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CORONA, CA-Marcus & Millichap Capital Corp. arranges the acquisition loan, which has an adjustable interest rate of 6.3% based on the 11th District Cost of Funds index, with a 2.95% margin. The amortization/term is 30/30.
HOUSTON-The 17-year-old energy manager stays put in 10,902 sf at the Highlands Insurance Building along Richmond Avenue. Insignia/ESG and Strategis broker the deal for the 310,296-sf suburban office building.
GARDEN GROVE, CA-The deal results in a stabilized second year cap rate in excess of 9% for the buyer, Irvine-based Granite Investment Group. The 99-unit complex was 95% occupied at the time of sale.
DENVER-The 172-unit Parkway Place Apartments at 1255 Galapago St. sells for $10.525 million, or $61,191 per unit, by WMFMT Real Estate Limited Partnership of Dallas to Tower Speer LLC.
LOS ANGELES-Meyer Properties sells the Skyline Shopping Center in Thousand Oaks, Calif. The 36,772-sf center is 90% occupied and anchored by Lassen's Natural Foods.
PORTLAND-After surveying its options, the stock brokerage firm opts to renew and expand its lease in the 225,000-sf, light-rail served office building located just north of the Downtown core and owned by Equity Office Properties Trust.
GARDEN GROVE, CA-The Granite Investment Group, an Irvine-based co-investment group, purchases the 34-builidng Cynthia Circle Apartments from Bascon Group of Irvine, Calif.
ALBUQUERQUE-A 103,951-sf big box retail site will be converted into a call center and back office for Blue Cross/Blue Shield in a consolidation bid of offices in several states. The plan is to sink $5.8 million into the site.
HOUSTON-Preferred Medical Billing is taking 12,265 sf at the four-story 8300 FM 1960 office building, a 68,210-sf structure that's 85% leased. The new headquarters tenant is an electronic claims submission operation based in Houston.
SAN DIEGO-The Pacific Beach hotel will get a $3 million expansion and renovation. About 21,600 sf of the hotel overlooking the ocean will undergo reconstruction. The work will include renovation of the lobby and the addition of two buildings, which will house 28 rooms.