WAIKOLOA VILLAGE, HAWAII — Waikoloa Highland Center, a 73,524-square-foot shopping center in Waikoloa Village, has sold to an unnamed buyer for $22.4 million. The center is located at 68-1845 Waikoloa Road on the Big Island of Hawaii. Waikoloa Highland is situated on the main road connecting Waikoloa to Hilo. It is 75 percent occupied. The center is anchored by Waikoloa Village Market. Other notable tenants include Chevron, Subway and First Hawaiian Bank. Waikoloa Highland is the only full-service grocery-anchored center in the entire trade area of Waikoloa Village within a 17-mile radius. The seller, 3D Investments, was represented by Donald MacLellan, Richard Chichester and Thomas Chichester of Faris Lee Investments.
Property Type
OXNARD, CALIF. – PODS has leased a 232,500-square-foot building in Oxnard. The lease is valued at nearly $2 million. The company will be relocating and expanding from nearby Ventura, where it was based for eight years. The new space is located at 301 S. Rose Ave. CBRE’s Paul Farry, Jim Meaney, Doug Shaw represented both PODS and the landlord, One Miracle Property, in this transaction.
PHOENIX — First Commons at West 10, a 99,528-square-foot industrial complex in Phoenix, has sold to Enright Capital for $6 million. The building is located at 4625 and 4635 W. McDowell Road. It was built in 2002. The property was 60 percent leased at the time of sale. Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley represented both the buyer and seller, MDI Capital, in this transaction.
DALLAS — KDC and Invesco Real Estate have begun construction on a 12-story, 150,000-square-foot office building in Uptown Dallas. The planned Class A office building will be located at 1920 McKinney Ave. and will feature six stories of office space on top of a six-story parking structure. The ground floor will have 8,500 square feet of retail and restaurant space. The building is scheduled for completion in early 2016.
HOUSTON — Wood Partners hosted a grand opening event for Alta City West, a 133-unit apartment complex in Houston. The 119,000-square-foot complex sits on three acres at 9233 Westheimer Road and is currently 29 percent leased. Good, Fulton & Farrell designed the building. Alta City West includes five studios a mix of studio, one- and two-bedroom units, and 188 parking spaces. Amenities include a clubhouse, gym, outdoor kitchen areas and a pool. The complex is located close to major local employers including Phillips 66, Chevron, Halliburton, BP, Shell and Exxon.
KATY, TEXAS — Q10 | Kinghorn, Driver, Hough & Co. has arranged a $4.5 million loan for the refinancing of the Entrust Office Building in Katy, a suburb of Houston. The 32,382-square-foot building, located near the Grand Parkway and Westpark Tollway, is the result of a collaboration between The Mission Cos. and Entrust Inc. Thrivent Financial provided the 10-year loan, which includes a 25-year amortization schedule. Ray Driver III and Dave Holland of Kinghorn worked to arrange the transaction.
HOUSTON — HFF has arranged both the sale and financing for 8 West Centre, a new Class A office building on the Houston Tollway in Houston. HFF marketed the property on behalf of the seller, Core Real Estate. Azrieli Group, a real estate investment company based in Tel Aviv, purchased the asset for an undisclosed price. HFF assisted Azrieli in securing a five-year, fixed-rate acquisition loan through Aegon USA Realty Advisors LLC. Completed in 2013, 8 West Centre is a 227,045-square-foot, four-story property with a 938-space parking garage. The LEED Silver designated building is fully leased to two tenants, Cameron International Corp. and Helix Energy Solutions. The property sits on nine acres at 3505 W. Sam Houston Parkway North inside the Beltway 8 loop road. The HFF team representing the seller included Dan Miller, Rusty Tamlyn, Mark West and Trent Agnew. HFF’s debt placement team included Matt Kafka and Wally Reid.
DALLAS — Marcus & Millichap has arranged the sale of 18170 Hillcrest Road, a 12,654-square-foot office property in Dallas. Ron Hebert of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership. An outside broker represented the buyer, an owner-user. The property was built in 2001 on 1.2 acres at the northeast corner of Hillcrest Road and Frankford Road. The building includes a loading dock and a separate 1.6-acre parcel of undeveloped land.
FORT LAUDERDALE, FLA. — Steelbridge Capital has purchased Cypress Financial Center, an 11-story, Class A office tower in Fort Lauderdale, for $32.6 million. The 198,528-square-foot property is situated on I-95 at Cypress Creek Road. Steelbridge Capital’s principals were part of the prior ownership from 1998-2006 and were able to now buy the asset back from the owner it had sold the property to in 2006. Steelbridge is planning a multi-million dollar capital improvement program for the property and has tapped Kravit Architectural Associates to design the upgrades to the lobby, common area, exterior, landscaping and elevator systems. The property is currently 76 percent leased to tenants such as MetLife, TD Bank, BDO, Altadis and Marcus & Millichap. Steelbridge Real Estate Services will provide property management services for Cypress Financial Center. Hermen Rodriguez, Ike Ojala and Jorge Portela of HFF represented the seller, Tricony CFC LLC, in the transaction.
ABERDEEN, MD. — CBRE has brokered the $31 million sale of Advantage Business Park, a 528,780-square-foot industrial bulk warehouse at 504 Advantage Way in Aberdeen, part of Baltimore’s I-95 North industrial submarket. SK Realty Management purchased the property from 504 Advantage Way LLC. The property is fully leased to three tenants and anchored by Gordon Food Service. Jonathan Beard, Bo Cashman and Bill Pellington of CBRE’s Baltimore office brokered the sale.