Property Type

HOUSTON — Stream Realty Partners has closed on The Offices at Greenhouse, an upcoming 203,000-square-foot office development in Houston’s Energy Corridor. The new office building is Phase I of Greenhouse, a 12-acre mixed-use project, located at the southeast corner of Katy Freeway and Greenhouse Road. The project will ultimately be comprised of 405,000 square feet of office space and 30,000 square feet of retail space with a large outdoor plaza area that includes walking trails and outside seating. The Offices at Greenhouse will be built to LEED Silver standards and will feature a structured parking garage. The project is 65 percent pre-leased to an investment grade tenant. There remains roughly 70,000 square feet of contiguous office space available on two floors. The project is set to break ground this summer and will wrap up construction by July 2014. Construction has already begun on a 14,500-square-foot retail component, which will feature high-end retail space, and will house tenants including Starbucks and Potbelly. From Stream Realty, Paul Coonrod and Adam Jackson will be in charge of development, Brad Fricks and Stewart Lyman will head up the leasing efforts and Kyle Roberson and Scott Thetford will be in charge of construction. Matt Kafka …

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SAN ANTONIO — Pace-Spectrum Associates, an affiliate of St. Louis-based Pace Properties, has purchased The Spectrum Building, a 177,000-square-foot office building located at 613 N.W. Loop 410 in San Antonio’s North Central submarket. Pace will perform a $3 million renovation on the property. This is Pace’s first commercial real estate purchase in the San Antonio market. Pace has selected Peloton Commercial Real Estate to lease the building. Christi Griggs and Scott Boynton of Peloton will handle the leasing assignment.

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FORT WORTH, TEXAS — Marcus & Millichap has announced the sale of Veranda Court Apartments, a 48-unit apartment complex located at 8037 Elizabeth Lane in Fort Worth. Boyan Radic and Mason Green of Marcus & Millichap represented both the seller, Leipnik-Fort Worth Holdings LLC, and the buyer, a Dallas-based limited liability company, in the deal.

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DENTON, TEXAS — Movie Trading Co. has leased 13,084 square feet of retail space in Colorado Square, a retail center located at 2305-2311 Colorado Blvd. This will be the company’s first Denton location. Blake Shipp with the Commercial Retail Division of The Weitzman Group acted as the leasing agent for the shopping center. Colorado Square is also home to tenants including Dollar Tree. Colorado Square shadow anchors Conn’s, Staples and Party City and is located near Golden Triangle Mall.

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LOS ANGELES – A 15-property portfolio that spanned from California to Hawaii has received $97 million in permanent financing. The 381,372-square-foot portfolio contained a mix of retail, office and mixed-use properties that were located between San Diego and Santa Barbara counties in California, and in Honolulu. The loan featured a 17-year term and a 17-year amortization schedule. The long-term, fixed-rate, non-recourse financing was arranged by George Mitsanas, Peter Hillakas and Michelle Hsieh of Newmark Realty Capital’s Los Angeles office. It was provided by a correspondent life insurance company.

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SALT LAKE CITY – The 450-unit Foothill Place Apartments in Salt Lake City has received a $49.6-million acquisition loan. The community is located at 2260 Foothill Drive. Kennedy Wilson purchased the Class B+ community for $61.8 million. It invested $15 million of equity in the transaction. The loan features a 10-year term with two years interest-only and a 3.58 percent fixed interest rate. Financing was structured under Freddie Mac’s Capital Markets Execution program.The loan was provided by Berkeley Point Capital LLC.

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DENVER — Platform at Union Station, a 287-unit high-rise development in Downtown Denver, has broken ground. It will be located at Chestnut Place and 16th Street in the city’s Union Station neighborhood. Platform’s developer, Holland Partner Group, is striving for LEED-Gold certification. Holland Residential, the firm’s operations division, will act as property manager once construction is complete. That date has yet to be released. The 21-story building will sit across from Union Station, which provides Amtrak, RTD FasTracks, light and commuter rail services, among other modes of transportation. The hub is currently undergoing an extensive redevelopment.

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ORO VALLEY, ARIZ. — Oro Valley Marketplace, a 521,000-square-foot power center, has received $48.4 million in refinancing. The center is located at the southwest corner of Tangerine Road and Oracle Road in Oro Valley. It is currently 93 percent leased to tenants like Walmart Supercenter, Cinemark Theatre, Dick’s Sporting Goods, Petco, Best Buy and Big Lots. The center had been encumbered with a floating-rate construction loan that had about two years left on its term and loan amounts that exceeded a 65 percent loan-to-value ratio. The loan recapitalization allowed Vestar to right-size the center’s debt while securing long-term, fixed-rate debt. The seven-year permanent loan was provided by the Massachusetts Mutual Life Insurance Company through its subsidiary, Cornerstone Real Estate Advisors, LLC.

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POMONA – The Shops at Indian Hill, a 58,485-square-foot shopping center in Pomona, has sold to a private Los Angeles investor for $14 million. The center is located at 631-641 Indian Hill Blvd. and 1541-1575 Holt Ave. It’s fully occupied by tenants like El Super, ACE Cash Express, Adriana’s Insurance, AT&T, Baskin Robbins, Liberty Tax and Mattress Xpress. The buyer was represented by Edward B. Hanley of Hanley Investment Group Real Estate Advisors. The seller, Red Mountain Retail Group, was represented by Carlos J. Lopez and Kevin T. Fryman, also of Hanley.

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MONTECITO, CALIF. – A mixed-use development in Montecito that will contain two condo units atop 10,323 square feet of office and retail space has received a $7.3-million loan. The project will be located at 1255 Coast Village Road. Some of the retail space has already been pre-leased to a high end women’s clothing boutique and a restaurant owned by the Hillstone Restaurant Group. Financing was secured by Jeffrey Hudson of George Elkins Mortgage Banking Company on behalf of Black Valnar Properties, LLC.

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