KATY, TEXAS — Katy Park Plaza in Katy has sold to a private investor for $6.75 million. The 68,865-square-foot retail property is located at 406 W Grand Parkway S. Gus Lagos, senior associate at Marcus & Millichap's Houston office, represented the seller in the transaction, while Alex Bouchard, also of Marcus & Millichap’s Houston office, secured the buyer.
FORT WORTH, TEXAS — Bob Moore Construction has completed Mercantile Distribution Centers 5 and 6, two warehouses spanning 94,000 square feet each. The projects are the 28th and 29th that Bob Moore Construction has built on Mercantile Partners LP’s Mercantile Center campus, a 1,300-acre business park located in north Fort Worth. Hardy McCullah/MLM Architects served as the architect for Distribution Centers 5 and 6.
DALLAS — Which Wich Superior Sandwiches has leased two full floors of Adolphus Tower located in downtown Dallas. The lease, arranged by Carla Machulis of Henry S. Miller, totals approximately 14,000 square feet overlooking Main and Akard streets. Which Wich, founded in Dallas in 2003 by Jeff Sinelli, has 300 locations open or under development in 30 states and four countries.
BURBANK, CALIF. – A 34,153-square-foot office building in Burbank has sold to a locally based private investor for an undisclosed sum. The building is located at 2727 W. Alameda Ave. in the city’s media district. The sale comes just days after the building's two tenants, FotoKem and St. Joseph’s Hospital/Providence Health System, renewed their leases. Corey Spound and Dean Hawthorne of Jones Lang LaSalle’s Los Angeles office represented both the buyer and the seller, GLC Enterprises, in this transaction. The firm also completed the two lease renewals.
SAN DIEGO — Cornerstone Heights Corporate Center, a 97,945-square-foot office property in the San Diego submarket of Sorrento Mesa, has received $13.7 million in acquisition/bridge financing. The two-building center is located at 5959 and 6059 Cornerstone Court West. Both buildings underwent significant renovations in 2008. The property now boasts a 90 percent occupancy. The three-year, floating-rate loan was arranged by HFF’s Aldon Cole, Kara Mathis, Jay Marshall and Doug Bond on behalf of a joint venture between Lincoln Property Company and Artemis Real Estate Partners. The loan was placed with Bank of America.
HUNTINGTON BEACH, CALIF. – A 102,700-square-foot industrial building in Huntington Beach has sold to a joint venture between CT Realty Investors and Artemis Real Estate Partners for $10.6 million. The building is located at 17311 Nichols Lane. The JV also recently signed a 10-year lease with Driessen Aircraft Interior Systems Inc. that is valued at $9.1 million. The company, which specializes in designing, manufacturing and marketing high-quality galleys for commercial and private aircraft, will occupy 100 percent of the space. Per the lease agreement, Driessen has the option to convert a portion of the warehouse into office space and add 10,447 square feet of second-story mezzanine office space. Driessen is owned by Zodiac Aerospace. The JV was represented by Darin McDonald and Ted Sawyer of Lee & Associates’ Newport Beach office. McDonald and Sawyer also represented Driessen in the lease transaction. The seller, a former owner/user, was represented by Jeffrey Read and Scott Read of Newmark Grubb Knight Frank in Newport Beach. The transaction was executed on behalf of New York State Common Retirement Fund’s $300-million real estate emerging manager program. The program hopes to invest with best-in-class operating partners that have proven market and product expertise.
LEHI, UTAH — Perry & Associates, Inc. has broken ground on Traverse Ridge Center I, a 70,000-square-foot, Class A office building in Lehi. The building represents the first phase of a 22-acre, mixed-use office campus. It will be located at the intersection of Triumph Boulevard and SR-92. The building is scheduled for completion in April 2014. Build-to-suit and ground lease options are currently available. The listing is managed by CBRE’s Eric Smith, Kreg Peterson, James Mecham and Jessmine Kim.
PHOENIX — Pinnacle Peak Commerceplex I, a 302,254-square-foot warehouse/distribution property in Phoenix, has received $17.1 million in first-mortgage refinancing. Financing was based on a 10-year term and a 27-year amortization schedule.It was arranged by James DuMars and Michael Elmore of NorthMarq Capital through the firm’s relationship with a correspondent life company lender.
VIRGINIA BEACH, VA. — A limited liability company led by Bruce L. Thompson has acquired The Cavalier Hotel in Virginia Beach from a court-appointed receiver for $35.7 million. Situated on 21.2 beachfront acres, the property features the original seven-story, 11-room hotel that opened in 1927; an 11-story, 282-room hotel that opened in the 1970s; and a 50,000-square-foot conference center. Amenities include an indoor pool in the original hotel, an outdoor pool adjacent to the newer hotel, outdoor tennis courts, a fitness center, a kids’ play room, food and beverage options at both hotels, and below-grade parking. The property also contains an owner/manager residence, employee housing and an automobile repair garage. The buyer is planning a $259 million capital improvements project that will include the restoration of the original hotel. Representing the receiver, Charles Goldstein of Protiviti, in negotiations was Mike Matlat of DJM Realty and the CBRE|Hotels team of Doug Henkel, Tom Ives, Lew Miller, Andy Wimsalt and Kym Halsted.
COLUMBIA, MD. — Fernau LeBlanc Investment Partners has purchased Rivers Business Commons from an affiliate of Greenfield Partners. The four-building office park is located at 8945-8975 Guilford Road in Columbia. It contains 101,596 square feet of class A office space. It was 87 percent leased to a tenant roster that includes St. Agnes Hospital, Black & Veatch, and Beazer Homes. Cristopher Abramson, Brian Kruger, Nicholas Signor and Jonathon Chalkley of Cushman & Wakefield represented the seller.