sales_and_leases

Swedish Health Services Leases Space at First Hill Medical Pavilion in Seattle

by Nellie Day December 11, 2014

SEATTLE – Swedish Health Services has leased 24,000 square feet at First Hill Medical Pavilion in Seattle. The space is located on Seattle’s First Hill, across from the Swedish Hospital campus. Swedish Health Services will relocate its transplant group to the sixth floor of the building in the second quarter of next year. The building is 44 percent leased. It is currently undergoing a significant renovation. Swedish Health Services was represented by Bob Mooney and Hans Kemp of Flinn Ferguson. The landlord, a joint venture between Trammell Crow Company and Washington Capital Management, was represented by CBRE’s Paul Carr, Steve Perovich and Marcus Yamamoto.

December 11, 2014

Arizona Office Western

Make-A-Wish Foundation of Arizona Buys Office Building in Scottsdale

by Nellie Day December 11, 2014

SCOTTSDALE, ARIZ. – Make-A-Wish Foundation of Arizona has purchased an 11,400-square-foot office building in Scottsdale for $1.9 million. The building is located at 2901 N. 78th Street, just outside the downtown area. The foundation plans to use this space for its new headquarters after the property undergoes a full remodel. The purchase was made through contributions from a large donor. The building’s former tenant, RevSolve, previously known as Collections Service Bureau, relocated to another office just a mile away this past July. Make-A-Wish was represented by CBRE’s Chris Marchildon and Barry Gabel. The seller, SPQR LLC, was represented by Kelly O’Dea of LevRose/TCN Worldwide.

December 11, 2014

California Office Western

Sarens Relocates to Bishop Ranch in San Ramon

by Nellie Day December 11, 2014

RAMON, CALIF. – Sarens has leased 7,355 square feet of space at Bishop Ranch in San Ramon. The Class A office space is located at 5000 Executive Parkway. The heavy lifting and engineered transport company will be relocating from the Marina Village office complex in nearby Alameda. Sarens recently transported the Endeavor space shuttle to Los Angeles. The company was represented by Gregg Hall of Cresa San Jose. The landlord, Sunset Development, represented itself in this transaction.

December 11, 2014

Multifamily Texas

Berkadia Originates $40.3M in Financing for Apartment Complexes in Metro Dallas, Houston

by Haisten Willis December 10, 2014

FORT WORTH and HOUSTON — Berkadia has originated $40.3 million in financing for two multifamily properties located in Fort Worth and Houston. The first transaction was a $29 million loan for Thornbury Apartments, which is located at 7055 Hollister Road in Houston. The seven-year, floating-rate loan includes three years of interest-only payments and a 30-year amortization schedule. The property consists of 408 one-, two- and three-bedroom units and was 96 percent occupied at the time of closing. The borrower was AHC Thornbury Owner LLC. The second transaction was an $11.3 million loan for The Retreat at River Ranch Apartments. The seven-year, floating-rate loan includes two years of interest-only payments and a 30-year amortization schedule. The property consists of 248 one- and two-bedroom units. The property is located at 4850 River Ranch Boulevard near Chisholm Trail Parkway and I-20 and was 94 percent occupied at the time of closing. Andy Hill of Berkadia’s Austin office secured both loans.

December 10, 2014

New York Northeast Office

North Shore-LIJ Buys 252,000 SF Office Building for $65M in Long Island

by Amy Works December 10, 2014

NEW YORK CITY — North Shore-LIJ has acquired 600 Community Drive in Long Island’s Manhasset for $65 million, or $260 per square foot. A partnership led by The Carlton Group’s Chairman Howard Michaels sold the property. Prior to the sale, the building’s ownership group made significant renovations to the property: achieved zoning approval to lease 80,000 square feet of the building for medical office use; approved and implemented a new renovation plans, including interior and improvements and a new façade entrance; and developed a solid pipeline of tenant activity, which allowed the property to become a multi-tenanted building. North Shore-LIJ has been a sub-tenant at the office building for the past eight years.

