EDNA, TEXAS — BMC Capital has arranged a $2.3 million cash-out refinance loan for the 43-unit Best Western Inn in Edna, approximately 25 miles east of Victoria on the Gulf Coast. The property, which features complimentary breakfast, high-speed internet and a swimming pool, is in close proximity to Lake Texana, as well as the facilities of Formosa Plastic Corp. The two-year loan includes a fixed rate of 8 percent and a 25-year amortization schedule. James Tennial of BMC arranged the terms through one of the firm’s correspondent lenders.
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HOUSTON — NAI Houston has brokered the sale of a 17,440-square-foot industrial property in Houston’s downtown industrial submarket. Located at 5720 Harvey Wilson Drive, the warehouse has 13- to 20-foot clear heights and multiple loading doors. John Ferruzzo and Chris Kugle of NAI Houston represented the seller, 5720 HW LLC, in the transaction. Steelvest 5720 LLC purchased the asset.
AMARILLO, TEXAS — Quantum Real Estate Advisors Inc. has brokered the sale of an 8,000-square-foot Family Dollar location in Amarillo for $1.3 million. The build-to-suit facility is net-leased to Family Dollar for the next 10 years. Jordan Kaufman of Quantum represented the seller, a private developer based in Houston. Chad Firsel, also of Quantum, represented the buyer, a California-based private investor.
FRISCO, TEXAS — Bradford Commercial has arranged an 18,000-square-foot lease for the new headquarters of Skinny IT Corp., a wireless technology and integration company, in Frisco. The tenant will relocate to the Class A flex space, located in Frisco Commerce Center Building B at 10570 John W. Elliott Drive, from its previous 3,000-square-foot office in Addison. The new location is within a 281,053-square-foot complex in close proximity to the Dallas North Tollway. Nick Talley represented Skinny IT in the negotiations, while Bob Hagewood of Stream Realty Partners LP represented the landlord, SeaCal Frisco LLC.
SAN DIEGO — An affiliate of Starwood Capital Group Global has purchased a 12-property office portfolio in San Diego for an undisclosed sum. The properties are located throughout the Sorrento Mesa and Rancho Bernardo submarkets. They contain a total of 1.1 million square feet. The portfolio was 91 percent leased. The seller, Kilroy Realty Corporation, was represented by HFF’s Nick Psyllos, Ryan Gallagher and Michael Leggett. The firm’s Tim Wright, Don Curtis and Aldon Cole also arranged a variable-rateacquisition loan for the buyer. Wells Fargo Bank and CIBC were the senior lenders, while Goldman Sachs was the mezzanine lender.
LOS ANGELES — The Pointe, a 480,400-square-foot office building in Los Angeles, has received $220 million in refinancing. The trophy office building is located in Burbank’s Media District. It is currently 69 percent leased to tenants like Warner Brothers, Outlook Amusements, FreMantle Media, Legendary Pictures, KCET and Fidelity. The financing included $35 million of mezzanine debt, which was placed at closing with Morgan Stanley Real Estate Investing. It was arranged by Jonathan Firestone and J.P. LeVeque of Eastdil Secured and provided by Ronnie Gul of Mesa West Capital. The Pointe is owned by a joint venture between affiliates of Stockbridge Capital Group, Worthe Real Estate Group and M. David Paul & Associates.
LOS ANGELES – The 335-unit Piero II Apartments in Downtown Los Angeles has received $70 million in financing. The community is located at 609 St. Paul Avenue. The non-recourse loan features a five-year, interest-only term. It was used to pay off the property’s maturing $65-million construction debt. The community was built in 2011 and is currently more than 95 percent leased. Financing was arranged by George Smith Partners (GSP) through an off-shore commercial bank.
KNOXVILLE, TENN. — Blanchard & Calhoun Commercial, an Augusta, Ga.-based real estate developer and brokerage firm, has purchased a 23-acre waterfront property formerly known as Baptist Hospital in Knoxville for approximately $6.3 million. Blanchard & Calhoun plans to develop a $160 million mixed-use project known as Riverwalk at the Bridges at the waterfront site. The project will include luxury apartments, student housing suites, a waterfront hotel, restaurants, retail and office space. The development is expected to create 2,000 new jobs in the area. Demolition of the existing Baptist Hospital will begin early this year.
MIAMI BEACH, FLA. — ADD Inc., an architecture and design firm, has commenced on the $40 million renovation of the bayfront Southgate Towers apartment buildings, located at 900 and 910 W. Ave. in Miami Beach. The project will include a new façade, new design for 495 residences, refurbished lobby and ground-floor amenities (including the clubroom and fitness center) and the addition of pool cabanas, a restaurant and retail spaces. Jonathan Cardello of ADD Inc. will lead the project team. Henrico, Va.-based Gumenick Properties owns and manages Southgate Towers. The renovation project is slated to wrap up in 2015.
ATLANTA — CBRE has arranged a $24.6 million loan for the retail portion of Lindbergh City Center, a 187,751-square-foot mixed-use development located adjacent to the MARTA Lindbergh Center station in Atlanta. Carter developed the transit-oriented project in 2003. Anthem College is the anchor tenant alongside several restaurants and retailers. Bill Tyler, Brian Kelly and Tony Swann of CBRE’s Atlanta office arranged the loan through Prime Finance of New York on behalf of Carter.