AUSTIN — Transwestern has secured refinancing for The Austonian, a 56-story high-rise residential tower located at 200 Congress Ave. in downtown Austin, 9 blocks from the State Capitol. Jan Sparks and Michael Snodgrass of Transwestern's Houston office arranged the financing on behalf of Grupo Villar Mir/Benchmark Development, operating as Second Congress, Ltd.
HOUSTON — Houston-based Hartman Income REIT has leased 25,506 square feet of office space, located at 11811 N. Freeway in Houston, to First Financial Group of America. Michelle Wogan, Evelyn Ward and Dani Allison of Transwestern represented the landlord in the 10-year lease transaction.
BEVERLY HILLS, CALIF. — The City of Beverly Hills will soon commence construction on a $7.8-million expansion of its Public Works Warehouse and Shops. The project will be located at 9357 Third Street. The new facility will allow the city’s maintenance and communications departments to operate in case of an emergency or natural disaster. It should be completed in January 2013. C.W. Driver is working with RTK Architects on the pre-construction phase for the project. The new facility will ultimately contain a two-story plus basement, a 21,000-square-foot building, a tunnel under a roadway to an adjacent existing garage and a contiguous 15,000-square-foot yard.
LOS ANGELES — Cresta Properties has purchased two Los Angeles-area apartment buildings for a total of $6.5 million. The transaction includes a 60-unit apartment building in Koreatown and a 21-unit building in Hollywood. These acquisitions are part of Cresta’s plan to double its multifamily portfolio by the end of 2012. Both properties will be managed by the Property Management Division of Los Angeles-based TRG Real Estate Services.
MESA, ARIZ. — Udall Shumway & Lyons has signed a 10-year lease for 17,895 square feet at Riverview Point, a master-planned, mixed-use complex in Mesa. The law firm will be relocating from downtown Mesa in August 2012. It was represented by Tom Auther of Jacor Partners LLC in Phoenix. The landlord, R & R Riverview, was represented by Bryan Taute and Michael Strittmatter of CBRE’s Phoenix office.
SARASOTA, FLA. — Institutional Property Advisors has arranged the $13.5 million sale of the 178-unit Tradition at Palm Aire, a multifamily property located at 8445 Gardens Way in Sarasota. Amenities include a two-story clubhouse, business center with Wi-Fi, fitness center, three swimming pools, spa, lighted tennis courts, two lakes with walking paths and a car care center. Jamie May of IPA represented Beachwold Residential, the seller, in the transaction. Preston Giuliano Capital Partners was the buyer.
JACKSON, MISS. — DHS Ventures has acquired a 62,322-square-foot former Brookshire's Grocery, located in Jackson, for $1.7 million. Josh Burmeister and Buff Teague of SRS Real Estate Partners represented the buyer in the transaction.
WELLINGTON, FLA. — The 9,700-square-foot Plaza Two at Wellington Green, an office building located at 2515 State Rd. 7 in Wellington, has sold for $1.5 million. Dan Casey of Reichel Realty represented US Acquisition Property XVI, the seller, in the transaction. Saler Partners was the buyer.
NEW ORLEANS — Meridian Capital Group has secured $70 million in mortgage financing for the 1.3 million-square-foot Place St. Charles, a Class A office building located at 201 St. Charles Ave. in New Orleans. The 52-story building is 95 percent leased to tenants including JPMorgan Chase and Capital One. Tal Bar-Or of Meridian Capital Group arranged the 20-year loan with a 25-year amortization schedule through Cornerstone Real Estate Advisers.
DALE CITY, VA., AND CHARLESTON, S.C. — Bryson Thomason of Q10/Professional Mortgage Co. has arranged two retail loans, totaling $9.05 million. Thomason arranged a $5.55 million, 12-year, fully amortized loan for the 53,561-square-foot Staples Mill Plaza, a Food Lion-anchored neighborhood shopping center located on Minnieville Road in Dale City. Additionally, he negotiated a $3.5 million, 13-year, fully amortized loan for the 56,200-square-foot Citadel Crossing, a Food Lion-anchored shopping center located on Ashley Town Center Drive in Charleston.
