PITTSBURGH, PA. — UC Funding has provided $6.5 million in financing for the acquisition of a 60,473-square-foot, six-story mixed-use building in downtown Pittsburgh. The borrower plans to renovate floors two through six, which are currently vacant, and convert them to 40 Class A apartments. Each unit will include stainless steel appliances, granite or quartz countertops, solid maple cabinets, side-by-side washer and dryer, marble bathroom vanities and tiled flooring. Built in 1900, the building includes 7,290 square feet of ground-floor retail that is fully occupied by a restaurant. Construction is slated to begin shortly after closing and will take 12 months to complete.
Property Type
ISLANDIA AND HAUPPAUGE, N.Y. — A partnership has acquired The Crossroads Corporate Center, a 400,000-square-foot, 13-building office complex in Islandia and Hauppauge. Matrix Investment Group and The Crest Group purchased the building, which has been renamed the Matrix Corporate Park. The Class A office property is situated on the north and south side of the Long Island Expressway at exit 57. Current tenants include National Life Group, Stifel Nicolaus, Paychex, EmpireNational Bank, Rubin & Rothman and TransFirst. Available space at Matrix Corporate Park ranges from 750-square-foot executive suites to 8,000-square-foot areas.
TOWNSEND, DEL. — Marcus & Millichap Capital Corp. has arranged $2.8 million in refinancing for a single-tenant retail store in Townsend, located about five miles south of Middletown. The 10-year loan carries a 4.44 percent interest rate and includes a 25-year amortization schedule. Walgreens occupies the property.
DALLAS — Financial services firm Civitas Capital Group has secured $53.5 million in construction financing for The Alexan Skyline, an apartment complex planned for Goat Hill, located northwest of downtown Dallas. Trammell Crow Residential, in collaboration with Behringer Harvard Multifamily REIT I Inc., is developing the 10-story property. The Alexan Skyline will offer 365 units ranging from 436 to 1,865 square feet, plus amenities such as two swimming pools, abundant outdoor patio space and ground-floor retail. This is the eighth investment for Civitas, which focuses on alternative investments, EB-5 funds and wealth management.
FORT WORTH, TEXAS — Realty Capital Management LLC (RCM) has brokered the sale of Eagle Mountain Plaza, a 17,000-square-foot retail property in Fort Worth. Located at 8455 Boat Club Road, the strip was 100 percent leased at the time of sale by tenants including Double Eagle Liquors, Gaskey’s Sports Grill, Papa John’s Pizza and Martini Tan. Mark Boone, director of commercial sales and leasing for RCM, represented the seller in the transaction.
HOUSTON — Cushman & Wakefield has arranged leases for Cameron International Corp. and Produced Water Absorbents Inc. (PWA) at Northwest Place Industrial Park, located in Houston’s Northwest submarket. Cameron will occupy the 22,942-square-foot flex building located at 6511 West Little York Road, and PWA will occupy the 18,000-square-foot flex building at 6795 Bingle Road. The complex, a project of full-service real estate company Levey Group, comprises five buildings: the two just leased, one previously leased and two that are still being constructed.
SAN ANTONIO —Investment firm Silver Ventures Inc. and three: living architecture plan the extensive renovation of the historic Pearl Brewery brew house. The property, part of the 22-acre Pearl Brewery campus that now serves as a mixed-use development, will relaunch as Hotel Pearl in the summer of 2014. Designed by three in collaboration with Roman and Williams, the new hotel will offer 146 rooms plus dining, social and meeting spaces. Kimpton Hotels will manage Hotel Pearl.
MOUNTAIN VIEW, CALIF. – Google has agreed to lease space at the former Mayfield Mall in Mountain View. The mall is currently undergoing a transformation that will turn it into a 500,000-square-foot office campus. Construction on the Class A office complex should be completed in 2014. It is located at 100 Mayfield Ave. in Silicon Valley. The mall was originally built in 1966. Notable tenants included J.C. Penney, Wells Fargo Bank and the Mayfair Market grocery store. The mall is owned by a joint venture between Rockwood Capital, LLC and Four Corners Properties. Kevin Cunningham and Jack Troedson of Cornish & Carey Commercial Newmark Knight Frank represented the landlordin this transaction.
COMMERCE, CALIF. — KTR Capital Partners has purchased a four-property industrial portfolio in Commerce for an undisclosed sum. The 254,000-square-foot portfolio is located along 61st and Randolph streets. The buildings are 85 percent leased to six tenants. The disposition was handled by Mike Sidney, Mike Foley, John McMillan, Jeff Sanita, Jeff Chiate and Jeff Cole of Cushman & Wakefield. The seller was Erwin & Essie Appel Trust.
CARLSBAD, CALIF. — Drawbridge Realty Trust has purchased Pacific View Corporate Center, an 80,862-square-foot office building in Carlsbad for $22.2 million. The Class A center is located at 5759 Fleet Street in the Carlsbad Ranch area. It is fully leased to Synteract and RF Micro Devices. Drawbridge was represented by Rick Reeder, Joe Anderson and Dennis Visser of Cassidy Turley’s North San Diego office. The seller, TA Realty Associates, was represented by Jeff Cole, Ed Hernandez, Michael Roberts and Brunson Howard of Cushman & Wakefield.