HOUSTON — NAI Houston has arranged the lease of a 45,500-square-foot freestanding warehouse facility at 550 Canino Road in north Houston to IFCO Systems North America. Chris Kugle and John Ferruzzo of NAI Houston represented the landlord, NATMI National FX Properties LLC, in the transaction. DTZ Americas Inc. represented tenant IFCO, a logistics service provider specializing in reusable plastic containers and wood pallets.
DALLAS — CBRE Capital Markets has secured acquisition financing on behalf of CBRE Global Investors for Signature Place, a Class A office property consisting of two buildings totaling 437,363 feet in the Far North Dallas submarket. The multi-tenant office complex is situated on a 10.12-acre site just south of Preston Road and Belt Line Road. CBRE Global Investors, which purchased the property from DRA Advisors, plans to include its complimentary amenity package as part of its improvement program for the buildings. Greg Greene, Matt Ballard and Patrick Benoist of CBRE Capital Markets represented the borrower.
SEATTLE – Construction has begun on Alliance Residential’s 248-unit Broadstone Capitol Hill project in the Seattle submarket of Capitol Hill. The project will be located at 1414 10th Ave. in the Pike Pine Corridor. It is scheduled for completion in early 2015 and will be built by Exxel Pacific. Though the project is referred to as Broadstone Capitol Hill, its branded name is still pending. Alliance recently debuted the 166-unit Broadstone Koi in nearby Ballad, which is at nearly 90 percent occupancy. The 105-unit Viva mixed-use development in Capitol Hill is also scheduled for completion in the first quarter of 2014.
TUSTIN, CALIF. — R.D. Olson has opened the doors to its 149-room Residence Inn and 145-room Fairfield Inn & Suites inside the Tustin Pacific Center. The $60-million Tustin Pacific Center is a 196,000-square-foot, mixed-use hotel and retail development in Tustin. Both new projects fall under the Marriott Hotel Brands. The hotels will be owned by R.D. Olson and Martelli Investments. Marriott International will provide management services. They were built by R.D. Olson Construction.
BEAVERTON, ORE. – The 351-unit Reflections at Summer Creek in Beaverton has received $29 million in refinancing. The Class A community is located at 11103 SW Davies Road in Beaverton’s Murrayhill submarket. It is 93 percent occupied. The non-recourse, floating-rate financing was provided by HSBC. Cushman & Wakefield’s Equity, Debt and Structured Finance team served as exclusive advisor to an affiliate of J.P. Morgan Asset Management in this transaction.
WEST HOLLYWOOD, CALIF. — CIM Group has begun construction on two Sunset Strip projects in West Hollywood. The first is a 290-room, four-star hotel that will be located at 8490 Sunset Blvd. The hotel will contain two 10-story towers. The second is a 190-unit residential development with ground-floor retail that will be located at 8500 Sunset Blvd. It will contain two eight-story buildings. The projects will add about 500,000 square feet of hospitality, residential and retail space to the famed Sunset Strip. CIM initially purchased the fully entitled properties in November 2011.
CENTURY, CITY, CALIF. – A 157-unit multifamily portfolio referred to as the Sun Valley Collection has hit the market in the San Fernando Valley. The properties are housed in eight individual buildings that are all located within a one-block radius of each other in Sun Valley. They are being sold as cooperative stock units. The portfolio is being marketed by Pegasus Investments, which also represented the prior owner when it sold the collection in 2011. Since then, the new owner has invested in repairs and upgrades, bringing the portfolio to full occupancy.
WESTMINSTER, COLO. – The 384-unit Four Seasons apartment community in Westminster has sold to BMC Investments for $25 million. The community is located at 2002 W. 76th Ave. just northwest of Denver. The company plans to invest an additional $2.4 million to upgrade and rebrand the property. It will be renamed Villas on 76th. The investment includes a $21-million Fannie Mae loan through Centerline Capital Group. The 10-year loan features a two-year interest-only period and a 30-year amortization schedule. BMC financed the equity internally.This is BMC’s first deal in 2013, though the firm acquired more than 1,600 units in 2012. The transaction was executed by Chuck Sweeney from Hendricks Berkadia. The seller was Belgarde Enterprises.
BATON ROUGE, LA. — FelCor Lodging Trust Inc. has agreed to sell the 223-room Embassy Suites in Baton Rouge for $20 million. The buyer has already paid a $2 million non-refundable deposit toward the purchase price. FelCor Lodging will use all of the proceeds from the sale to pay down outstanding debt.
WASHINGTON, D.C. — Paramount Group, a real estate investment and management firm based in New York, has purchased the Commercial National Bank Building, located at 700 14th St. N.W. in Washington, D.C.'s East End. The acquisition bring's Paramount's total Washington, D.C., portfolio to more than 1.8 million square feet in six trophy assets. The property is located within one block of the White House. The building was built in 1917 and is listed on the National Register of Historic Places. Eastdil Secured represented the seller, Tishman Speyer, in the transaction. Dan Lauer represented Paramount Group in-house.