PLEASANT GROVE, UTAH — St. John Properties has broken ground for Valley Grove III, a five-story Class A office building in Pleasant Grove. Once complete, the facility will bring the company’s commercial real estate portfolio in Utah to more than 1 million square feet. The 140,768-square-foot property will be the 22nd building at St. John Properties’ Valley Grove, which includes office, flex/R&D, restaurant and retail space. St. John Properties first started development at Valley Grove in 2017.
BEAVERTON, ORE. — Trion Properties has completed the disposition of The Hallwood Apartments, an apartment property in Beaverton, to a private buyer for $21.5 million. Liz Tilbury of Tilbury Ferguson Investment Real Estate represented Trion and the buyer in the deal. Located at 7535 SW Hall Blvd., The Hallwood Apartments features 76 units in a mix of one- and two-bedroom layouts. The property offers washers, dryers, a swimming pool, ample covered parking and an on-site leasing office. Trion implemented a series of property-wide renovations to the asset, which was constructed in 1986.
PACIFIC, WASH. — Preservation Equity Fund Advisors (PEF Advisors) has purchased Rainier Vista, an affordable seniors housing property in Pacific. Terms of the transaction were not released. Originally developed in 2003 with low-income housing tax credits, Rainier Vista offers one three-story building with 75 one- and two-bedroom units for affordable housing for seniors age 55 and older. Units offer refrigerators, self-cleaning ovens, microwaves, dishwashers, garbage disposals and storage lockers. The community includes 20 units designated for residents earning 30 percent of area median income (AMI), 25 units for residents at 50 percent AMI and five units for residents at 60 percent AMI. The remaining 25 units are market rate. At the time of sale, the property was 96 percent occupied. Community amenities include a leasing office, clubhouse, library, fitness center, salon, elevator service, three on-site laundry facilities, a knitting room, courtyard community garden and barbecue area.
CLACKAMAS, ORE. — Norris & Stevens has arranged the sale of the 98th & Lawnfield building, an industrial/flex property located at 14200 SE 98th Court in Clackamas. An undisclosed buyer acquired the asset from 14200 SE 98th LLC and BF Lawnfield for $5.5 million. Constructed in 1998, the five-tenant 26,219-square-foot flex facility features abundant parking, five drive-in doors and a 17-foot clear height. Additionally, the building has easy access to Interstate 205, Highway 224 and Highway 212. Greg Nesting and Gabe Schnitzer of Portland-based Norris & Stevens represented the buyer and seller in the deal.
CYPRESS, TEXAS — Marcus & Millichap has negotiated the sale of AllSafe Storage, a 648-unit self-storage facility located northwest of Houston in Cypress. The facility comprises 354 climate-controlled units, 107 non-climate-controlled units and 187 outdoor storage spaces for a total of 59,625 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Texas-based limited liability company, in the deal. The duo also secured the buyer, a national REIT. Both parties requested anonymity.
GEORGETOWN, TEXAS — Locally based firm Novak Brothers Development Group has broken ground on Rise510, a 301-unit multifamily project located in the northern Austin suburb of Georgetown. The community will be situated on a 12-acre parcel within the 164-acre Wolf Lakes Village master-planned development. Amenities will include a pool, fitness center, hiking trails and a one-acre community park. Completion is slated for summer 2024.
COPPELL, TEXAS — Vari has opened a 180,000-square-foot space in Coppell, located in the northern-central part of the Dallas-Fort Worth metroplex. The majority of Vari’s workforce will operate out of an 80,000-square-foot space within the building, and Cushman & Wakefield is marketing the remaining 100,000 square feet for lease. BOKA Powell designed the facility, with Corgan handling interior design and Adolfson & Peterson serving as the general contractor.
CORPUS CHRISTI, TEXAS — Colliers Mortgage has provided a $4.5 million HUD-insured loan for the refinancing of Avanti at Greenwood, an 81-unit affordable housing complex in Corpus Christi. The property offers units for households earning 30, 50 or 60 percent of the area median income, as well as a handful or market-rate apartments. Jeff Rogers of Colliers Mortgage originated the loan, which carries a term and amortization schedule of 35 years, on behalf of the borrower, an entity doing business as Avanti at Greenwood LP.
LA PORTE, IND. — Flaherty & Collins Properties has opened The Banks, a $35 million luxury apartment complex in La Porte, a city in Northwest Indiana. A grand opening event will take place this Thursday, Oct. 6. The Banks features 194 units with 5,000 square feet of retail space. Amenities include a pool, outdoor courtyard, bark park, fitness center and bike storage. Lake City Bank served as construction lender and Foss was the tax credit purchaser. The tax credit was for remediating a brownfield site. The La Porte Redevelopment Commission supported the development with tax-increment financing. Flaherty & Collins Construction served as general contractor. Construction began in September 2020. Monthly rents have not been released.
DALLAS — Staffing and recruitment agency Phaidon International has signed a 26,687-square-foot office lease at The Centrum in the Oak Lawn area of Dallas. The property houses a courtyard, rooftop deck, tenant lounge, conference center, fitness center and ground-floor retail and restaurant space. Travis Boothe, Robbie Baty and Hannah Henley of Cushman & Wakefield represented Phaidon in the lease negotiations. Addie Ludwig internally represented the landlord, Cawley Partners, which owns the property in partnership with Oak Tree Capital.
