NEW YORK CITY — HelmsleySpear LLC has completed three new leases in Manhattan totaling nearly 18,000 square feet. International Safety Group, an occupational risk management company, signed a four-year sublease for 10,000 square feet at 708 Third Ave. Paulson Investment Co., a financial services firm, signed a lease for 5,488 square feet at 40 Wall St. New York City Osteopathy, a medical practice specializing in osteopathic medicine, renewed its 2,000-square-foot lease at 61 Broadway for a five-year term. Gregg Slotnick of HelmsleySpear represented the tenants in all three leases. Magee Realty Consultants co-brokered the Paulson Investment Co. lease.
HOUSTON — Colliers International has arranged the sale of the 75,289-square-foot Northwest Central Plaza, located at 5500 N.W. Central Drive in Houston. The two-story office building is located in the Northwest Far submarket. David Carter and Jay Kyle of Colliers International represented the seller, MLCW NWC LP, in the transaction.
CORPUS CHRISTI, TEXAS — Baker Katz has arranged the sale of a 47,395-square-foot Gold’s Gym property, located at 6643 S. Staples St. in Corpus Christi. The freestanding property has been leased to Gold’s Gym since 2007. Jamie Weaver of Baker Katz represented the seller, an individual investor, and the buyer, an institutional investor, in the transaction.
MANSFIELD, TEXAS — Johnson Capital has arranged a $6 million equity and mezzanine debt raise for the development of a 308-unit, Class A multifamily community in Mansfield. The project, Dolce Mansfield on the Green, will feature one-, two-, and three-bedroom units on 17 acres in the suburban Dallas-Fort Worth Metroplex. Jason Pumpelly of Johnson Capital facilitated the transaction on behalf of DLC Residential. Trinity Private Equity Group (TPEG) provided the joint venture equity and mezzanine financing.
FARMERS BRANCH, TEXAS — Stream Realty Partners has facilitated a lease expansion at The Centre, a 52-acre campus consisting of 11 office buildings. The Centre is located at 4100 Alpha Road in Farmers Branch in the West LBJ submarket. TexasLending.com’s 11,763-square-foot lease brings its total footprint at The Centre to 79,153 square feet. Seth Thatcher of CASE Commercial Real Estate Partners represented the landlord, Daltex Centre LP, in the transaction.
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.
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.
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.
TEMPE, ARIZ. — The State Farm Tempe Operations Center, a 372,408-square-foot corporate campus in Tempe, has sold to JDM II TOC, LLC for $73 million. The five-building campus is located at 2700-2925 S. Sunland Drive and 2980 S. Priest Drive within the master-planned Fountainhead Corporate Park. It is fully occupied by State Farm Insurance. The seller, State Farm Mutual Automobile Insurance Company, was represented by Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office.
PASADENA, CALIF. — A 103,169-square-foot, Class A office campus in Pasadena has received $24.3 million in financing. The funds will allow a joint venture between Legacy Partners and Alliance Bernstein Real Estate Partners, L.P. to acquire, reposition and lease the property, known as 150 Orange Grove. The joint venture will deploy a significant amount of capital into the property’s renovations and building systems in order to attract new tenants. The campus is fully occupied by the seller, Avery Dennison. The labeling and packaging company will lease the space back through early 2014 as it finalizes its relocation. Renovations will begin in late 2013 and are scheduled for completion in mid-2014.The loan was provided by PCCP, LLC.