SPRING LAKE HEIGHTS, N.J. — Marcus & Millichap has completed the disposition of Warren Plaza in Spring Lake Heights. The 12,000-square-foot retail property sold for $3.1 million. Located off of Route 35, the property is 100 percent leased. Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller. The names of the buyer and seller were not disclosed.
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HOUSTON — Tanglewood Property Group (TPG) has acquired a 101,000-square-foot office building in Houston’s Beltway 8 Corporate Center business park. The property, located at 5300 W. Sam Houston Parkway North, was fully leased at the time of the sale. Henry Hagendorf of TPG and Tom Lynch of CBRE represented TPG in the acquisition.
FRISCO, TEXAS — CBRE has brokered the sale of Lebanon Ohio Center, a 29,200-square-foot retail property in Frisco. Located at 4681 Ohio Drive, the unanchored strip shopping center was 90 percent occupied at the time of the sale by tenants including CrossFit Remedy and Arts and Technology Institute. Jennifer Pierson and Beth Pierson of CBRE represented the seller, LandPlan Development Corp., in the transaction. Los Angeles-based Shayan Holdings LLC purchased the asset.
HOUSTON — NAI Houston has arranged a 21,000-square-foot industrial lease in Houston for Halco Lighting Technologies, a manufacturer of lamps and ballasts for commercial, industrial and residential applications. The tenant will occupy Building 3 of the Lone Star business park, located at 6323 Brookhill Drive in the South Inner Loop Industrial submarket. The property features 22-foot clear heights and four dock-high doors. Ed Bane and Jon Michael of NAI Houston represented the unnamed landlord in the negotiations. Jim Arledge of Arledge & Co. represented Halco Lighting Technologies.
TEMPE, ARIZ. – The 276-unit San Marbeya Apartments in Tempe has received a $29-million refinance. The Class A luxury community is located at 1720 E. Broadway Road near Arizona State University. San Marbeya is owned by The Premiere Residential Communities. The seven-year loan features a 3.85 percent interest rate. It was arranged by CBRE San Diego’s Debt & Structured Finance Group through Cornerstone RE Advisers.
SAN DIEGO — Miramar Square Shopping Center, a 70,959-square-foot retail center in San Diego, has sold to HP Investors LLC for $12.5 million. The center is located at 9212-9292 Miramar Road in the Miramar submarket. Notable tenants include Arizona Tile, Wells Fargo, Pacific Marine Credit Union, Enterprise Car Rental, Subway, Miramar Cash & Carry and Flip Force Gymnastics. HP Investors was represented by Chris Carter of Flocke & Avoyer Commercial Real Estate. The seller was an investment group advised by Doug Arthur and Jim Hamilton of Sentre Partners, as well asCarter, Matt Peckham, Brad Williams and Steve Avoyer of Flocke & Avoyer.
MESA, ARIZ. – The 234-unit Sandstone Apartments in Mesa has received an $8.9-million refinance. The community is located at 1727 W. Emelita Ave. The 10-year loan was used to pay off two existing Fannie Mae loans. It features a 30-year amortization schedule and an adjustable interest rate that is fixed for the first five years. It starts in the low 4 percent range. The borrower is a local investor who acquired the property in April 2006. The loan was arranged by Neal Churney and Adam Finkel of Johnson Capital.
PHOENIX — Hanes Companies has leased a 36,381-square-foot distribution facility in Phoenix. The Class B space is located at 4441 W. Polk Street in the Papago Industrial Park. The company plans to use the new facility as a local distribution hub for both Hanes products and its subsidiary, Leggett & Platt. Hanes was represented by Jerry McCormick, John Werstler and Cooper Fratt of CBRE’s Phoenix office. The landlord, Columbia Industrial Properties West LLC, was represented by Amr Ceran of Lincoln Property Company.
GLENDALE, ARIZ. — California Casualty Insurance Co. has renewed its lease for 27,750 square feet at Talavi Corporate Center in Glendale. The center is located at 5651 W. Talavi Blvd. The insurance company renewed for another six years. It has resided at the center since 2004. California Casualty was represented by Craig Coppola and Andrew Cheney of Lee & Associates Arizona. The landlord, Regent Properties, was represented by CBRE’s Ashley Brooks, Jr. Regent acquired the property from CW Capital Asset Management during the lease negotiation.
LITTLE ROCK, ARK. — Starwood Hotels & Resorts Worldwide Inc. has unveiled that its Aloft brand has begun an adaptive re-use project of the 12-story Boyle Building in downtown Little Rock. Aloft will convert the office building, which was first opened as the State National Bank Building in 1909, into a 140-room hotel by early 2016. The hotel, known as Aloft Little Rock Downtown, will be part of a mixed-use development that will include ground-floor retail, an upscale restaurant and a coffee shop. The hotel will be Starwood’s first hotel in Little Rock.