HOUSTON — IDI, an Atlanta-based industrial real estate company, will expand Houston’s Greenspoint Business Center to a total of 757,250 square feet with the construction of two new buildings. The 106,700-square-foot Building C and 244,550-square-foot Building E will join the existing Buildings A, B and D, which were collectively 93 percent occupied at the time of sale. The complex, located along Interstate 45 south of the intersection with Beltway 8, is in close proximity to George Bush Intercontinental Airport.
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FORTH WORTH, TEXAS — Terra Capital Partners has arranged $8.8 million in financing for the purchase of the Fort Worth Sheraton Hotel & Spa. The three-year mezzanine loan is part of a $58 million capital stack that allowed borrower Presidio Cos. to buy the property out of bankruptcy. Terra, which is based in New York, has originated more than 250 debt and equity investments since 2002. The 431-room Fort Worth Sheraton Hotel & Spa is a full-service hotel located in close proximity to the city’s convention center.
WILBURTON, OKLA. — Quantum Real Estate Advisors has brokered the sale of an 8,000-square-foot build-to-suit retail building leased to Family Dollar in Wilburton, approximately 120 miles south of Tulsa. At the time of sale, the tenant had nine years remaining on an initial 10-year, double net lease. Quantum’s Jordan Kaufman represented the seller, a private developer based in Houston, and the buyer, a private 1031 tax-deferred exchange buyer from California.
PORTLAND, ORE. — Pebblebrook Hotel Trust has purchased the 174-room Hotel Modera in Portland for $47.5 million. The hotel is located at 515 SW Clay Street. It was originally built in 1962 and underwent a $13-million renovation in 2008. The seller, Posh Ventures LLC, was represented by Paramount Lodging Advisors in this transaction.
NORTH HOLLYWOOD, CALIF. – Kennedy Wilson and one of its partners have acquired a 188,366-square-foot office building in North Hollywood for $45 million. The Class A office building is located at 5161 Lankershim Blvd. The buyer plans to execute a series of enhancements at the property before marketing it to the technology, entertainment and media industries that are common throughout this Los Angeles submarket. Pacific Western Bank provided $30 million in financing for this transaction.
DENVER — PM Realty Group has announced its plans for a 288-unit, high-rise apartment tower in Denver. The community will be located at 2166 15th Street where the Platte River meets Cherry Creek in Riverfront Park. The tower is being developed in partnership with National Real Estate Advisors and Ray Suppa. Its ground floor will feature restaurant and retail space. Construction will commence in fall 2013. Once completed in fall 2015, it will be the tallest structure in Riverfront Park. The joint venture equity was arranged by HFF’s Rob Rizzi, Colin Oberg, Josh Simon, Jordan Robbins and Jake Young. Newmark Grubb Knight Frank brokered the 50,000-square-foot parcel of land. The firm’s Stephen Roesinger and Wade Fletcher assisted both parties in this transaction.
TEMPE, ARIZ. — DCT Industrial Trusthas purchased Broadway Industrial Portfolio, a three-building, 308,038-square-foot portfolio in Tempe, for $22 million. The acquisition includes an 110,000-square-foot building at 1005 W. Alameda Drive; a 96,437-square-foot building at 2910 S. Hardy Drive; and a 101,601-square-foot building at 2925 S. Roosevelt Street.All three buildings are Class A, institutional-quality properties that offer manufacturing, distribution and office space. Notable tenants include United Stationers Supply Co., ACI Plastics, Misty Mate and Triumph Group. Pat Harlan,Steve Sayreand Kyle Westfallof Jones Lang LaSalle will handle the portfolio’s leasing efforts.
RENO, NEV. — Ardagh Group has purchased a 330,000-square-foot, Class A manufacturing facility in the Tahoe Reno Industrial Center for $11.5 million. The property is located at 900 Waltham Way in McCarran, which is just east of Reno. The acquisition also includes two 18-acre parcels on the east and west sides of the building that can be used for future expansion.The glass and metal packaging solutions company will invest $20 million to retrofit the new facility. It hopes to begin production in January 2014. Ardagh was represented by Dave Simonsen, J. Michael Hoeck and Michael Nevis of the NAI Industrial Properties Team. The seller was not named.
ATLANTA — Atlantic | Pacific Cos. (A | P Cos.), a commercial real estate development and management company, has acquired Morningside Courts and Sloan Square in Atlanta. Morningside Courts is a 172-unit, garden-style apartment community located on Piedmont Road in Atlanta's Midtown submarket. The property features stacked washer and dryers, walk-in closets, gas fireplaces, private balconies/patios, resort-style swimming pool and a 24-hour fitness center. Sloan Square is a 197-unit, garden-style apartment community located on Lavista Road near Emory University. Sloan Square includes fully equipped kitchens, walk-in closets, vaulted ceilings, fireplaces in select units, two swimming pools, a fitness center and a car care area. A | P Cos. will make capital improvements to the properties' amenities and unit interiors. A | P Cos. will also handle all property management responsibilities for both properties.
NAPLES, FLA. — Inland Real Estate Acquisitions Inc. has acquired the 146-unit Berkshire Reserve Townhomes in Naples for approximately $15.9 million. The property was 93 percent occupied at the time of sale. The property features three-bedroom, two-and-a-half bathroom townhomes. Residents are offered discounted membership to the adjacent Collier County Fitness and Aquatic Center.