DALLAS — NorthMarq Capital has secured $2 million in first mortgage financing for the 41,000-square-foot Harry Empire Ltd. building, an office/warehouse/restaurant property located at Harry Hines Boulevard and Empire Central in Dallas. Bart Dickinson of NorthMarq's Dallas office arranged the 25-year loan with a 25-year amortization schedule through a life insurance company lender.
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LAS VEGAS — New Vista has broken ground on its first medical clinic and senior home for intellectually challenged individuals in the northwest area of Las Vegas. This will be the first medical clinic in Nevada that has been specifically designed to work with intellectually challenged individuals. It will be located at 7875 N. Rainbow Blvd. The six-phase development will house six individuals and will provide medical care to the Southern Nevada community. New Vista has partnered with Touro University Nevada on this project, which will be developed on 15 acres of land donated by the Gilcrease brothers.
ESCONDIDO, CALIF. – The 14-unit Villa Del Mar apartments in Escondido has sold to GSBV USA, LLC for $2.55 million. The community is located at 438 North Fig Street. It was fully leased at the time of sale. The buyer was represented by Jose Luis Bouvet, Jr.of Perry Commercial Real Estate. The seller, 938 N. Fig LLC, was represented by CBRE’s Merrick Matricardi, Jim Neil and Eric Comer.
DENVER – A pair of Denver office buildings received $59 million in financing. The buildings are cross-collateralized, and were acquired by Broadreach Capital Partners in 2007. They include One Union Square, a 188,707-square-foot office building at 143 Union Blvd. in Lakewood’s Union Corridor, and a 277,710-square-foot office building at 303 E. 17th Ave. in Downtown Denver The funds include a $49 –million, first-mortgage loan provided by Mesa West, and $10 million in mezzanine debt provided by Investcorp. The funds were used to remove the existing debt and to fund future leasing costs to stabilize the properties, according to Ronnie Gul, a Mesa West principal who originated the financing, which was arranged by Brad Zampa of Newmark Knight Frank Cornish & Carey Capital Group.
MILILANI, HAWAII — The 128-bed Plaza at Mililani senior housing community has received a $28.5-million refinance. It is located on the island of Oahu. The loan features a 10-year term and a 30-year amortization period. It was underwritten to a 67 percent loan-to-value with a 1.40x debt-service coverage ratio. The Fannie Mae loan was arranged by Russell Dey of Walker & Dunlop. It was sponsored by Stephen B. Metter of MW Group.
SCOTTSDALE, ARIZ. — McCormick Place, a 74,474-square-foot office building in Scottsdale, has sold to Scottsdale Healthcare Corporation for $14.95 million. An adjacent, free-standing, covered parking garage was also included in the acquisition. The vacant building is located at 8125 N. Hayden Road. The building previously served as Medicis Pharmaceutical Corporation’s corporate headquarters until 2008. Scottsdale Healthcare plans to relocate its corporate headquarters here in 2013. The company was represented by Luke Walker and David Carder of CBRE’s Phoenix office, along with Patti Gentry of Arizona Commercial Advisors. The seller, a Northern California real estate investment company, was represented by Jerry Noble, Pat Devine and Greg Mayer out of the same office.
LOS ANGELES – Three new culinary concepts have signed onto FIGat7th in Downtown Los Angeles. They include Sprinkles Cupcakes, Mendocino Farms and THE MELT. They will join fellow restaurants such as Juicy Lucy, Loteria Grill, Oleego, Morton’s The Steakhouse, California Pizza Kitchen and Starbucks at the shopping and dining establishment. All three concepts are scheduled to open in December. FIGat7th is owned by Brookfield Office Properties. The company was represented by Kevin Dee and Ted Slaught, the center’s exclusive retail-leasing agents.
CHARLOTTE, N.C. — Charlotte-based Pappas Properties and Allen Tate Co. have finalized plans for Phase II of Sharon Square. The $52 million Phase II will include 239 luxury residences and 22,000 square feet of retail space at the corner of Sharon and Fairview roads, adjacent to Phillips Place, in Charlotte. Phase II is scheduled to open in the fall of 2013. LS3P and Niles Bolton Architects designed Sharon Square, and Adolfson and Peterson is the general contractor. Charlotte’s first Whole Foods Market opened in the first phase of the project.
BRADENTON, FLA. — A joint venture between Northbrook, Ill.-based Middleton Partners LLC and Chicago-based Stage Equity Partners LLC, a healthcare real estate investment company, has acquired two medical office buildings totaling approximately 70,000 square feet in Bradenton. The buildings are more than 95 percent occupied, with approximately 60 percent of the space leased by a subsidiary of HCA Healthcare, one of Bradenton’s largest healthcare providers. A publicly traded healthcare REIT sold the properties.
NORTH CHARLESTON, S.C. — Silvana Oaks, a Class A multifamily apartment community in North Charleston, has traded for approximately $21.5 million. Palmetto Park Apartment Associates LLC sold the property, which was built in 2010 and located adjacent to the Publix Palmetto Pavilion Shopping Center on Dorchester Road in North Charleston, to Silvana Oaks LLC. Rivers Evans and Donald Evans of Evans, Rivers and Co. represented the seller, and Dexter Rumsey of NAI Avant represented the buyer.