MIDDLETOWN, R.I. — Marcus & Millichap has arranged the $1.9 million sale of Papa Gino’s, a 3,600-square-foot, net-leased property in Middletown, located about 34 miles south of Providence. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap marketed the property on behalf of the seller, a developer. The duo also procured the buyer, a private investor. Erected in 2006, the brick building is situated on half an acre and includes 39 parking spaces.
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DALLAS — HFF has arranged $73 million in permanent financing for 17Seventeen McKinney, a 369,014-square-foot office property in the Uptown submarket of Dallas. The loan will replace the original construction loan for the property, which was completed in 2010 and is located at the corner of Akard Street and McKinney Avenue. The LEED Gold-certified asset was 95 percent leased at the time of the loan closing, with tenants including Regions Bank, Huitt-Zollars, Red Bull North America, Clarion and American Airlines. 17Seventeen McKinney is connected to and shares amenities such as a fitness center with residential community Park Seventeen. Trey Morsbach and Jim Curtin of HFF arranged the seven-year, fixed-rate loan through Regions Bank on behalf of Granite Properties.
DALLAS — ElmTree Net Lease Fund II has acquired two industrial buildings in Dallas for a combined purchase price of $26.5 million. The first asset is a 150,975-square-foot facility located at 2717 S. Main St. within the Dallas-Fort Worth International Airport and leased by Sikorsky Aircraft Corp., a subsidiary of United Technologies Corp. Five years remain on the tenant’s original 10-year lease, and under terms of the acquisition, Sikorsky may expand the facility by 150,000 square feet. The second asset is a 72,056-square-foot building, also within the airport, occupied by Hitachi High Technologies America. Nine years remain on the tenant’s original 10-year lease. The property, used for the manufacturing and development of microchips, features clean rooms, a product demonstration room and a designated Foreign Trade Zone area in the warehouse portion of the building. ElmTree Net Lease Fund II is a private equity fund sponsored by ElmTree Funds LLC.
HOUSTON — The project team of Simpson Housing LLLP, Novare Group, Batson-Cook Development Co. and Peter Dienna will break ground in February on SkyHouse River Oaks, a 352-unit high-rise multifamily community in the River Oaks neighborhood of Houston. The 25-story property will offer one- and two-bedroom apartments, as well as amenities such as two swimming pools, a club room, fitness center and outdoor kitchen. Completion for the building, designed for Energy Star certification, is slated for the first quarter of 2015. Simpson Housing, Novare and Batson-Cook are partnering in development; Simpson Housing is serving as owner and operator; Batson-Cook is acting as general contractor; and Peter Dienna is working as project manager. JP Morgan is providing construction financing, and Smallwood, Reynolds, Stewart, Stewart is serving as architect.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of a 123-room Hampton Inn in Austin. Constructed in 1997 and renovated in 2012, the six-story hotel is located at 4141 Governors Row, in proximity to the interchange of State Highway 71 and Interstate 35. Amenities include a 430-square-foot meeting room, business center and outdoor swimming pool. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, a joint venture between a California family trust and a Texas-based private investor, in the transaction. David Greenberg, also of Marcus & Millichap, represented the buyer, Moody National REIT I Inc.
IRVINE, CALIF. – A joint venture between Cigna Corporation and Greenlaw Partners has purchased a 226,055-square-foot, Class A office building in Irvine for an undisclosed sum. The 11-story building is located at 18301 Von Karman Ave. in the Airport Area market. It is part of Koll Center Irvine, and is anchored by Golden State Foods. The buyer was CGGL 18301, LLC. The seller, WW VKO Owner, LLC, was a joint venture between Westbrook Partners, Walton Street Capital and Greenlaw Partners. It was represented by Jeffrey Cole and Ed Hernandez from Cushman & Wakefield’s Irvine office. Cole and Hernandez were also involved in another recent Orange County office sale. The duo, along with Rick Ingwers, Brad Rogers, Roger Gage and Michael McMillan, represented Pacific Bell Telephone Company in the sale of a 191,647-square-foot office property in Anaheim. The Class A building was sold to The PRES Companies for an undisclosed sum. Pacific Bell Telephone Company is a wholly owned subsidiary of AT&T, Inc.
LOS ANGELES – A 36,703-square-foot, Class A office building in Beverly Hills has received $13 million in permanent debt. The building is located at 8201 Beverly Blvd., near Cedars Sinai Medical Center and the Beverly Center. Beverly Quest, LLC purchased the vacant building in October 2012. By the following October, it was fully leased to entertainment media, fashion and medical professionals. The new loan was secured by Quantum Capital Partners, which also secured the initial $11-million loan Beverly Quest used to purchase the building. Beverly Quest is an affiliate of South Park Group.
SAN DIEGO — Spring Valley Auto Center, a 15,255-square-foot retail property in the San Diego submarket of Spring Valley, has sold to LBM Investments for $2.8 million. The center is located at 8730-8750 Jamacha Road. It contains five suites that are fully occupied by auto care providers. Matt LoPiccolo of Marcus & Millichap’s San Diego office represented both the buyer and seller, Winslow Investments Limited Inc., in this transaction.
BALTIMORE — Finmarc Management, a Bethesda, Md.-based commercial real estate services firm, has sold a 272,000-square-foot retail development in Baltimore for $35 million. The property features a 142,000-square-foot Walmart and a 130,000-square-foot Sam's Club, which closed in 2008. Finmarc sold the waterfront property, located on a 58.7-acre site, to 2701 Port Covington Drive LLC.
WASHINGTON, D.C. — Resmark Land and Housing, a division of The Resmark Cos., and Madison Homes have teamed up to develop 69 luxury condominiums at 1745 and 1755 N St. N.W. in Washington, D.C.'s Dupont Circle neighborhood. The affluent neighborhood is located less than one mile from the White House and many international embassies. The District of Columbia Historic Preservation Review Board recently approved the plans for the project. The developers plan to convert some of the existing four- and five-story historic row homes to 31 condominium units. The developers also plan to building a seven-story building at 1755 N St. with 38 condominium units. The project team includes architect PGN Architects, based in Washington, D.C. Resmark and Madison Homes plan to begin construction in the summer and deliver the units in late 2015.