ADDISON — Fiesta Restaurant Group, owner and operator of the Taco Cabana and Pollo Tropical restaurants, has plans to occupy 20,000 square feet of office space at 14800 Landmark Blvd. in Addison. The new office space will serve as Fiesta's corporate headquarters. The company plans to have 55 employees in the office during the next three years.
Property Type
HUNTINGTON BEACH, CALIF. – An auto dealership in Huntington Beach has sold to Huntington Beach Ford for $16.2 million. The dealership is located on a 6.3-acre lot at 18255 Beach Blvd. Huntington Beach Ford is the property’s current occupant. The dealership was represented by Todd LaPlante of Five Points Commercial Real Estate. The seller, the Howard L Abel Family Trust, was represented by Michael Abel of Lee & Associates.
SEATTLE – The 85-unit Soundview Apartments in West Seattle has received $7.5 million in financing. The community is located on California Avenue SW near the West Seattle Junction. It is fully leased. The seven-year loan boasts a 30-year amortization period. It was arranged by Mike Wood and Andrew Patterson of NBS Financial Services.
FONTANA, CALIF. – A 53,825-square-foot industrial building in Fontana has sold to Mendocino Forest Products Co., LLC for $3.2 million. It is located at 13041 Union Ave. Jeff Smith and John Seoane of Lee & Associate’s Ontario office represented both the buyer and the seller, the Richard S. Anfinson and Patricia J. Anfinson Living Trust, in this transaction.
DENVER – Pembrook Capital Management LLC has provided financing totaling $44.1 million to four Western-based properties. This includes three multifamily properties and one retail property. The 345-unit Villas at Parker Apartments (formerly Windsor Court Apartments) in Denver received $18.3 million in first-mortgage bridge financing; the 218-unit Meridian Apartments project in San Jose, Calif., received $16.5 million in preferred equity investment that will fund its construction; and the 218-unit Lotus Landing Apartments (formerly Azure Park) in Sacramento, Calif., received $5.35 million in first-mortgage bridge financing to fund its acquisition from the court-appointed receiver and to carry out its planned repositioning. The Fashion Outlets of Santa Fe in Santa Fe, N. Mex., also received a $4-million mezzanine loan for recapitalization.
HOLLADAY, UTAH – The 366-unit Sandpiper Apartments in Holladay, a Salt Lake City suburb, has sold to Kennedy Wilsonfor $43.5 million. The firm plans to invest $5 million to reposition the property. “Holladay is considered one of the most affluent communities in the Salt Lake County MSA, and the property is in close proximity to major freeways, the Downtown Central Business District, Salt Lake City International Airport and Park City, as well as some of the best schools and largest employers in the area,” says Bob Hart, president of KW Multifamily Management Group.
LITTLETON, COLO. – The 277-unit Columbine Meadows apartments in Littleton has received $25 million in financing. The funds were arranged for Ken Caryl Wadsworth Development Company by Charlie Williams of KeyBank’s Multifamily Production Group. The 10-year Freddie Mac loan will allow Ken Caryl to refinance the community back to the original principal balance.It features a fixed interest rate and a 30-year amortization schedule.
WASHINGTON, D.C. — Property Group Partners has acquired the fee interest in three blocks of a recessed portion of I-395 in downtown Washington, D.C. The commercial real estate owner and developer will begin preliminary work on the 2.2 million-square-foot Capitol Crossing, a mixed-use project. Capitol Crossing will be built on an undeveloped site extending from Massachusetts Avenue to E Street. It will reconnect the Capitol Hill and East End districts that were cut off by the construction of I-395 in the 1960s. The mixed-use project is designed to achieve LEED Platinum certification. Development of the first office building on the site will begin in 2013. Plans call for five buildings on the site, including a 150-unit residential building and four office buildings spanning between 300,000 and 685,000 square feet. Each building will feature ground-floor retail space designed for restaurants and boutiques. Skidmore, Owings & Merrill designed the project’s master plan and Cassidy Turley is the project’s leasing agency.
BELCAMP, MD. — Chambers Street Properties, a self-administered Maryland real estate investment trust, has acquired Gateway at Riverside, an 800,797-square-foot distribution facility in Belcamp. The purchase includes an adjacent 15-acre land parcel with the potential of expanding the facility by up to 400,000 square feet. Gateway at Riverside was built in 1991 and renovated in 2005. It features 30-foot clear height ceilings, 82 dock high loading doors and two outdoor trailer storage areas. The facility is fully leased to a wholly owned subsidiary of a large consumer product manufacturing company.
HARRISONBURG, VA. — The I-81 Distribution Center, a 357,673-square-foot industrial property at 4500 Early Rd. in Harrisonburg, has traded for $16 million. Philadelphia-based BPG Properties sold the bulk distribution center to STAG Industrial, a publicly traded real estate investment trust. The building is fully leased to Ply Gem Holdings Inc. through February 2018.