CENTENNIAL, COLO. — Colorado-based Brue Baukol Capital Partners has broken ground on The District, a 36-acre mixed-use community adjacent to the Dry Creek rail station in Centennial. The walkable community will feature more than 2.5 million square feet of office space, a 200-key hotel, 1,800 residential units and over 30,000 square feet of retail space. Previously named the Jones District before rebranding to The District, the development will offer space for a range of flexible office spaces from small-scale co-working to multiple-building corporate headquarters. The project team includes Tryba Architects, Design Workshop, Martin/Martin Consulting Engineers and JHL Constructors. Completion for infrastructure work is slated for May 2021, with vertical construction on several planned projects scheduled to begin during the second half of 2021.
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DUVALL, WASH. — AHV Communities is developing Duvall Village, its first multifamily community in the Seattle market. Located in the northeastern suburb of Duvall, the property will include 99 three-story townhomes designed in cottage and farmhouse styles. Milbrant Architects designed the community, which offers two-, three- and four-bedroom layouts with 2.5 to 3.5 baths, two-car garages and private fenced yards. Units will feature quartz countertops, stainless steel energy-efficient appliances, luxury flooring and walk-in closets. Smart unit features will include modern LED recessed lighting and smart Alarm.com panels by GreenMarbles with smart door locks, as well as Wi-Fi thermostats and garage door openers. Community amenities will include a tot lot and outdoor fitness equipment, as well as access to the Snoqualmie Valley Trail and Snoqualmie River. Thrive Communities will provide on-site management and leasing for the property, which is located at 14301 Railroad Way NE. Leasing is slated to commence in June, though the estimated completion timeline was not disclosed.
CORONA, CALIF. — Davenport Partners has purchased 1101 California Avenue, a two-story office property located at the corner of California and Rimpau avenues in Corona. An undisclosed seller sold the asset for $6.9 million. Built in 1990, the 40,000-square-foot property was 91 percent leased at the time of purchase.
WEST LINN, ORE. — Avison Young has arranged the sale of a single-tenant retail building located at 1855 Blankenship Road in West Linn. A Portland.-based private investor acquired the property for $6 million from a court-appointed receiver. Parkrose Hardware occupies the 47,451-square-foot property, which is the anchor tenant to River Falls Plaza, on a 10-year, long-term lease. Chris Maling and David Maling of Avison Young, along with Denis O’Neill of Colliers International, represented the seller in the deal.
Ready Capital Closes $3.8M in Bridge-to-Freddie Mac Financing for Multifamily Property in Tucson
by Amy Works
TUCSON, ARIZ. — Ready Capital has closed $3.8 million in bridge-to-Freddie Mac agency financing for the acquisition, renovation and stabilization of a 56-unit apartment property located in Tucson’s Acaso submarket. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade the asset’s interior and exterior. The non-recourse, floating-rate loan features a 24-month term, two extension options and flexible prepayment. It is inclusive of a facility to provide future funding for capital expenditures. Additionally, the sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL program.
AUSTIN, TEXAS — Developer Brookwood Properties LLC has completed a 1,500-unit self-storage facility at 4500 S. Congress Ave. in Austin. Buffalo, N.Y.-based LifeStorage is managing and operating the three-story, Class A facility, which spans approximately 146,500 net rentable square feet. Kansas-based Kaufman Design served as the project architect, and Louisiana-based Rosehill Construction served as the general contractor. The facility is Brookwood’s fifth in the Austin area and 11th in Texas.
MCKINNEY, TEXAS — Locally based investment firm Tabani Group Inc. has acquired McKinney Marketplace, a 118,967-square-foot shopping center located on the northeastern outskirts of Dallas. Built on 15.8 acres in 2000, McKinney Marketplace was 96 percent leased at the time of sale to tenants such as Kohl’s, Dollar Tree, Cato and Wendy’s. Chris Gerard, Adam Howells, Barry Brown, Ryan Shore, Greyson Fewin and Pauli Kerr of JLL represented the undisclosed institutional seller in the transaction.
DENTON, TEXAS — National Asset Services (NAS), a Los Angeles-based investment management and brokerage firm, has arranged the sale of Cooper Glen Apartments, a 240-unit multifamily community located in the North Texas city of Denton. Built in 1996, the property offers one-, two- and three-bedroom units and amenities such as a pool and a fitness center. The buyer and seller were not disclosed. Cooper Glen Apartments was approximately 90 percent occupied at the time of sale.
FORT WORTH, TEXAS — Flannery Trim, a manufacturer of aluminum and drywall products for residential and commercial buildings, has signed a 39,405-square-foot industrial lease in Fort Worth. The tenant will relocate its corporate headquarters from California to the 87,640-square-foot Building A within Carter Industrial Park. Nick Talley of Bradford Commercial Real Estate Services represented Flannery Trim in its site selection and lease negotiations. Scott Moore, Bob Scully and Brice Wells of CBRE represented the undisclosed landlord.
HOUSTON — NAI Partners has brokered the sale of a 30,000-square-foot industrial building located at 9342 Telge Road in northwest Houston. The building is located within Aberdeen Business Park and is leased to aquatic engineering firm Oceaneering International Inc. Travis Land of NAI Partners represented the buyer, United Equities, in the transaction. Jason English of Colliers International represented the undisclosed seller.