EDISON, N.J. — NorthMarq’s Boston office has arranged a $14.2 million first mortgage loan for the refinancing of an industrial portfolio in Edison. The properties are located at 300 Columbus Circle and 400 Raritan Center and total 204,440 square feet. Financing was based on a five-year term and includes a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, High Street Equity, through a life insurance company lender.
NASHUA, N.H. — Linear Retail Properties LLC has started construction on Daniel Webster Shops, a single-story shopping center redevelopment in Nashua, about 20 miles south of Manchester. The 12,000-square-foot retail property is located at 219 Daniel Webster Highway. Burlington, Mass.-based Linear Retail purchased the development site from Cumberland Farms in December 2012. Joel Kadis, partner of leasing at Linear Retail, will oversee leasing of the site.
STEPHENVILLE, TEXAS — Balfour Beatty has entered into an agreement to develop a 514-bed, four-story student housing project located adjacent to the University Dining Center on Tarleton State University’s main campus in Stephenville. Tarleton State is a member of the Texas A&M University System. BOKA Powell Architects is in charge of design. Balfour Beatty Campus Solutions is the lead developer on the $25 million project, and Balfour Beatty Construction will act as construction partner. The university will operate and maintain the building, which includes management of all resident activities. The building will feature community spaces, kitchens and study areas on each floor. The project has been financed through the issuance of tax-exempt bonds underwritten by RBC Capital Markets. An affiliate of Collegiate Housing Foundation owns the on-campus project under a 32-year ground lease with the university. The project is scheduled to break ground later this month and open in August 2014.
AUSTIN, TEXAS — CBRE has arranged a 2,200-square-foot lease for VERTS, an Austin-based Mediterranean-style restaurant, located at 1801 E. 51st St. in Austin’s Mueller Market District. The restaurant will open in late July. John Heffington with CBRE represented the tenant. Britt Morrison with the Weitzman Group represented the landlord, Catellus. This restaurant will be VERTS seventh location in the Mueller neighborhood.
FORT WORTH, TEXAS — Brewsters Burger Bar and Chiro One Wellness Centers have signed leases to occupy space at West 7th, a mixed-use development located at the intersection of West Seventh Street and University Drive in Fort Worth. Brewsters Burger Bar will open a 2,969-square-foot location on Crockett Street across from LA Fitness. The Duncan Design Group of Dallas will design the space. Steve Brown of the BPSB Corp. will operate the restaurant, which is slated to open in December. Roger Smeltzer of Vision Commercial Real Estate represented the tenant, and Perren Gasc of Centennial Retail Services represented the landlord in the transaction. Chiro One Wellness Centers will occupy a 2,563-square-foot space situated between Moda Aveda SalonSpa and the Boardroom Salon for Men on Seventh Street. The center is slated to open in the fourth quarter of this year. Travis Ewert with Colliers International represented the tenant, and Karly Kilroy of Cypress Equities represented the landlord in the transaction.
ARLINGTON AND WICHITA FALLS, TEXAS — SkyWalker Property Partners has acquired two commercial properties in off-market transactions. The properties include the 28,211-square-foot Vandergriff Town Center at 200 N. Mesquite St. in Arlington and the 22,100-square-foot Wichita Falls Shopping Center at 2600 Central Freeway in Wichita Falls. Vandergriff Town Center features 13,327 square feet of street-level restaurant and retail space and 14,694 square feet of office space formerly occupied by a single tenant. SkyWalker Property has partnered with General Assembly Inc. on the acquisition. General Assembly plans to move its headquarters into a 5,893-square-foot space on the upper floor in September. The property is 63 percent occupied. Current ground-floor tenants of the space include a 4,100-square-foot Grease Monkey Burger Shop, a 2,580-square-foot Capital One Bank and a 1,577-square-foot Maren Karsen Salon. SCM Real Estate Services will be in charge of leasing. The 2.6-acre Wichita Falls Center was acquired from a community bank. The property is currently 20 percent occupied by a 2,400-square-foot H&R Block and a 1,800-square-foot GameStop. Chris Mendez with SCM will be the new leasing agent.
TEMPE, ARIZ. — Warner Business Center, a 321,000-square-foot flex/office building in Tempe, has sold to a joint venture between ViaWest Group and Contrarian Capital Management, LLC for an undisclosed sum. The seven-building center was purchased through a credit bid at the trustee sale. The JV purchased the debt and completed the foreclosure process. The center is located at 1121, 1131, 1221, 1231, 1241 West Warner Road, and 8905, 8930 South Beck Ave. It is 67 percent occupied.
SCOTTSDALE, ARIZ. — Mesquite Corporate Center, a 79,537-square-foot office building in Scottsdale, has sold to Waittcorp Real Estate, LLC, for $15.2 million. The Class A building is located at 14646 North Kierland Blvd. The center overlooks a nine-hole golf course that is part of the Kierland Golf Club, which is attached to the Westin Kierland Resort & Spa. Mesquite was 96 percent occupied at the time of sale. The seller, DPC Development Company, an entity of DPC Development Company, was represented by CBRE’s Barry Gabel, Chris Marchildon and Mindy Korth. Waittcorp represented itself in this transaction.
CHEHALIS, WASH. — The 60-unit Chehalis Avenue apartments has sold to Chehalis Avenue Apartments 2, LLC for $2 million. The HUD community is located at 366 SW Third Street in Chehalis. It was built in 1969. The transaction was executed by Robert DiPietrae of Hendricks-Berkadia’s Seattle office. The seller was Chehalis Avenue Company, LP.
SEATTLE — The Central Building, a 191,784-square-foot office building in Seattle, has sold to KBS Strategic Opportunity REIT for $34.5 million. The Class B+ building is located at 810 3rd Ave. in the city’s Central Business District. It was originally built in 1907 and received its historic landmark designation in 2008 after a five-year renovation period.KBS Strategic Opportunity REIT also owns the nearby 326,384-square-foot Bellevue Technology Center. The REIT is sponsored indirectly by Charles J. Schreiber,Jr., Peter Bren, Keith Hall and Peter McMillan III.It is advised by KBS Capital Advisors LLC, an affiliated entity that is indirectly owned and controlled by KBS Strategic Opportunity REIT’s sponsors.
