DALLAS — Frost Bank, a Texas-based banking, investments and insurance firm, has signed a lease for 57,558 square feet at 2950 North Harwood, a 168,000-square-foot office building under development in Uptown Dallas. The lease features office space on four floors and a 4,914-square-foot retail bank branch with two drive-thru lanes on the ground floor. The new office will serve as Frost Bank's regional headquarters and will consolidate several Dallas offices and approximately 175 employees. Bob Edge and Mike Gosslee of Cushman & Wakefield of Texas Inc. represented Frost Bank in the lease transaction. The property is slated for November 2014 completion. Harwood International is the building's developer, and Jihane Boury of Harwood is in charge of leasing the remainder of the property.
SALT LAKE CITY, REDWOOD CITY, CALIF. — Kennedy Wilson (KW) has recently completed two West Coast acquisitions, including the 450-unit Foothill Place in Salt Lake City and The Pointe at Redwood Shores. Foothill Place was purchased for $61.8 million. It is the second apartment community that KW has purchased in the area in the past six months.
FRESNO, CALIF. – Construction has begun on Marketplace at El Paseo, a 398,000-square-foot retail center in Fresno that will be anchored by Target. The $60-million project is scheduled to open in March 2014. It is currently 86 percent leased to tenants including Ross Dress for Less, Petco, Burlington Coat Factory, Marshall’s and Old Navy. It is being developed by a partnership between Rich Development, Gryphon Capital and N3 Real Estate.
IRVINE, CALIF. – A 210-room Courtyard by Marriott Irvine Spectrum has broken ground in Irvine. The 131,667-square-foot hotel will contain a lap pool, spa area, 1,500-square-foot fitness center, lounge area and bar, guest laundry, 8,500 square feet of meeting space and a convenience market. The $50-million project will be built by R.D. Olson Development and designed by WATG. It is scheduled for completion in July 2014. R.D. Olson will retain ownership of the hotel, while Marriott International will provide management services.
BEVERLY HILLS, CALIF. — An 18,205-square-foot retail and office building in Beverly Hills that is fully leased to Giorgio Armani was sold to Jenel Management for an undisclosed sum. The building is located at 9533 Brighton Way between Rodeo and Camden driveswithin the city’s Golden Triangle district. The seller, GLL Real Estate Partners, was represented by Michael Zietsman and Patrick Inglis of Jones Lang LaSalle.
DENVER — Guaranty Bank Building, a mid-rise office tower in Denver’s Central Business District, has received $62 million in first-mortgage and mezzanine financing. The 220,287-square-foot building is located at 1331 17th Street. In addition to serving as the headquarters to Guaranty Bank, the building is also home to businesses in the legal and energy sectors. Financing was arranged by Gordon Mickelson and Brock Yaffe of NorthMarq Capital’s Denver regional office.
PHOENIX – Metro Phoenix will soon to be home to two new apartment communities. Developer Investment Property Associates has received more than $74.8 million in development financing to build the 402-unit Liv Ahwatukee and the 240-unit Liv North Scottsdale. Liv Ahwatukee is located in the Ahwatukee Foothills area of Phoenix, while Liv North Scottsdale is part of an urban-infill, mixed-use development near Scottsdale Quarter & Kierland Commons in North Scottsdale. Liv North Scottsdale received $34.5 million in financing and has already begun construction. Liv Ahwatukee received $40.2 million and is scheduled to break ground in the second quarter of 2013. Financing was arranged by Mark Strauss, Robert Lindner and John Carrick of Cohen Financial.
MOUNTAIN VIEW, CALIF. – A 55,956-square-foot office building in downtown Mountain View has sold to Menlo Equities for $40 million. The Class A building is located at 303 Bryant Street. It is fully leased to Speck Products. The unnamed seller was represented by HFF’s Michael Leggett, Gerry Rohm and Dave Karol in this transaction.
JESSUP, MD. — A joint venture between New York Life and Mosaic Realty Partners has acquired Maryland's largest warehouse — the Maryland Wholesale Food Center, located at 7600 Assateague Drive in Jessup. The 775,000-square-foot property is situated on 60 acres and is minutes from I-95. The new owners are currently leasing the property. The project includes a main building with loading on three sides and truck courts, a vehicle maintenance building and a guard shack with full perimeter fencing. Cris Abramson, Brian Kruger, Nick Signor, Michael Elardo, Jared Ross and Michael Kimmel of Cushman & Wakefield represented the seller in the transaction.
TAMPA — Benderson Development has purchased the headquarters of Tampa Electric Co. in downtown Tampa for $22 million. The 277,454-square-foot office property comprises an entire city block at 702 N. Franklin St. Tampa Electric has supplied the area with electricity since 1989, servicing approximately 2,000 square miles of West Florida. Camille Renshaw of Stan Johnson Co. represented the seller, a partnership managed by a subsidiary of a multinational financial services company, in the transaction.The property received more than 20 bids from potential buyers, resulting in a sales price with a 5.78 percent cash-on-return to the buyer, according to Stan Johnson Co.