Property Type

RED RIVER BUYS OFFICE BUILDING IN DALLAS

by admin January 29, 2013

DALLAS — Red River Asset Management has purchased the four-story, 239,000-square-foot 12404 Park Central, an office building located in Dallas. Red River purchased the property from Oaktree Capital, and is set to secure a seven-year lease extension with its largest tenant, MEplusYOU. John Beach of Jackson Cooksey represented the tenant in the lease transaction. Red River is partnering with Merriman Associates/Architects to update the building's lobby finishes, 3,000-gallon fresh water aquarium, multiple water features and living plant walls. John Alvarado of Jones Lang LaSalle, now with CBRE, represented the seller in the transaction. Lincoln Property will manage the building and Grant Sumner of Peloton will retain leasing services. Gabriel Silverstein and Louis D'Lando of New York City-based Angelic Real Estate arranged the loan through Texas-based American National Insurance Co., as well as provided acquisition services to Red River.

January 29, 2013

CADENCE MCSHANE TO COMPLETE GOLDEN TRIANGLE MALL PHASES

by admin January 29, 2013

DENTON, TEXAS — Cadence McShane Construction Co. has been selected to renovate and construct the final phases of the approximately 765,000-square-foot Golden Triangle Mall, located at Interstate 35 East and Loop 288 in Denton. The new construction includes renovating the food court, renovations to retail spaces and modifications to the mall's entrance and parking lots. The community's anchors include Dillard's, Macy's, JC Penney and Sears. GTM Development Ltd. is the owner of the mall, which features more than 70 retailers. C.M. Architecture is providing design services for Phase II and Brockette/Davis/Drake Inc. is providing civil engineering services for Phase III. Cadence McShane will conduct most of the construction work after the close of business hours.

January 29, 2013

Multifamily Texas

TREMONT STRUCTURES $2.3M FINANCING FOR MANUFACTURED HOMES

by admin January 29, 2013

ODESSA, TEXAS — Tremont Realty Capital has arranged $2.3 million in acquisition financing for Vista West, a 184-space manufactured home community in Odessa. Tom Lorenzini of Tremont's Chicago office arranged the 10-year, non-recourse loan through a CMBS lender. The property is 95 percent occupied and includes amenities such as a central office, clubhouse, swimming pool, tennis court and playground.

January 29, 2013

Office Texas

NORTH RICHLAND HILLS OFFICE BUILDING SELLS

by admin January 29, 2013

NORTH RICHLAND HILLS, TEXAS — Silver Oak Commercial Realty has brokered the sale of a 4,067-square-foot office building, located at 8625 Mid-Cities Blvd. in North Richland Hills. Russ Webb of Silver Oak represented the seller, Compass Realty LP, in the transaction. Moore Matthews of KW Commercial represented the buyer, Campo San Antonio Partnership.

January 29, 2013

Office Western

THE OBVIOUS CORP. LEASES 75,000 SF AT 760 MARKET STREET

by admin January 29, 2013

SAN FRANCISCO — The Obvious Corporation has signed an eight-year lease for 75,000 square feet at 760 Market Street in San Francisco. The corporation was started by Evan Williams, who had previously founded Blogger and Twitter. His newest venture will occupy a three-level space at the office building. The landlord is Thor Equities.

January 29, 2013

Office Western

NLD BUYS AMERITITLE PROPERTIES IN OREGON, IDAHO

by admin January 29, 2013

PORTLAND, ORE. — NLD Title has purchased 22 single-tenant office properties that are currently leased to AmeriTitle. The properties are mostly located in Oregon and Idaho. AmeriTitle, which is wholly owned by JELD-WEN, will continue to occupy the buildings under a long-term lease agreement. NLD plans to put some of the properties back on the market. NLD was represented by the Silver Group.

January 29, 2013

Retail Western

SAN LUIS SHOPPING CENTER SELLS FOR $2.2M

by admin January 29, 2013

SAN LUIS, ARIZ. — The San Luis Shopping Center, a 40,256-square-foot, multi-tenant shopping center in San Luis, has sold to an entity of SimonCRE for $2.2 million. The center is located on the U.S. border with Sonora, Mexico. It is shadow-anchored by a Super Wal-Mart and boasts a 61 percent occupancy rate. Other notable tenants include Dollar Tree, Rue 21, The Shoe Depot and Sally Beauty Supply. The seller, CRM Mid-Atlantic Properties, was represented by Andrew Fosberg and Steve Fernandez of CBRE’s Phoenix office.

January 29, 2013

Multifamily Western

MILL CREEK RESIDENTIAL TRUST BUYS GLENDALE LAND PARCEL

by admin January 29, 2013

GLENDALE, CALIF. — MCREF Verdugo LLC, a joint venture sponsored by Mill Creek Residential Trust LLC, has purchased a 67,518-square-foot land parcel in Glendale. The company plans to develop 245 apartment units on the site, which is located at 610 N. Central Ave. Construction is set to commence in April. It should be completed by the first quarter of 2015. Craig Stevens and Tyler Stevens of Lee & Associates-LA North/Ventura represented both the buyer and the seller in this transaction.

January 29, 2013

Office Western

DOWNTOWN SAN DIEGO HIGH-RISE OFFICE BUILDING SELLS FOR $49M

by admin January 28, 2013

SAN DIEGO – A 359,218-square-foot, 24-story office building in Downtown San Diego has sold to a joint venture between Lincoln Property Company and Angelo, Gordon & Companyfor $49 million. The high rise is located at 600 B Street. It is 85 percent occupied. Notable tenants include the City of San Diego and Bridgepoint Education, as well as several law firms. This is Lincoln’s first acquisition in the area since it opening a San Diego office this past May.

January 28, 2013

Retail Western

HERITAGE MALL CHANGES HANDS IN ALBANY

by admin January 28, 2013

ALBANY, ORE. — Vintage Real Estate LLC has acquired the 406,500-square-foot Heritage Mall, an underperforming shopping center in Albany, from a consortium of lenders for an undisclosed sum. Albany is one of the fastest growing cities in Oregon.A major shopping destination for the city and Linn County, Heritage Mall features 52 major retailers, boutiques and restaurants. Among the retailers are Target, Sears, Ross Dress for Less and Old Navy, Maurices, rue21, Zumiez, Famous Footwear, GameStop and Bath & Body Works.Heritage Mall is located on 33 acres west of Interstate 5 and just north of Corvallis, home of Oregon State University and its more than 26,000 students. The mall, which opened in 1988, was remodeled in 2006 and currently is 50 percent occupied. This transaction removed $38 million in debt from the property.

January 28, 2013

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