Property Type

Harbor Associates, Taconic Capital Advisors Sell 115,520 SF Office Building in San Bernardino, California

by Amy Works January 9, 2024

SAN BERNARDINO, CALIF. — Harbor Associates, in joint venture with Taconic Capital Advisors, has completed the disposition of 451 E. Vanderbilt Way, a Class A office building in San Bernardino. An undisclosed buyer acquired the Inland Empire asset for $26.7 million. The sale marks the third and final transaction in a five-property $69.8 million office portfolio disposition. The joint venture originally acquired the 368,000-square-foot portfolio in October 2019 for $41.7 million. All five of the assets, ranging in size from 70,000 square feet to 115,000 square feet, are located within the Tri City Corporate Center, a 153-acre, master-planned, mixed-use office park with 1 million square feet of commercial office space and 390,000 square feet of retail space. Anthony DeLorenzo, Sammy Cemo, Philip Woodford, Kyle Yocum and Michael Longo of CBRE advised the joint venture in the portfolio sale.

January 9, 2024

Development Multifamily Texas

Hillwood Completes 300-Unit Casey at Frisco Station Apartments in Metro Dallas

by Taylor Williams January 9, 2024

FRISCO, TEXAS — Hillwood has completed The Casey at Frisco Station, a 300-unit multifamily project located on the northern outskirts of Dallas. Designed by JHP Architecture, the five-story building is Hillwood’s third multifamily project within the 242-acre Frisco Station mixed-use development and follows The Cadence at Frisco Station, which opened in September 2021. Units come in studio, one- and two-bedroom floor plans, range in size from 513 to 1,375 square feet and feature built-in desks, stainless steel appliances, walk-in closets and private patios/balconies. Amenities include a coworking lounge with private offices and conference facilities, pool, fitness center and a library. Rents start at roughly $1,600 per month for a studio apartment.

January 9, 2024

Heritage-Industrial-Center-Chula-Vista-CA

Acquisitions California Industrial Western

Rockefeller Group Divests of 202,760 SF Heritage Industrial Center in Chula Vista, California

by Amy Works January 9, 2024

CHULA VISTA, CALIF. — Rockefeller Group has sold Heritage Industrial Center, a three-building, 202,760-square-foot industrial project in Chula Vista, just south of San Diego. EQT Exeter purchased the complex for an undisclosed price. Situated on 11.5 acres, the project features a 105,550-square-foot building, a 56,470-square-foot building and a 40,740-square-foot building. Each building was developed on a separate land parcel and was vacant at the time of sale. Construction on Heritage begin in June 2022 and was completed in September 2023. Rockefeller Group acquired the land from Carlsbad-based HomeFed Corp. EQT Exeter’s San Diego office, led by Caitlin Little, will handle leasing and asset management for Heritage. Michael Mossmer and Patrick Connors of Voit Real Estate Services represented Rockefeller Group on the leasing efforts and the sale of the project. Jeffrey Cole, Jeff Chiate, Bryce Aberg, Brad Brandenburg, Zachary Harman and Mike Adey of Cushman & Wakefield’s National Industrial Advisory Group represented Rockefeller Group on the investment sale element of the project. The development team included SCA Architects, Kimley-Horn and TFW Construction.

January 9, 2024

Acquisitions Colorado Hospitality Western

Avison Young Negotiates $8.2M Sale of Ascent on Main Hotel in Parker, Colorado

by Amy Works January 9, 2024

PARKER, COLO. — Avison Young has arranged the sale of Ascent on Main, a boutique hotel at 18595 Mainstreet in Parker, a southeast suburb of Denver. Independent Bank, which oversaw the property in receivership, sold the asset to Eagle Point Hotel Partners for $8.2 million. Opened in 2019, the four-story Ascent on Main features 51 guest rooms, meeting rooms, an open-air promenade and three food-and-beverage outlets. Chris Kilcullen of Avison Young, along with Keen-Summit Capital Partners, represented the seller. Eagle Point Hotel Partners was self-represented in the deal.

