LOS ANGELES – A trust has disposed of a four-building industrial portfolio that is valued at $5.7 million. The portfolio contains four properties in the Los Angeles area. The transaction includes 11801-11807, 11811 and 11821 Teale Street, along with 11918-11920 Jefferson Blvd. The seller was Richard J. Laski, who acted as a Trustee of the Kaman Estate. The buyer was not named. The trust was represented by Jack Whalen of Heger Industrial.
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MCKINNEY, TEXAS — James V. DuMars, senior vice president/managing director of NorthMarq Capital’s Phoenix regional office, has arranged the $5.8 million refinancing of Stonebridge Crossing, a shopping center in McKinney, Texas.Located at 6700 Virginia Parkway, the retail center spans 35,281 square feet. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. Centennial Medical Center is one of the property’s major tenants. The shopping center is shadow-anchored by Albertsons.
DALLAS — Casual Living Patio & Fireplace has acquired the 12,135-square-foot Cornerstone Plaza in an off-market transaction. The 1.9-acre retail property is located at 2801 E. Southlake Boulevard, near the Texas State Highway 114 junction. Casual Living plans to occupy 8,000 square feet of Cornerstone Plaza and lease the balance of space to a prospective tenant. The space will be renovated for three months before Casual Living opens.
DALLAS — UBS, a Switzerland-based financial services firm, has signed a 27,948-square-foot lease at Legacy Tower. UBS will relocate from its offices at the Spectrum and 5950 Sherry Lane in Dallas to the 12th floor of Legacy Tower late this year. The new location will serve as the company’s far north Dallas wealth management office. Legacy Tower is located at the southeast corner of the Dallas North Tollway and Legacy Drive. The building is pre-certified LEED Gold.Dennis Barnes, Celeste Fowden and Hunter Lee with CBRE Dallas represented the landlord, Trammell Crow Company and Principal Real Estate Investors, in the transaction. Mike Wyatt and Bill McClung with Cushman & Wakefield represented UBS.
CEDAR HILL, TEXAS — Trademark Property Co. has agreed to manage and lease Uptown Village at Cedar Hill, a 610,000-square-foot, mixed-use center in Cedar Hill, Texas. Located 20 minutes south of downtown Dallas, Uptown Village includes 350,000 square feet of retail and 35,000 square feet of office space. The center features 72 tenants including Dillard’s, Dick’s Sporting Goods and Barnes & Noble. Trademark begins management and leasing duties immediately.
NEW YORK — Formation Capital and Safanad Limited have acquired a portfolio of 14 skilled nursing facilities in the mid-Atlantic region for approximately $150 million. The 1,658-bed portfolio includes 11 facilities in Virginia, two in Maryland and one in Pennsylvania. Consulate Health Care, the sixth-largest skilled nursing care provider in the United States, operates the 14 properties.
WASHINGTON, D.C. — Carr Properties has sold Georgetown Plaza, a five-story, 150,097-square-foot office building located at 2233 Wisconsin Ave. N.W. in Washington, D.C. An affiliate of JOSS Realty Partners purchased the asset for roughly $26.9 million. Eric Berkman and Steve Gichner of Cushman & Wakefield represented Carr Properties in the transaction. Carr Properties also purchased an 11-story, Class A office building located at 2001 Pennsylvania Ave. N.W. in Washington’s central business district. Carr Properties acquired the fully leased property, also known as the James Monroe Building, for $107.8 million. The acquisition was financed with a $65 million, 10-year loan from MetLife, as well as cash on hand.
RESTON, VA. — HFF has arranged $95 million in financing for the development of BLVD at Reston Station, a 21-story, 448-unit apartment building in Reston. The property will sit atop the entrance of the Wiehle-Reston East Metro Station. The upscale apartment community is the initial phase of the Reston Station mixed-use development that will include 550,000 square feet of office space, a 200-room hotel and an additional multifamily project. BLVD at Reston Station will feature one- to three-bedroom floor plans averaging 868 square feet. The property will also feature a resort-style rooftop swimming pool, fitness center, yoga room and private entertainment area with a glass fireplace, wet bar, media screen and billiard room. Walter Coker and Brian Crivella of HFF arranged the four-year construction loan through Citizens Bank on behalf of the borrower, Comstock Partners.
MIAMI — Miami-based Fifteen Group has acquired an 85,000-square-foot distribution and logistics facility located at 200 S. Miami Ave. in Miami for $19 million. The six-story property is fully leased to FedEx Corp. The property is situated in downtown Miami adjacent to the Third Street Metromover Station. The property was constructed in 1999 as a central distribution hub for FedEx.
COVINGTON, LA. — Movie Tavern, an in-theater dining concept, plans to open its first Louisiana in Covington on July 31. The new theater, located at 201 N. Highway 190, will feature eight screens with one auditorium featuring MT-X (Movie Tavern Xtreme), an enhanced theater that has a three-story screen, 3D projector and Dolby Atmos sound. With the new location, Movie Tavern has 18 properties in eight states.