HOUSTON — NorthMarq Capital’s Houston office secured acquisition financing for Lakewood Town Square, a 32,000-square-foot retail property in northwest Houston. The bridge loan was secured with a 10-year term fully amortizing and was arranged for the borrower, a local private buyer, through NorthMarq’s relationship with, Symetra, a life insurance company. The interest rate was 4 percent. Warren Hitchcock, vice president of NorthMarq’s Houston office, secured acquisition financing in the transaction.
Property Type
EL CAMPO, TEXAS — Marcus & Millichap has arranged the sale of El Campo Town Center, a 25,100-square-foot retail property located in El Campo. The asset had a list price of $3.6 million. Watt Harrison and James Bell with Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a developer. The buyer, a limited liability company, was represented by Ahmed Kabani with Marcus & Millichap’s Miami office.
ROUND ROCK, TEXAS — CBRE has arranged the sale of Boardwalk Shopping Center in Round Rock on behalf of Greenwood Village, a Colorado-based capital management firm. A private real estate fund advised by Crow Holdings Capital Real Estate of Dallas purchased the center for an undisclosed price. The 184,598-square-foot center, built in 1996, is 98.6 percent occupied with tenants including Ross Dress for Less, PetSmart, OfficeMax, Party City, Walmart and The Home Depot. The center is located near the intersection of Interstate 35 and State Highway 45. Chris Cozby, Chris Gerard and Kevin Holland with CBRE listed the asset on behalf of the seller.
HOUSTON — KBS Real Estate Investment Trust II has sold Two Westlake Park in Houston. The buyer and sale price were not disclosed. Two Westlake Park was built in 1982 as part of the 58-acre Westlake Park. The 67,334-square-foot property was converted from condominium space to offices in 2012. The property is 100 percent leased, with ConocoPhillips as the anchor tenant. Other tenants include Merrill Lynch and BP. Two Westlake Park is located at 580 Westlake Park Blvd in Houston.
SNELLVILLE, GA. — Olshan Properties has acquired The Shoppes at Webb Gin, a 351,000-square-foot retail center located in Snellville, an eastern suburb of Atlanta. The property, located at the intersection of Scenic Highway 124 and Webb Gin House Road, features 333,795 square feet of retail space and 17,210 square feet of office space. Olshan purchased the project from a joint venture between institutional investors advised by J.P. Morgan Asset Management and Bayer Properties. Eric Zimmermann and Miles Theodore of Eastdil Secured represented the seller in the transaction.
FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the $13.8 million sale of Plaza Del Mar, a 32,079-square-foot shopping center located at 1451 N. Federal Highway in Fort Lauderdale. The property was 84 percent leased at the time of the sale to Lime Fresh Mexican Grill, Jimmy John’s, Joe’s Crab Shack, Sally Beauty Supply and MetroPCS. Douglas Mandel of Marcus & Millichap’s Fort Lauderdale office represented the seller, South Florida Residential LLC, in the transaction. The buyer is a private investor based in Brazil.
CHARLOTTESVILLE, VA. — Homewood Suites by Hilton has opened its first hotel in Charlottesville known as the Homewood Suites by Hilton Charlottesville. The four-story hotel, located at 2036 India Drive, offers 150 suites and is located less than one mile from the University of Virginia. Albemarle Suites LLC owns the hotel and Heritage Hospitality Management Inc. is the hotel’s management firm.
ATLANTA — Westside Ironworks LLC has inked a lease agreement with Barcelona Restaurant and Wine Bar to open the restaurant’s second Atlanta location at Westside Ironworks, an 18,500-square-foot adaptive reuse retail project in Atlanta’s West Midtown neighborhood. The $8.5 million project is expected to open in spring 2015. The property is the former home of Iron-Works International Inc. and features 45-foot-high wood roofs and large entrance doors and windows. After a $3 million renovation and expansion, Barcelona will occupy the approximately 4,000-square-foot, freestanding building on the site. The restaurant is slated to open its doors in mid-2015. Stephanie McCall of The Shopping Center Group handles leasing responsibilities for Westside Ironworks.
ABERDEEN PROVING GROUND, MD. — St. John Properties Inc. has signed DRS Technologies to lease totaling 15,000 square feet within The Government and Technology Enterprise (The GATE at APG) project. This is the 50th lease at the 416-acre business park located in Aberdeen Proving Ground in Harford County. Since acquiring the rights to continue to develop The GATE at APG from the Department of Army in 2009, the Baltimore-based firm has developed 12 office and R&D buildings totaling more than 600,000 square feet at the property. St. John Properties has also leased roughly 530,000 square feet of new space. Tenants at The GATE feature some of the top defense contractors in the nation, including The Boeing Co., CACI, General Dynamics, CSC, Raytheon, Science Applications International Corp. (SAIC), Engility, DSCI and Lockheed Martin. DRS Technologies plans to move 50 employees to The GATE this fall.
PINE HILL, N.J. — Gebroe-Hammer Associates has brokered the sale of Chalet Gardens, a multifamily property located in Pine Hill, a suburb of Philadelphia. The 95-percent occupied, 484-unit apartment complex sold for $26 million. The 31.58-acre gated community comprises 49 two-story buildings with 348 one-bedroom and 136 two-bedroom units. Each unit features central air conditioning, private entrances, patios or balconies, eat-in kitchens, oversized closets and separate laundry rooms with full-sized washer and dryer. Community amenities include a swimming pool, tennis court, fitness center, playground and recreation area. Chalet Gardens recently underwent a more than $3 million capital improvements program to renovate units and install new windows. Joseph Brecher and Adam Zweibel of Gebroe-Hammer Associates represented the seller and identified the buyer in the transaction. Richard Kelin of Livingston, N.J.-based Feinstein, Raiss, Kelin & Booker LLC provided legal counsel to the buyer.