NANTUCKET, MASS. — NorthMarq Capital’s Boston regional office has arranged $1.7 million for the refinancing of the Albert G. Brock Building in Nantucket, an island 30 miles south of Cape Cod. The 5,897-square-foot, multi-tenant office property is located at 53 Main St. A life insurance company provided the 20-year loan, which is self-amortizing. Doug Nickerson, vice president at NorthMarq, arranged the loan.
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HOUSTON — E.E. Reed Construction LP has broken ground on Park Ten Center, a 301,932-square-foot office complex in Houston’s Energy Corridor. Plans call for two Class A buildings, each standing three stories and totaling 150,996 square feet. The project, located at the northeast corner of Park Ten Boulevard and Park Row, is a joint venture between developers Lincoln Property Co. and Stonelake Capital Partners. O’Brien and Associates Inc. designed the complex, which is slated for completion in July 2014.
AUSTIN, TEXAS — The National Retail Investment Group of CBRE has brokered the sale of The Market at Parmer Lane, a 122,349-square-foot grocery-anchored retail center in Austin. HEB is the anchor tenant of the property, which is 93.3 percent occupied. Located at the southeast corner of Parmer Lane and MoPac Expressway, the center is approximately 12 miles north of downtown. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, LPC Retail, a division of Dallas-based Lincoln Property Co. The buyer is a Texas-based private real estate fund advised by Crow Holdings Capital Partners.
SAN ANTONIO — Institutional Property Advisors (IPA), the multifamily brokerage division of Marcus & Millichap, has brokered the sale of The Ridge at Bandera, a 120-unit multifamily community in northwest San Antonio. Built in 1992, the complex offers one- and two-bedroom layouts with an average unit size of 760 square feet, as well as a swimming pool and fitness center. Will Balthrope and Scott Lamontagne of IPA and Moses Siller of Marcus & Millichap represented the seller, an opportunity fund based in the Northeast. A family office located in Kentucky purchased the property, which is located at 10950 Biering Lane, near the intersection of Loop 1604 and Bandera Highway.
AUSTIN, TEXAS — Home2 Suites by Hilton, Hilton Worldwide’s mid-tier, all-suite brand, has opened a new location at 14022 U.S. Highway 183 in Austin. Home2 Suites by Hilton Austin/Cedar Park is a four-story hotel that includes 84 suites and amenities such as a combined laundry and fitness area, outdoor saline pool and free continental breakfast. Pure Lodging Hospitality Two LLC owns the property, while Lodgic Hospitality manages operations. This is the 23rd location in the United States of the Home2 Suites by Hilton brand.
SEATTLE — Grosvenor Americas has acquired 11 Class A office buildings in the Seattle submarket of Bothell for $167.5 million. The portfolio contains a total of 712,460 square feet within the 125-acre Schnitzer North Creek office campus. The campus is located at 11824 North Creek Parkway N. just northeast of Seattle. The institutional-grade buildings are part of Schnitzer North Creek’s 24-office building campus, which totals 1.1 million square feet. The seller, Schnitzer West, will continue to provide on-site property management. Schnitzer was represented by CBRE in the sales transaction. This is Grosvenor’s first office acquisition in the Puget Sound region.
DRAPER, UTAH — Kimball Investment Company has purchased 38.7 acres of land in Draper for an undisclosed sum. The land is known as the White Mountain Business Park. It is located at 170 Golden Harvest Road. It sits adjacent to the new FrontRunner station and eBay’s new call center. Kimball plans to develop a 600,000-square-foot office/warehouse project on the land. Phase I is scheduled for completion at the end of next year. Kimball was represented by Tom Dischmann of CBRE’s Salt Lake City office. The seller, Scandia Investment/White Rim Investment, was represented by Jeff Richards of the same firm.
WEST HOLLYWOOD, CALIF. — Northwood Investors LLC has purchased The London West Hollywood, a 200-room hotel in the Los Angeles submarket, for an undisclosed sum. The all-suite luxury hotel is located at 1020 N. San Vicente Blvd. in West Hollywood. The hotel features a restaurant by Gordon Ramsey, as well asa rooftop pool and lounge. This is Northwood’s first West Coast acquisition. The hotel will be managed by Northwood Hospitality LLC, a Northwood affiliate.
SAN FRANCISCO – A portfolio sale that includes Apple’s retail store and Bulgari’s flagship location within San Francisco’s Union Square has closed for a total of $160 million. The buyer was a private, U.S.-based investor. The Bulgari Building is located at One Union Square and 212 Stockton Street. Itis a fully leased retail and Class A office building. The property is anchored by Bulgari, though it includes other luxury retail and boutique office tenants like Loro Piana, Lacoste, Vera Wang and Union Square Investments. The Apple store is located at 1 Stockton Street. Other notable tenants within the Union Square neighborhood include Barneys New York, bebe, De Beers, Dior, Ferragamo, Gucci, Hermes, Louis Vuitton, Marc Jacobs, MaxMara, Prada, Saks Fifth Ave and Tumi.The seller, Deka Immobilien, was represented by Savills.
HOLLYWOOD, CALIF. — La Brea Regency Lofts in Hollywood has received $19.3 million in construction financing. The lofts will be located at 1616 North La Brea Ave near the Roosevelt Hotel and Grauman’s Chinese Theatre. It will contain 56 residential units and 9,000 square feet of retail space.The three-year balance sheet loan features interest-only payments and a LIBOR-based floating rate. It was negotiated by Tal Savariego and Zev Feder of Meridian Capital Group.