FRISCO — CBRE has secured $10.25 million in permanent financing for retail property Custer Star Center in Frisco, approximately 28 miles north of Dallas. Comprised of three buildings totaling 55,201 square feet, Custer Star Center is anchored by Petco and includes multiple pad sites bordering the property. UCD Corp. began the first phase of the project in 2010 and completed construction at the beginning of this year. Scott Lewis, Matt Ballard and Patrick Benoist of CBRE’S Debt and Equity Finance Group originated and secured the loan, which is set for a term of 10 years and fixed at 4.57 percent.
Property Type
PLANO — Henry S. Miller Brokerage has arranged the acquisition of a 46,502-square-foot, big-box retail building on 4.48 acres of land in Plano for buyer The Van Tuyl Group. Located at 300 Lexington Drive, the property is a former site of a Toys “R” Us location and sits adjacent to Crest Cadillac & Infiniti dealership. Bill Bledsoe of Henry S. Miller represented the buyer in the transaction, while Jim Avallone of DJM Realty represented the seller, DJM Realty for Toys “R” Us.
HOUSTON — CBRE has brokered the sale of 26,937 square feet of street-level retail and office space at Houston’s Bayou Lofts. The Denver-based buyer, Byers Street Properties, acquired the first two levels of the Topek Building and Parking Garage, which was incorporated into the Bayou Lofts redevelopment. Mike Hassler and Todd Casper of CBRE represented the seller, Dallas-based Spire Realty Group.
HOUSTON — Cushman & Wakefield has arranged the lease of 23,000 square feet at Northwest Place Industrial Park to Cameron International Corp. Jim Foreman and Beau Kaleel of Cushman & Wakefield represented owner Levey Group, a Houston-based commercial real estate company specializing in office-warehouse properties. Brandi McDonald of Newmark Real Estate represented the tenant, a provider of flow equipment products, systems and services to the oil, gas and process industries.
PHOENIX — Velocity Retail Group has completed the disposition of six Phoenix-area properties that were formerly home to Albertson’s grocery stores. The properties were all owned by a partnership that was looking to sell in 2012 when the Phoenix market seemed to be “saturated with big boxes,” according to Velocity’s press release. The release also notes that four of these buildings were in the Southeast Valley, “which had been hardest hit by big box vacancy.” The final building, a 50,394-square-foot property located at 409 N. Litchfield Road in Goodyear, recently closed escrow. The six buildings contained a total of 350,000 square feet. All have closed escrow over the past few months. Velocity notes the buildings sold to investors, retailers and even to a charter school. The seller, ACC Retail Associates, LLC, is an entity controlled in a joint venture by Praedium Group and ScanlanKemperBard Companies.
SANTA ANA, CALIF. — The Arbors, a 160-unit apartment complex in Santa Ana, has sold to CW Investment Group LLC for $28 million. The community is located at 1100-1200 East Fairhaven Ave. The buyer was represented by Daniel Blackwell of Marcus & Millichap. The unnamed seller was represented by Stewart I. Weston and W. Michael Cavner of Institutional Property Advisors (IPA).
GRESHAM, ORE. – The 264-unit Columbia Trails Apartments in Gresham has received $20.3 million in first-mortgage refinancing. The community is located at 1112 NW 15th Street just east of Portland. The low-leveraged loan was based on a 10-year, interest-only term. Financing was arranged by Ron Peterson of NorthMarq Capital’s Seattle regional office through the firm’s seller-servicer relationship with Freddie Mac.
AURORA, COLO. – The 143-unit Windsor Court Apartments in Aurora has received a $9-million refinance. The community is located at 1570 Joliet Street. The loan features a 10-year, fixed-rate term and a 30-year amortization schedule. It was originated by Jarett Blasberg of Alliant Capital LLC.
PHOENIX — Baseline Interstate, a 136,683-square-foot industrial warehouse/office property in Phoenix, has sold to Dalfen America Corp. for $7.5 million. The buyer was doing business as Mazal TOV Realty, LPL. The property is located at 4707 E. Baseline Road. The building was vacant at the time of sale. Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley’s Capital Markets Group represented Dalfen. The seller, Holualoa Companies, was represented by CBRE.
MENIFEE, CALIF. – A 4,000-square-foot property in Menifee that is net leased to Panera Bread has sold to a private investor for $2.1 million. The property is located at 30318 Haun Road. Panera entered into a new 15-year, triple-net sale leaseback with the buyer upon close of escrow. The buyer was represented by Ron Duong in Marcus & Millichap’s Newport Beach office. The seller, also a private investor, was represented by Glen Kunofsky and Don McMinn, also of Marcus & Millichap.