KATY, TEXAS — Marcus & Millichap has brokered the sale of Cinco Ranch Plaza I, a 20,562-square-foot retail property in the Houston suburb of Katy. Located on 2.2 acres at 24124 Cinco Ranch Blvd., the facility houses medical and professional tenants, including Dentistry by RSE and Alamo Title, in addition to retailers. Derek Hargrove and Justin Miller of Marcus & Millichap marketed the property on behalf of the seller, The Woodlands-based developer The Marcel Group. Hargrove and Miller also secured the buyer, an international private capital investor.
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HOUSTON — NAI Houston has arranged a 17,430-square-foot industrial lease in Houston for McGuire Bearing Co. LLC, a distributor of bearings and power transmission products. The tenant will occupy space at Pine Timbers Distribution Center 2, which is located at 4460 Pine Timbers St. The property is in close proximity to the major thoroughfare of U.S. Route 290. Ed Bane and Jon Michael of NAI Houston represented the unnamed landlord in the negotiations. Brad Beauchamp of Colliers International represented McGuire Bearing Co.
PORTLAND, ORE. – A pair of Class A office buildings in Portland has sold to joint venture Woodside Palisades Partners for an undisclosed sum. The buildings, Cascade Station I and II, are located in the Cascade Station mixed-use development. They contain a total of 127,000 square feet. Woodside Palisades Partners is a joint venture between Joaquin Charles de Monet of Palisades Capital Realty Advisors and two Silicon Valley investors. The unnamed sellers were represented by CBRE’s Kevin Shannon.
SAN JOSE, CALIF. – A 122,265-square-foot building in San Jose that is triple-net leased to Home Depot has sold to an unnamed buyer for $15.7 million. The building is located off California State Route 87 at 635 West Capitol Expressway. The seller, an institutional investor, was represented by Mike James of Marcus & Millichap’s Encino office.
OCEANSIDE, CALIF. – The 88-unit Forest Glen Condominiums in Oceanside has sold to an unnamed buyer for $14.2 million. The community is located at 612 Los Arbolitos Blvd. It was built in 1977. The buyer was represented by Stewart I. Weston of Marcus & Millichap. The unnamed seller was represented by Christopher Zorbas of the same firm.
PHOENIX – A 113,827-square-foot industrial/flex building in Phoenix has sold to Verde Investments for $9.4 million. The building is located at 317 S. 48th Street. Verde Investments is owned by Ernie Garcia, owner and Chairman of the Board of Phoenix-based DriveTime Automotive Group. The firm has yet to announce any future plans for the building. Verde was represented by Tom Adelson of CBRE’s Phoenix office and Fred Darche of Lee & Associates. The seller, Second Berkshire Properties, was represented by Mike Haenel, Andy Markham and Will Strong of Cassidy Turley.
SEATTLE – The University District Building, a 79,513-square-foot office building in Seattle, has received a $9-million refinance. The building is occupied by the University of Washington. It is located at 1107 NE 45th Street in the U District. The 10-year loan features a 25-year amortization schedule and a sub-5 percent interest rate. It was secured by Ken Griggs and Paddy Ryan of NBS Financial Services. The pair also collaborated with Mike Wood. NBS represented the lender, Riversource Investments, in this transaction.
BALTIMORE — Eastern Union has arranged a $21.5 million CMBS loan for the conversion of the Equitable Building, located at 10 N. Calvert St. in Baltimore, into a 180-unit apartment building. The borrower, JK Equities, is investing a total of $32 million in the repositioning of the nine-story asset. Ira Zlotowitz and Meir Kennser of Eastern Union arranged the three-year loan with a fixed 4.91 percent interest rate through Natixis Global Asset Management.
ATLANTA — PCCP LLC has provided a senior loan to Atlanta-based Portman Holdings for the acquisition and partial repositioning of a 27-story office building located at 230 Peachtree St. in downtown Atlanta. Portman Holdings plans to convert floors two through nine into a 200-room Hotel Indigo, an Intercontinental Hotel Group brand hotel. The rest of the 414,768-square-foot building will remain office space. The property was 46 percent occupied at the time of the sale. Hospitality Ventures Management will manage the Hotel Indigo upon completion.
ST. PETERSBURG, FLA. — The Allen Morris Co. has purchased two acres of undeveloped land at 700 First Ave. South in downtown St. Petersburg for approximately $5.3 million. The site, which spans a full city block, will be the location of the developer’s new 348-unit multifamily community, The Hermitage Apartment Homes. The apartment community will feature a rooftop pool and spa, fitness center, outdoor grilling area, demonstration kitchen and a private dining/meeting room. The Allen Morris Co. will break ground on the property in July and open for occupancy in the fourth quarter of 2015.