ROSEVILLE, MINN. — Grandbridge Real Estate Capital has provided a $3 million first mortgage refinance loan for a 77,000-square-foot office/warehouse property in Roseville. Tony Carlson of Grandbridge’s Minneapolis office originated the acquisition financing for the undisclosed borrower through a life insurance company. The 15-year loan includes a 15-year amortization schedule, and closed with a competitive fixed interest rate. The loan required no personal guaranty and allowed the borrower to refinance its existing debt.
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BUCKEYE, ARIZ. — Interstate Holdings has acquired Watson Marketplace, a 90,000-square-foot retail center in Buckeye, for $22 million. The center is located at 441 – 733 S. Watson Road, about 30 minutes west of Phoenix. The transaction included 55,153 square feet of property on nearly eight acres that is leased to 15 tenants, including Goodwill, Denny’s, the UPS Store, Dunkin Donuts and Firehouse Subs. It also included two retail pads that are ground leased to McDonald’s and Bank of America. Chris Tramontano and Tom Chichester of Faris Lee Investments represented the all-cash buyer, which was also in a 1031 Exchange. The seller and property developer, Desert Troon Companies, was represented by Chris Tramontano, Matthew Mousavi and Patrick Luther of the same firm.
DENVER – The 77-unit Hilltop Apartments in Denver has sold to a local, low-income housing owner and operator for $7.3 million. The community is located at 1554 Logan Street and 1705 Franklin Street. The two buildings were built in 1990 and 1909, respectively. The property falls under Project Based Section 8 Housing. Jules Hochman and Justin Brockman of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.
SIMI VALLEY, CALIF. — Auto World Center, an 18,875-square-foot auto retail center in Simi Valley, has sold to Khajerian Family Trust for $3.9 million. The center is located at 2170-2190 First Street in the Los Angeles submarket. First Street is also known as “Auto Center Drive.” Auto World Center is fully leased to a range of automotive service providers. The property, which was developed in 1986, contains three free-standing buildings. Ken Simons of NAI Capital’s Westlake Village office represented both the buyer and seller, the Pick Family Trust, in this transaction.
VALENCIA, CALIF. — PPG Aerospace has renewed its lease for 83,000 square feet of specialized industrial space in Valencia. The highly customized space is located at 24811 Ave. Rockefeller. PPG uses the property as its aeronautics manufacturing, design and office space. PPG Aerospace is a division of PPG Industries. The company was represented by Mark Evanoff and Andrew Berk of Avison Young. The landlord, Krausz Company, represented itself in this transaction.
SALT LAKE CITY – MasteryConnect has leased 17,353 square feet at a Class A office building in Salt Lake City. The building is located at 222 Main in the city’s Central Business District. The property was built in 2009. It was Utah’s first LEED-Gold certified building, according to the landlord, KBS Real Estate Investment Trust III. MasteryConnect was represented by JLL’s Jim Balderson and Jesse Mangum. KBS REIT was represented by CBRE’s Scott Wilmarth and Nadia Letey.
PLANO, TEXAS — Jones Lang LaSalle will provide management services for Toyota’s planned new North American headquarters in Plano, a suburb of Dallas. Toyota has also hired developer KDC and design firm Corgan for the project. JLL previously assisted Toyota in analyzing potential sites before the company chose Plano. Toyota plans to move into its new headquarters at the southwest corner of State Highway 121 and Legacy Drive in either late 2016 or early 2017. The headquarters is expected to employ 4,000 workers in a 1 million-square-foot property.
HOUSTON — Houston-based Baker Katz has negotiated 9,000 square feet of leases for Nothing Bundt Cakes in the Houston area. Lunden McGill of Baker Katz negotiated the leasing of the five locations with a number of different brokers. Each location is about 1,800 square feet. Nothing Bundt Cakes is known for its desserts, with locations throughout the country.
PLANO, TEXAS — HFF has arranged financing for The Preserve at Arbor Hills in Plano. HFF worked on behalf of the borrower, Pure Multi-Family REIT LP, to secure the seven-year loan through Northwestern Mutual. Loan proceeds were used to acquire the property. The Preserve at Arbor Hills is located at 7001 W. Parker Road next to the Arbor Hills Nature Preserve and 21 miles north of downtown Dallas. The property is 97 percent leased and includes 330 one-, two- and three-bedroom units averaging 1,006 square feet. The complex was built in 1998. Amenities include a pool, spa, gym, picnic areas, business center and coffee bar. John Brownlee led the HFF team representing the borrower.
HOUSTON — Boyd Commercial/CORFAC International has completed a trio of transactions for Jetco Delivery Inc., a trucking and logistics company. The transactions include the acquisition of a new property, sale of an existing property and lease of a third property. Bo Pettit and David Boyd of Boyd Commercial arranged the transactions for Jetco, which has been on an extended search for the right place to expand and consolidate their business. Upon completion, the company’s new headquarters, located at 3010 Aldine Bender drive in Houston, will have 30,000 square feet of office, warehouse and truck maintenance space.