ADDISON, TEXAS — Powell Realty Advisors has brokered the sale of Airport Plaza, a 30,660-square-foot property with multi-tenant flex space near Addison Airport, approximately 15 miles north of downtown Dallas. The building, which was 73 percent leased at the time of closing, features bay depths of 50 and 60 feet, grade-level rear doors and 14-foot clear heights. Located at 4500 Ratliff Lane, the property allows for easy access to both Addison Road and Dallas North Tollway. Robert Powell of Powell Realty Advisors represented the buyer, 3MN LLC, in the transaction. Dan Avnery of Retail Realty represented the seller, Indus Partners.
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SUGAR LAND, TEXAS — Q10 | New York Realty Advisors (Q10NY) has secured a $4.1 million first mortgage loan for a freestanding location of Best Buy in Sugar Land, approximately 23 miles southwest of downtown Houston. The property, owned and managed by a Midwest real estate family, is located at 16980 Southwest Freeway. The terms of the loan include 10 years at a fixed interest rate of 4.75 percent with a borrower option for a five-year extension. Jeanne Cronin of Q10NY originated and placed the loan through a Texas bank.
OAKLAND, CALIF. — Harvest Properties and Prudential Real Estate Investors have purchased the 490,000-square-foot, Class A office building located at 555 City Center in Oakland. The purchase price was $132.3 million, or $270 per square foot, according to The Registry. The 20-story, trophy-quality asset is the flagship of the Oakland City Center development. Jeffrey Weber, Stephen Van Dusen, Mark Penrod, Darin Rodriguez and Daniel Cichocki of Eastdil Secured executed the transaction. The seller was CBRE Investors. Harvest will manage the property, while John Dolby and Dane Hooks of CTBT will oversee the building's leasing efforts.
SAN DIEGO — The San Diego Community College District (SDCCD) Board of Trustees has signed a 99-year ground lease at a new mixed-use project that is being developed in San Diego’s Upper East Village. The 1.3-acre project will envelop a full city block. It will contain creative office space, apartments, and street-level shops and restaurants. The project is being developed by Lowe Enterprises and I.D.E.A. Partners, LLC. It will be designed by Gensler. SDCCD will pay $56,625 per month, for a total lease value of about $67.2 million. The new project is an inaugural component of the 95-acre I.D.E.A. (Innovation Design Education Arts) District, which looks to marry design and technology with the creative fields. The new district hopes to entice educational institutions, arts and artists. It is being designed as a walkable, sustainable environment.
BELLEVUE, WASH. – A joint venture between Trammell Crow Company and Principal Real Estate Investors has purchased a 1.5-acre land site in Bellevue’s Washington Square. The purchase price was not disclosed. The land is situated along 108th Ave. NE in the city’s Central Business District. The JV plans to develop a 462,000-square-foot, Class A office building with street-level retail on the site. The groundbreaking is scheduled for next April. The project will be built by Lease Crutcher Lewis and designed by LMN Architects. Leasing will be overseen by Tom Bohman, Pete Hollomon and Lennon Atteberry of CBRE’s Bellevue office.
SAN DIEGO — Liberty Station Marketplace, a 152,495-square-foot, dual grocery-anchored retail center in the San Diego submarket of Point Loma, has received $47 million in permanent financing. The center is located at 2640 Historic Decatur Road. It is 93 percent leased. Vons and Trader Joe’s anchor the center, which is also occupied by Starbucks, Sammy’s Woodfired Pizza, Five Guys, Verizon Wireless, Panera Bread, Cold Stone Creamery, Tender Greens and Luna Grill. The loan was secured by HFF’s Tim Wright, Nick Psyllos and Zack Holderman on behalf of The Corky McMillin Companies. The loan was placed with a major fund advisor.
LOS ANGELES – The 669-unit Crenshaw Village Apartments in Los Angeles has received $42.5 million in acquisition financing. The community is located at 4220 Santa Rosalia Drive in the Los Angeles submarket of Baldwin Hills. Upside Investments purchased the Class B/C asset for $60 million. It was built in 1948, and has only undergone minor renovations. Though renovation plans have not yet been finalized, Upside intends to install new appliances and laundry facilities. It will also update the landscaping and add more parking options. The loan was secured by Steve Bram and David Pascale of George Smith Partners (GSP). Financing was provided by a GSP correspondent FNMA lender. Ron Harris, Paul Darrow and Michael DiSimone of Investments at Institutional Property Advisors represented both the buyer and the seller, a private investor, in the sales transaction.
BUENA PARK, CALIF. – The 184-unit Brookstone Apartments in Buena Park has sold to Patrick Cadigan for $38 million. The community is located at 7400 Artesia Blvd. Cadigan was represented by Carl Greenwood and Jim McKenzie of Greenwood & McKenzie. The seller, L&B Realty Advisors, was represented by Shane Shafer, Dean Zander and Vince Norris of Hendricks|Berkadia.
PEACHTREE CORNERS, GA. — The city of Peachtree Corners has awarded Fuqua Development the right to build the $150 million Carillon Village, a mixed-use project that will create a pedestrian-friendly environment. The 20-acre development will be located on Peachtree Parkway, approximately 20 miles northeast of Atlanta in Gwinnett County. The project will include 150,000 square feet of retail that will feature a health club, restaurants and fashion tenants. The project will also contain Class A office space above 15,000 square feet of retail, along with 356 multifamily units and a 120-room boutique hotel. Throughout Carillon Village, which will be complete in fall 2014, the streets and sidewalks will connect to open spaces through walkways, plazas and landscaped areas. Fuqua Development will be in charge of developing the retail component of Carillon Village. Pope & Land Enterprises Inc. is the development coordinator. AMLI Residential will focus on the apartment development. Norcross, Ga.-based Cheeley Development is also a partner on the project.
MIAMI — Crews have begun demolition work on an existing structure at the site of Le Parc at Brickell, a planned 12-story luxury condominium building coming to Miami's Brickell neighborhood. The boutique condominium property will break ground later this fall, with an expected delivery in spring 2015. The project is a joint venture between Strategic Properties Group and ALTA Developers — a collaboration between Chile-based Aconcagua and Miami-based Archiplan USA. More than half of the building's 128 units have been sold, with prices ranging from the low $300,000s to about $700,000. The new project will overlook the adjacent Simpson Park. Amenities will include a fourth-floor pool deck, rooftop Skylounge with an outdoor bar/lounge area, fitness center, clubroom, entertainment area, business lounge with conference center, private entrance and garage parking. Le Parc at Brickell offers studio, one-, two- and three-bedroom layouts, along with two-story townhomes. Atton Hotels is developing a new 274-room hotel directly next door.