RAMON, CALIF. – Sarens has leased 7,355 square feet of space at Bishop Ranch in San Ramon. The Class A office space is located at 5000 Executive Parkway. The heavy lifting and engineered transport company will be relocating from the Marina Village office complex in nearby Alameda. Sarens recently transported the Endeavor space shuttle to Los Angeles. The company was represented by Gregg Hall of Cresa San Jose. The landlord, Sunset Development, represented itself in this transaction.
RANCHO CUCAMONGA, CALIF. – Crunch Fitness & UFC has leased 25,015 square feet of space in Rancho Cucamonga. The space is located at 12739 Foothill Blvd. The lease is valued at $3.2 million. Vicky Espinosa, Fred Encinas and Lidia Talavera of NAI Global represented both Crunch Fitness and the landlord, THM Enterprises LLC, in this transaction.
The nickname for Indianapolis, “Naptown,” is quickly fading in the rearview mirror as the city receives an increasing amount of recognition as one of the best places to live and work in America. Thanks to a unique combination of Hoosier hospitality, pro-business environment and amenities such as the Cultural Trail, Indianapolis has been named “One of the best new boom towns in the U.S.” by Forbes magazine and the “No. 3 Downtown in the U.S.” by Livability.com. With $1 billion in new projects on the horizon, it’s no surprise that downtown Indianapolis is making headlines. Indygo’s $37 million Downtown Transit Center, in close proximity to the Cultural Trail and Bike Hub, will serve pedestrians, cyclists and bus riders. A $26 million investment in a new Science and Engineering Lab at Indiana University-Purdue University Indianapolis will continue to encourage life sciences and technology careers. Plans also are in the works to revamp downtown’s iconic Monument Circle with space for events, an ice skating rink, sidewalk cafes and more. On the residential front, investments in excess of $400 million over the past five years have resulted in new housing for 4,000 additional residents. Downtown Residential Boom According to public/private partnership Downtown Indy, …
FORT WORTH and HOUSTON — Berkadia has originated $40.3 million in financing for two multifamily properties located in Fort Worth and Houston. The first transaction was a $29 million loan for Thornbury Apartments, which is located at 7055 Hollister Road in Houston. The seven-year, floating-rate loan includes three years of interest-only payments and a 30-year amortization schedule. The property consists of 408 one-, two- and three-bedroom units and was 96 percent occupied at the time of closing. The borrower was AHC Thornbury Owner LLC. The second transaction was an $11.3 million loan for The Retreat at River Ranch Apartments. The seven-year, floating-rate loan includes two years of interest-only payments and a 30-year amortization schedule. The property consists of 248 one- and two-bedroom units. The property is located at 4850 River Ranch Boulevard near Chisholm Trail Parkway and I-20 and was 94 percent occupied at the time of closing. Andy Hill of Berkadia’s Austin office secured both loans.
CARROLLTON, TEXAS — Olympus Property has acquired Union at Carrollton Square, a 311-unit Class A apartment complex in Carrollton. The asset was purchased from High Street Residential, a subsidiary of Trammell Crow Co. High Street Residential built the five-acre complex in two phases during 2013 and 2014. Union at Carrollton Square includes a five-story parking garage, 4,700 square feet of ground-level retail space, two pools, an outdoor fireplace, clubhouse and fitness center.
NEW YORK CITY — North Shore-LIJ has acquired 600 Community Drive in Long Island’s Manhasset for $65 million, or $260 per square foot. A partnership led by The Carlton Group’s Chairman Howard Michaels sold the property. Prior to the sale, the building’s ownership group made significant renovations to the property: achieved zoning approval to lease 80,000 square feet of the building for medical office use; approved and implemented a new renovation plans, including interior and improvements and a new façade entrance; and developed a solid pipeline of tenant activity, which allowed the property to become a multi-tenanted building. North Shore-LIJ has been a sub-tenant at the office building for the past eight years.
SAN ANTONIO — Old Capital has arranged a $2.3 million purchase loan for the 74-unit Darby Square Apartments in San Antonio. The 10-year, non-recourse Fannie Mae loan included a 4.6 percent interest rate and 30 year amortization schedule. David Walls of Old Capital’s Dallas office arranged the loan for a local investor group in San Antonio. The buyer plans to make interior and exterior improvements to the properties.
JERSEY CITY, N.J. — Onyx Equities and Rubenstein Properties has begun the redevelopment project at 30 Montgomery St., a 15-story, 320,000-square-foot office building in Jersey City. The $20 million redevelopment will bring the building, which was built in the early 1970s, up to modern standards and position it has a premiere office and retail property in Jersey City. The project includes a $5 million exterior window replacement program, enhanced streetscape, ground-floor retail expansion, refurbishment of the façade, modernization of the HVAC system, a new conference center, elevator landing and restroom renovations, and a new, expanded two-story entry lobby. Onyx and Rubenstein purchased the building earlier this year. Completion of the renovation is slated for mid-2015.
ADDISON, TEXAS — NAI Robert Lynn’s office division has arranged a 7,017-square-foot office lease for Solutions by Text, an Addison-based company that identifies and streamlines communication efficiency for a number of businesses. Nick Lee of NAI Robert Lynn represented the tenant and secured the fifth-floor space with exterior building signage located at 15110 N. Dallas Pkwy.
PASSAIC, N.J. — CBRE Group Inc. has arranged the sale of an office and retail property located at 615-625 Main Ave. in Passaic. The 65,000-square-foot building sold for $8.4 million. The building, which includes a two-story parking garage, underwent a $5 million capital improvements program in 2007. Current tenants include Valley National Bank, which has been in the location for more than 40 years. Charles Berger and Elli Klapper of CBRE Tri-State Investments Properties represented the seller and procured the buyer, a long-time CBRE client, in the deal.
