BASKING RIDGE, N.J. — Braemar Partners has unveiled plans for Arbor Terrace Basking Ridge, an assisted living and memory care community that will be located approximately 35 miles west of Manhattan. When completed, the property will feature 27 assisted living apartments, 24 units for seniors in early stages of dementia and 29 units for full memory care. The groundbreaking is scheduled for later this year, with completion targeted for early 2023. The Arbor Co., which operates other senior living communities in New Jersey, will operate the community when it opens.
SURPRISE, ARIZ. — Baker Development Corp. (BDC) has acquired an 81-acre land site for the development of Cactus 303, an industrial park in Surprise. BDC purchased the land, located on the northeast corner of Cactus Road and Loop 303, for $20 million. The $150 million project will feature approximately 1 million square feet of industrial space spread across seven Class A buildings. The project will also feature a retail component along the Cactus Road frontage, with retail pads ranging from 0.75 acres to 16 acres. The industrial buildings will range from 82,000 square feet to 378,000 square feet with all buildings offering flexible single- or multi-tenant configurations; 32-foot to 40-foot clear heights; dock-high and grade-level doors; up to 200-foot truck courts; and extensive, expandable auto and trailer parking. The site can also accommodate build-to-suit users of up to 600,000 square feet. Construction is scheduled to begin in early 2022, with the first phase slated for completion by year-end 2022. Butler Design is serving as architect and Layton Construction is serving as the general contractor. Cactus 303 is situated within the 3,300-acre Prasada master plan, which features single-family homes, a 180-acre auto mall and a 60-acre power center. Anthony Lydon, Marc …
SALT LAKE CITY — Cushman & Wakefield has brokered the sale of Foothill Village, a neighborhood retail center located at 1400 S. Foothill Drive in Salt Lake City. JTJG Foothill sold the asset to Charlotte, N.C.-based Asana Partners for $51 million. A premier grocery store anchors the 270,000-square-foot property, which also features a mix of restaurants, retailers, spas and salons. Asana plans to renovate the existing buildings and parking garage on the 11-acre site. The shopping center was originally developed in 1954. Renovations are slated to begin next spring with completion scheduled for the end of 2022. Kip Paul of Cushman & Wakefield and James Burgess of The Burgess Co. represented the buyer and seller in the deal.
KIRKLAND, WASH. — Aegis Living has opened its second community in 2021, Aegis Living Kirkland Waterfront in Kirkland. The 98,000-square-foot development will feature 106 units of assisted living and memory care. Aegis currently has six other communities in development in Seattle and California. “Heading into 2020, we set aggressive goals to double in size over the next decade,” says Dwayne Clark, founder, CEO and chairman of Aegis Living.
ORANGE, CALIF. — PMB has unveiled plans for Helen Caloggero Women’s & Family Center, located on the Providence St. Joseph Hospital campus in Orange. The company will begin demolition for the 137,000-square-foot center this month. Located at 363 S. Main St., the four-story medical office building will house a range of services and amenities, including a mother and baby assessment center; maternal diabetes and wellness; maternal fetal testing; pelvic health and rehabilitation; perinatal education; OB/GYN clinical offices; pediatric clinical offices; certified midwives; women’s mental health services; conference/education rooms; birthing center; a pharmacy; and a Blue Bowl Superfoods outlet. Additionally, visitors and tenants will have access to an underground parking garage. The project team includes Boulder Associates as architect and Synder Langston as general contractor. San Diego-based PMB RES will serve as the property manager, and PMB and Madison Marquette will handle leasing. Completion of the facility is slated for fourth-quarter 2023.
