HOUSTON — Transwestern has arranged a 64,413-square-foot lease at Two Westway, an office building located at 11025 Equity Drive in Houston. Eric Anderson and Doug Little of Transwestern represented the landlord, DeVry Park Limited Partnership, which is managed by Founders Properties of Minneapolis, in the lease transaction. Andy Iversen and Noah Kruger of Jackson Cooksey represented the tenant, Seadrill Americas. The lease transaction brings Two Westway to full occupancy.
BEAUMONT — Alliant Capital has closed a $5.6 million acquisition loan for the 182-unit Settler’s Cove, a garden-style apartment community located in Beaumont. Jarett Blasberg of Alliant Capital arranged the 10-year loan with a 30-year amortization schedule.
SAN DIEGO — Bernardo Executive Center, a 173,244-square-foot, Class B office property in San Diego, has sold to Brookwood Financial Partners for $21.55 million. The center is located at 16835, 16855 and 16875 W. Bernardo Drive. It was 78.2 percent occupied at the time of sale. Brookwood plans to invest $1.4 million-worth in capital improvements at the property, which was built in 1984. Louay Alsadek, Evan August, Jeb Bakke, Scott Kincaid and Mike Corbosiero of CBRE San Diego represented both the buyer and the unnamed seller in this transaction. Scott Peterson and Mark McGovern of CBRE Debt & Equity Finance assisted Brookwood with financing services. CBRE was also retained to lease the remaining space at the property. Alsadek notes this was the first institutional office sale of more than $10 million to occur in the Rancho Bernardo submarket since 2009.
HONOLULU – The Gentry Pacific Design Center in Honolulu has sold to the Office of Hawaiian Affairs (OHA) for about $21 million. The 185,787-square-foot center is located at 560 N. Nimitz Highway. The property was built in the 1930s and had previously been the headquarters for the Gentry companies. It is managed by Colliers International Hawaii. The sale was executed by Michael “Skip” Schuman of Bishop Street Commercial (BSC). Matt Bittick, BSC’s president and CEO, notes that OHA plans to honor the leases that are currently in place with about 40 tenants at the Gentry Pacific Design Center.
PLACENTIA, CALIF. – A 77,788-square-foot industrial property in Placentia has sold to Classic Performance Products for $5.9 million. It is located at 378 E. Orangethorpe Ave. The company plans to use the property for its manufacturing, sales and R&D operations. Classic Performance was represented by Mike Vernick and Mike Hefner of Voit’s Anaheim office. The seller, Lincoln Imports, was represented by CBRE’s Erik Wanland and Sean Ward.
PHOENIX – The 124-unit Barrington Regent in Phoenix has received $6.37 million in first-mortgage refinancing. The property is located at 825 W. Osborn Road. The fixed-rate, non-recourse loan was arranged for Su Casa Properties by Luke Donahue of NorthMarq’s Phoenix office through the firm’s seller-servicer relationship with Freddie Mac. The 10-year loan features two years interest-only and a 30-year amortization schedule.
LANHAM, MD. — Capitol Asset IT & Recycling Solutions has acquired a 25,500-square-foot warehouse and office property located at 4721 Boston Way in Lanham, for $2.15 million. The property will serve as Capitol Asset's new headquarters, warehouse and distribution facility. Scott Skogmo of Sperry Van Ness represented the buyer in the transaction. Mike Roden, Jay O'Donnell and Ralph Haught of CBRE Group represented the seller.
LEXINGTON, KY. — An 88-unit multifamily property, located at 1740 Jennifer Drive in Lexington, has sold for $1.3 million. Fred Sutterlin and Reed Weinberg of PRG Investments represented the seller in the transaction.
CHICAGO — Marcus & Millichap has arranged the $600,000 sale of 5434-36 North Clark St., a 6,900-square-foot retail property in Chicago. The asset is a vacant auto shop built in 1919. The lot is zoned B3-2, which provides for a variety of uses, ranging from renovation to a total redevelopment of the site. Stephen Rachman and Kyle Stengle of Marcus & Millichap represented the seller, a private investor. They also represented the buyer, a developer.
OMAHA — Lockwood Development has completed the construction of the new corporate headquarters for Northstar Financial Services at 17605 Wright St. in Omaha. The 60,000-square-foot building will include space for approximately 280 employees. The site also includes space for an additional 45,000-square-foot building.
