PHILADELPHIA — Beech Street has arranged a $10.5 million Fannie Mae loan for the refinancing of Cricket Court Commons, a 228-unit Low-Income Housing Tax Credits apartment complex in Philadelphia. David Cohen and Ben Brown of Meridian Capital Group originated the 10-year loan. Cricket Court was built in the 1930s and underwent a major renovation in 2000. The property is located in the Germantown neighborhood, approximately six miles north of Philadelphia's Center City.
HOUSTON — The Richland Companies has acquired the 104,091-square-foot Bay Plaza Office Complex, located at 711 W. Bay Area Blvd. in Houston. The six-story office property consists of glass-backed elevators, balconies on each floor, a conference facility, card-key access and manicured landscaping. The Richland Companies will assume the property's on-site management. The property is 89 percent to tenants such as British Petroleum (BP), San Jacinto College, Blue Moon Detective Agency, Hometrust Mortgage, Broadpoint, Texan Bank, Evergreen Tank Solution, MeCor and Select Medical.
SELMA — HFF has arranged a $58.7 million loan for a 510,092-square-foot portion of The Forum at Olympia Parkway, a 1.2 million-square-foot power retail center located at the intersection of Interstate 35 and Loop 1604 in Selma. Tenants of the property include Bed Bath & Beyond, Ross Dress for Less, Best Buy, PetSmart, Office Max, Old Navy, T.J. Maxx and Toys “R” Us. Greg LaBine, Andy Scott and Campbell Roche of HFF arranged the loan through Northwestern Mutual on behalf of the borrower, AVR Realty Co.
HOUSTON — Marcus & Millichap has arranged the sale of Buffalo Terrace, an apartment complex located near Montrose Boulevard and Allen Parkway in Houston. Sheri Carey of Marcus & Millichap's Houston office represented both the seller and buyer, both limited liability companies, in the transaction.
IRVING — Transwestern has brokered the sale of the 130-unit Tanner Place, an apartment community located at 3327 Willow Creek Drive in Irving. The complex includes eight two-story garden-style buildings. Mark Freeman, Taylor Snoddy and Philip Wiegand of Transwestern's Dallas office represented the seller, a special servicer client, in the transaction. HDC Agave Hill Country Equities was the buyer.
DALLAS — Stream Realty Partners has arranged Hudson Advisors/Lone Star's 110,652-square-foot lease renewal at The Tower at Cityplace, a 1.22 million-square-foot office complex located at 2711 N. Haskell Ave. in Dallas. Jeff Schweitzer, Sarah Erickson and Tommy Nelson of Stream Realty Partners represented the landlord, Barrow Street Capital, in the lease transaction. Dan Paterson of Swearingen Realty Group represented the tenant. The Tower at Cityplace is currently 85.7 percent leased and features a conference center, Larry North Fitness, food court, cafeteria and DART rail access.
MA’ALEA, HAWAII — Harbor Shops at Ma’alea, a 40,117-square-foot retail center in Ma’alea, has received $8 million in first-mortgage refinancing. The center’s primary tenant is Pacific Whale Foundation. The three-year loan features a 30-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office.
SANTA MONICA, CALIF. – A 14,860-square-foot office building in Santa Monica has sold to Sumo Properties, LLC for $6.3 million. The building is located at 1617 Broadway. It is currently 100 percent leased, with Innovative Artists acting as the main tenant. Sumo was represented by Dave Wilson and James Wilson of Lee & Associates West Los Angeles. The seller, SZS Crossroads Associates, was represented by Brad Kesner of Stone-Miller. Financing was arranged by Jeff Jacobsen of Broadway Capital Partners in Santa Monica.
YORBA LINDA, CALIF. – Radius Power has purchased a 34,972-square-foot industrial building in Yorba Linda for $3.8 million. It is located at 22895 Eastpark Drive. The company plans to relocate its headquarters and expand its manufacturing operations at the new facility. Radius Power was represented by Mitch Zehner of Voit’s Anaheim office. The seller, Eastpark Drive, LLC, was represented by Zach Niles of 360 Commercial Partners.
GLENDALE, ARIZ. – Big Lots has leased 34,800 square feet in Glendale. The discount retailer will occupy the former Ultimate Electronics building at the northwest corner of Bell Road and 75th Avenue. Big Lots was represented by Chris Hinkson of Hinkson Company, LLC. The landlord, VP Arrowhead, LLC, (Vintage Partners), was represented by Mike Polachek and Brian Polachek of SRS Real Estate Partners.
