SECAUCUS, N.J. — A joint venture between PCCP (formerly known as Pacific Coast Capital Partners) and Mountain Development Corp. (MDC) has acquired One Harmon Plaza, a 192,000-square-foot, Class A office tower in Secaucus. One Harmon Plaza is a 42 percent-leased, 10-story office building that features 22,000 square-foot floor plates with panoramic views. The property is less than five miles from midtown Manhattan. The joint venture plans to upgrade common areas and add a fitness center, free conference center and on-site food service operated by a local eatery. John Alascio, Chris Moyer and Suraj Ravi led Cushman & Wakefield’s equity, debt and structured finance team in arranging and structuring the joint venture with PCCP. The joint venture also has tapped the Cushman & Wakefield leasing team of Marc Trevisan, David Sherman, David DeMatteis and Slava Verynberg as its leasing agent.
Property Type
EXETER, N.H. — Cross Insurance has purchased and moved into a free-standing building on Portsmouth Avenue in Exeter, a city in southeast New Hampshire. The 4,000-square-foot building is located at 82 Portsmouth Ave. John Mueller of NAI Norwood Group represented the buyer, Cross Realty LLC, which will operate Cross Insurance in the new location. Jean Kane represented the seller. Cross Insurance plans to move into the property by mid-May.
COPPELL, TEXAS — ML Realty Partners LLC has purchased Park West Crossing, a 98-acre parcel in the Dallas suburb of Coppell, and plans to build a 307,500-square-foot industrial complex on the site. The four-building development will include structures suitable for single- or multi-tenant use, ranging in size from 40,600 square feet to 142,500 square feet. The tract is located just north of DFW International Airport and is bordered by Freeport Parkway to the west, Southwestern Boulevard to the north and South Belt Line Road to the east.
HOUSTON — NorthMarq Capital has arranged $8.2 million in supplemental financing for two multifamily properties in Houston totaling 650 units. The assets include Retreat at Steeplechase, which is located at 11245 West Road and offers one- to three-bedroom apartments; and Retreat at Steeplecrest, which is located at 11220 West Road and offers one- and two-bedroom apartments. Greg Duvall of NorthMarq worked on behalf of the unnamed borrower to secure the financing through AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender. The supplemental loans were placed in conjunction with the buyer’s assumption of the existing first mortgage debt.
DALLAS — Coldwell Banker Commercial Alliance DFW has brokered the sale of a 24,865-square-foot office property in Dallas. The two-story building, located at 8100 John W. Carpenter Freeway, was 62 percent leased at the time of the transaction. Monika Guzman-Perez of Coldwell Banker Commercial Alliance DFW represented the seller, John R. Salazar Properties Inc., in the all-cash transaction. The law firm of John Salazar, which relocated its headquarters to a downtown facility in mid-2013, will continue to lease an 1,800-square-foot suite at the property. Mark Pierce and Reagan Vidal of Commercial Realty Partners LLC represented the buyer, Hickory Creek Retail LP.
HOUSTON — Henry S. Miller Brokerage has arranged the sale of a 21,400-square-foot industrial building in Houston. Located on three acres at 7409 Wright Road, the facility is in proximity to Highway 290 and Beltway 8. Doug Bates and Joel Hill of Henry S. Miller represented the seller, Rich Damon Henry Trust, in the transaction. Joe MacDougall of MacDougall and Co. represented the buyer, H6 Texas LP, which is headquartered nearby and purchased the asset to expand operations in the area.
FOSTER CITY, CALIF. – A 33,228-square-foot R&D building in Foster City has sold to Gray Peak Fork, LLC Series for $6.5 million. The building is located at 333-353 Hatch Drive near Silicon Valley. It is about 60 percent leased to the California Teachers Association. Sam Wright and Marc Pope of Cassidy Turley represented both the buyer and the seller, Echevarria Revocable Family Trust, in this transaction. Bill Sawyer also represented the seller.
LAS VEGAS – The 119-unit Solana Square apartments in Las Vegas has sold to the Siegel Group Nevada for $4.2 million. The community is located near Paradise Road, across from the Wynn Golf Course. It was built in 1987. Solana is more than 90 percent occupied. The property will be operated in conjunction with the 186-unit Siegel Suites Twain.
WOODINVILLE, WASH. – The 20-unit Woodcreek Lane Apartments in Woodinville has sold to an unnamed buyer for $2.9 million. The community is located at 18105 142nd Ave. Northeast. It was built in 1986. Both the buyer and the unnamed seller were represented by Marc Cunningham of Marcus & Millichap’s Seattle office.
ESCONDIDO, CALIF. — SR Commercial has acquired a 40,154-square-foot industrial park in Escondido for $3.1 million. The park is located at 2120 and 2122 W. Mission Road. It is currently branded as the Nordahl Center, but will soon be renamed Gateway @ Mission. It is 66 percent occupied by 11 industrial tenants. SR Commercial and the seller, a private investor, were both represented by Bryce Aberg and Brant Aberg of Cassidy Turley, and Mike Erwin and Tucker Hohenstein of Colliers.