BOSTON — NorthMarq has arranged a $5 million first mortgage loan for the refinancing of The Beebe Building, a 41,165-square-foot office building in Boston. The multi-tenant office building includes ground-floor retail. Financing was based on a 10-year term and a 25-year amortization schedule. Joseph Hegenbart, senior vice president and managing director of NorthMarq arranged the financing for the borrower. A life insurance company provided the loan.
WELLS, MAINE — Fantini & Gorga has arranged a $4.9 million loan for the refinancing of a freestanding CVS/pharmacy in Wells, located about 33 miles south of Portland. Casimir Groblewski, managing director at Fantini & Gorga, represented Wells Realty LP, an affiliate of a Massachusetts-based development company, in the transaction. A regional financial institution provided the loan. The 13,225-square-foot building is located at 924 Post Road near I-95. It features a double-lane drive thru, one-hour photo lab, high volume pharmacy layout and more than 50 parking spaces.
ROUND ROCK, TEXAS — NorthMarq has arranged acquisition financing of $52.3 million for Monterone at Round Rock Apartments, a 583-unit Class A multifamily community in the Austin suburb of Round Rock. Alison Williams of NorthMarq’s Tampa office and Stephen Whitehead of the firm’s Dallas office represented the Toronto-based borrower, which will pay a sub-4 percent fixed rate for 10 years with two years interest-only. The loan amortizes over 30 years. Patton Jones of ARA Austin represented the seller in the acquisition.
SAN ANTONIO — Stream Realty Partners has signed Friedrich Air Conditioning Co. to a lease of 17,600 square feet in building two of the Isom Business Center, an industrial property in the Northeast submarket of San Antonio. Friedrich, a manufacturer of residential and commercial air conditioning and refrigeration products, will use the space as a research and development facility. In total, Isom Business Center comprises 175,200 square feet in three buildings. Stream’s Jason Schnittger represented landlord DRA Advisors in the deal, while Chuck King of Travis Commercial Real Estate Services Ltd. represented the tenant.
DALLAS — Commercial real estate services provider Henry S. Miller Cos. will move its corporate headquarters to the Stanford Corporate Centre at 14001 Dallas N. Tollway, where the firm will occupy 25,000 square feet on the 11th and 12th floors. The site is less than two miles from the firm’s previous home of 20 years, Providence Towers on Spring Valley Road. Stanford Corporate Centre, built in 1985, will undergo interior improvements before Henry S. Miller Cos. relocates this fall.
PLANO, TEXAS — HFF has arranged the sale of The Brentdale, a 412-unit multifamily community located at 1515 Rio Grande Drive in Plano. Resource Real Estate is the new owner of the complex, which is situated on 20.96 acres and is currently 93.2 percent leased. Rob Key and Blair Lang led the HFF team representing the seller, a joint venture between Intercontinental Real Estate Corp. and the Pinnacle Family of Cos.
FOUNTAIN VALLEY, CALIF. — MemorialCare Health System has agreed to buy Fountain Valley City Center, a 300,000-square-foot health system property, for an undisclosed sum. The site is located near Brookhurst and the 405 Freeway in Fountain Valley. The center is already home to MemorialCare Health System and its shared services, which fully occupy one of the three modular buildings on the property.MemorialCare is also in the process of acquiring an adjacent property for additional parking. MemorialCare was represented by Tim Helgeson of Newmark Grubb Knight Frank in this transaction.
SACRAMENTO, CALIF. – A 170,000-square-foot office building in downtown Sacramento has sold to an institutional investor for $29.4 million. The acquisition was made as an investment through a separate account managed by CenterSquare Investment Management, the real estate manager for BNY Mellon. The Class A building is located at 770 L Street. The seller was 770 L Street Investment Group Inc.
SALT LAKE CITY — South Temple Tower, a 216,976-square-foot, high-rise tower in Salt Lake City, has sold to Maier Siebel Baber (MSB) for an undisclosed sum. The tower is located at 136 East South Temple in the city’s Central Business District. MSB plans to retrofit, renovate and refurbish the office building. These improvements will be carried out by Architecture Design. The seller was represented by Craig Thomas, Eric Gustafson and Eric Smith of CBRE’s Salt Lake City office. CBRE will continue to manage and lease the asset.
SPOKANE VALLEY, WASH. – A 120-unit apartment complex in Spokane Valley has received $9.7 million in permanent financing. The total take-out loan contains a 10-year term, 30-year amortization schedule and an 80 percent loan-to-value. It was arranged by Demetri Koston of Newmark Realty Capital in Spokane.
