SAN JOSE, CALIF. – Gap and J. Crew have leased space at Westgate Center in San Jose. Gap Factory Store has leased 10,910 square feet. It is set to open later this year next to Old Navy. J. Crew has leased 5,750 square feet. That store is scheduled to open in spring 2015. Other new additions to Westgate Center include the Nike Factory Store and Skechers Factory Outlet. The center is owned by Federal Realty Investment Trust.
Property Type
CORPUS CHRISTI, TEXAS — UC Funds has provided a $7.4 million bridge loan for a 218-unit, Class C apartment complex in Corpus Christi. The property consists of 22 two-story buildings on a 10-acre site. Amenities include a swimming pool, clubhouse, laundry facilities and picnic areas. A portion of the loan will be used for renovations, including upgraded roofs and exterior siding.
DALLAS — Gaedeke Group LLC will soon begin $3.8 million in renovations on its 128,795-square-foot Oak Lawn Plaza office building. Mark Dilworth of Dallas-based Morrison, Dilworth + Walls is the architect for the project. Construction is slated to begin in October and will take an estimated eight months to complete. The 1.5-acre property was built in the early 1980s and is located at 2501 Oak Lawn Plaza just off the Dallas North Tollway. The redesign calls for a 3,000-square-foot expansion of the lobby, with the ceiling height raised to 25 feet. Exterior walls will be redressed with a 25-foot glass curtain wall and 5-by-13-foot vertical panels. The interior redesign will feature white marble walls and basalt stone on the floors, replacing dark marble and granite. Other planned features include commissioned artwork, a high-tech security desk, WiFi furniture and an updated parking garage.
ARLINGTON, TEXAS — Lee & Associates represented Surface Preparation Texas in a 13,334-square-foot industrial lease at 1200-1208 Ave. H in Arlington. Mark Graybill with Lee & Associates’ Dallas/Fort Worth office represented Surface Preparation Texas, a distributor of surface finishing materials. CB Richard Ellis represented the landlord, First Industrial Realty Trust.
MIDLAND, TEXAS — Marcus & Millichap has arranged the sale of Live Oak Village, a 100-unit multifamily property in Midland. Kent Myers and Joe James with Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a private investor. Myers and James also secured the buyer, a partnership. Live Oak Village is located at 2700 N. Midland Drive. The complex was completed in 1977 with one- and two-bedroom floor plans ranging from 650 square feet to 1,250 square feet.
HOUSTON — NorthMarq Capital has negotiated the refinancing of The Green Oaks at San Felipe and The Campanile Buildings in Houston. Properties, located at 4295 San Felipe and 4110 and 4203 Montrose, boast a combined 176,116 square feet. The transaction was structured with a 10-year term and 25-year amortization schedule. Tenants of the properties include Prosperity Bank, Stratos Legal, NCS Pearson and Penn Mutual Life Insurance Co.
ATLANTA — Utilizing two loans totaling $50 million from its capital advisor Patterson Real Estate Advisory Group, Pope & Land Enterprises Inc. has refinanced Cumberland Center I and Barrett Office Park in metro Atlanta. Patterson arranged the financing through BBVA Compass for Cumberland Center I and BB&T for Barrett Office Park. Cumberland Center I is a seven-story office building totaling 188,697 square feet in Atlanta’s Cumberland/Galleria office submarket. Sprint Communications fully occupies the asset. Pope & Land developed Cumberland Center I in 1985. Barrett Office Park consists of seven office buildings totaling 502,752 square feet that are more than 80 percent occupied on an aggregate basis. The office park is located off of Barrett Parkway between I-75 and Highway 41 in the Town Center submarket of Kennesaw, a northern suburb of Atlanta.
JOHNS CREEK, GA. — Ebix Inc., a software and e-commerce services provider to the insurance and healthcare industries, has purchased a 100,000-square-foot, Class A office building in Johns Creek Technology Park. The LEED Gold-certified property will serve as Ebix Inc.’s global headquarters after the company begins operations at the facility in 2015. Along with the property, Ebix purchased 11.6 acres of land. CBRE represented the seller, Atlanta-based TPA Group, the developer of Johns Creek Technology Park, in the transaction. Cresa represented Ebix.
HAMPTON AND NEWPORT NEWS, VA. — Gingko Residential has acquired a three-property multifamily portfolio in the Hampton Roads region of southern Virginia. The three Class A, garden-style communities total 641 units. The properties include Bridgewater on the Lake in Hampton, Lake Ridge in Hampton and The Reserves at Arboretum in Newport News. Gingko Residential plans to combine operations at Bridgewater on the Lake and Lake Ridge to maximize efficiency.
GREENSBORO AND BURLINGTON, N.C. — Multi Housing Advisors (MHA) has brokered the sale of two multifamily assets in North Carolina totaling $19.8 million. MHA arranged the $11.4 million sale of the 299-unit Brannon Park in Greensboro and the $8.4 million sale of The Brittany, a 214-unit community in Burlington. San Diego-based Pacifica Cos. purchased Brannon Park from VTT Management, a private investment firm based in Boston. Blue Valley Apartments Inc., an affiliate of Ocwen Financial, sold The Brittany to Harvest Investments, a Connecticut-based investment partnership. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions.