WILMINGTON, DEL. — Driftwood Hospitality Management has purchased the 217-room Doubletree by Hilton Downtown Wilmington Legal District, located at 700 N. King St. in Wilmington, for $12 million. The purchase was part of a joint venture agreement between Driftwood and AGRE U.S. Real Estate Fund.
PARSIPPANY, N.J. — CBRE arranged $10 million in financing for Jeffroad Green, a partnership between Prism Capital Partners and Greenfield Partners, for the acquisition and renovation of a 178,346-square-foot office building, located at 399 Jefferson Rd. in Parsippany. James Gunning and Donna Falzarano of CBRE's Saddle Brook, N.J., office arranged the financing with a 3-year term through a local commercial bank. The property is currently 46 percent leased to tenants such as Pinnacle Foods, which recently expanded its lease agreement by 11,000 square feet.
NEW YORK CITY — Manhattan-based Hudson Realty Capital has funded $8 million in note acquisition financing secured by the debt on four industrial buildings in Brooklyn. The properties total 64,875 square feet, and the loan has a 36-month term.
WEST CHESTER, PA. — West Chester-based Swope Lees has brokered the sale of a 40,000-square-foot flex building, located at 917 Old Fern Hill Rd. in West Chester. Jim Lees and Chuck Swope of Swope Lees represented the seller, Fern Hill Associates, in the transaction. The buyer, Fernhill Business Center, is planning on leasing the property to Wiggins Shredding. The property is currently 75 percent leased.
PASADENA AND AMARILLO — LTC Properties has recently acquired a 196-bed skilled-nursing facility, located in Pasadena, for $15.5 million in a sale-lease back transaction. LTC has also purchased a vacant parcel of land in Amarillo for $844,000 for the construction of a 120-bed skilled-nursing facility. The new skilled-nursing facility is slated for completion in mid to late 2012.
HOUSTON — CBRE has brokered three leases totaling 20,751 square feet at the 22-story Capital One Plaza, a Class A office tower located at 5718 Westheimer in Houston. Daw & Ray renewed a 11,617-square-foot lease; Mutual Money Investments leased 7,403 square feet; and Orr Financial Group leased 1,731 square feet. Dave Hanusa and Cody Armbrister of CBRE's Houston office represented the landlord, UBS Realty Investors, in all three transactions. Lispah Hogan of Newmark Knight Frank's Houston office represented Daw & Ray in its lease negotiations.
FRISCO — Six tenants have signed new leases totaling approximately 15,000 square feet at Hall Office Park, located at 6801 Gaylord Pkwy. in Frisco. National Envelope has expanded its lease by 3,573 square feet; Viamedia has expanded its lease to 3,935 square feet; Bismarck Real Estate Partners has renewed its 3,452-square-foot lease; Tensar International Corp. has leased 1,593 square feet; Norandex Building Materials Distribution has renewed its 1,326-square-foot lease; and Integrated Scientific Systems has renewed its 925-square-foot lease. Frisco-based Hall Financial Group owns the office park and was self-represented by Kim Butler, Tammy Lomonaco and Brad Gibson.
LOS ANGELES — NorthMarq Capital has arranged a total of $22.7 million in financing for California-based retail properties and an industrial portfolio. The firm arranged $10.7 million for the Aspen Industrial/Flex Portfolio in Orange County, Calif., which totals 175,735 square feet of industrial/flex space. It was arranged by David Blum, senior vice president and senior director of NorthMarq’s Los Angeles regional office. The firm also arranged $10 million for City Center, a 116,781-square-foot, grocery-anchored retail center in Lake Elsinore, Calif., and $2 million for Selma Square, a 27,100-square-foot retail center in Selma, Calif. Michael Elmore, executive vice president and managing director, and David Blum, senior vice president, of NorthMarq’s Los Angeles office arranged the first-mortgage financing on behalf of of the borrower.
PORTLAND, ORE. — Morrison Street Fund IV has closed three separate investments that were made in the forms of preferred equity, joint venture equity and the purchase of a mezzanine loan. The fund’s total invested equity for the three transactions totaled $11.4 million. This includes a $4.3-million mezzanine loan on the 135,000-square-foot Potrero Business Center in San Francisco; $3.5 million in joint venture equity to recapitalize the 240-unit Tualatin Meadows Apartments in Tualatin, Ore.; and $3.6 million of preferred equity to facilitate a partner’s acquisition of the 256-unit Palm Court Apartments in Phoenix. NBS Real Estate Capital, LLC closed all three investments on behalf of Morrison Street.
TORRANCE, CALIF. — In-N-Out Burger has purchased a retail pad on the northeast corner of the Hawthorne and Del Amo intersection in Torrance for an undisclosed sum. The existing structure will be demolished to accommodate a new In-N-Out Burger location. Best Plaza, the shopping center surrounding the future home of the burger joint, was represented by MEI Real Estate Services.
