ARLINGTON, TEXAS — KTR Property Trust III has purchased an industrial asset comprising three buildings and 543,000 total square feet in Arlington, a suburb of Dallas/Fort Worth. Located at 600 109th Street in the Lower Great Southwest submarket, the property includes two trailer yards and was 100 percent leased at the time of sale. Michelle Hudson of Hudson Peters Commercial represented the buyer, an investment vehicle of KTR Capital Partners. John Brewer of CBRE represented the seller.
MCKINNEY, TEXAS — VanTrust Real Estate LLC has started construction on a 120,000-square-foot speculative office development in the Craig Ranch mixed-use community of McKinney, a northern suburb of Dallas. The building, designed by architects O’Brien & Associates, is the first phase of a larger planned office park to be known as McKinney Corporate Center. MYCON General Contractors has been awarded the design-build contract for the project. Burson Holman and Shannon Brown of CBRE Dallas will represent owner VanTrust in leasing the building.
BROWNSVILLE, TEXAS — Real estate investment and development firm RightQuest LLC has broken ground on Bella Vista Apartments, a two-phase project that will consist of 250-plus units in Brownsville at the southernmost tip of Texas. RightQuest is working with general contractor Peterson Construction Inc. on behalf of JJR Group LTD, a privately held company. The first units will be ready for occupancy in March 2014. Bella Vista is the third Class A apartment property developed by RightQuest in the last 18 months.
HENDERSON, NEV. — Valley Freeway Commerce Center, a 229,000-square-foot industrial center in the Las Vegas submarket of Henderson, has sold to Harsch Investment Properties for an undisclosed sum. The four-building center is located at 7565, 7585, 7665 and 7685 Commercial Way. It is currently 58 percent leased. Harsch was represented by Mike Delew and Greg Pancirov of Colliers International. The seller was Iyar Realty ADA Compliant Limited Partnership.
DENVER – The Artisan, a 434-unit apartment community in Denver, has sold to Peak Capital Partners for $33 million. The community is located at 10025 East Girard Ave. It is 98 percent leased. The seller, Prime Residential, was represented by HFF’s Jordan Robbins and Jake Young.
CITY OF INDUSTRY, CALIF. – The Unical Industrial Building in the City of Industry has received $26.7 million in acquisition financing. The 472,876-square-foot building is located at 680 S. Lemon Ave. Financing was based on a 17-year term and a 17-year amortization schedule. It was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office on behalf of the new owner-user.
RANCHO CUCAMONGA, CALIF. – A 138,595-square-foot industrial property in Rancho Cucamonga has sold to CT Realty Investors for $9 million. The property is located at 10401 Seventh Street. The seller, Waitex International, will lease back the property. The rate and terms of that lease were not disclosed. CT’s newest acquisition is attached to a 177,550-square-foot building that was purchased by the firm last year. That property is located at 10404 Sixth Street and is fully leased to GiTi Tire USA Ltd. CT plans to redevelop both properties once Waitex’s lease expires. GiTi has agreed to a new long-term lease for both buildings that will commence once the renovations are completed. Jamie Harrison of Lee & Associates Investment Services Group in Los Angeles represented both the buyer and the seller in this transaction.
PHOENIX — The Retreat, a 480-unit apartment community in Phoenix, has sold to Bridge Investment Group Partners for an undisclosed sum. The community is located at 20808 North 27th Ave. The seller, a publicly traded REIT, was represented by Steve Gebing and Cliff David of Marcus & Millichap’s Phoenix office. The buyer acts as manager of the ROC Fund.
CAMPBELL, CALIF. – The 121-unit Campbell Plaza Apartments has sold to The Bascom Group for $27.6 million. The community is located at 710 Nido Drive in the San Jose submarket of Campbell. The seller, Spieker Companies, was represented by Stanford Jones, Salvatore Saglimbeni and Philip Saglimbeni of Institutional Property Advisors.
MCLEAN, VA. — Capital One Financial Corp. (NYSE: COF) has entered into a definitive agreement to acquire Beech Street Capital, a privately held national originator and servicer of Fannie Mae, Freddie Mac and FHA multifamily commercial real estate loans. The terms of the transaction were not disclosed. The acquisition is expected to close in the fourth quarter. Founded in 2009, Beech Street is an originator, underwriter and servicer of multifamily commercial real estate loans and is one of the largest national providers of government-insured mortgage loans through the multifamily lending programs of Fannie Mae, Freddie Mac and FHA. Headquartered in Bethesda, Md., Beech Street has 10 offices around the country. Together, McLean, Va.-based Capital One and Beech Street will have portfolio loan servicing and origination capabilities nationally. Through its scalable origination and servicing platform, Beech Street originated approximately $4 billion in loans in 2012, making the company the sixth largest agency originator in the country. Beech Street services a loan portfolio of approximately $10 billion. “As we continue to expand our product capabilities and services for clients across our growing commercial banking business, this acquisition is a logical expansion of our already substantial commitment to the multifamily sector,” says Michael …