HOUSTON – CBRE has arranged two office lease transactions, totaling 18,341 square feet, at Marathon Oil Tower, a 41-story, Class A office building at 5555 San Felipe St. in Houston's Tanglewood/San Felipe submarket. The transactions include Pacific Rubuiales USA Inc. leasing 10,114 square feet and CYVIZ LLC leasing 8,200 square feet. John Pruitt and Jessica Ochoa of CBRE represented the landlord, Tower Associates LP, in the transactions. CBRE also manages Marathon Oil Tower. Victor Valenzuela of Transwestern represented Pacific Rubuiales, and Dan Boyles of NAI represented CYVIZ.
SAN DIEGO — The Meadows Apartment Homes, an 86-unit multifamily community in the Vista submarket of San Diego, has sold to the Apartment Company for $11.3 million. The community is located at 1110-1155 Meadowlake Drive. The Apartment Company represented itself in this transaction, while the seller, a private partnership controlled by MG Properties Group, was represented by Kevin Mulhern, Dixie Hall and Rachel Parsons of CBRE San Diego.
GILBERT, ARIZ. – The 120-unit Legacy Village in Gilbert has received $10 million in first-mortgage acquisition financing. The community is located at351 S. Civic Center Drive. Financing was based on a 10-year term with two years of interest-only followed by a 30-year amortization schedule. Financing was arranged by Gardiner Champlin and Marty Meagher of NorthMarq Capital’s San Diego office through the firm’s seller-servicer relationship with Freddie Mac. The borrower was The Reserve at Gilbert Towne Centre, LLC.
DENVER — The DESCi Apartments, a 93-unit multifamily community in Denver, has sold to Brian Botnick for $8.3 million. The complex was built in 1963 by Denver Educational Senior Citizens Inc. (DESCi), a local non-profit organization. It provides affordable housing to Denver Public School employees, retirees, their relatives and those in related professions who are age 55 and older. Jeff Johnson of the Johnson Ritter Team at Pinnacle Real Estate Advisors represented both the buyer and the seller in this transaction.
SAN MATEO, CALIF. – A 111-unit, $43.7-million apartment complex recently broke ground in San Mateo. The 2.4-acre site is located at 2090 S. Delaware Street at the north end of Silicon Valley. The project is scheduled to be complete and ready for leasing in spring 2014. It is being developed by Wood Partners.
PITTSBURG, CALIF. – The 208-unit Presidents Park Apartments in Pittsburg has sold to
ONTARIO, CALIF. — Lake View Center, a 106,345-square-foot office property in Ontario, has sold to BH Properties for $13.8 million. The office complex is located at 3257 & 3237 E. Guasti Road. It is currently 62 percent leased. Notable tenants include East West Bank, T-Mobile and the University of La Verne. BH Properties plans to invest additional capital into the project. BH Properties represented itself in this transaction, while the sellers, PCCP and the Muller Companies, were represented by CBRE’s Kevin Shannon, Darla Longo and Phil Woodford.
SANTA FE SPRINGS, CALIF. – 99
WASHINGTON, D.C. — Jones Lang LaSalle's capital markets team has closed on the sale of four multifamily properties in the Washington, D.C., area totaling $608 million. In the largest deal, Dweck Properties purchased Archstone Crystal Towers, two 912-unit apartment towers in Arlington, Va., from Equity Residential for $322.2 million. The deal broke the record for the largest sale of a multifamily property in the region. Archstone Crystal Towers was completed in 1968 and underwent a comprehensive renovation in 2002. Al Cissel and Scott Melnick of Jones Lang LaSalle represented the seller in the transaction. WAFRA Investment Advisory Group and Stella Advisors bought the Avalon at Decoverly, a 564-unit apartment community in Rockville, Md., from Avalonbay Communities Inc. for $135 million. Amenities at the Class A property include two outdoor swimming pools, tennis courts and a dog park. Cissel, Melnick and Christine Epenshade of Jones Lang LaSalle represented the seller. JBG Cos. acquired Falkland Chase, a 450-unit garden apartment community in Silver Spring, Md., from Home Properties for $98 million. The community features 57 two- and three-story brick buildings. Cissel and Melnick represented the seller. In the final deal, a joint venture between Laramar and Lubert-Adler purchased Woodvale Apartments, a 24-building …
NASHVILLE — Griffin Capital Corp. has purchased the 21-acre HealthSpring MetroCenter campus in Nashville for $36.4 million. The two-building, 170,515-square-foot campus is located at 500 and 530 Great Circle Road. The u-shaped twin buildings are part of the master-planned MetroCenter business park. The property is fully leased by HealthSpring, a subsidiary of insurer CIGNA. The campus houses the company's shared services such as marketing, sales and customer service. CBRE represented the seller, Nashville-based Southeast Venture, in the transaction. Griffin plans to retain Southeast Venture as the property manager.