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HospitalityNortheast

NEHR ARRANGES SALE OF 112-ROOM PLEASANT VIEW INN IN WESTERLY

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WESTERLY, R.I. — New England Hotel Realty (NEHR) has arranged the sale of the 112-room, full-service Pleasant View Inn in Westerly. NEHR represented the seller, a family that has owned and operated the hotel since 1965, in the transaction. The buyer was an affiliate of Linchris Hotel Corp., which plans to renovate the property. The Pleasant View Inn is an oceanfront hotel located on Misquamicut Beach and is within close proximity to nearby shopping, multiple golf courses and the Mystic Seaport and Aquarium in nearby Connecticut. Linchris is one of the largest hotel owners, operators and management companies in the Northeast, according to NEHR.

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NortheastOffice

RIVER DRIVE COMPLETES TENANT FIT-OUTS AT 125 BROAD STREET IN NYC

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NEW YORK CITY — River Drive Construction has completed two tenant fit-outs, totaling 63,594 square feet, at 125 Broad St., a Class A office tower in downtown Manhattan. New Jersey-based River Drive completed the projects on behalf of Mack-Cali Realty Corp., which owns nearly half of the 1.3-million-square-foot building. The fit-out of 41,594-square-foot space on the second and third floors will be occupied by the Institute for Community Living Inc., a nonprofit corporation that assists individuals with disabilities. Designed by Gener Kronick + Valcarel, Architects and engineered by Syska Hennessy Group, the fit-out included the construction of drywall, ceilings, lighting, HVAC, millwork, sprinklers, plumbing, ceramic tile and flooring. River Drive also completed the fit-out of a 22,000-square-foot space, which will be occupied by security brokerage firm Loeb Holding Corp. Designed by Spector Group and engineered by MGE Engineering, the fit-out included the demolition of existing offices and the construction of new offices with features including glass office fronts, wood flooring in the reception, gallery areas and new window treatments. Gary Suber, project manager, led the River Drive team that served as general contractor for both projects.

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OfficeTexas

CHURCHILL CAPITAL ARRANGES $41M IN REFINANCING FOR LAS COLINAS OFFICE TOWER

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IRVING, TEXAS — Churchill Capital has arranged $41 million in refinancing for a 510,173-square-foot office asset in the Las Colinas Urban District of Irving, approximately 10 miles northwest of downtown Dallas. Located at 600 E. Las Colinas Blvd., the property includes a 22-story tower and a five-story parking garage overlooking Lake Carylon. Among the major tenants of the building are Fleet Pride, Horizon Lines, Berkley Specialty Underwriting, Young President’s Organization and JP Energy Partners. Duke Stone and Katie Newman of Churchill arranged the non-recourse, fixed-rate loan through J.P. Morgan Chase Bank NA on behalf of the borrower and property owner, TCI.

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RetailTexas

JOINT VENTURE OF USAA, CENCOR BUYS STAKE IN SAN ANTONIO RETAIL CENTER

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SAN ANTONIO — A joint venture between an affiliate of the USAA Real Estate Co. and Cencor Realty Services has acquired an investment stake in Culebra Market, a 232,126-square-foot grocery-anchored retail center in San Antonio. The property is currently 100 percent occupied by 29 tenants, including the 81,027-square-foot HEB, as well as Hobby Lobby, Chase Bank and Whataburger. Located at the corner of Culebra Road and Loop 1604, the center is approximately 15 miles northwest of the city’s downtown area. Cencor, which is the property management and development affiliate of The Weitzman Group, developed the property and will continue to operate it under the new agreement.

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OfficeTexas

BOXER PROPERTY PURCHASES 153,387 SF OFFICE ASSET IN DALLAS

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FARMERS BRANCH, TEXAS — Boxer Property has acquired the 153,387-square-foot office property located at 4100 Spring Valley Rd. in Farmers Branch, a northern suburb of Dallas. The 10-story tower is anchored by Panda Energy, Comerica Bank and Joint Venture Business Center and features a recent common area renovation. The Energy Star-rated facility is also in close proximity to both Interstate 635 (Lyndon B. Johnson Freeway) and the Dallas North Tollway. Jack Crews and Evan Stone of Jones Lang LaSalle represented the undisclosed seller in the transaction, while Boxer Property represented itself.

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MultifamilyTexas

FIRST MARKET PROPERTIES ACQUIRES BAYTOWN APARTMENT COMPLEX

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BAYTOWN, TEXAS — An affiliate of First Market Properties LLC has purchased Forest View Apartments, a 158-unit, Class B multifamily complex in Baytown, approximately 25 miles east of Houston. The property, which is located at 301 Tri City Beach Road, was 93 percent occupied at the time of the sale. First Market Properties, a fully integrated real estate investment firm with offices in Miami and New York, plans to upgrade the asset.

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OfficeWestern

PRAEDIUM GROUP BUYS IRVINE OFFICE BUILDING FOR $114M

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IRVINE, CALIF. – The Praedium Group has purchased a 355,360-square-foot office tower in Irvine for $114 million. The building is located at 2030 Main Street in the Irvine Concourse Corporate Center. The 16-story, Class A tower is one of the tallest office buildings in Irvine’s Greater Airport Area. It is 92 percent leased. This transaction is the largest office sale so far this year in Orange County, according to CBRE, which represented the seller. The unnamed institutional advisor was represented by the firm’s Kevin Shannon, Ken White, Bob Smith, Paul Jones and Sean Sullivan.

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MultifamilyWestern

ORANGE COUNTY APARTMENT PORTFOLIO RECEIVES $32.7M REFINANCE

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FULLERTON, CALIF. – A two-property apartment portfolio in Orange County has received a $32.7-million refinance. The portfolio includes the Streams Apartments, as well as La Villita and La Costa Apartments, which operate as one complex. The properties are all located in Fullerton. The portfolio totals 493 units and boasts about a 95 percent occupancy rate. The fixed-rate, Freddie Mac CME loans feature 10-year terms and a 30-year amortizing schedules. Financing was originated by Kristen Croxton and Greg Reed of Beech Street’s Newport Beach office on behalf of SC Development.

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IndustrialWestern

LAKE WASHINGTON BUYS SPANISH SPRINGS SITE NEAR RENO

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RENO, NEV. — Lake Washington Partners has acquired a 66-acre parcel within Spanish Springs Business Center near Reno for an undisclosed sum. The company plans to execute a phased development that would include 1.5 million square feet of distribution/warehouse space. Construction is set to commence in 2014 with the development of 600,000 square feet of facilities.

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HealthcareWestern

ALVARADO MEDICAL PLAZA III CHANGES HANDS IN SAN DIEGO

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SAN DIEGO — Alvarado Medical Plaza III, a 51,400-square-foot medical office building in San Diego, has sold to TDA Investment Group for an undisclosed sum. The building is located at 6719 Alvarado Road on the campus of Alvarado Hospital Medical Center. It sits adjacent to San Diego State University. The plaza is anchored by an affiliate of Alvarado Hospital that operates an outpatient surgery center. TDA was represented by Evan A. Kovac of Newmark Grubb Knight Frank. The seller, AMP III LLC, was represented by PMB Brokers, an affiliate of Pacific Medical Buildings.

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