DALLAS — Beech Street Capital has originated $5.8 million in Fannie Mae DUS loans to refinance a two-property apartment portfolio in the Dallas MSA. The properties include Valley Creek and Living Oaks, which total 250 units combined. Larry Sneathern of Beech Street's Dallas office arranged the five-year loans with three years of interest-only payments.
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PEARLAND — Hatch Mott MacDonald Group Inc. has leased 19,523 square feet at Phase I of the Shadow Creek Business Center, an office property located at 11233 Shadow Creek Parkway in Pearland. The transaction brings the office property to full occupancy. Derek Beck of Moody Rambin represented the building owner, ZT Group Business Center One (Pearland), in the lease transaction. Ryan Fassett of Moody Rambin represented the tenant. Additionally, pre-leasing for Phase II is under way. Construction of Phase II is expected to last 12 to 18 months.
RENO, NEV. — The View Apartments, a 308-unit multifamily community in Reno, has sold to RPM Company Management Group for $35 million. The two Class A complexes are located at 1195 and 1850 Selmi Drive. The seller, Fore Property Company, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors. Ken Blomsterberg of affiliated brokerage firm Marcus & Millichap Real Estate Investment Services also advised the seller.
HUNTINGTON BEACH, CALIF. — Edinger Plaza, a 155,000-square-foot retail center in Huntington Beach, has completed its $20-million renovation, which commenced in late 2011. Improvements to the plaza included site, landscaping and exterior upgrades. A few of the center’s buildings were also expanded. They include a vacant 25,000-square-foot building that was expanded to 47,948 square feet to accommodate Dick’s Sporting Goods; another vacant building that was expanded to 34,000 square feet to accommodate Nordstrom Rack; and a Michaels store that was expanded to 25,000 square feet. The center also received a new drive-thru Starbucks. Edinger Plaza is now 94 percent leased. Ken Shishido and Chris Wilson of Wilson Commercial Real Estate serve as the center’s leasing agents, while Coreland Companies oversees the property management. MPA acted as project manager of the plaza’s redevelopment.
ONTARIO, CALIF. – A 2,313-square-foot property in Ontario that is triple-net leased to Taco Bell has sold to a private investor for $2.06 million. It is located at 2544 S. Archibald Ave. Taco Bell recently renewed its long-term corporate lease for another 20 years. Phil Voorhees, John Read, Patrick Toomey and Megan Read of CBRE’s National Retail Investment Group-West represented the seller in this transaction.
IRVINE, CALIF. – Merchsource has purchased a 26,799-square-foot office building inside the Irvine Spectrum for an undisclosed sum. The two-story building is located at 15 Cushing in Irvine. Merchsource was represented by Chip Wright & Gregg Haly of CBRE’s Newport Beach office. The seller, Cushing Properties LLC, was represented by Geoff DeWolf and Steve Economos of 360 Commercial.
SALT LAKE CITY — Spirit Realty Capital has acquired six Sportsman’s Warehouse properties in a sale-leaseback transaction with the Salt Lake City-based retailer. The transaction was valued at more than $45 million. The stores are located in Midvale, Utah; Thornton and Loveland, Colo.; Phoenix and Mesa, Ariz.; and Ankeny, Iowa. They range in size from 43,725 square feet to 57,055 square feet. Sportsman’s will continue to operate the stores under a 15-year lease agreement. The retailer was represented by Bryce Blanchard of NAI West; Chris Hatch of Mountain West; and Jason Smith of Global Corporate Solutions. Other NAI Realty Network affiliates also participated in this transaction. Spirit Realty Capital was represented by Hope Sherman of NAI Ohio Equities.
SAN JOSE, CALIF. — Trimble Technology Park, a 234,123-square-foot office campus in San Jose, has sold to Bixby Land Companyfor $29.5 million. The four-building campus is located at 375, 397, 399 and 441 W. Trimble Road, within the city’s Golden Triangle submarket. The property was acquired by Bixby in a venture with Cornerstone Real Estate Advisors, on behalf of one of its institutional clients. The company is planning a $23-million repositioning and rebranding at the campus that will include a 16,000-square-foot office space addition. The renovation is expected to begin in early 2013 and finish by year’s end. Bixby represented itself in this transaction, while the seller, Rockpoint, was represented by CBRE’s Joe Moriarty.
ATLANTA — MidCity Real Estate Partners has acquired an 8.5-acre site at the corner of Georgia 400 and Hammond Drive from Cousins Properties in Atlanta’s Central Perimeter submarket. MidCity plans to develop Hammond 400, a $36 million, seven-building office complex. The site is currently known as Cosmopolitan Center and is the former headquarters for RTM Restaurant Group. MidCity Real Estate Partners will demolish all or portions of the five existing buildings on site. Childress Klein Properties will manage the project and MidCity Realty Corp. will handle sales and leasing.
BRENTWOOD, TENN. — H.G. Hill Realty Co. and GBT Realty Corp. have unveiled plans for The Streets of Brentwood, a mixed-use development totaling 970,212 square feet of residential, office, retail, restaurant, theater and hotel space in Brentwood. The joint venture filed a request for a zoning change to the City Brentwood for the 16.98-acre development, which includes the former Tennessee Baptist Convention property at 5001 Maryland Way.