condemned cigar store and parking lot. It was initially considered by another developer as the site for a new Marriott Renaissance hotel. Interest waned during the recession, however, and an eminent domain issue emerged with the site’s former cigar shop owner, according to Malcolm Davies of George Smith Partners, which arranged the construction loan. The Pendry San Diego will be a 12-story hotel with several restaurants and bars, an outdoor pool, spa, grill, fitness area, ballroom and various meeting rooms. It is scheduled for completion in summer 2016. Davies also notes the development partners were seeking financing that would provide 70 percent of the proceeds necessary for the construction of this luxury hotel. The non-recourse financing features a 36-month term. The capital stack includes both debt and equity. The structure allows the loan to subordinate …

October 29, 2014

Office Washington Western

NorthEdge Office Development in Seattle Receives $56.4M Construction Loan

by Nellie Day October 29, 2014

SEATTLE – NorthEdge, a 212,000-square-foot office property in the North Lake Union submarket of Seattle, has received $56.4 million in construction financing. The Class A development will be located on the southeast corner of North 34th Street and Woodlawn Avenue. NorthEdge will be situated in the Fremont neighborhood. Notable employers in this area include Google, Adobe and Tableau Software. The four-story office development will include 208,000 square feet of office space, 4,000 square feet of retail and a two-level, 314-space subterranean parking garage. In an effort to attract the burgeoning tech crowd of Seattle, the project will feature exposed concrete, open ceilings, and full-height glass windows overlooking Lake Union and the Downtown Seattle skyline. The project is being developed by Touchstone Corporation and AIG Global Investment Group. The three-year construction loan was arranged by HFF’s Bruce Ganong and Brandon Roth. It was provided by Bank of the Ozarks.

October 29, 2014

California Multifamily Western

American Realty Advisors Buys The Millennium Del Rey Apartment Complex

by Nellie Day October 29, 2014

LOS ANGELES – American Realty Advisors has acquired The Millennium Del Rey, a 196-unit apartment community in the Los Angeles submarket of Marina Del Rey, for an undisclosed sum. The community is located at 5550 Grosvenor Blvd. The Millennium Del Rey is situated in the Silicon Beach region of Los Angeles, which consists of Playa Del Rey, Playa Vista, Marina Del Rey, Venice and Santa Monica. The area is also set to receive the Runway, a 221,000-square-foot, mixed-use development, by the end of the year. Runway will be anchored by Whole Foods, Cinemark Theatres, and CVS. It will also include Veggie Grill, Panini Café and Sol Cocina. The Millennium’s community amenities include a fitness center, resort-style pool, barbeque courtyards, a dog area, a business center, surfboard storage and a bicycle maintenance room. The community has been built to LEED-Gold standards. Residents are also able to opt for a technology package that includes built-in Apple TVs that provide easy access to iTunes, iCloud, the Apple Store, Netflix and Hulu. The Monarc Tree System is another optional feature that allows residents to control lighting, thermostat settings, built-in speakers and entertainment options from anywhere in the world. Construction on The Millennium was just …

October 29, 2014

Arizona Industrial Western

DCT Industrial Trust Acquires Tempe Warehouse Portfolio for $26.4M

by Nellie Day October 29, 2014

TEMPE, ARIZ. – DCT Industrial Trust has purchased a three-property industrial portfolio in Tempe for $26.4 million. The portfolio contains a total of 355,371 square feet. The transaction includes Roosevelt Center at 2405 and 2415 S. Roosevelt Street; Parkland Center at 7245 and 7307 South Harl Ave.; and Wilson Center at 2636 South Wilson Street. Roosevelt Center and Wilson Center contain three high-quality warehouse/manufacturing buildings totaling 292,605 square feet within the Broadway Industrial Park. Parkland Center contains two multi-tenant industrial buildings totaling 62,766 square feet in the south Tempe submarket. The portfolio was 98 percent leased at the time of sale. DCT plans to hold the portfolio and continue its lease-up efforts. Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley’s Capital Markets Group represented both the buyer and seller, a Chicago-based global investment manager, in this transaction.