December 10, 2014

Georgia Multifamily Southeast

RADCO Acquires Three Metro Atlanta Apartment Communities Totaling $70M

by John Nelson December 10, 2014

ATLANTA — The RADCO Cos. has acquired three Atlanta-area multifamily properties totaling 1,091 units in three separate transactions totaling $70 million. The apartment communities include Mission Galleria in Smyrna, Gwinnett Place in Lawrenceville and Parkside at East Atlanta. RADCO financed the acquisitions using a mixture of bridge debt and private equity. RADCO will rebrand Mission Galleria as Ashford 75, Gwinnett Place as Ashford 3400 and Parkside at East Atlanta as Ashford East Village. In addition to these three deals, RADCO has another 1,630 units under contract across six properties that are slated to close before the end of the year, which will bring its total acquisitions for the year to 5,307 units.

December 10, 2014

California Office Western

San Mateo BayCenter Office Campus Receives $86M in Financing

by Nellie Day December 10, 2014

SAN FRANCISCO — San Mateo BayCenter, a 303,257-square-foot office campus in the Silicon Valley submarket of San Mateo, has received $86 million in financing. The Class A campus is located at 901 and 951 Mariners Island Blvd., and 999 Baker Way. San Mateo BayCenter is situated at the intersection of U.S. Highway 101 and Highway 92. The three-building campus was built in 1987. The campus is more than 98 percent leased to tenants like Marketo, Brightedge Technologies and Actuate. The floating-rate, post-acquisition financing was arranged by HFF’s Bruce Ganong, Jordan Angel and Walter Chui on behalf of Rockpoint Group. HFF also handled the property’s sale, which closed in September. The seller was Equity Office Properties.

December 10, 2014

Arizona Office Western

Desert Ridge Corporate Center in Phoenix Sells for $58.6M

by Nellie Day December 10, 2014

PHOENIX — Regent Properties has acquired Desert Ridge Corporate Center (DRCC), a 293,161-square-foot office and retail property in Phoenix, for $58.6 million. The institutional-grade center is located at 20860, 20830 and 20910 N. Tatum Blvd., within the master-planned community of Desert Ridge. DRCC contains two Class A office buildings, in addition to a 17,953-square-foot, multi-tenant specialty retail building. The property is located on land encumbered by a State of Arizona ground lease that has 78 remaining years. Notable tenants at the center include GEICO Insurance, Vantage Retirement, Wells Fargo Bank, C.H. Robinson Worldwide, K. Hovnanian Homes, Summit Energy, SimonMed Imaging and Scottrade. DRCC was built in 2007.

December 10, 2014

Multifamily Texas

CBRE Arranges $151M Financing for Nine Apartment Properties in Texas

by Haisten Willis December 9, 2014

CARROLLTON, PLANO, HALTOM CITY, BEDFORD, DALLAS, HOUSTON, EULESS & LEWISVILLE, TEXAS — CBRE Capital Markets’ Debt & Structured Finance team has arranged $151 million in financing on behalf of Harbor Group International for the acquisition of The England Group Portfolio. The 2,368-unit multifamily portfolio includes nine apartment complexes in the Dallas and Houston areas. A total of nine loans were provided in three separate closings. Freddie Mac provided seven new mortgages, each with a seven-year term and floating interest rate. Freddie Mac also provided two supplemental loans on two of the assets, each with a 7.6-year term and fixed rate. The apartments are located in Carrollton, Plano, Haltom City, Bedford, Dallas, Houston, Euless and Lewisville. Charles Foschini, Christopher Apone and Christian Lee of CBRE’s Miami office facilitated the loans.

December 9, 2014

California Industrial Western

Vista Industrial Property Sells for $13.5M

by Nellie Day December 9, 2014

SAN DIEGO – A 128,531-square-foot industrial property in the San Diego submarket of Vista has sold to KI-Vista-LPSM LLC for $13.5 million. The Class A building is located at 2611 Business Park Drive. The single-tenant manufacturing and distribution building recently underwent a rehab and repositioning. It had served as Dimension One’s corporate headquarters until its leaseback agreement expired in November 2013. The buyer secured a lease with Stone Brewing Co. to use the space as its new national distribution center. The LLC was represented by Colliers International. The seller, SR Commercial, was represented by Joe McDermott, Ron King and Bob Willingham of Cushman & Wakefield.

December 9, 2014

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