IRVING — HFF has secured $75 million in refinancing for the 506-room Westin DFW Airport, located at 4545 W. John Carpenter Fwy. in Irving, less than 2 miles away from the Dallas/Fort Worth International Airport. Mike Tepedino and Michael Gigliotti of HFF's New York City office and John Bourret of the firm's Dallas office arranged the financing through J.P. Morgan Chase Bank on behalf of the borrowers, Investcorp International and The Procaccianti Group. The hotel features 38,000 square feet of meeting space, a business center, restaurant with bar and lounge, a fitness center and a heated outdoor pool.
Property Type
EDINBURG — Austin-based Cielo Realty Partners has purchased a 60,000-square-foot office building, located at 2800 W. Trenton in Edinburg. The building is currently more than 80 percent occupied, most of which is leased to publicly traded companies, in addition to one U.S. Representative. Other tenants include New York Life and Molina Health Care. Daniel Galvan of McAllen-based Coldwell Banker Commercial-La Mansion represented the seller in the transaction. The buyer was self-represented.
MCALLEN — Sam's Club has opened a new, 139,000-square-foot store, located in the Valencia Marketplace at 7601 N. 10th St. in McAllen. The new store is expected to hire approximately 178 employees.
DALLAS — Englewood Cliffs, N.J.-based Deerwood Real Estate Capital has secured a $6.3 million loan for a 300-unit multifamily property, located in Dallas. David Rosenberg and Mark Silbersher of Deerwood arranged the 10-year loan with a 30-year amortization schedule.
DALLAS — Fort Worth-based Crescent Property Services has arranged more than 45,000 square feet of office space leases at the 1.1 million-square-foot The Crescent, an office tower located in Dallas' Uptown submarket. Stephens Inc. has leased approximately 27,000 square feet, while Deutsche Bank Securities renewed its 19,577-square-foot lease. Crescent was self-represented by Tony Click in both lease transactions. Marion Brady, Matt Craft and Campbell Henry of Jones Lang LaSalle's Dallas office represented Deutsche Bank Securities.
SHERMAN OAKS, CALIF. — Shaffer Enterprise LLC has purchased two multifamily properties in Sherman Oaks for a total of $2,525,000. The properties, both of which contain seven units, are located at 13508 and 13514 Burbank Blvd. They were built in 1986. Jeff McGuire of Lee & Associates-LA North/Ventura represented both the buyer and the seller, IFT Properties LLC, in this all-cash transaction.
SAN CLEMENTE, CALIF. – A 13,284-square-foot industrial R&D building in San Clemente has sold to Custom Ingredients for $2.1 million. The facility is located at 160 Calle Iglesia. Custom Ingredients acquired the property as an owner-user. It plans to fully occupy the facility. The company was represented by Kevin Bayless of Voit’s Irvine office. The seller, Holley Research & Enterprises, LLC, was represented by Rob Johnston of Johnston Pacific.
GLENDALE, CALIF. – The Glendale Galleria, a 1.5-million-square-foot super-regional shopping center, has begun its redevelopment efforts. The renovation will include the addition of a new 120,000-square-foot Bloomingdale's in the former Mervyn's space that is scheduled to open in fall 2013. The Central Avenue Plaza will also be reconstructed, while the mall’s Target and JCPenney courts will undergo dramatic renovations.
CLEARWATER, FLA. — Marcus & Millichap has arranged the $8.8 million sale of the 184-unit Oak Creek, an apartment complex located at 2175 62nd St. N. in Clearwater. The property is 96 percent leased. Amenities include three on-site laundry facilities, a playground and a swimming pool. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa, Fla., office represented the seller, a private investor, in the transaction and procured the buyer, who was also a private investor.
SHANNON, GA. — Aladdin Manufacturing Corp. has sold a 565,793-square-foot warehouse and distribution building, located at 212 Burlington Dr. in Shannon, to Ashley Capital. The buyer plans to further develop the facility. David Barber and Dan Stubbs of Binswanger's Atlanta office represented the seller in the transaction.