OGUNQUIT, MAINE — Rockbridge has acquired The Cliff House Resort & Spa, a historic 142-year-old 166-room resort situated on 70 oceanfront acres atop Bald Head Cliff in Ogunquit. Rockbridge, through a joint venture with Maine-based hoteliers Marc Dugas and Peter Anastos, purchased the resort with plans to complete a comprehensive renovation after the 2015 season. New Castle Hotels will manage The Cliff House for Rockbridge. Amenities at the resort include three dining options ranging from fine to casual, 13,000 square feet of meeting space with a 150-seat amphitheater, a 2,500-square-foot fitness center, vanishing edge swimming pool, 75-foot indoor lap pool, whirlpool, steam room and sauna.
Property Type
ARLINGTON, TEXAS — Colliers International has arranged an 821,502-square-foot industrial lease in Arlington for home goods retailer Williams-Sonoma Inc. The tenant will use the property, which is located at 4900 Sherry St., as a distribution center. Exeter Property Group constructed the facility last year on a speculative basis. Tom Pearson and Chris Teesdale of Colliers International represented Williams-Sonoma in the negotiations. Dave Anderson of CBRE represented the Exeter Group.
HOUSTON — Developer Western International has purchased 5.2 acres of land in of Houston’s Energy Corridor submarket for the construction of two new hotels. The properties, one of which will be operated under the Courtyard by Marriott brand and the other under the Hampton Inn & Suites brand, will each include 135 rooms. Located within the Ten Oaks development, a project of Wolff Cos. that is situated at the intersection of Barker-Cypress Road and Park Row, the hotels will be in proximity to the Texas Medical Center – West Campus and Texas Children’s Hospital, as well as major employers Wood Group, Mustang Engineering and Sercel. Western International plans to break ground on the properties this summer.
ALVARADO AND JOSHUA, TEXAS — Marcus & Millichap has brokered the sale of two manufactured home communities in the far south suburbs of Fort Worth. The properties include Pleasant Oaks Mobile Home Park, a 44-unit community located at 6133 County Road 1022 in the city of Joshua, and Walnut Creek Mobile Home Park, a 64-unit community located at 3600 N. Cummings Drive in the city of Alvarado. Nicholas Ling of Marcus & Millichap marketed the properties on behalf of the seller, a limited liability company, and also secured the buyer, another limited liability company.
HOUSTON — NAI Houston has brokered the sale of two industrial properties in Houston totaling 18,000 square feet. The facilities include a 6,000-square-foot structure at 13727 FM 529 and a 12,000-square-foot structure at 13731 FM 529. The buildings are part of Atco Industrial Park, which is located along FM 529 between North Eldridge Parkway and Jackrabbit Road. John Ferruzzo of NAI Houston represented the buyer, 13727-13731 FM 529 LLC, in the transaction. Eric Hughes of Centermark Commercial Real Estate represented the seller, ATCO-Valley Plaza LLC.
LOS ANGELES — Waterbridge Capital LLC has been selected to purchase the historic Broadway Trade Center, a 1.1-million-square-foot building in Downtown Los Angeles. Though the sales price was not disclosed, local outlets are reporting the sale is expected to fetch between $115 million and $130 million. The building is located at 830 S. Hill Street in the city’s Broadway District. It was originally built in 1908 as a Hamburger department store before it became the May Company Department Store in 1923. Waterbridge plans to convert the building into a mixed-use development that may include creative office, hotel, retail and multifamily housing. The property encompasses most of the western side of the block from Broadway to Hill Street, between 8th and 9th streets. Broadway Trade Center is situated near the brand-new Ace Hotel and the recently revitalized Rialto Theatre, which is now an Urban Outfitters. This area is the focus of Bringing Back Broadway, a revitalization effort led by Los Angeles City Councilmember José Huizar. The initiative was created in 2008 to increase economic development and job creation through an enhanced pedestrian experience, more transit options and further historic preservation efforts. Waterbridge Capital was represented by Jeremiah Curry and Frank Lahijani …
LOS ANGELES – The famous Farmers Market property in Los Angeles has received a $100-million credit facility. The open-air shopping center is located on the northeast corner of 3rdStreet and Fairfax Avenue in the Fairfax District. It is sits adjacent to The Grove and across from CBS Television City. The collateral property contains about 237,300 square feet of retail, restaurant and office space. It was redeveloped in 2001, at which time the A. F. Gilmore Company added four new Class A office and retail buildings on land adjacent to the Original Farmers Market. The new addition totaled about 168,200 square feet. Major Farmers Market tenants include Cost Plus, Zara USA, Planet Dailies LA, Sur La Table, Marmalade Café, Chipotle and Starbucks. The Original Farmers Market was also refurbished in 2001. It currently contains about 68,400 square feet of retail and restaurant space throughout a cluster of buildings. Most of the market’s 100 tenants occupy 1,000 square feet or less. The borrower, an entity controlled by the A. F. Gilmore Company, purchased the site in 1880. The Original Farmers Market opened in 1934. The company’s headquarters is still located in the Gilmore Adobe on the Farmers Market grounds. The credit facility …
LOS ANGELES – The Clean Tech Manufacturing Center, a 370,000-square-foot industrial campus in Downtown Los Angeles, has broken ground. The Class A campus is located within the Central Industrial Redevelopment Plan area. The brownfield is situated within 0.5 miles of Interstates 5 and 10, as well as the 60 Freeway. The three-building campus will offer the largest contiguous industrial space in Downtown. All three buildings are pursuing LEED for New Construction Silver certification. Construction is expected to be complete later this year. Fashion manufacturer Ambiance USA has agreed to relocate and expand its world headquarters at the new facility. The campus is being developed by a joint venture between Trammell Crow Company and Principal Real Estate Investors. The lender is Wells Fargo Bank.
NORTHRIDGE, CALIF. – The 447-unit Park Parthenia Apartments in Northridge has received a $32-million refinance. The community is located at 19100 Parthenia Street. It was built between 1962 and 1970. The property is owned by a private investor with a substantial portfolio of multifamily investment and development assets. The funds will refinance a maturing CMBS loan. The new fixed-rate loan features a 10-year term, 25-year amortization schedule and an interest rate in the low 4 percent range. It was arranged by Scott Clark and Ted Willis of Pacific Southwest Realty Services through one of the firm’s correspondent life insurance company lenders.
ANAHEIM, CALIF. – Rangar West Two LLC has acquired a 209,715-square-foot industrial building in Anaheim for $27.3 million. The newly built property is located at 2201 E. Cerritos Ave. It was completed this past December. The building was developed by Western Realco and Penwood Real Estate, which were represented by Jeff Read and Greg Osborne of Newmark Grubb Knight Frank. The JV acquired the land parcel from Neville Chemical Corporation in February 2012. The third-party logistics firm was represented by Todd Clarke of Kidder Matthews and Peter Castleton of Voit Real Estate Group.