PORTLAND, MAINE — Marcus & Millichap Capital Corp. has arranged $2.6 million in construction financing for a retail development in Portland, the largest city in Maine. Financing was based on a 10-year term and a 20-year amortization schedule. The construction loan converts to permanent financing after two years. Starbucks Coffee and Mattress Firm will occupy the retail property. The loan will convert to non-recourse financing once the tenants take occupancy.
BLUE BELL, PA. — US Realty Capital (USRC), has arranged a $2.4 million fixed-rate bridge loan for a 47,000-square-foot, Class B office complex in Blue Bell, a northern suburb of Philadelphia. The complex includes two three-story office condominium buildings. USRC arranged the non-recourse, three-year loan, which includes two 12-month extension options and is interest only, through a national bridge lender. The property was 55 percent occupied at closing. Robert A.C. Jacoby, managing partner in USRC’s Philadelphia office, originated the loan.
KATY AND CORPUS CHRISTI, TEXAS — The Dallas office of Berkadia has arranged a total of $32.1 million in construction financing for two separate apartment projects in Texas, one in the Houston suburb of Katy and one in Corpus Christi. Steve Mentesana and Tim Nunan of Berkadia worked on behalf of borrower JLC Gaston LLC to originate a $19.2 million loan for Grand Fountain Apartments, a 198-unit, Class A property coming to Katy. Mentesana and Nunan also originated $12.9 million on behalf of borrower Encore MF Corpus II LP for the second phase of Encore Crossing Apartments, a 155-unit, Class A property under construction in Corpus Christi. Both loans were secured through the HUD 221(d)(4) and include a 40-year term.
PLANO, TEXAS — CBRE has brokered the sale of Plano Office Commons, a two-building asset totaling 190,000 square feet in the Telecom Corridor of Plano. The one-story buildings are each fully occupied by long-term tenants. Located at 601 Shiloh Road, the complex is just a quarter-mile north of the Bush Turnpike and three miles east of the interchange of SH-190 and North Central Expressway. Galatyn Park Urban Village, Collin Creek Mall, Charles W. Eisemann Center for the Performing Arts and the Renaissance Hotel are all in close proximity. Eric Mackey, Gary Carr and John Alvarado of CBRE arranged the acquisition on behalf of an investor represented by Peloton Commercial Real Estate.
HOUSTON — Private real estate investment firm Brennan Investment Group LLC has acquired approximately 11 acres of land in northern Houston for the speculative construction of three crane-ready flex buildings totaling 110,000 square feet. The facilities are designed to meet the needs of manufacturing, assembly or distribution companies. Located near the interchange of I-45 and FM-1960, the site is in close proximity to the new ExxonMobil headquarters campus project. Brennan chairman and co-founder Michael Brennan cited 16 consecutive quarters of positive absorption and a 92.5 percent occupancy rate as the firm’s basis for moving forward with the development.
HOUSTON — Ziegler Cooper Architects and Trademark Construction have completed the new Rosetta Resources corporate headquarters, four floors totaling 108,565 square feet of office space at the Heritage Plaza in Houston’s central business district. The facility features an open reception area with travertine flooring and walnut paneling, state-of-the-art conference spaces and backlit colored glass panels with company imagery. Rosetta Resources is an independent oil and gas company. Heritage Plaza, located at 1111 Bagby Street, includes a fitness center, 24-hour security and package courier service.
LOS ANGELES — Wood Partners has introduced its new 298-unit Warner Park luxury apartment community in the Los Angeles submarket of Canoga Park. The $75-million community is located at 6701 and 6703 Eton Ave. Construction began on Warner Park in August 2011. The new community is in close proximity to the Westfield Promenade and Westfield Topanga. The Westfield Group is also planning to build an additional 1-million-square-foot commercial development in the area. The first phase, which will include a Costco, is scheduled to be delivered by the end of 2013.
FULLERTON, CALIF., LACEY, WASH. — The Hudson Team of George Elkins Mortgage Banking Company has arranged $71 million in refinancing for the Orangefair Marketplace in Fullerton and The Landing at Hawks Prairie in Lacey. The 324,806-square-foot California retail center is located at East Orangethorpe and South Harbor Boulevard in the Orange County submarket. It is currently 98 percent occupied. Notable tenants include Marshalls, Best Buy, Michaels, Skechers and Burlington Coat Factory. Orangefair was acquired by Orangefair, LLC in 2002. The company then executed a multi-million renovation that was completed in 2004. The $44.8-million, permanent, fixed-rate loan will allow the borrower to refinance. The 117,000-square-foot Washington retail center is located near the corporate headquarters of Intel and State Farm Corporation in the Olympia suburb. It is 93 percent leased. Notable tenants include LA Fitness, Red Robin, Navy Credit Union, Mattress Depot, Popeyes, Hand & Stone and Kiddie Academy. The center is shadow anchored by Costco, Home Depot and Wal-Mart Super Center. The $26.9-million loan will allow the borrower, a limited liability company operating as The Landing at Hawks Prairie, LLC, to refinance as well.
IRVINE, CALIF. – Griffin Capital has purchased the Fox global headquarters, an 82,645-square-foot, creative office building in Irvine, for $27.2 million. The building is located at 16752 Armstrong Ave. inside the Irvine Business Complex. Fox Headhas leased the building through December 2027. The motocross apparelcompany has occupied the property since last year when Shubin Nadal Associatesrepositioned it from an industrial building to a creative office space. It is one of only a few stand-alone creative office buildings in Orange County. The facility features an open floor plan andglass conference rooms, as well as a BMX track and fire pit. Fox Head also plans to add a skate park. Griffin Capital represented itself in this transaction, while the sellers, Shubin Nadal Associates and Penwood Real Estate Investment Management, were represented by CBRE’s Kevin Shannon, Bob Smith, Paul Jone and Ken White.
SAN DIEGO – The 40-unit Cambridge Apartments in San Diego has sold to a tenant-in-common entity for $4.6 million. The community is located at 660 F Street in the Chula Vista submarket. The seller was Essex-JMS Acquisitions LP. The transaction was executed by Jim Neil, Eric Comer and Merrick Matricardi of CBRE Multi-Housing team.
