DALLAS — HFF has brokered the sale of Preston Center Pavilion and Square, a 230,842-square-foot shopping center in the Park Cities neighborhood of Dallas. The property, which was redeveloped in 2000, is in proximity to the interchange of Northwest Highway, Preston Road and the Dallas North Tollway. Tenants include DSW Shoe Warehouse, Marshalls, Gold's Gym, CVS Pharmacy, Office Depot and Chipotle. The HFF team of Barry Brown, Jim Batjer, Doug Hazelbaker and Ryan Shore represented the seller, US Commercial LLC, and also procured the buyer, a real estate fund advised by Crow Holdings Capital Partners LLC. The transaction involved the assumption of the existing CMBS mortgage.
Property Type
HOUSTON — The Morgan Group Inc. will break ground in the first quarter of 2014 on Pearl Woodlake, a 376-unit multifamily community in Houston's Westchase District. The complex will offer studio and one- to three-bedroom floor plans ranging from approximately 600 to 1700 square feet, as well as amenities including a swimming pool, outdoor kitchen, dog park, club room and fitness center. To be located at 2033 S. Gessner Road, the property is scheduled to open in the summer of 2015. Regions Bank is providing construction financing for the project.
RICHARDSON, TEXAS — Developer The Henry S. Miller Equity Partners, along with Humphrey & Partners Architects, has opened the new Parkside Towns multifamily property in the Dallas/Fort Worth suburb of Richardson. The townhome community offers two- and three-bedroom units with garages, patios, plank flooring and granite countertops, as well as amenities including a lounge, fitness center and swimming pool. Located at the northeast corner of the intersection of Campbell and Colt roads, the property offers proximity to the Richardson Telecom Corridor. Leasing and move-in is underway.
SUNNYVALE, CALIF. — Lane Partners has acquired a 508,946-square-foot office portfolio in Sunnyvale for a reported $127 million. The 16-building office and R&D portfolio is primarily located in the Peery Park submarket. It was 94 percent leased at the time of sale. One-third of the portfolio was leased to Apple. The seller, a global investment manager, was represented by CBRE’s Joseph Moriarty, Russell Ingrum, Sean Sullivan, Tyler Meyerdirk and Brad Zampa.
LOS ANGELES – The 39-acre site of the future Pacific Business Center, an industrial development in the Los Angeles submarket of Bell, has received $73.8 million in financing. The funds will be used to acquire and develop the project. The site was acquired by Pacific Industrial for more than $44 million. It will be located at 5600 Rickenbacker next to the 710 Freeway. The land was the former World War II Cheli Air Force Base GSA site. It was entitled for 840,390 square feet of development. Pacific Industrial plans to develop a three-building, Class A industrial campus totaling about 550,000 square feet in the first phase of development. Construction will commence immediately and is scheduled for completion next October. The seller, the City of Bell, was represented by CBRE’s John Privett and Cameron Merrill. The non-recourse loan was arranged by HFF’s Brian Torp and Don Curtis through a global investment firm.
MOUNTAIN VIEW, CALIF. – Mountain Bay Plaza, a 165,390-square-foot office tower in downtown Mountain View, has received $55 million in refinancing. The Class A tower is located at 444 Castro in Silicon Valley. It was 97 percent leased to tenants like Fenwick & West, Red Hat, PricewaterhouseCoopers and Bank of America. The fixed-rate loan was arranged by HFF’s Bruce Ganong and Walter Chui on behalf of The Swig Company. The loan was placed with John Hancock Real Estate.
PHOENIX — Country Club Manor, an 89,214-square-foot office property in Phoenix, has sold to Hyperion Fund for $8.5 million. The Class A property is located at 1221 and 1313 E. Osborn Road near the Phoenix Country Club. It was about 68 percent leased at the time of the REO sale. Eric Wichterman and Mike Coover of Cassidy Turley’s Capital Markets Group represented both the buyer and seller, Aetna Health Insurance, Co., in this transaction.
SALT LAKE CITY – The former 288-room Hilton Salt Lake City Airport has received a $5.3-million renovation and rebranding. It is now the DoubleTree by Hilton Hotel Salt Lake City Airport. The hotel was acquired by Laurus Corporation in July 2012. It is located at 5151 Wiley Post Way.
LOS ANGELES – GoJane is planning to relocate its corporate headquarters to Alameda Square in Downtown Los Angeles. The young women’s online fashion retailer is currently based in Ontario. It plans to relocate in March 2014. GoJane has signed a seven-year lease for 10,400 square feet inside the square’s Building 1, which is located at 777 Alameda. The company was represented by John Zanetos of CBRE. The landlord is EVOQ Properties.
WASHINGTON, D.C. — A joint venture between Mack-Cali Realty Corp. and Fisher Brothers has entered into agreements to acquire a 50 percent interest in a luxury multifamily project under construction in the H Street submarket of Washington, D.C. The joint venture will purchase the interest for approximately $46.5 million. The project, located at 701 2nd St. N.E., features 377 apartment units, 25,000 square feet of retail space and a 309-space parking garage. The project’s amenities will include three rooftop decks with a 100-foot pool and hot tub, grilling stations and cabanas, a rooftop garden with an eco-pond and gardening plots for residents, a dog run, two landscaped gardens in courtyards and an outdoor projection screening area. The project is slated to finish construction in mid-2015. Mack-Cali’s Roseland subsidiary will manage the new asset. The project team includes Hickok Cole Architects, Rockwell Group, COOKFOX and Handel Architects.