PETERBOROUGH, N.H. — NAI Norwood Group has arranged the $2.9 million sale of a ground lease of a CVS/pharmacy building in Peterborough, 30 miles west of Nashua. Andy Fleisher of NAI Norwood Group represented the buyer in the 1031 tax-deferred exchange. Bradley Vear of Vear Commercial Properties Inc. represented the seller, East Moriches, N.Y.-based 125 Kublin Road LLC, in the transaction. The property is located at 125 Dublin Road, adjacent to a Shaw’s Grocery Store. Built in 2008, the 13,167-square-foot drugstore is situated on 1.9 acres.
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SAN ANTONIO — Tryperion Partners and Presidium Group have formed a joint venture to acquire Oakwell Springs, a 252-unit apartment complex in the northeast submarket of San Antonio. The partnership plans renovations for the property including new interior finishes, enhanced amenities and landscaping and refurbished exteriors. Tryperion is a Los Angeles-based private real estate investment firm focusing on value-add opportunities in the office, retail, hospitality and multifamily sectors in secondary markets in western states. Presidium is an investment and management firm specializing in Texas multifamily properties and currently has more than 6,000 units under management.
HOUSTON — Marcus & Millichap has brokered the sale of a 23,024-square-foot retail property located at 4505 Highway 6 N. in Houston. The asset commanded a list price of $1.7 million. Gus Lagos and Alex Bouchard of M&M’s Houston office marketed the property on behalf of the seller, a private investor. The name of the buyer was not disclosed.
THE WOODLANDS, TEXAS — The Howard Hughes Corporation (NYSE: HHC) and its wholly owned subsidiary, The Woodlands Development Company, have opened One Hughes Landing, the first office building at Hughes Landing, a 66-acre mixed-use development in The Woodlands. Tenants of the 197,719-square-foot property include Strike LLC, Layne Christensen Co., PetroQuest Energy Inc., Summit Midstream, Sterling Construction, Wells Fargo Bank, GMA Garnet and Post Oak Bank. The developer is pursuing LEED Silver Certification for One Hughes Landing, which is an eight-story Class A tower. The Howard Hughes Corporation plans a total of 11 office buildings plus shopping, dining, entertainment and multifamily properties for the Hughes Landing development.
ROUND ROCK, TEXAS — CBRE will market Boardwalk Shopping Center, a super-regional power shopping center totaling 184,598 square feet in Round Rock, a northern suburb of Austin. The property, built in 1996 at the interchange of Interstate 35 and State Highway 45, is currently 98.6 percent occupied by tenants including Ross Dress for Less, PetSmart, Office Max and Party City. Boardwalk boasts a weighted average historical occupancy of 11.8 years and limited rollover, as 69 percent of the current tenants signed to leases through 2018 or later. Chris Cozby, Chris Gerard and Kevin Holland of CBRE are representing the seller, the name of which was undisclosed.
Walking the floor at yesterday’s ICSC Western Division Conference in San Diego, one gets a strong sense of industry-wide optimism as the economy continues to incrementally improve. Many more retailers are actively leasing, tons of new startups are in the market and some regions are even seeing an uptick in infill, ground-up development. While the industry may not see the heyday that occurred before the Lehman Brothers’ collapse for some time, widely publicized low interest rates have generated large volumes of refinancing. This has resulted in a slow but steady sector growth of 4 percent to 5 percent over the past five years. Of course, larger retail developers (many of which are REITs) realized a tremendous boon by refinancing portions of their portfolios at historically low interest rates. In addition, the housing market’s rebound over the past 12 to 18 months, coupled with near-historically low interest rates, has driven some shop tenants back into the market. As key indicators continue to point toward a cautious growth trajectory for housing – median home values are up and homebuilders are acquiring more land to develop – ICSC attendees have taken a positive outlook on the market. Naturally, that outlook is tempered by …
GLENDALE, CALIF. – Construction has commenced on the 303-unit Glendale Triangle residential mixed-use project. The 315,391-square-foot project will be located at 3900 San Fernando Road in Glendale near animation studios like Disney and DreamWorks. It is being developed by Camden USA, which conceived and designed the project to attract Gen-Y renters. Lifestyle amenities include a pool and spa, two roof decks, four courtyards, a barbecue area and a fitness center with yoga rooms. The project includes 16 live-work units and six ground-floor retail spaces. It is scheduled for completion in the third quarter of 2015. Bernardswill serve as general contractor.
SAN DIEGO – A joint venture between Clarion Partners and HP Investors has acquired an interest in the retail and commercial parking portion of the Gaslamp City Square condominium project. The purchase price was not disclosed. The property is located at 450 J Street in Downtown San Diego’s historic Gaslamp District. The property’s 54,773-square-foot retail component contains a mix of national and regional tenants like Quicksilver, Oceanaire and GStar. The acquisition also includes more than 250 dedicated parking stalls. Gaslamp City Square was developed in 2004. This is HP’s sixth Downtown San Diego acquisition in the past 18 months.
SAN FRANCISCO – The University of California, San Francisco(UCSF) has announced its plans to establish a state-of-the-art clinical and translational research unit focused on endocrinology in Mission Bay. The 30,000-square-foot space will be located at 499 Illinois Street in the San Francisco submarket. The facility is in close proximity to UCSF'S research campus and three new hospitals. The university has signed a 15-year lease at the property. Illumina also recently nabbed office and laboratory space at this 222,780-square-foot waterfront project. About 82 percent of the building is now leased or under negotiation. The building is owned by Alexandria Real Estate Equities.
PUYALLUP, WASH. – The 225-unit Glenbrooke Apartments in Puyallup has received a $13.6-million refinance. The affordable housing complex is located at 701 43rdAve. The property had a complex ownership structure with multiple partners. The transaction facilitated a refinance for a limited partner buy-out. Financing was based on a 10-year term and a 30-year amortization period with three years interest-only. It was arranged by Ron Peterson of NorthMarq Capital’s Seattle regional office through the firm’s seller-servicer relationship with Freddie Mac.