DALLAS — HFF has arranged the sale of a two-property, 754,554-square-foot, Class A industrial portfolio in the Dallas-Fort Worth Metroplex. Included are Northlake Industrial Center, located three miles north of the Alliance Texas mixed-use development on Interstate 35, and Towne Lake Business Park Two, immediately south of Dallas/Fort Worth International Airport. Randy Baird, Jud Clements and Robby Rieke of HFF represented the seller, Panattoni Development. Private real estate investment firm Cabot Properties purchased the portfolio, which was 100 percent leased at the time of sale.
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AUSTIN, TEXAS — Developer/owner JMI Realty is partnering with management firm Kimpton Hotels & Restaurants on a new four-star hotel in Austin’s historic Rainey District. The project, to be known as Hotel Van Zandt, will feature 322 guest rooms over 16 floors, 12,000 square feet of event and meeting space, a gourmet restaurant and pool deck with bar. The award-winning Mark Zeff will oversee interior design of the hotel, expected to open in early 2015. San Francisco-based Kimpton, which specializes in boutique hotels, expands its Texas footprint to four properties with this development.
FORNEY, TEXAS — The firm of Henry S. Miller has brokered the sale of a 25,000-square-foot industrial property in Forney, located 20 miles east of Dallas. Henry S. Miller’s Jerry Averyt and Greg Trout represented the seller, First State Bank of Mesquite. The facility, situated on 1.25 acres, will be the new home of Willard Heat and AC, which is relocating from their current smaller facility in Forney. Stephen Cooper of NAI Robert Lynn represented Willard.
HOUSTON — The Houston Independent School District (HISD) Board of Education has chosen construction management firm Kwame Building Group for four of its upcoming new construction and renovation projects in the Houston school district. The undertakings, valued at a total of $35 million, include two new Early College High Schools, major improvements for Washington High School and sizeable additions and repairs to Worthing High School. Construction is set to begin in 2014. These projects are part of HISD’s larger $1.89 billion bond program, which was approved by Houston voters in November 2012 and is scheduled to last eight years.
SANTA CLARA, CALIF. – The 1,000-unit Mansion Grove in Santa Clara has received $188 million in first-mortgage refinancing. The community is located at 502 Mansion Park Drive. It was 98 percent leased at the time of closing. Financing was based on a 10-year term and a 30-year amortization schedule. Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office arranged the financing on behalf of an affiliate of Prometheus Real Estate Group. It was arranged through the firm’s relationship with Teachers Insurance and Annuity Association of America (TIAA-CREF) and Allstate Life Insurance Company.
TEMPE, ARIZ. – HUB on Campus at Arizona State University (ASU) in Tempe has sold to Inland American Communities Group (IAC) for $103 million. The HUB is located across from Sun Devil Stadium near the Mill Avenue entertainment district. It includes 640 beds, 21,842 square feet of ground-floor retail space and adjacent land for future development. HUB is set to be fully occupied for the 2013-2014 school year. IAC is a wholly owned subsidiary of Inland American Real Estate Trust.
IRVINE, CALIF. — California State University, Fullerton (CSUF) has purchased Banting Corporate Center in Irvine for $30.5 million. The two-building center is located at 1 and 3 Banting. It contains a total of 140,000 square feet on 12.35 acres. CSUF signed a seven-year lease for 70,000 square feet at the center in 2010. The university plans to eventually occupy the entire property as other leases expire. This will allow CSUF to double the size of its Irvine campus branch. CSUF’s Auxiliary Services Corporation was represented by CBRE’s Peter Andrich and Gregg Haly.
TORRANCE, CALIF. – A 44-unit apartment complex located at 3708 Spencer Street in Torrance has sold to a local private investor for $9.9 million. It was built in 1968. Michael DiSimone, Ron Harris and Joseph Smolen of Marcus & Millichap’s Los Angeles office represented both the buyer and the seller, 3708 Spencer Ltd., in this transaction. This was the first time the property had been on the market in about 40 years, according to DiSimone.
ARVADA, COLO. — Phillips Edison–ARC Shopping Center REIT Inc. has purchased Westwoods Shopping Center, a 90,855-square-foot shopping center in Arvada. The purchase price was not disclosed. The center is located at 15530 & 15570 West 64th Ave. just northwest of Denver. It is currently 95.4 percent occupied and is anchored by King Soopers grocery store, a subsidiary of Kroger.
SAN DIEGO – Kiernan Companies has purchased 10.1 acres of industrial land in San Diego for $3.6 million. The land is located at 10138 Airway Road in the Otay Mesa submarket. It resides within the Airway Business Center. Kiernan was represented by Brian Rolens and Michael Bauer of Fischer & Company. The seller, MS Development Company LLC, was represented by CBRE’s Rob Hixson, Rich Kwasny and Alexandra Allsup.