HOUSTON — Hartman Mitchelldale Business Park LLC, an affiliate of Houston-based REIT Hartman Short Term Income Properties XX Inc., has purchased Mitchelldale Business Park from AFS NW Business Park LP, an affiliate of Falcon Southwest. Mitchelldale Business Park is a 12-building, 377,752-square-foot industrial park located in the northwest industrial submarket at Highway 290 and Mitchelldale. The park is currently 92 percent occupied. Lead tenants include Craven Carpet, a locally owned, family-operated flooring installation company; A Better Trip, a Houston-based moving company; GC Services, one the industry’s leading business processing outsource providers; and LOYC Investments, an international import/export and distribution company. Rusty Tamlyn and Trent Agnew of HFF represented the seller and Dave Wheeler, Julian Kwok and Russell Turman of Hartman represented the buyer.
Property Type
AUSTIN, TEXAS — NorthMarq Capital’s Dallas office has arranged the $10.2 million refinancing of West Side Village, a 50,107-square-foot retail and office property located at 1214 W. Sixth St. in Austin. The transaction was structured with a 10-year term and 30-year amortization schedule. Paul Brighton of NorthMarq arranged financing for the borrower through NorthMarq’s relationship with a CMBS lender. Long-time Austin fashion retailer Julian Gold anchors the property.
ARLINGTON, TEXAS — California-based Brookline Investment Group has purchased Manchester Park, a 126-unit, value-add apartment complex located at 2011 Lincoln Dr. in Arlington from Landmark Apartment Trust. Chris Deuillet and Dirk Goris of CBRE represented the seller in the transaction. The complex is currently 97 percent occupied. Among the community’s amenities are a clubhouse, pool, tennis court, picnic area, gated access and planned activities for residents. Units feature wood-burning fireplaces, full-size washer and dryer connections, black appliances, wood-style flooring, balconies and private patios. Brookline Investment Group plans to revitalize 10,000 square feet of unused clubhouse space, including six racquetball courts, at Manchester Park.
COLLEYVILLE, TEXAS — Studio Movie Grill has opened a 51,935-square-foot location at Town Center of Colleyville, a Dallas/Fort Worth suburb. John Zikos and Chris Booras of Venture Commercial represented American National Bank Special Assets LLC in the sale and assignment of two leases on the building to Studio Movie Grill Holdings LLC. Larry Leon and Ross McCook, also of Venture, assisted in the transaction. The center was recently acquired by Velocis, a Dallas-based private equity real estate fund.
Las Vegas – The 240-unit Cimarron Apartments in Las Vegas has sold to FF Realty II LLC for $24.5 million. The community is located at 8301 W. Flamingo Road. The seller, 8301 W Flamingo Road Holdings LLC, was represented by the Sauter Multifamily Group of NAI Vegas.
SAN JOSE, CALIF. — ValueRock Realty Partners has acquired a 120,437-square-foot retail property in San Jose for $18.2 million. The Target-anchored center is located at 2155 Morrill Ave. This is ValueRock’s first Silicon Valley acquisition.
FOSTER CITY, CALIF. — Foster City Medical Pavilion, a 39,842-square-foot medical office building, has received $11.1 million in non-recourse financing. The pavilion is located at 1241 E. Hillsdale Blvd. in Foster City. Proceeds were used to acquire the building. The loan was structured to finance capital expenditures with a secondary funding for 100 percent of the projected tenant improvements and leasing commissions. It represents 60 percent of the borrower’s cost to acquire, upgrade and re-tenant the building. The loan is interest-only for the duration of the term and carries an attractive floating-rate spread with prepayment flexibility. It was secured for Swift Real Estate Partners by Michael Walker of CBRE’s San Francisco office. Financing was placed with a publicly traded mortgage REIT.
LOS ANGELES — Glumac Engineering has signed a 12-year lease for 17,500 square feet of office space in Los Angeles. The building is located at 707 Wilshire Blvd. in Downtown. The firm, which has worked on the Wilshire Grand Hotel and the Shanghai Disneyland, will be relocating this August from an office on nearby 7th Street. Glumac was represented by Joe Faulkner of CRESA Partners. The landlord, Beacon Properties, was represented by JLL’s John McAniff.
SAN DIEGO — River Bank Plaza, a 40,222-square-foot office property in San Diego, has sold to San Diego Unified School District for $5.5 million. The two-building property is located at 3420 and 3430 Camino Del Rio North. The school district plans to lease the Class B property to a non-profit charter school. It represented itself in this transaction. The seller, NCWP-River Bank LLC, was represented by Derek Hulse, Derek Applbaum and Tom Mercer of Colliers International.
ODENTON, MD. — The Goldstar Group has purchased Shelter Cove Apartments, a 300-unit multifamily community in Odenton, for approximately $43 million. The apartment community is located at 537 Tranquil Court about three miles from Fort Meade, the fourth-largest military base in the United States. The property includes a clubhouse, outdoor swimming pool, 24-hour fitness center, children’s playground and tennis courts. Clifford Mendelson of Metropolis Capital Finance arranged private equity for the transaction, while Adam Randall of Berkeley Point Capital arranged debt financing through Freddie Mac. Robin Williams and Dean Sigmon of Transwestern represented the seller in the transaction.