Property Type

NEWBURY PARK, CALIF. — NEXGEN has acquired a 23,919-square-foot industrial life sciences/laboratory facility in Newbury Park for $6.2 million.  The facility is located at 3615 Old Conejo Road within the USA Business Park in the Conejo Valley industrial market.  Century 21 represented NEXGEN in the transaction. Matt Ehrlich and Marcos Villagomez of NAI Capital Commercial represented the seller, Dao Bui Holdings. Ehrlich and Villagomez spent more than a year on the project, facilitating the lease termination and departure of the former tenant and assisting as de facto property managers.

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SIMI VALLEY, CALIF. — NAI Capital Commercial has brokered the $2 million sale of a 5,708-square-foot restaurant building in Simi Valley.  Situated within Woodlands Plaza, Cocos formerly occupied the now-vacant property. The new owner plans to open and operate a breakfast restaurant in the space. Michael Schiff of NAI represented both the buyer, SSA California Properties LLC, and the seller, Barsky Family Limited Partnership, in the transaction. 

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Fairway-Village-Dallas

DALLAS — FTK Construction Services has completed the $19 million rehabilitation of Fairway Village Apartments, a 250-unit affordable housing complex in Dallas that was originally built in 1969. Benton Design Group served as the project architect, and KeyBank provided construction financing. A partnership between Denver-based investment firm Monroe Group and Steele Properties owns Fairway Village. Exterior renovations included new roofs, paint, parking lot pavement, sidewalks and perimeter fencing. Infrastructural upgrades targeted the heating and air conditioning systems, as well as the plumbing and electrical systems. Interior improvements involved updating kitchens with new appliances, cabinets and countertops; enhancing bathrooms with new vanities, toilets and tub surrounds; and adding new flooring, interior doors, windows and fixtures. Lastly, the project team delivered a new community building with a kitchen, computer lab, playground and pavilion and also renovated the leasing and management office.

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HOUSTON — Locally based brokerage firm Cypressbrook Co. has arranged the sale of Richmond Design Center, a 25,441-square-foot shopping center in West Houston’s Greenway/Upper Kirby submarket. According to LoopNet Inc., the property was built on 1.6 acres in 1958 and renovated in 2003. John Hornbuckle of Cypressbrook Co. and Rick Hazard of Realty Services Group represented the Seller, America Equifinance Corp., in the transaction. Joe Foty of The Blue Ox Group represented the buyer, HRD Interests.

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PASADENA, TEXAS — Locally based brokerage and investment firm Baker Katz has acquired a 22,241-square-foot, retail building that sits on a 2.9-acre site at 5445 Fairmont Parkway in Pasadena, an eastern suburb of Houston. The freestanding building most recently housed a Pep Boys auto parts store. Mark Raines of JLL represented the undisclosed seller in the transaction. Ben Brown represented Baker Katz, which plans to implement a value-add program, on an internal basis.

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HOUSTON — Beauty Empire has signed a 14,471-square-foot retail lease at Barker Cypress Marketplace in West Houston. According to LoopNet Inc., the property was built on 16.5 acres in 1999 and totals 81,360 square feet. Jason Gaines of Sturbridge Commercial Real Estate represented the undisclosed landlord in the lease negotiations. Okyi Urbina-Torres of W. Realty & Investment Group represented the tenant, which will backfill a space previously occupied by CVS.

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CHICAGO — General contractor Focus has completed construction of a high-rise, luxury apartment tower in downtown Chicago named 8o8. Located at 808 N. Cleveland Ave., the 23-story building features 200 apartment units, 20,000 square feet of office space and 7,500 square feet of retail space. DAC Developments and Bayview USA Holdings developed the property, which features amenities such as a pool, spa, fitness spaces, game rooms, coworking space, dog run and pet spa. Designed by Pappageorge Haymes, the project features multiple outdoor areas and 101 parking stalls. The development also features 20 affordable housing units. Monthly rents for market-rate units start at $2,175.

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SKOKIE, ILL. — A joint venture between Wingspan Development Group and Tucker Development has acquired 5400 Old Orchard Road in Skokie with plans to redevelop it into a luxury apartment project with 294 units. The site currently houses an office building, demolition of which is scheduled to begin this fall. Nicholas & Associates will serve as general contractor. Plans call for 245 apartment units and 49 rental townhomes as well as commercial space. Designed by HKM Architects + Planners, the project will feature amenities such as a courtyard, pool, lounge, fitness center and coworking stations. A timeline for completion was not provided.

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HOUSTON — Three new retailers have signed leases to open stores at Rice Village District, a shopping center located at 6225 Kirby Drive in Houston. Boutique retailer Luminary Lifestyle, jewelry brand gorjana and apparel retailer Mizzen+Main are all scheduled to open spaces at the property in early 2024. Bluestone Lane, [solidcore], The Rice Box and Navy Blue also recently opened at the center.

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CHICAGO — McHugh Construction has completed Platform 4611, a nine-story apartment building in Chicago’s Uptown neighborhood. The John Buck Co. and Free Market Ventures developed the project at 4611 N. Broadway St. The property features 200 apartment units and 9,000 square feet of ground-floor retail space. Designed by Pappageorge Haymes, the development features a mix of studio, one- and two-bedroom units on floors two through eight as well as two- and three-bedroom penthouse units on the top floor. Amenities include a fitness center, reservable office space and a rooftop amenity floor with coworking space, an outdoor terrace and grilling stations. The property was 43 percent occupied as of late May. Platform 4611 is a transit-oriented development located steps from the Wilson CTA train station’s Red and Purple Lines. Monthly rents start at $1,890.

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