DALLAS — Fortis Property Group LLC has plans to renovate and update The Colonnade, a 1 million-square-foot office campus located in Dallas. New leases from RMG Networks at 32,000 square feet, alongside leases totaling 28,000 square feet bring the property to 92 percent occupancy. During the first phase of the property enhancement program, Fortis plans to renovate and remodel the west side of the main atrium with new finishes, as well as create new, ready-to-lease spaces on various floors featuring first class finishes and updated common areas and restrooms. Staffelbach Design Associates is the architect for the planned improvements, which are slated for completion in October. The three towers creating The Colonnade are connected via a five-story, barrel-vaulted glass atrium featuring restaurants, convenience amenities, seating areas, landscaping and water features. Tenants enjoy access to a customer service center, The Colonnade Club, fitness center, video conferencing center, an eatery, a convenience store and 24/7-onsite security. The Colonnade has been recognized in the region by the Building Owners & Managers Association’s Outstanding Building of the Year program and is LEED Silver certified. Cushman & Wakefield handles The Colonnade’s leasing responsibilities.
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.
SALINAS, CALIF. — Boronda Plaza, a 93,796-square-foot, grocery-anchored retail center in Salinas, has sold to Phillips Edison-ARC Shopping Center REIT Inc. for an undisclosed sum. The center is located at 1576 North Sanborn Road. It was built in 2002 and boasts a 95 percent occupancy. Boronda is anchored by a 59,412-square-foot Food 4 Less. The seller, Donahue Schriber, was represented by HFF’s Nicholas Bicardo, Mark Damiani and Bryan Ley.
SAN DIEGO — West Park, a 612-unit apartment community, has broken ground in San Diego’s Mission Valley submarket. The midrise community will be located near the intersection of Friars Road and Mission Center Road in the new community of Civita. The first phase is scheduled to be completed for summer 2014 move-ins. It will be built by Coyle Residential and Reno Contracting and designed by Newman Garrison Partners. HFF provided construction and permanent financing. The developer, Sudberry Properties, was represented by HFF’s Aldon Cole, Zach Holderman and Christopher Liu.
GOLETA, CALIF. – The 63-unit New Tahitian Apartments in Goleta has received $9.3 million in acquisition financing. The student housing community is located at 6739 El Colegio Road near the University of California, Santa Barbara (UCSB). The loan features a 30-year term and a 30-year amortization schedule with a five-year fixed interest rate. Financing was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a national bank.
ANAHEIM, CALIF. – The 24-unit La Palma Apartments in Anaheim has sold to Safe Harbor Exchange for $4.9 million. The community is located at 2018-2114 East La Palma Ave. It was built in 1963. The transaction was executed by Peter M. Hauser and Steven C. Brombal of Hendricks-Berkadia’s Newport Beach office. The seller was Equity Holdings, LLC.
GARDENA, CALIF. — Gateway Crossings, a 120,304-square-foot community center, has sold to a private family trust for an undisclosed sum. The recently redeveloped center is located at 641-739 W. Redondo Beach Blvd. It is 96 percent leased to tenants like Ross Dress for Less, Staples, Goodwill, UEI College, Anna’s Linens, Subway and Ono Hawaiian. Donald MacLellan and Michael Ward of Faris Lee Investments represented both the buyer and the seller, a joint venture partnership of PCCP, LLC and La Caze Development, in this transaction. The buyer was in a 1031 exchange.
COMMERCE, CALIF. – A seven-acre logistics facility in Commerce has sold to CenterPoint Properties for an undisclosed sum. The property is located at 5800 Sheila Street near the BNSF and Union Pacific intermodal rail yards. The transload facility includes a container yard. It is currently occupied by Pacer Cartage, a subsidiary of the Pacer International. CenterPoint was represented by Jack Cline Jr. and Gregory Gill of Lee & Associates.
MIAMI — Swire Properties has acquired the Florida headquarters of Northern Trust Bank, located at 700 Brickell Ave. in Miami, for approximately $64 million. The developer plans to incorporate the 1.55-acre site into Brickell CityCentre, its $1 billion mixed-use development, which is under construction adjacent to the property. Phase I of Brickell CityCentre will include a luxury shopping center, two residential towers, a hotel, a wellness center and Class A office space. Northern Trust Bank plans to relocate its headquarters to 600 Brickell Ave., where it will be the anchor tenant and operate a branch on the ground floor. Steelbridge Real Estate Services and CB Richard Ellis represented the sellers, The Northern Trust Company and the Co-Trustees of the Marjorie O. Brickell Revocable Trust, in the deal.
FAYETTEVILLE, ARK. — Apartment Realty Advisors (ARA) has brokered the sale of Mountain Ranch Apartments. The 360-unit, Class A community is situated on 15 acres in western Fayetteville, minutes from the University of Arkansas. It was constructed in 2010 by the seller, SC Bodner Co. Unit floor plans average 984 square feet, and community amenities include a clubhouse with an entertainment lounge, game room, coffee bar, 24-hour fitness center and resort-style pool with tanning area. Occupancy was 94 percent at the time of closing. ARA brokers Brandon Lamb and Brian O’Boyle, Jr. represented the seller. The buyer was a joint venture between Capital Assets Inc. and Moriah Real Estate Co. The acquisition price was not disclosed.