HOUSTON — HFF has brokered the sale of two office buildings totaling 165,146 square feet in Houston’s Energy Corridor. The 102,880-square-foot property located at 1250 Wood Branch Drive was 88.9 percent leased at the time of the transaction, and the 62,002-square-foot property located at 11931 Wickchester Lane was 76.6 percent leased. Both offer convenient access to Interstate 10. Martin Hogan and Dan Miller led the HFF team representing the seller, Peloton Capital Partners. Dornin Investment Group purchased the assets.
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SAN ANTONIO — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has brokered the sale of The Meridian, a 146-unit apartment complex in San Antonio. The asset, located at 680 E. Basse Road, is in close proximity to Quarry Golf Club, Alamo Quarry Market and two of the city’s most prestigious office properties, The Concord and One International Center. Features of the community include private alarms, garden tubs, double ovens, a clubhouse and multiple fitness rooms. Will Balthrope and Scott Lamontagne of IPA represented the seller, a private investor based in San Antonio. The buyer is a national acquisitions and management firm also based in San Antonio.
HOUSTON — Hoar Construction has completed Granite Briarpark Green, a 300,000-square-foot spec office property in Houston’s Westchase district. Developed by Granite Properties, the 12-story, Class A tower features a two-story entry lobby, fitness center and 361,000-square-foot parking facility exclusively for Granite Briarpark Green tenants. PGAL served as architect on the project, which is designed to achieve LEED Gold certification and boasts energy performance 21 percent above current construction sustainability standards.
DALLAS — Lee & Associates has arranged the lease of 81,255 square feet of industrial space at 2677 Northaven Road in Dallas. The property offers 28-foot ceiling clear heights, 18 dock-high loading doors and close proximity to the interchange of Interstates 635 and 35 East. Nathan Denton of Lee & Associates represented the landlord, GTI Management Co., in the negotiations. Tim Vogds with CBRE represented the tenant, Logistics Plus.
BELLEVUE, WASH. — Madison Marquette’s newest investment vehicle has purchased Bellevue Galleria, a 202,000-square-foot, mixed-use property, for a reported $88 million. It is located at 550 106th Ave. NE in Bellevue. Bellevue Galleria contains a mix of retail and creative office space. It is currently 97 percent leased. The investment vehicle is composed of a joint venture with two foreign institutional investors. Its goal is to build a national portfolio of infill retail and mixed-use assets in key markets throughout the nation.
SACRAMENTO, CALIF. — Curtis Park Village, a 71-acre, mixed-use development in Sacramento, has received a $41-million refinance. The vacant land is currently entitled for 181 single-family homes, 334 multifamily units, three commercial sites, open space, parks and public property. It is located at the intersection of Sutterville Road and 24th Street near Sacramento City College. The land is an infill location between Land Park and Curtis Park. It was formerly home to the Western Pacific rail yard. Petrovich Development acquired the site in 2003 and has spent more than $30 million over the past decade to clean up and entitle the site for development. It recently began Phase I infrastructure construction, which should be complete by next April. The full recourse senior loan was provided by PCCP, LLC. It will be used to refinance an existing senior loan and to provide future funding for the infrastructure’s completion.
LOS ANGELES — The Mercer at Warner Center, a 477-unit multifamily complex in the Los Angeles submarket of Woodland Hills, has sold to a private investor for $88 million. The community is located at 22100 Erwin Street. The sale completes a 1031 exchange for the buyer, who acquired the property in an up-leg exchange for Crenshaw Village, a $60-million, 669-unit apartment portfolio in the Los Angeles submarket of Baldwin Hills. That sale closed last month. The institutional seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. Financing was arranged by Danny Abergel of Marcus & Millichap Capital Corp.
SAN FRANCISCO – ASB Real Estate Investments has purchased a 187,000-square-foot office building in San Francisco’s South of Market (SOMA) district. The six-story building is located at 795 Folsom Street. The building formerly served as the headquarters for Twitter.It is once again fully leased to tenants like Kabam, AT&T and Regus. Cornerstone Real Estate Advisers LLC purchased the building in July 2011 for $71 million.
LITTLETON, COLO. — Resource Real Estate Opportunity REIT has purchased two apartment communities in Colorado for $54.9 million. The acquisition includes the 276-unit Camden Centennial in Littleton and the 224-unit Camden Pinnacle in Westminster.The company plans to enhance and upgrade the properties’ units, common areas, exterior, landscape and onsite property management. The REIT is sponsored byResource Real Estate.
PORTLAND, ORE. — RLJ Lodging Trust has purchased the 106-room SpringHill Suites Portland Hillsboro for $24 million. The hotel is located at 7351 NE Butler Street near Intel’s Ronler Acres campus. It underwent a major renovation in 2011.Al Calhoun, Mark Fraioli and Melvin Chu of Jones Lang LaSalle represented the seller, an entity consisting of affiliates CPA:17 – Global; a publicly held, non-traded REIT affiliate of W. P. Carey Inc.; Watermark Capital Partners, LLC; and Montclair Hotel Investors, Inc