DALLAS — High Street Residential, the residential subsidiary of Trammell Crow Co., plans to build a new 20-story, 271-unit residential tower at 3230 McKinney Ave. in uptown Dallas. A 5,500-square-foot Café Express currently occupies the site. The new building will feature 13,000 square feet of ground floor retail space. A new Café Express will anchor the property, which will also include residential units. The site is located across Bowen Street from the McKinney Avenue Transit Authority trolley barn and headquarters.
Property Type
LAKE OSWEGO, ORE. – Albertsons has purchased the ground lease at its Lake Oswego store for $5.3 million. The grocer occupies a 40,019-square-foot retail space. It is located at 16199 Boones Ferry Road. Albertsons has occupied this space for 55 years. The sellers, Denny Allen and Adele Reget, were represented by Denis O’Neill of NAI Norris, Beggs & Simpson.
WILMINGTON, MASS. — Waltham, Mass.-based Vantage Builders Inc. has completed a 23,000-square-foot office renovation project for Trane, on behalf of Griffith Properties LLC. Vantage has completed the $925,000 tenant fit-up for Trane at 181 Ballardvale St., which is part of Ballardvale Office Park. The project required the complete demolition of the existing space prior to the reconstruction of seven offices, three conference rooms, two training rooms, an employee lounge and a kitchen. The new offices feature new carpeting, lighting, paint, custom millwork, glass walls and new doors. Vantage also installed a new energy management system, including five rooftop units to help Trane reduce overall heating and cooling costs. The project team included Design-Science as architects and Engineered Systems as mechanical engineering services.
ATLANTA — HFF has arranged $14 million in financing for DoubleTree Suites by Hilton Hotel Atlanta-Galleria, a 154-room hotel in Atlanta’s Galleria/Cumberland submarket. The hotel’s address is 2780 Windy Ridge Parkway, approximately eight miles from downtown Atlanta. The hotel’s amenity package includes a sun-lit atrium lobby, the Edge Bar and Cliff Restaurant, fitness center, outdoor swimming pool, 5,000 square feet of meeting space and a business center. The borrower, Encore Hospitality LLC, a division of Encore Enterprises Inc., will use the loan to acquire the hotel and implement a capital improvement program. Cullen Aderhold of HFF led the debt placement team to arrange the loan through Latitude Management Real Estate Investors.
NEOGA, ILL. — Marcus & Millichap has brokered the $1 million sale of a 9,014-square-foot Dollar General store in Neoga, a city in central Illinois. The net-leased property is located at 1050 U.S. Route 45. The building is a 2011 construction, build-to-suit for Dollar General. Gino Lollio of Marcus & Millichap’s Chicago Downtown office represented the seller, a private investor. The buyer was undisclosed.
HOUSTON — Rice Management Co. and Trademark Property Co. have acquired a three-building, 193,000-square-foot retail property portfolio in Rice Village, collectively named the Village Arcade. Trademark and Rice plan to revitalize the properties by upgrading the merchandising mix, facades and site amenities. The Rice Village district dates to the 1930s. Rice Management Co. has responsibility for the Rice University endowment to oversee asset and property management, leasing and repositioning of the Village Arcade properties. The buildings currently feature 50 stores and restaurants including Ann Taylor, Athleta, Banana Republica, Chico’s and Gap.
LAGUNA NIGUEL, CALIF. — The Grove Shopping Center, a 45,038-square-foot retail center in Laguna Niguel, has received $5.1 million in financing. The center is located at 28971-28991 Street of the Golden Lantern. Notable tenants include Pet’s Plus and Fresh & Easy. The loan features a 10-year term and 15-year amortization schedule. It was arranged by David Blum of NorthMarq Capital’s Los Angeles office through a CMBS platform.
MILWAUKEE — The Dickman Company, Inc./CORFAC International has arranged the sale of an 8,186-square-foot industrial building in Milwaukee. The property is located at 1036-1038 W. National Ave. Palko Energies LLC purchased the building from the city of Milwaukee. Zach Noble of the Dickman Co. represented the seller and the buyer in the transaction.
SOUTHLAKE, TEXAS — Marcus & Millichap has arranged the sale of Kirby’s Steakhouse, a 7,900-square-foot net-leased property in Southlake. The property is located at 3305 E. State Highway 114 in Southlake, just south of East Southlake Boulevard. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino also procured the buyer, a local private investor. The transaction resulted in the investor leasing the property back to the seller and a new 20-year net lease was executed at the close of escrow.
GLENDALE, CALIF. – The Osborn Office Building, an 8,762-square-foot office space in Glendale, has sold to 320 Harvard LLC for $4.1 million. The space is located at 320 East Harvard Street. The seller, the Osborn Family Trust, was represented by Shari Baner of NAI Capital’s Encino office.