January 9, 2024

Acquisitions Multifamily Texas

Momentum Multifamily Acquires 296-Unit Apartment Community in Metro Houston

by Taylor Williams January 9, 2024

HUMBLE, TEXAS — Texas-based investment firm Momentum Multifamily has acquired The Henry at Lake Houston, a 296-unit apartment community in the northeastern suburb of Humble. The property, formerly known as The Cobalt at Lake Houston, consists of 14 three-story buildings that house a mix of one-, two- and three-bedroom units. Residences feature granite countertops, stainless steel appliances and individual washers and dryers. Amenities include a pool, business center, game room, clubhouse, fitness center, putting green and storage lockers. Timbercreek Capital provided the senior acquisition loan for the deal that was arranged by Taylor Coy of JLL, with Chicago-based Pearlmark supplying mezzanine financing. The loan amounts and the name of the seller were not disclosed.

January 9, 2024

California Loans Retail Western

PSRS Arranges $3.7M Bridge Financing for Pointe West Plaza in San Ramon, California

by Amy Works January 9, 2024

SAN RAMON, CALIF. — PSRS has arranged $3.7 million in bridge financing of Pointe West Plaza, a retail property located in San Ramon, east of the Bay Area. Jonny Soleimani and Matthew Farzinpour of PSRS secured the financing for the undisclosed borrower. Built in 1990, the property is a 16,921-square-foot, multi-tenant retail center. Current tenants include a billiards venue, salon, bistro and Chinese restaurant. The property also features underground and surface parking, totaling 82 spaces. A debt fund provided the 12-month loan, which features no prepayment penalty.

January 9, 2024

Leasing Activity Office Texas

Bradford Commercial Negotiates Office Lease Renewal, Expansion in Allen, Texas

by Taylor Williams January 9, 2024

ALLEN, TEXAS — Bradford Commercial Real Estate Services has negotiated a 10-year office lease renewal and expansion in the northeastern Dallas suburb of Allen. The tenant, Visitech Americas, a Norwegian provider of 3D printing and digital imaging solutions, will now occupy 19,431 square feet across the entire first floor of Building 2 of The Office Campus at Allen. Jared Laake of Bradford represented the landlord, an entity doing business as 1301 SCE LLC, in the lease negotiations. Dene Allred of CMI Brokerage represented the tenant, which plans to invest $1 million in the build-out of the expanded space.

January 9, 2024

Acquisitions New York Northeast Office

KSR Capital Buys 49 Percent Stake in Manhattan Office Building

by Taylor Williams January 9, 2024

NEW YORK CITY — KSR Capital, the investment arm of locally based firm KSR, has purchased a 49 percent stake in 1410 Broadway, a 34-story office building in Manhattan. The 395,000-square-foot building recently underwent a capital improvement program and was 90 percent leased when the deal closed, with an undisclosed design and marketing firm recently signing a 62,500-square-foot lease. KSR Capital purchased the stake from L.H. Charney Associates, with internal agents Albert Sultan and Marc Sitt negotiating the deal.

January 9, 2024

Acquisitions Retail Texas

JLL Arranges Sale of 13,877 SF Retail Strip Center in Northwest Houston

by Taylor Williams January 9, 2024

HOUSTON — JLL has arranged the sale of Garden Oaks Shopping Center, a 13,877-square-foot retail strip center in northwest Houston. The center was built in 1950 and was fully leased at the time of sale to tenants such as Upside Pub, Pinks Pizza, Village Liquor, Community Vet and Molly’s Mutt House. Ryan West, John Indelli and Clay Andersen of JLL represented the seller, Fifth Corner, in the transaction. Meredith Cullen and David Cook with Cushman & Wakefield represented the undisclosed buyer.

January 9, 2024

Leasing Activity Office Texas

Family Care Center Signs 6,052 SF Office Lease in New Braunfels, Texas

by Taylor Williams January 9, 2024

NEW BRAUNFELS, TEXAS — Family Care Center has signed a 6,052-square-foot office lease in New Braunfels, a northeastern suburb of San Antonio. According to LoopNet Inc., the property at 640 N. Walnut Ave. was built in 2021 and totals 19,623 square feet. Chad Wallace of Partners Real Estate represented the undisclosed landlord in the lease negotiations. Ken Brown and Carl Salvato with Cushman & Wakefield represented the tenant.

January 9, 2024

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