AUSTIN, TEXAS — Full-service real estate firm DivcoWest has acquired The Avallon, a 318,000-square-foot office complex in Austin. The five-building, Class A development was 88 percent leased to 19 different tenants, most of which were technology companies, at the time of the sale. Highbrook Investment Management sold the asset. DivcoWest, which now holds an Austin portfolio totaling more than 1 million square feet, plans to rebrand the property and upgrade the indoor common areas of the buildings.
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HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. (Q10 | KDH) has arranged a $17.7 million loan for the construction of Apache Industrial Services’ new Houston facilities. The complex will consist of several structures totaling more than 300,000 square feet on a 123-acre site. The project, the first phase of which commenced this quarter, will include the construction of a training center, administrative offices and multiple production buildings. Portions of the complex are slated for completion as early as this summer. Matt Franke and Larry Peters of Q10 | KDH originated the loan on behalf of the borrower through the Mutual Bank of Omaha.
STAFFORD, TEXAS — Marcus & Millichap has brokered the sale of a 30,000-square-foot industrial property in the southwest Houston suburb of Stafford. Located at 12910 and 12914 Mula Lane, the two-building facility is in proximity to the interchange of the Sam Houston Tollway and I-69. Gus Lagos and Nik Kapetanakis of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company.
PASADENA, TEXAS — NAI Houston has arranged a 67,950-square-foot industrial lease for Elliott Electric Supply in the Houston suburb of Pasadena. The tenant, a distributor of electrical parts, will occupy space within the Carson Commerce Center development, which is located at 3700 Highway 225. Travis Land and Michael Keegan of NAI Houston represented Elliot Electric Supply in the lease negotiations, while Dan Zoch of The Carson Companies represented the landlord.
SAN DIEGO – A 42,973-square-foot Albertsons supermarket in Downtown San Diego has received $12.7 million in financing. The supermarket is located within the East Village neighborhood. It occupies the ground floor of a seven-story, mixed-use development that includes a 229-unit luxury apartment complex. Financing was arranged by Jamie Dick and Jay Dick of Newmark Realty Capital’s San Diego office. The borrower was a Southern California-based investment management company. The lender is an East Coast based bank.
SAN LUIS OBISPO, CALIF. — The Village at Nipomo, a 37,939-square-foot retail center in the San Luis Obispo suburb of Nipomo, has received $8.4 million in acquisition financing. The center is located on West Tefft Street, one block west of Highway 101. It was fully leased to 15 tenants, including Starbucks, Wells Fargo, a day spa, an antique store, a real estate office, a pizza parlor, a pet supply store and a dry cleaner. The 10-year, fixed-rate loan has a 30-year amortization schedule. The loan was originated by Don Burnes of Johnson Capital. The principals of the newly formed borrowing entity operate a real estate investment firm based in the San Francisco Bay Area.
SAN DIEGO — Fieldstone Plaza, a 44,307-square-foot office building in the San Diego submarket of Sorrento Mesa, has sold to TA Associates Realty for $9.4 million. The building is located at 5465 Morehouse Drive, near the Interstate 805/Mira Mesa Boulevard interchange. It was built in 1986. Fieldstone Plaza is currently 92 percent occupied. The unnamed seller was represented by Louay Alsadek, Evan August, Hunter Rowe and Brad Black of CBRE Institutional Investment Properties team.
LOS ANGELES – A 63,605-square-foot office property in Simi Valley has sold to Younan Properties for $4.4 million. The Class A property is located at 2900 N. Madera. It is currently vacant. Younan was represented by Dan Vittone and Alan Pekarcik of Avison Young. The seller, Rexford Industrial Realty, was represented by John DeGrinnis of Colliers International.
DENVER – A two-building retail property in Denver has sold to an Aspen, Colo.-based 1031 exchange buyer for about $4.2 million. The property is located at 3545-3559 West 38th Ave. Panera Bread occupies one of the buildings. The additional three-tenant retail strip center recently received a ground-up renovation. Rob Edwards and Tom Ethington of Pinnacle Real Estate Advisors represented both the buyer and the seller, Littleton Capital Partners, in this transaction.
DAVIE, FLA. — City National Bank of Florida has provided a $22 million loan to The Ireland Cos. for the renovation of a shopping center in Davie. The property is located at the southwest corner of University Drive and Interstate 595. The shopping center is undergoing construction to welcome two new anchor tenants: Hobby Lobby and Whole Foods.