RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of II Creeks Plaza, a 63,592-square-foot retail property in the Dallas suburb of Richardson. Constructed in 1975 and recently renovated, the development is located on more than seven acres at 2700 Custer Parkway. The property was 90 percent occupied at the time of the sale by tenants including Slate Venues, Crull Fitness, Sting Soccer, Sway Dance Center, Tannery & Co. and The Spa at II Creeks. Philip Levy of Marcus & Millichap marketed the asset on behalf of the seller, a partnership, and also secured the buyer, a limited liability company.
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DALLAS — Mercer Co. has arranged a 48,000-square-foot industrial lease near the Design District of Dallas for Precision Delivery Services (PDS), which offers temperature-controlled storage for interior designers and architectural firms, as well as art installation, delivery and pickup services. The warehouse property is located at 1210 Inwood Road. Jeremy Mercer of Mercer Co. represented PDS in the negotiations and also arranged upgrades to the building’s HVAC systems with the unnamed landlord.
DALLAS — Henry S. Miller Brokerage has arranged a 16,000-square-foot industrial lease in Dallas for Lone Star Parade Float Co. Located at 2716 N. Westmoreland Ave., the facility is in proximity to I-30 and the city’s downtown area. Lone Star Parade Float Co., a family-owned business serving the state for more than 25 years, provides store displays and prop rentals in addition to parade floats. Huntley Luna of Henry S. Miller represented the tenant in negotiations with the landlord, Electrip Co. LP.
LONG BEACH, CALIF. — KZ DevCo, L.P., has completed construction on two CVS/pharmacies in Long Beach. The first is a 17,043-square-foot store situated on 1.2 acres at Pacific Coast Highway and 2nd Street. The second is a 14,576-square-foot outpost situated on 1.5 acres at Pacific Coast Highway and Los Coyotes Diagonal.
TACOMA, WASH. – The 319-room Hotel Murano in Tacoma has received $24.6 million in first-mortgage financing. The hotel is situated at 1320 Broadway, adjacent to the Greater Tacoma Convention and Trade Centerin the city’s Central Business District. It is one of only four hotels in the state to earn the Forbes 4-Star Award. The 10-year, fixed-rate, non-recourse loan was arranged by Sonnenblick-Eichner Company. It was provided by a Wall Street investment bank.
PHOENIX – The first phase of Airport I-10, a three-building industrial park that will total more than 600,000 square feet, has broken ground in Phoenix’s Sky Harbor Airport area. The Class A park will be located at the northwest corner of 24th Street and Rio Salado. Phase I is scheduled for completion this fall. Airport 1-10 will eventually contain five industrial buildings that total 920,584 square feet. Once complete, it will be one of the largest Sky Harbor Airport-area speculative industrial developments in Phoenix. The development is a joint venture between Wentworth Property Companyand Clarion Partners. JLL’s Pat Harlan, Steve Sayre, Kyle Westfall and Mark Detmer will serve as the park’s exclusive leasing agents.
DRAPER, UTAH — Lone Peak Center, an 87,672-square-foot office building in Draper, has received $14.5 million in refinancing. The center is located at 11747 Lone Peak Parkway, just 20 miles south of Salt Lake City. The proceeds were used to pay off existing senior debt, among other uses. Lone Peak was built in 2007. It is currently 99 percent leased. The building serves as one of nine global customer service support centers for EMC Corporation, the world’s largest provider of data storage systems. It is also the corporate headquarters for O’Currance, a direct response telesales service provider. The center’s original developer, DBSI Group of Companies, experienced bankruptcy liquidation in 2010. The sponsor, a San Francisco-based real estate investment and asset management firm, purchased the REO property from M&I Bank, which is now BMO Harris. Financing was provided by Thorofare Capital.
CORAL GABLES, FLA. — CBRE has arranged the sale of Douglas Entrance, a Class A 467,325-square-foot landmark office campus in Coral Gables. Miami-based Banyan Street Capital and Los Angeles-based Oaktree Capital Management partnered to acquire the five-building project from Chicago-based Pearlmark Real Estate Partners for approximately $100.8 million. The property was 82 percent leased at the time of sale. Douglas Entrance, located at the intersection of S.W. 37th Avenue and S.W. 8th Street, includes modern high-rise towers, street-level retail, boutique office suites and meeting spaces. The building, which is LEED Silver-certified and an Energy Star-rated project, is also listed on the National Register of Historic Places. The CBRE team representing the seller included Christian Lee, JoséLobón, Charles Foschini and Chris Apone. Eric Groffman, Josh Gibbons and Andrea Lopez of Transwestern assisted the CBRE team in the transaction.
WASHINGTON, D.C. — Valor Development and DBT Development Group have begun construction of The Maryland, an 84–unit condominium located at 1350 Maryland Ave. N.E. at the eastern edge of Capitol Hill and the H Street corridor. Developers started the project more than three years ago with the acquisition of the vacant Faith Bible Church and an adjacent lot occupied by a car repair shop. The one- and two- bedroom condos will be priced from the $300,000s to the $500,000s. Urban Pace, a sales and marketing firm, will begin pre-sales of the condos in May.
MIAMI — A partnership between ECI Group, Adler Group and Canyon Capital Realty Advisors has topped off a 467-unit waterfront luxury apartment complex. The ShoreCrest Club Apartments on the Bay will offer a variety of one- and two-bedroom floor plans, ranging in size from 685 to 2,011 square feet. The 20-story tower apartments, located at 7950 North East Bayshore Court, will feature nine-foot ceilings, stainless steel appliances, granite countertops, walk-in closets and balconies with bay and skyline views. The apartments will also include a pool deck overlooking the Intracoastal Waterway, a fully-equipped fitness center, social room, sauna, theater, a covered parking garage, valet, cybercafé and 24/7 security. A 6,000-square-foot waterfront restaurant, as well as water access at its private marina will also be part of the property. Capital One Bank and SunTrust Bank provided senior financing for the project in the amount of $60 million to facilitate the property’s construction. Rental rates for units at ShoreCrest Club will range from approximately $1,500 to $3,600 per month. First occupancies are set for late 2014.