HOUSTON — NAI Houston has leased a 22,000-square-foot industrial warehouse building at 6525-B Cunningham Road in Houston. Travis Land of NAI Houston represented the landlord, Blum Beltway LP. Scott Rubenstein of Pipeline Realty represented the tenant, Texas Pipe & Supply Company.
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SAN JOSE, CALIF. – American Realty Capital has acquired a 165,000-square-foot office campus in San Jose for $52.1 million. The three-building campus is located on River Oaks Parkway at Zanker Road in San Jose. The seller, Bixby Land Company, originally acquired the campus in 2011 in two separate transactions for a total of $19.5 million. The company redesigned the space before leasing it to Nimble Storage. The property includes a 30,000-square-foot outdoor living room that can be used for collaboration or relaxation. American Realty Capital represented itself in this transaction. Bixby was represented by Mark Penrod and Andy Zighelboim of Eastdil Secured.
LAS VEGAS — Partners Capital has acquired Crossroads at Sunset ShoppingCenter, a 165,000-square-foot retail center in the Las Vegas submarket of Henderson, for an undisclosed sum. The center is located at the southwestern intersection of Sunset Road and Stephanie Street. Crossroads is anchored by Sports Authority, Toys R Us, O'Reilly Auto Parts and Wells Fargo. It is situated near the Galleria at Sunset mall and Sunset Station casino. Partners Capital and its affiliates took possession of the center after purchasing its debt from a special servicer in an all-cash, 10-day transaction. In the past five years, Partners has also acquired Charleston Festival, Stone Canyon Professional Park, Bonita Plaza and Mall Ring, an outparcel of the Galleria at Sunset, all in the Las Vegas area.
CORONA, CALIF. – A joint venture between the Bascom Group and funds managed by Oaktree Capital Management has acquired the Springs Apartments, a 320-unit apartment complex in Corona, for $43.2 million. The garden-style community is located at 650 Ebbcreek Drive. The Springs contains 20 buildings that were constructed in 1987. The joint venture is looking to acquire $250 million in value-added multifamily properties throughout the U.S. Debt for the Springs was arranged by CBRE’s Brian Eisendrath through OneWest Bank.
LOS ANGELES — MacFarlane Partners has acquired Park Fifth, a 2.2-acre development site in Downtown Los Angeles, for nearly $40 million. The site is located on the corner of Fifth and Olive streets. MacFarlane plans to develop mid- and high-rise residential properties on the site, in addition to retail. The Fifth and Olive intersection has been a popular one with developers as of late. Aside from Park Fifth, new developments at this juncture include Metropolis, G12 and the Rosslyn Hotel. The seller of Park Fifth was Africa-Israel USA (AFI-USA). The sale was executed by Jimmy Kuhn, Chris Cooney, Josh Levy and Matt Dobso of Newmark Grubb Knight Frank.
WASHINGTON, D.C. — Strategic Hotels & Resorts Inc. has closed a $120 million limited recourse loan that is secured by the Four Seasons Washington, D.C. The new loan replaces the previous $130 million financing that was encumbering the property. Deutsche Bank Securities Inc. originated the five-year loan, which features a three-year initial term with two one-year extension options available to Strategic Hotels & Resorts.
ATLANTA — AWH Partners LLC has purchased the former Hotel Melia, a 501-room hotel in Atlanta’s Midtown neighborhood, in an all-cash transaction. AWH will reposition the property into a dual-branded hotel, with both brands belonging to InterContinental Hotels Group (IHG). After the renovation is complete, the new property will include 360 Crowne Plaza rooms and 102 Staybridge Suites rooms. The dual hotel is scheduled to open in January 2016. Spire Hospitality will operate the two hotels under a franchise agreement with IHG. Upon completion, the 25-story property will feature 31,000 square feet of meeting space, three restaurants and two lobbies.
LAUREL, MD. — Preston Scheffenacker Properties Inc. has plans to develop a new 244,500-square-foot industrial facility in Laurel. The new property, located at 9001 Whiskey Bottom Road, will be a build-to-suit facility for Coastal Sunbelt Produce, a produce distributor with a staff of 300 and annual revenue near $300 million. The property will include 196,500 square feet of refrigeration space, 38-foot clear heights and 48,000 square feet of office space on two floors. Cambridge will serve as the development manager and lease representative for the new facility. Coastal Sunbelt Produce signed a 15-year lease at the build-to-suit.
LILBURN, GA. — HFF has closed the sale of and arranged acquisition financing for Lilburn Corners, a 105,161-square-foot Publix-anchored shopping center at 375 Rockbridge Road N.W. in Lilburn, a northeastern suburb of Atlanta. The asset is 92.4 percent leased to tenants such as H&R Block, The UPS Store, Snap Fitness and Marco’s Pizza. BDB Realty LLC purchased the asset from Philips Edison & Co. for $11.2 million. Jim Hamilton and Richard Reid of HFF represented the seller in the transaction. HFF also arranged $8.6 million in acquisition financing on behalf of the buyer. Chip Sykes of HFF arranged the 10-year loan with a fixed interest rate through Jefferies LoanCore.
LORTON, VA. — The JCR Cos. has acquired 51,800 square feet of retail space at Lorton Station Town Center in Lorton, located 18 miles southwest of Washington, D.C., for $13.8 million. The Lorton Station Town Center, which occupies the ground-floor area above the Virginia Railway Express commuter train station, was sold by Regency Centers. It is fully leased to 19 local, regional and national tenants, including Wells Fargo, Fireside Grill, Subway, Pan e Vino and FedEx. It is part of a mixed-use project with more than 170,000 square feet of office and commercial space, and nearly 1,200 single-family homes, townhomes, condominiums and apartments. Cantor Commercial Real Estate financed the acquisition.