sales_and_leases

Bascom, Carlyle Buy Bridgecourt Apartments in Emeryville

by Nellie Day March 25, 2015

SAN FRANCISCO — The Bascom Group and funds managed by Carlyle Realty Partners have acquired the 220-unit Bridgecourt Apartments in the San Francisco Bay submarket of Emeryville for $45.1 million. The community is located at 1325 40th Street. Bridgecourt was built in 1998. It is situated near the headquarters of Pixar Animation Studios. The community also contains five ground-floor retail spaces. The transaction was executed by Stephen Jackson and Mark J. Feldman of Colliers International. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE Capital Markets arranged the $40.6-million loan with California Bank & Trust.

March 25, 2015

Colorado Multifamily Western

Emerson Lofts in Denver Sells for $11.5M

by Nellie Day March 25, 2015

DENVER – The 42-unit Emerson Lofts has sold to an unnamed buyer for $11.5 million. The community is located at 777 Emerson Street. It was built in 2013. Notable area employers include Colorado State University, Denver Health, Denver Water and the Denver Police Department. The sale was executed by John Laratta and Frank Farrell of Berkadia.

March 25, 2015

Connecticut Northeast Office

Highville Charter School Buys 108,000 SF Office Building for $5.8M in New Haven

by Amy Works March 25, 2015

NEW HAVEN, CONN. — Hamden, Conn.-based Highville Charter School has acquired an office building located at 1 Science Park in New Haven. AT&T sold the 108,000-square-foot property for $5.8 million. Highville plans to convert the property’s open layout into classrooms to meet its expanding needs. Alan Fischer of Fischer Real Estate Inc. represented the buyer, while Cushman & Wakefield represented the seller in the deal.

March 25, 2015

Hospitality Texas

HFF Arranges Sale, Secures Financing for Westin Dallas Park Central Hotel

by Haisten Willis March 25, 2015

DALLAS — HFF has arranged the sale of and secured acquisition financing for the Westin Dallas Park Central, a 536-key hotel in central Dallas. HFF marketed the property on behalf of the seller, a joint venture between FelCor Lodging Trust Inc. and Starwood Hotels & Resorts Worldwide Inc. A partnership between Building and Land Technology and AWH Partners LLC purchased the offering. Additionally, working on behalf of the buyers, HFF secured floating-rate financing for the acquisition and renovation of the property. The 20-story hotel is situated on 3.6 acres at 12720 Merit Drive within the Park Central mixed-use development, which includes three LEED Gold-certified office towers and more than 845,000 square feet of Class A office space. The Westin-branded hotel features 42,000 square feet of flexible indoor function space that includes a 15,050-square-foot grand ballroom, 5,745-square-foot penthouse venue, Café on the Park restaurant, a gym, 24-hour business center, heated rooftop pool and sundeck. Brian Carlton led the HFF debt placement team representing the buyer.

March 25, 2015

Florida Office Southeast

Feldman Equities, Tower Realty Partners Reacquire Stake in Wells Fargo Center in Tampa

by John Nelson March 25, 2015

TAMPA, FLA. — Feldman Equities LLC and Tower Realty Partners have reacquired an interest in Wells Fargo Center, a 22-story, 390,000-square-foot office tower located in downtown Tampa. The two firms purchased the equity position in a joint venture partnership with an institutional investor that purchased the building in 2014. Feldman Equities and Tower Realty originally acquired Wells Fargo Center at the end of 2012 in a joint venture partnership with another institutional investor. As part of the agreement, Tower Realty Partners will retain management responsibilities with Feldman Equities providing leasing oversight. Jeff Lanning and Brian Breeding of Cushman & Wakefield have been retained to represent the ownership group in leasing the building. Current tenants include Wells Fargo & Co., Phelps Dunbar and UBS.

March 25, 2015

California Multifamily Western

LA Multifamily Portfolio Sells for $13M

by Nellie Day March 24, 2015

LOS ANGELES – A pair of multifamily properties in Los Angeles has sold to local investors for a total of $13 million. The acquisition includes the 44-unit Parc Regency Apartments in the Canoga Park submarket and the 23-unit VUE Apartments in Koreatown. The properties are located at 7500 Mason Ave. and 700 S. Berendo Street, respectively. The seller, Mason & Berendo Parc Regency Apartments Associates LLC, was represented by Darin Beebower of Madison Partners.

March 24, 2015

California Western

West Hollywood Apartment Building Sells for $8.2M

by Nellie Day March 24, 2015

LOS ANGELES – A 19-unit apartment building in West Hollywood has sold to an unnamed buyer for $8.2 million. The community is located at 526 North Orlando Ave., just east of La Cienega Boulevard and south of Melrose Avenue. It was built in 1964 and renovated in 2012. The buyer was represented by represented by Michael Hanassab and Elliot Hassan of Marcus & Millichap. The seller was represented by Richard Ringer of the same firm.

March 24, 2015

Colorado Industrial Western

Hancock Park Office Building in Aurora Sells for $2.6M

by Nellie Day March 24, 2015

AURORA, COLO. – The 38,970-square-foot Hancock Park Office Building in Aurora has sold to an unnamed buyer for $2.6 million. The building is located at 15200 East Girard Ave. The seller was represented by Rob Edwards and Tom Ethington of Pinnacle Real Estate Advisors.

March 24, 2015

Arizona Industrial Western

Addictive Desert Designs Leases Warehouse Space in Mesa

by Nellie Day March 24, 2015

MESA, ARIZ. – Addictive Desert Designs has signed a three-year lease for two warehouse buildings in Mesa. The property is located at 308 S. Extension Road. It contains a 44,004-square-foot building and a 22,706-square-foot building. The off road truck and SUV design and parts manufacturer will be expanding from its nearby 40,000-square-foot warehouse. Matt McDougall and Matt Fredrick of Lee & Associates represented both Addictive Desert and the landlord, Presson Corp., in this transaction.

March 24, 2015

Industrial Texas

CBRE Sells Four-Building Industrial Portfolio In El Paso

by Haisten Willis March 24, 2015

EL PASO, TEXAS — CBRE has arranged sale of a four-building, 245,745-square-foot industrial portfolio in El Paso, on behalf of New York-based Sullivan Crosby Trust. Phoenix-based ViaWest Group purchased the portfolio in an off-market transaction for an undisclosed price. Christian Perez Giese, William Caparis, Anthony Mash and Arturo De la Mora of CBRE’s El Paso office represented the seller. The buildings are 50 percent occupied, with short-term tenants bringing it to 75 percent occupancy. According to CBRE Research, the central El Paso submarket is approximately 94.7 percent occupied as of the fourth quarter of 2014. This is the first El Paso-area acquisition for ViaWest Group. A host of rehabilitation projects are slated for the properties, including new roofs, landscaping, fencing and equipment replacement.

March 24, 2015

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