STOCKTON, CALIF. – The Hammer & West Pad building, a 7,294-square-foot retail property in Stockton, has sold to a local private investorfor $3.7 million. The building is located at 7860 West Lane. It was built in 2008. Notable tenants at Hammer & Westinclude Western Dental, AT&T and Pizza Hut. The property is part of a larger retail center that is anchored by Walgreens. Jeff Conover of Faris Lee Investments represented both the buyer and seller, West Hammer Properties, in this transaction. The buyer was also represented by Mirna Gonzales of Green Banker.
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PHOENIX — DriveTime Automotive Group has leased 14,278 square feet of space at Camelhead Square in Phoenix. The center is located at 3033 N. 44th Street. The used vehicle retailer’s new lease brings Camelhead’s occupancy to 80 percent. Other tenants at the square include Hill & Usher and Sovereign Healthcare. DriveTime was represented by CBRE’s Tom Adelson. The landlord, Sun Life Assurance Company, was represented by Chris Latvaaho, Chris Nord and Michael White of Cushman & Wakefield.
PORTLAND, ORE. — Umpqua Bank has leased 24,000 square feet inside the 72nd Corporate Center office building in Portland. The building is located at 13535 SW 72nd Ave. Umpqua was represented by Chris Elsenbach of Cresa. The landlord was represented by John Medak and Jennifer Medak of NAI Norris Beggs and Simpson, and by Evan Bernstein of Pacific NW Properties.
MCKINNEY, TEXAS — NAI Robert Lynn represented C-III Asset Management LLC, a subsidiary of C-III Capital Partners, in the sale of an industrial warehouse and distribution center located at 3000 Redbud Blvd. in McKinney, 30 miles north of Dallas. Saskaway Management Group was the buyer. Dave Peterson, Rick Medinis and Mark Miller with NAI Robert Lynn represented C-III in the transaction. The 888,096-square-foot facility sits on 48 acres of land, formerly the headquarters of Blockbuster Inc. The building was sold after sitting vacant for two years.
DALLAS — KeyBank Real Estate Capital has provided a $55.2 million loan for the acquisition of a portfolio of 10 Class A industrial buildings in four metro Dallas industrial parks. The 1.5 million-square-foot portfolio, which is 97 percent occupied, includes 39 tenants. Financing was structured as a non-recourse, fixed-rate balance sheet first mortgage and placed with a third party investor.
PLANO, TEXAS — The Dallas-Fort Worth office of Colliers International assisted a group of tenant-in-common (TIC) owners, represented by First Guardian Group, with the sale of a three-building industrial portfolio in Plano. Cobalt Capital Partners bought the property. Two of the buildings are located at 3301 and 3501 E. Plano Pkwy., while the other building is located at 1100 Klein Road. The properties together are known as Plano Tech Center and total 257,864 square feet of office and warehouse space. Lizzy Blake and the capital markets team at Colliers worked on the transaction.
DALLAS — CBRE has brokered the sale of the DB Schenker logistics campus on behalf of an undisclosed seller. An anonymous buyer purchased the 202,140-square-foot, two-building complex. It is 100 percent leased to DB Schenker, a wholly owned subsidiary of Deutsche Bahn AG. The tenant has five years remaining on its lease. The campus was built in 2008 with a clear height of 30 feet. The campus is located in the DFW Airport submarket and is on a ground lease expiring in 2048. The location provides access to the metroplex via Highway 635 and State Highways 121 and 114.
ISLAMORADA, FLA. — HFF has secured $25.9 million in financing for The Islamorada Resort, an oceanfront property located at 80001 Overseas Highway in the Village of Islamorada in the Florida Keys. The resort is roughly 80 miles from Miami to the north and Key West to the south. The five-story property features 79 guest rooms, an Oceans 80 restaurant/tiki bar, resort-style pool, private beach and marina. Max Comess, Chris Drew, Maxx Carney and Alexandra Lalos of HFF’s Miami office arranged the loan through Bank of the Ozarks on behalf of the borrower, The Carlyle Group. The Carlyle Group is working with the resort’s operator Trust Hospitality and architect Malcolm Berg to renovate and reposition the property.
FORT LAUDERDALE, FLA. — Dockerty Romer & Co. has arranged a $19.7 million loan for two Class A office buildings in Fort Lauderdale’s Cypress Creek submarket. The properties, Cypress Plaza and Park Center, span a combined 158,737 square feet. Craig Romer of Dockerty Romer arranged the financing through NXT Capital on behalf of the borrower, Mainstreet Capital Partners.
RALEIGH, N.C. — NorthMarq Capital has arranged a $14.6 million refinancing of The Summit, a 121,250-square-foot office building in Raleigh. Todd Crouse of NorthMarq Capital arranged the seven-year loan with a 30-year amortization schedule through an unnamed life insurance company.