PLANO, TEXAS — Primera Cos. Inc. has wrapped up construction of the 51,333-square-foot Headquarters Place, an office project located at 5151 Headquarters Drive in the Legacy Business Park in Plano. The office building features 35 pre-finished office suites, two conference centers and a cafe/lounge. The project is currently 20 percent pre-leased. The construction team includes developer Myers & Crow Co., designer Dupree & Associates and owner Primera Headquarters Partners LLC. Aarica Mims and Trevor Franke of Peloton Real Estate Partners are handling leasing responsibilities for the new building. Legacy Texas Bank extended construction financing for the project.
PALESTINE, TEXAS — CBRE has arranged the sale of Willow Creek Medical Center, a 27,993-square-foot medical office building in Palestine. The healthcare property is located in the Willow Creek Business Park on Loop 256 and is anchored by an ambulatory surgery center. Scott Herbold, Chris Bodnar and Lee Asher of CBRE's U.S. Healthcare Capital Markets Group represented the seller in the transaction. The Cirrus Group built the medical center in 2010.
AUSTIN, TEXAS — Texas Income Property has brokered the sale of the 88-unit Highland Cove Apartments, a multifamily community located in northeast Austin. Highland Cove was constructed in 1969 and the new owner is planning to renovate the property. Christopher Tucker of Texas Income Property represented the seller in the transaction. Tucker also arranged the sale of the 22-unit Lynridge Apartments, also in northeast Austin.
LOS ANGELES — Canyon Capital Realty Advisors and Citi have teamed up to launch Canyon Multifamily Impact Fund, a multifamily workforce housing fund that will focus on underserved communities in California, Texas and Illinois. The fund is positioned to acquire and manage up to $800 million in apartment communities. Individual investments will range from $20 million to $90 million for both individual properties and multisite portfolios.
ORANGE, CALIF. – An 11-property multifamily portfolio has received a $450-million refinance. The properties contain 3,369 total units. They are located throughout Dublin, Orange, San Ramon, San Diego and Vacaville, Calif.; Denver; Portland, Ore.; Chicago; and North Bergen and Wayne, N.J. The borrowers are 11 separate entities within a fund managed by UBS Global Asset Management. The 7-year and 10-year, fixed-rate loans carry a weighted average rate of 3.01 percent. They are not cross-collateralized or cross-defaulted. Financing was arranged by CBRE Capital Markets’ Debt & Equity Finance group. The team was led by Michael Riccio. Freddie Mac provided $218.2 million in financing, while Fannie Mae provided $231.7 million.
FREDERICK, COLO. – A 43,919-square-foot building that is triple-net leased to Precision Manufacturing has sold to Merritt Companies, LLC for $3.1 million. The single-tenant industrial building is located at 7755 Miller Drive within the Frederick West Business Park. Merritt was represented by Sam Leger and Tim Finholm of Unique Properties, LLC – TCN Worldwide.
RENO, NEV. — Broadbent & Associates has leased 10,083 square feet of office and warehouse space in Reno. The space is located at 5450 Louie Lane. Broadbent was represented by Scott Shanks of NAI Office Properties Group. The landlord, J & S Erlach Properties 50, LLC, was represented by Dave Simonson of NAI Alliance’s Industrial Properties team.
RANCHO CUCAMONGA, CALIF. — MCS Industries has signed a lease for 115,000 square feet in Rancho Cucamonga. The space is located at 11089 Tacoma. MCS also has the option to absorb an additional 100,000 square feet of space. The firm will begin directing inbound ocean freight to the new location this month, and will complete its move by July. It is relocating from a 86,000-square-foot location in Visalia.
SAN FRANCISCO – A Nordstrom Rack is set to open on Market Street. The location will be right across from its flagship store in San Francisco. It will occupy 45,495 square feet at 901 Market Street. The discounter will absorb a portion of the building’s ground floor, as well as the entire second floor. It is scheduled to open in spring 2014. Nordstrom was represented by Randy Cantrell of Northwest Retail Partners and Jim Randolph and Danielle Bromstead Cornish & Carey CommercialNewmark Knight Frank (C&CCNKF) Retail. The landlord, an LA-based REIT, was represented by Julie Taylor of C&CCNKF Retail.
LONG BEACH, CALIF. — Special Olympics of Southern California (SOSC) has signed a new lease for 12,029 square feet in Long Beach. The office property, located at 1600 Forbes Way, will act as the organization’s headquarters. The unnamed landlord was represented by Doug Wubbena and Randy Matusoff of NAI Capital. They also worked in collaboration with Bill Townsend of Inco Commercial Real Estate to bring SOSC into the space.