PHILADELPHIA — Beech Street has arranged $13.5 million in Fannie Mae loans for the acquisition of a two-property apartment portfolio in Philadelphia. The properties include the 120-unit Red Lion Manor and the 111-unit Cheswick Square. Common amenities include on-site parking and laundry facilities. The borrower plans to spend more than $1.8 million in renovations for both properties. Israel Shubert of Meridian Capital Group originated the 10-year, fixed-rate loans.
NEW YORK CITY — Stack Exchange Inc. has signed an 11-year lease for 30,200 square feet at 110 Williams St. in New York City. Stack Exchange is a network of question-and-answer websites that focus on specific categories such as cooking and photography. The company will occupy the 27th and 28th floors of the building. Jonathan Dean of Swig Equities and Bill Stempel of McDermott Will & Emery LLP represented the landlord in the transaction.
HOUSTON — Hoar Construction has completed the $31.2 million, 78,000-square-foot University of Houston Science Teaching Lab building and is planning to add 12,000 square feet of research space to the facility. Hoar will complete the unfinished shell space on the fourth floor of the property. Each teaching lab of the facility includes six workstations, fume hoods, instrumentation benches, locked drawers for personal lab supplies, multi-media capabilities and a lounge on each floor. The construction is part of the Board of Regents' pursuit of Tier One status, which The Carnegie Foundation granted in January 2011. The pursuit included $240 million of construction projects to the university.
CORPUS CHRISTI — Wal-Mart Stores Inc. has awarded a contract to Satterfield & Pontikes Construction (S&P) to construct a $10.5 million, 139,000-square-foot Sam's Club store, located on South Padre Island Drive in Corpus Christi. Construction is under way and the project is slated for a spring 2013 completion. The construction includes the demolition of an existing Walmart store, asphalt paving and storm water requirements with erosion controls. Raymond Harris & Associates designed the facility. S&P has constructed more than 6 million square feet totaling more than $250 million on behalf of Wal-Mart Stores Inc.
CORPUS CHRISTI — Wal-Mart Stores Inc. has awarded a contract to Satterfield & Pontikes Construction (S&P) to construct a $10.5 million, 139,000-square-foot Sam's Club store, located on South Padre Island Drive in Corpus Christi. Construction is under way and the project is slated for a spring 2013 completion. The construction includes the demolition of an existing Walmart store, asphalt paving and storm water requirements with erosion controls. Raymond Harris & Associates designed the facility. S&P has constructed more than 6 million square feet totaling more than $250 million on behalf of Wal-Mart Stores Inc.
SAN ANTONIO — Transwestern has arranged the sale of the 360-unit Grove Park Apartments, located at 2566 Goliad Road in San Antonio's South Central submarket. The apartment community features two swimming pools, laundry facilities and open barbeque grilling areas. Jeff Rogers, Alan Grilliette and Chris Stutzman of Transwestern's San Antonio office represented the seller, Tritex Real Estate Advisors II, in the transaction. The buyer was Houston-based T-4 Housing Interests Management.
IRVING — Beech Street Capital has arranged a $26 million Fannie Mae Structured ARM loan to refinance the 504-unit Shadows of Cottonwood, a multifamily community located in Irving. The apartment community features three pools, a spa, outdoor grills, picnic area, business center, a clubroom and covered parking. Kristen Croxton and Greg Reed of Beech Street's Newport Beach, Calif., office arranged the loan on behalf of the borrower, Buchanan Street Partners. Croxton and Reed also secured a third party interest rate cap from Greystar Real Estate Partners.
VANCOUVER, WASH. – The Riverstone Marketplace, a 95,774-square-foot retail space in Vancouver, has received $20.15 million in financing. The 10-year CMBS loan was provided by a life insurance company. It features a fixed interest rate that is less than 5 percent for the entire term. Funding was arranged by Geoffery Arrobio of Johnson Capital’s Downtown Los Angeles office.
VICTORVILLE, CALIF. — Goodwill Industries of Southern California will open a 12,000-square-foot store at Hi-Desert Plaza in Victorville during the third quarter of 2012. Goodwill signed a 10-year lease for the space. The company was represented by Jon Friesen of Lee & Associates. The landlord, Victor Valley Plaza Co., LLC, was represented by Brad Umansky and Pablo Velasco of Progressive Real Estate Partners and Rob Kurth of Kursch Group.
SACRAMENTO, CALIF. — Ridge Capital has purchased 290 acres at the Southport Business Park in West Sacramento. The firm plans to sell entitled parcels within the site that range in size from three acres to 116 acres. Ridge Capital will also consider build-to-suit developments. The sites can accommodate buildings from 20,000 square feet to 2 million square feet. Ridge Capital was represented by Matt Lofrano, Bill Niethammer, Mark Demetre and Mike Zimmerman of Jones Lang LaSalle’s Sacramento office. The team will also advise the firm on its future sales and development of the land. Ridge Capital was also advised by investment managers Carlo Mormorunni and Mike Diepenbrock.
