FAIRHAVEN, MASS. — Heyman Properties has sold the 212,393-square-foot Fairhaven Commons, located in the Boston suburb of Fairhaven, for $23.8 million. The property, which was built in 1989, is 93 percent leased. Walmart and Marshalls anchor the center. Additional tenants include Sears Hardware, GNC and Wendy's. James Koury and Ben Sayles with HFF represented the seller and procured the buyer in the transaction.
NEW YORK CITY — Pembrook Capital Management LLC has provided a $20 million bridge loan for the refinancing of the Clarendon Gardens apartment complex in Brooklyn. Clarendon Gardens is a 224-unit, seven-building multifamily property totaling 195,000 square feet. The garden-style apartment complex is more than 98 percent occupied and is located at the southeast corner of Kings Highway and Avenue D. The financing Pembrook provided, along with additional $2 million in preferred equity from a separate private investor, enabled the borrower to refinance the existing debt and complete repair work and renovations.
CONCORD, N.H. — NAI Norwood Group has arranged the sale of 247-249 Pleasant St., two 5,356-square-foot office buildings in Concord. Judy Niles-Simmons and Karl Norwood of NAI Norwood Group represented the seller, the State of New Hampshire Department of Administrative Services. The buyer, Dartmouth-Hitchcock, a New Hampshire-based healthcare system, purchased the property for $900,000. Situated on one acre, the two buildings are located across from Concord Hospital.
HOUSTON — Whitestone REIT (NYSE: WSR) has launched four property redevelopment programs in the Houston metro area as part of a repositioning and rebranding initiative. The properties include Woodlake Plaza, a 106,000-square-foot office building in the Westchase District; Main Park, a 113,000-square-foot medical lab facility near Reliant Stadium and Texas Medical Center; Lion Square, a 118,000-square-foot retail center in the Asian district of southwest Houston; and Torrey Square, a 106,000-square-foot retail center in a predominately Latino district of north Houston. Whitestone purchased the properties for $60 per square foot on average.
IRVING, TEXAS — HREC Investment Advisors has brokered the sale of the Ramada DFW Airport North Hotel in Irving. The 140-room property is located on Ester Road directly off Highway 114 and is in close proximity to the new Irving Convention Center, Gaylord Convention Center Hotel and the Grapevine Mills Mall, besides Dallas/Fort Worth International Airport. Hank Wolpert of HREC represented the seller in the transaction. Buyer Pramukhraj Irving LLC plans to rebrand the hotel.
HOUSTON — NAI Houston has brokered the sale of a 75,000-square-foot warehouse property in Houston’s Far Northwest industrial submarket. The asset is situated on 10.6 acres at 13813 FM 529. Buyer Deepwater Corrosion Services, a full-service offshore corrosion-control company serving the oil and gas industry, plans to use the building as its new headquarters. John Ferruzzo and Chris Kugle of NAI Houston represented Deepwater in the transaction. Mac Process LLC was the seller.
SAN ANTONIO — Constellation Brands Inc., a global alcoholic beverage company and the No. 1 importer of beer in the U.S., has signed a lease at Eilan, a mixed-use development in San Antonio. Constellation will occupy 13,077 square feet in one of the development’s two four-story office buildings, which feature concrete construction for sound dampening, enclosed loading docks and covered-structure parking. Eilan also includes residential and retail space as well as a hotel, spa and restaurant. Lindsey Tucker and Steve Thomas of CBRE San Antonio, who handle all office leasing at Eilan, represented the development in the negotiations.
SCOTTSDALE, ARIZ. — Kierland One, a 175,441-square-foot, Class A office building in Scottsdale, has sold to Hines and joint venture equity partner Pacific Coast Capital Partners for an undisclosed sum. The building is located at 16430 N. Scottsdale Road in the Scottsdale Airpark submarket. The building was vacant at the time of sale. The seller, Cornerstone Real Estate Advisers LLC, acted on behalf of an institutional investor. It was represented by Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office. The JV represented itself in this transaction.
CERRITOS, CALIF. — Cerritos Corporate Center, a 460,356-square-foot industrial business park, has sold to Angelo Gordon for $42.5 million. Gordon worked in partnership with Crowsnest Properties. The center is located at 13810-13950 Cerritos Corporate Drive in Cerritos. The institutional-quality business park is composed of seven free-standing buildings on three parcels. It is currently 95 percent leased. The seller, The Abbey Company, was represented by CBRE’s Kevin Shannon, Darla Longo, Barbara Emmons, Scott Schumacher, Rick McGeagh and John Biven.
PORTLAND, ORE. – The 165-unit Cathedral Apartments development in Portland has received $21.4 million in construction/permanent financing. The community will be located at 8680 North Ivanhoe Street. The 42-year loan features a 4.76 percent fixed rate. It was arranged by HFF’s Thomas Wilson on behalf of St. Johns Ivanhoe LLC. Financing was provided by Greystone, an FHA multifamily lender. The project is hoping to achieve LEED-Platinum certification. If successful, Cathedral Apartments will be the first LEED-Platinum-certified construction project in the nation that was completed by HUD. The project is being developed by W&K Development.
