NASHVILLE, TENN. — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged a $21 million bridge loan for the acquisition of Nashville Christian Towers, an affordable seniors housing development in Nashville. Located at 101 Foothill Court, the property comprises 175 units. BWE secured the loan, which carries a 12-month term and an available 12-month extension, on behalf of the borrower, Envolve Communities. Envolve plans to redevelop the property with proceeds from a 4 percent LIHTC execution and tax-exempt bonds.
PALO ALTO, CALIF. — BentallGreenOak and Grey Matter by Graymark Capital have started construction on Bayshore Bio, a 100,000-square-foot life sciences campus in Palo Alto. The project is a three-phase conversion of existing office and R&D buildings into lab space. The initial phase includes a two-story, 36,000-square-foot life sciences facility at 2225 E. Bayshore Road. The first phase will convert an existing office building into market-ready lab spaces across two floors with upgraded electrical capacity, new mechanical systems, office space, amenities and dedicated parking. The first building is slated for completion by the end of third-quarter 2023. The project will incorporate indoor/outdoor amenity spaces within the private courtyard and on each floor for collaboration in and out of lab spaces. The second and third phases include single-story R&D buildings at 2197 Bayshore Road and 1050 E. Meadow Circle. BGO and Gray Matter initially acquired the Bayshore Bio campus in June 2021. The three former office and R&D buildings will be converted into modern lab space with a 60/40 lab-to-office ratio for biological research and development. The spaces are designed for early-stage, venture-capital-backed life science companies.
OVIEDO, FLA. — Legacy Realty Group Advisors has arranged the $6.5 million sale of Lockwood Village, a shopping center located at 1021 Lockwood Blvd. in Oviedo, approximately 20 miles northeast of Orlando. Winn-Dixie anchors the 54,372-square-foot property. Jacob Baruch and Daniel Baruch of Legacy represented the buyer and seller, both of which were not disclosed, in the transaction.
SIMI VALLEY, CALIF. — Ziegler has arranged $29 million in bond financing for Ensō Verde, a seniors housing community currently under development in Simi Valley. The borrower is Kendal Corp., which began developing the continuing care retirement community in 2022. Located on 21 acres, plans call for 237 independent living units, 24 assisted living units, 24 memory care units and related amenities and common areas. The California Public Finance Authority issued the unrated bonds, which are a mix of tax-exempt and taxable. The bonds will be used to purchase the development site, fund preconstruction development and marketing costs and pay certain costs of issuance. The project is scheduled to open later this year.
SAN BERNARDINO, CALIF. — Colliers has arranged the sale of Gifford Business Park, a seven-building industrial business park in the Inland Empire submarket of San Bernardino. MIG acquired the asset from Positive Investments for $26 million. Christopher Smith and Andrey Mindirgasov of Colliers represented the buyer, while Alan Pekarcik of Kidder Mathews represented the seller in the deal. Located at 750-760 E. Central Ave. and 765-791 S. Gifford Ave., Gifford Business Park features 156,717 square feet of industrial space. The park offers 78 units, ranging from 910 square feet to 19,302 square feet, across seven buildings.
SAN JACINTO, CALIF. — Progressive Real Estate Partners has arranged the sale of Farmer’s Corner, a farmhouse-style indoor retail center in San Jacinto. An Orange County-based private investor sold the value-add asset to a San Diego-based private investor for $3 million. Located at 2500 S. San Jacinto Ave., the 77,000-square-foot property was 40 percent vacant at the time of sale. Built in 1980, the center is currently home to a variety of service-based tenants, including a breakfast eatery, jeweler, barber, party supply company and professional offices. The vacancy includes a 9,000-square-foot, fully equipped restaurant space, ground-floor retail space and second-story office space. Farmer’s Corner’s indoor concourse features 20-foot clear heights, exposed beams, landscaping and a water feature. The buyer plans to upgrade the property, including replacing the roof and implementing an aggressive marketing effort to lease up the asset. Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the buyer and seller in the deal.
DENTON, TEXAS — Cold Creek Solutions, a cold storage developer based in the Dallas-Fort Worth area, has sold a 374,560-square-foot speculative facility in the North Texas city of Denton. The facility sits on a 23-acre site just northwest of I-35 and Barthold Road. Building features include 45-foot clear heights, more than 60,000 pallet positions, multiple tenant suites with convertible temperature functionality, 65 trailer parking spaces and ample car parking. ARCO National Construction served as the general contractor for the project, construction of which began in late summer 2021. The buyer was not disclosed.
ROY, UTAH — CBRE has facilitated the sale of Orchards at 19th, a townhome community located at 4499 S. 1900 W. in Roy, a suburb 30 miles north of Salt Lake City. Crockett & Koehler LLC sold the asset to California-based Warmington Properties for an undisclosed price. Featuring 14 two-story buildings, Orchards at 19th offers 75 residences in a mix of one-, two- and three-bedroom layouts, averaging 1,241 square feet. Built in 2020, the townhomes feature open-concept floorplans, large kitchens, granite countertops, walk-in closets, private patios, attached garage parking and private driveways. Community amenities include a fitness center, clubhouse, playground, walking trails, dog park and mountain views. Patrick Bodnar of CBRE represented the seller in the transaction.
IRVING, TEXAS — Newmark has brokered the sale of Crestview Tower, a 262,962-square-foot office building in Irving’s Las Colinas district. The 12-story building sits on a 10.1-acre site and was renovated in 2015. Amenities include a fitness center, conference facilities, tenant lounge and various outdoor green spaces. Robert Hill, Chris Murphy, Gary Carr and Chase Tagen of Newmark represented the seller, Austin-based CapRidge Partners, in the transaction. The buyer, a partnership between Reserve Capital Partners and Trinity Investors, has retained Stream Realty Partners to lease the building and hired Entos Design to reimagine the entryway, lobby, fitness center, tenant lounge and outdoor patio. Crestview Tower was 78 percent leased at the time of sale.
SAN ANTONIO — Northmarq has arranged the sale of The VUE, a 91-unit apartment complex in San Antonio’s Vance Jackson neighborhood. The nine-story building offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, balconies and washer/dryer connections. Amenities include a pool, fitness center, business center, resident lounge, coffee bar and a package locker system. Moses Siller of Northmarq represented the seller, Mission DG, in the transaction. The buyer and sales price were not disclosed.