October 29, 2014

California Restaurant Retail Western

GPI Buys Brentwood Restaurant Space for About $25M

by Nellie Day October 29, 2014

LOS ANGELES – GPI Cos. has acquired a 12,000-square-foot restaurant space in the Los Angeles submarket of Brentwood. The property traded close to the list price of $25 million, according to CBRE, which represented GPI. The Class A space is located at 11770 San Vincente Blvd. The building is situated on a 20,022-square-foot lot with 29 parking spaces. It is fully leased to First Republic Bank, Peet’s Coffee & Tea, Chase Bank (ATM), Gaucho Grill, Subway, Pizzicotto and Radco Realty. The space previously operated as Mezzaluna, an Italian restaurant that became famous for its link to the O.J. Simpson murder trial. It was the last restaurant Nicole Brown Simpson was seen dining at before she lost her life in June 1994. GPI was represented by CBRE’s Tim Kuruzar and Ken McLeod. The seller was a family trust that had owned the property for more than 40 years.

October 29, 2014

Michigan Midwest Office

Bernard Financial Arranges $25M CMBS Loan for One Woodward Building in Detroit

by Danielle Everson October 28, 2014

DETROIT — Bernard Financial Group has arranged a $25 million CMBS loan to refinace One Woodward, a 29-story office property in Detroit. The 358,888-square-foot, Yamasaki-designed building is located on Woodward Avenue and includes underground parking. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group arranged the loan for the borrower, One Webward Avenue LLC.

October 28, 2014

Indiana Midwest Multifamily

M&M Arranges $13.9M Sale of 336-Unit Apartment Building in Indianapolis

by Danielle Everson October 28, 2014

INDIANAPOLIS — Marcus & Millichap has arranged the $13.9 million sale of Brighton Park Apartments, a 336-unit apartment property in Indianapolis. The property is located at 8002 Harcourt Road. David Gaines and Alex Blagojevich of Marcus & Millichap’s Chicago downtown office represented the seller, a private investor. Josh Caruana, the firm’s Indiana broker of record, assisted in closing of the transaction.

October 28, 2014

Industrial Michigan Midwest

Aristo-Cote Signs 42,515 SF Lease in Harrison Township, Mich.

by Danielle Everson October 28, 2014

HARRISON TOWNSHIP, MICH. — L. Mason Capitani CORFAC International has arranged the lease of a 42,515-square-foot, free‐standing industrial building in Harrison Township. The property is located at 25551 Joy Blvd. Aristo‐Cote Inc. is expanding into this new facility, which will increase their company’s square footage to more than 150,000 square feet. Aristo‐Cote specializes in custom coatings for material handling and packaging solutions. Jason Capitani and Joe DePonio of L. Mason Capitani CORFAC International represented the tenant and landlord in the transaction.

October 28, 2014

Illinois Midwest Multifamily

Interra Realty Brokers $1.5M Sale of Apartment Property in Chicago

by Danielle Everson October 28, 2014

CHICAGO — Interra Realty has brokered the $1.5 million sale of a 21-unit, apartment property in Chicago’s Rogers Park neighborhood. The building, built in 1960, is located at 6715-21 N. Hermitage Ave. and includes one-bedroom units. James Clough and Joe Smazal of Interra represented both the undisclosed buyer and the seller.

October 28, 2014

Multifamily Texas

StreetLights Residential Begins Construction on 20-Story Residential Tower

by Haisten Willis October 28, 2014

HOUSTON — StreetLights Residential has begun construction on a new 20-story residential tower known as The Carter. The property will sit on two acres between Montrose Street and Travis Street in the Houston Museum District, near Rice University and Herman Park. Gromatzky Dupree & Associates designed the building. The Carter will include 305 one-, two- and three-bedroom units along with townhouse and penthouse options. Amenities will include 10-foot ceilings, keyless entry systems, stone countertops and stainless steel appliances. The community will also feature a swimming pool, fire pits, private game room, gym, outdoor covered dog park, Wi-Fi, private garages and electric car charging stations. The property is scheduled for completion in late 2017.

October 28, 2014

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