PHILADELPHIA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $27 million loan for the refinancing of a seven-property retail portfolio in Philadelphia. The 10-year loan includes a 3.6 percent fixed interest rate for the first five years and a 30-year amortization schedule. After five years, the rate will reset at 180 basis points over the five-year Federal Home Loan Bank rate. John Banas and Kris Wood in MMCC’s Philadelphia office arranged the loan.
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BOSTON — JLL’s project and development services group is providing project management services for the YMCA of Greater Boston’s expansion at its West Roxbury facility. The $15 million project will update the 61-year-old facility with the demolition of 16,000 square feet from an existing building and the construction of a 24,000-square-foot addition. The Boston Redevelopment Authority recently approved the project, which is being designed by architect LINEA 5 Inc., with electrical engineer ZAX Engineering and mechanical, electrical, plumbing and fire protection engineer VAV International. Construction is scheduled to being this spring with a completion date set for summer 2015.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $5.2 million sale of 869 and 913 Thomas S. Boyland Street, two four-story apartment buildings located in the East New York section of Brooklyn. The multifamily properties feature a total of 51 rental units and a cell phone tower. GFI Realty represented the buyer, Coney Realty, and the seller in the transaction. The properties traded for approximately eight times the rent. The two buildings were constructed in 1930 and are located near the Rockaway and New Lots avenues subway stations.
AUSTIN, TEXAS — Clarion Partners LLC has acquired Las Cimas IV, a 138,008-square-foot office building in Austin’s Southwest submarket. Constructed in 2008, the five-story structure is located at 900 S. Capitol of Texas, in proximity to Loop 360 and Bee Cave Road. The property, which features a two-story lobby and on-site showers, was 93.5 percent occupied at the time of the sale. Clarion Partners is a New York-based real estate investment firm with approximately $30 billion in total real estate assets under management.
COPPELL, TEXAS — CBRE has brokered the sale of Coppell Market, a 90,225-square-foot shopping center in the Dallas suburb of Coppell. Located at the corner of North Denton Tap Road and State Highway 121, the property is fully occupied by tenants including anchor Market Street Grocery. Chris Gerard, Chris Cozby and Kevin Holland of CBRE represented the seller, United Commercial Development, in the transaction. Philips Edison & Co. purchased the asset.
LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of a 21,680-square-foot medical office building in the Dallas suburb of Lewisville. Constructed in 2003, the structure is located at 571 W. Main St., in proximity to I-35 and across from the Medical Center of Lewisville. The property, known as Main Street Medical, was not fully occupied at the time of the sale. Ron Hebert and Wayne Bares of Marcus & Millichap marketed the asset on behalf of the seller, a private investor. Hebert also secured the buyer, another private investor. The transaction closed within 77 days of the original listing.
AMARILLO, TEXAS — Plains Builders has begun the $6 million remodeling of Wolfin Square Shopping Center, a 200,000-square-foot retail property in Amarillo. Originally constructed in 1960, the strip center is located at the intersection of I-40 and Georgia Street. The remodeling will include the installation of new building facades, extensive landscaping upgrades, the creation of outdoor dining space and the construction of a new pad site for Texas Tea. The project is slated for completion in late 2015. General contractor Plains Builders is locally based.
DENVER – Quiznos has filed for pre-packaged Chapter 11 bankruptcy to restructure its finances, increase the company’s flexibility, enhance its operations and reduce the company’s debt by more than $400 million. The Denver- based sandwich maker voluntarily filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code in order to implement its pre-packaged plan. All but seven of Quiznos' nearly 2,100 restaurants are independently owned and operated by franchisees in the U.S. and 30 other countries. These restaurants are not a part of the Chapter 11 proceedings. They are open and operating as usual. The company plans to work with its franchisees both here and abroad to strengthen the brand, build momentum, and improve growth and profitability. Quiznos has received a commitment for $15 million in debtor-in-possession financing from its senior lenders, which, subject to Court approval, will be available to support its ongoing operations during the Chapter 11 proceedings. The company's distribution centers are still open and fulfilling orders. Akin Gump Strauss Hauer & Felds LLP is serving as Quiznos’ legal advisor; Lazard Freres & Co. LLC is serving as the company’s financial advisor; and Alvarez & Marsal is serving as the restructuring advisor.
SEATTLE — Kilroy Realty Corporation (KRC) has acquired a 140,605-square-foot life sciences facility in Seattle for $106 million. The four-story facility is located at 401 Terry Ave. North in the city’s South Lake Union neighborhood. It sits adjacent to KRC’s Westlake Terry campus. Notable tenants in the surrounding area include Amazon.com, the Bill and Melinda Gates Foundation and the Fred Hutchinson Cancer Research Center. The LEED-Gold property was developed in 2003. It was one of only five life science facilities developed in the Puget Sound region during the past 10 years. The building is fully leased to Institute for Systems Biology (ISB) through 2021. ISB is a foremost strategy developer for the fields of biology and medicine. KRC was represented by Peter Roth of Allen Matkins law firm. Joseph Delaney and Bryan Helfer of the Foster Pepper law firm represented the seller, Vulcan Realty Corp., in this transaction.
STANTON, CALIF. – A & M Properties has acquired the 194-unit Briarwood Square apartment complex in the Orange County submarket of Stanton for $40 million. The community is located at 7545 Katella Ave. along the Katella Commercial Corridor. It is 95 percent occupied. Joe Leon and Javier Rivera of JLL Capital Markets represented the seller, Carmel Partners, in this transaction.