FORT WORTH, TEXAS — Real estate investment management firm PCCP LLC has provided a $41.5 million loan for the recapitalization and lease-up of One City Place, a 313,953-square-foot office building in Fort Worth. The 19-story building, vacant at the time of the loan closing, is located at 300 Throckmorton Street and is part of City Place, a three-building complex owned by Spire Realty Group since 2011. Constructed in 1978, One City Place served as Radio Shack’s headquarters until 2005. Wally Reid and Corby Chaffin of HFF arranged the financing on behalf of Spire, which has invested significant capital in renovations since acquisition.
Property Type
AUSTIN, TEXAS — The Weitzman Group has brokered the sale of Anderson Mill Shopping Center, a 171,794-square-foot retail property in Austin. Located at the intersection of Lake Creek Parkway and U.S. Highway 183, the community center is currently anchored by 24 Hour Fitness and has co-anchor space available. Adam Zimel and Graham Carter of The Weitzman Group represented the purchaser, Anderson Mill Acquisitions LLC, which will rebrand the property Market at Lake Creek.
PORT ARTHUR, TEXAS — Full-service commercial real estate brokerage firm Baker Katz has acquired a 90,000-square-foot retail property in Port Arthur, a city near the Louisiana state border. Located at the intersection of Highway 69 and FM 365, the property previously housed a single occupant but will be redeveloped as a multi-tenant shopping center. To date, Hobby Lobby has signed a lease for 58,000 square feet, Party City has signed a lease for 13,000 square feet, and both tenants are expected to open this summer. Sutherland Lumber Co. sold the asset to Baker Katz, which also plans to construct an additional 7,000-square-foot outparcel at the site.
DALLAS — Real estate investment services firm The Greysteel Company has launched Greysteel Texas LLC, a subsidiary of the company based in the Dallas/Fort Worth Metroplex. Greysteel, which is based in Washington, D.C., appointed Boyan Radic as managing director and practice leader of the multifamily division of the new entity. Greysteel Texas will initially represent private and institutional investors, developers and lenders in sales and financings of middle-market multifamily properties in the South Central U.S. The subsidiary plans to expand its services and property type expertise over the next 12 to 18 months.
CARLSBAD, CALIF. – The 24-unit Villas La Costa in Carlsbad has sold to PUR Villas Carlsbad, LLC for $6 million. The community is located at 2319 Altisma Way across from the La Costa Resort and Country Club. PUR Villas was represented by Christopher J. Zorbas and David Sperling of Marcus & Millichap’s San Diego office. The seller, Oram Properties One, LLC, was also represented by Zorbas.
LONG BEACH, CALIF. – The 23-unit Bayshore Beach Villas in Long Beach has received a $4.1-million refinance. The apartment community is located at 40 Bay Shore Ave. The seven-year, fixed-rate loan was secured by HFF’s Charles Halladay. It carries a 4.34 percent interest rate through Freddie Mac. HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program. The borrower was Universe Holdings.
CULVER CITY, CALIF. — PriceGrabber.com has extended its 45,000-square-foot lease at Wateridge in Culver City. The building is located at La Cienega Boulevard and Slauson Avenue. PriceGrabber.com was represented by Dave Toomey and Brian Davies of Cresa Los Angeles. The landlord, the Muller Company, was represented in-house by Jim Bannan, and by CBRE’s Deron White and Jeff Pion.
SELMA, CALIF. — XTreme Manufacturing has leased 90,980 square feet of warehouse space in Selma. The building is located at 1775 Park Street in Fresno County. The landlord is Magellan Central Valley I, LLC. The lease transaction was executed by Ethan Smith and Ron Stoltenberg of Newmark Grubb Pearson Commercial.
SANTA MONICA, CALIF. – GoCoin has leased 7,000 square feet of office space in Santa Monica. The building, known as Keller Block, is located at 227 Broadway. The international payment-services company is relocating and expanding from the Real Office Centers-ROC Santa Monica location, which is a collaborative workspace for startup companies. Randy Starr of Avison Young represented both GoCoin and the landlord, Third Street Limited, in this transaction.
ROSWELL, GA. — Greystone has closed a $60.5 million bridge loan for a 664-unit multifamily community in Roswell, a northern suburb of Atlanta. Greystone is a New York-based provider of multifamily and healthcare loans. “We are grateful to have had the opportunity to perform for the borrower and the correspondent on this transaction,” says Martin Lanigan, head of Greystone’s portfolio lending group. “As we knew from the beginning, time was of the essence and we were able to get the execution done in a very efficient manner.”