CEDAR HILL, TEXAS — Kids Empire will open a 10,527-square-foot indoor playground in the southwestern Dallas suburb of Cedar Hill. The space is located within Hillside Village, a 615,000-square-foot, open-air power center that anchored by Dick’s Sporting Goods, Barnes & Noble, Old Navy and H&M. Gretchen Miller, Emilie Paulson and Bryn Carden of Weitzman represented the landlord, PREP Property Group, in the lease negotiations. Robin Barrow and Eddie Liebman, also with Weitzman, along with Austin Diemer and Shelby Pedroza with E & R Property Group, represented Kids Empire.
LOS ANGELES — Southern California Gas Co. (SoCalGas) has signed a long-term lease for 198,553 square feet of office space at City National 2CAL in downtown Los Angeles. CIM Group owns the 1.4 million-square-foot, 52-story office building at 350 S. Grand Ave. in downtown’s Bunker Hill district. SoCalGas will relocate to City National 2CAL from its namesake downtown Los Angeles building, Gas Company Tower, where it has been located since the building’s opening in 1991. At its new space, SoCalGas will have project and building top signage at the property. Geno St. John from CIM Group’s in-house office leasing team, in partnership with Peter Hajimihalis and Hayley Blockley of JLL, represented the owner in the lease negotiations. Clay Hammerstein and Danny Rees of CBRE represented the tenant.
SANTA FE, N.M. — A joint venture between Presidium and Argosy Real Estate Partners has opened Presidium Casa Siena, a 160,000-square-foot multifamily property at 5750 Airport Road in Santa Fe. The community features 171 studio, one- and two-bedroom apartments, ranging from 565 square feet to 1,201 square feet, with energy-efficient stainless steel appliances, walk-in showers, garden tubs and upscale finishes. Residences will also offer full-size washers/dryers, under-cabinet lighting, keyless entry doors and built-in USB ports. Community amenities include a club room with coworking and conference spaces; a fitness center; exhibition kitchen and game rooms; a heated, resort-style pool surrounded by grilling and kitchen spaces and two cave lounges within private courtyards; a private dog park with pet spa; mail and package pickup rooms; surface-level parking; electric-vehicle charging stations and carports. The project team includes Humphreys & Partners, Isaacson & Arfman and Pavilion Construction. This is the first joint venture between Presidium and Argosy Real Estate Partners.
CLIFTON, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged a $20 million loan for the refinancing of Styertowne Shopping Center, a 236,000-square-foot retail property located in the Northern New Jersey community of Clifton. Stew Leonard’s Farm Fresh Food & Wine anchors the center, which was originally built in 1949. Other tenants include Michaels, Planet Fitness, Dollar Tree and GNC. Andrew Stewart, Dev Morris and Brandon Szwalbenest of Cronheim arranged the 10-year loan through Reinsurance Group of America on behalf of the undisclosed borrower.
CHULA VISTA, CALIF. — Walker & Dunlop has arranged $66 million for the refinancing of Boardwalk at Millenia, a multifamily property in Chula Vista. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Mo Beler, Michael Ianno and William Herring of Walker & Dunlop’s New York Capital Markets team arranged the transaction on behalf of the borrower, Barings Core Property Fund. The team also identified the lender, Kohlberg Kravis Roberts & Co. LP. Located at 1660 Metro Ave., Boardwalk at Millenia offers 309 apartments, a resort-style pool and spa, outdoor fireplaces and lounges, upscale fitness studio, children’s play area and coworking spaces with private conference rooms. The property was built in 2018. In 2019, Barings purchased the property from Trammell Crow Residential and recently secured the new financing, a five-year, floating-rate loan, to refinance the previous loan.
BOUNTIFUL, UTAH — EBSC Lending has arranged the closing of a $14.5 million loan to refinance an assisted living and memory care community in Bountiful, a suburban community between Salt Lake City and Ogden, Utah. The undisclosed sponsor acquired the facility in 2019 and has expanded the property’s memory care capacity to capture more of the market demand for high-quality memory care and increased the allowable density by obtaining a zoning amendment allowing up to 73 beds. The sponsor increased occupancy, improved operations and hired a new management company to oversee the property. Additional amenities offered at the property include personalized care, healthcare coordination, chef-prepared meals, housekeeping and secure courtyards.
TINTON FALLS, N.J. — JLL has negotiated the $14.7 million sale of a 90,008-square-foot office building located at 100 Tormee Drive in the coastal New Jersey community of Tinton Falls. The two-story building was constructed on 8.6 acres in 2001 and was fully leased at the time of sale to Hackensack Meridian Health and Opentext. Jeremy Neuer and Jose Cruz of JLL represented the undisclosed seller in the transaction and procured the buyer, Rockford Holdings.
SAN DIEGO — MIG has completed the disposition of Four Governor Park, a two-building office property in San Diego. Cast Capital Partners acquired the asset for $11 million. Situated on 2.7 acres, Four Governor Park includes a 21,715-square-foot building at 5080 Shoreham Place and a 28,521-square-foot building at 5090 Shoreham Place that are connect by a courtyard. At the time of sale, the property was 96 percent occupied by a mix of office tenants. The buyer plans to sell the individual units. Matt Pourcho, Anthony DeLorenzo and Matt Harris of CBRE represented the seller, while Bret Morris of Cast Capital Partners and Ryan King of Voit represented the buyer in the transaction.
BRADENTON, FLA. — Ryan Cos. US Inc. has completed the development of Renata at Lakewood Ranch, a 502-unit multifamily community situated within the Lakewood Ranch master-planned development in Bradenton. Ryan Cos. served as the developer and builder in a joint venture with PGIM and Park Springs. Situated on 37 acres, Renata at Lakewood Ranch features one-, two- and three-bedroom apartments across 15 buildings. Resident move-ins began this February. Amenities at the community include a private lakeside beach, heated pool with a jacuzzi, spinning and yoga rooms, free weights, bar games, a golf simulator, putting green, dog spa and park, lawn sports, barbecue areas, walking trail and volleyball courts. Ryan’s other projects at Lakewood Ranch include Grand Living at Lakewood Ranch, Lakewood Ranch Preparatory Academy, Chris-Craft Boats and an Amazon last mile facility.
BLACKSBURG, S.C. — GTIS Partners and Collett Industrial have broken ground on Stateline 85, a new, 933,120-square-foot industrial development in Blacksburg. Located near the state border between North and South Carolina, the three-building project will be developed in two phases. The first phase, which is scheduled for completion in summer 2025, will comprise two buildings. Buildings 1 and 2 will span 198,720 and 224,640 square feet, respectively. Building 1 will feature 32-foot clear heights with 171 car parking spaces and 50 trailer parking spaces, and Building 2 will offer 36-foot clear heights with 175 car spaces and 63 trailer spaces. The second phase will include up to 500,000 square feet of leasable space. Drew Coholan, Matt Treble and Fermin Deoca of Cushman & Wakefield will oversee leasing at the development on behalf of the joint venture.