LYNNWOOD, WASH. — Gantry has arranged a $32.5 million refinancing for Triton Court, a student housing community located adjacent to Edmonds College in Lynnwood, roughly 17 miles north of Seattle. The property offers 220 beds alongside 13,000 square feet of retail and 15,000 square feet of office space. The newly built community is the result of a public-private partnership, wherein an undisclosed private developer built and owns the complex managed by the Housing and Residence Life Office of Edmonds College. Mike Wood and Alex Saunders of Gantry worked with the borrower, a privately held limited liability company, to structure the funding. The loan was placed with a debt fund and carries a fixed interest rate with payments on an interest-only basis for the 10-year loan term.
WASHINGTON, D.C. — JLL has closed the $766 million sale of a 12-property office portfolio totaling 2.3 million square feet in metro Washington, D.C., and Virginia. Stephen Conley, Matt Nicholson, Jim Meisel, Andrew Weir, Dave Baker and Chris Capece of JLL represented the seller, WashREIT. Brookfield Asset Management was the buyer. The portfolio sale, which was announced in mid-June, includes six office properties across Northern Virginia and six in Washington, D.C.’s central business district. WashREIT is a Washington, D.C.-based owner and operator of office, retail and multifamily properties in the metro Washington area. The firm has a portfolio of 31 properties with 7,059 multifamily apartment units and about 1 million square feet of commercial space. The sale goes along with WashREIT’s multi-year plan of transforming into a multifamily REIT. The company also plans to sell its remaining eight retail assets and expects to complete that sale in the third quarter of this year.
MEMPHIS, TENN. — Berkadia has arranged the sale and financing of Waterview Apartment Homes, a 1,002-unit multifamily community in southeast Memphis. Patrick Jordan of Berkadia represented the seller, CapReit, in the transaction. Blue Magma Residential, a Tampa-based real estate firm, acquired the property for an undisclosed price. Charles Foschini and Christopher Apone of Berkadia arranged acquisition financing on behalf of Blue Magma. Arbor Realty Trust provided the $82 million bridge loan, which is a non-recourse, floating-rate, three-year, interest-only loan that includes two one-year extension options. Located at 6860 Quince Road, Waterview is located close to Interstate 240 and Bethel University and approximately 18.4 miles from downtown Memphis. Built in 1985, the property offers one- and two-bedroom apartments ranging from 533 square feet to 1,160 square feet. Individual units are cable ready and feature vaulted ceilings and ceiling fans. Some units will include washers and dryers, wood-burning fireplaces and built-in bookshelves. Community amenities include a fitness center, 22 acres of lakes with water features, tennis courts, indoor and outdoor pools and spas and a sundeck and lounge area.
RALEIGH, N.C. — A joint venture between Trammell Crow Co., High Street Residential, AECOM-Canyon Partners and HM Partners has broken ground on 400H, a 365,000-square-foot mixed-use development in Raleigh. Vancouver-based QuadReal Property Group provided an undisclosed amount of financing for the development. The 20-story tower, designed by Gensler, will include 150,000 square feet of Class A office space, 242 residential units and 16,000 square feet of ground-floor retail space. Construction is scheduled for completion by the fall of 2023. Located at 400 Hillsborough St., 400H is situated close to Union Station, the Morgan Street Food Hall and a Publix grocery store. The project’s Hillsborough Street location also provides the east-west connection to North Carolina State University and the state capital’s government complex. 400H will have residential units on floors 10 through 20. Community amenities will include a pool and SkyHub amenity on the ninth floor with indoor and outdoor space. Offices will include 14- to 20-foot floor-to-floor heights, full-height glass windows and parking ratios of 4-to-1,000. Also, outdoor seating is planned for several restaurants located within the retail space. AECOM-Canyon Partners, a joint venture partnership between AECOM Capital, the real estate investment arm of global infrastructure firm AECOM, and Canyon …
KANSAS CITY, KAN. — Taurus Investment Holdings LLC, a global private equity real estate firm, has acquired a light industrial portfolio in Kansas City for $55.2 million. Comprised of 20 buildings and more than 715,000 square feet, the portfolio will expand Taurus’ industrial platform to encompass 196 buildings totaling over 13 million square feet. Seller information and specific properties were not disclosed.