LAS VEGAS — A joint venture between Shopoff Realty Investments and Contour has secured entitlements for the full development of Dream Las Vegas, a previously announced resort and casino on the Las Vegas Strip. Situated on 5.2 acres at 5051 S. Las Vegas Blvd., the 19-story development will feature 526 guest rooms and suites, gaming, dining and nightlife venues, a pool deck, retail experiences, meeting rooms, and a fitness center. Completion is slated for third-quarter 2024. The property will be branded and managed by Dream Hotel Group. McCarthy Construction will manage the design and construction of the resort and casino, with excavation for the project set to start in the second quarter of 2022.
PALM SPRINGS, CALIF. — CBRE Senior Housing has arranged $42 million in construction financing for Living Out Palm Springs, a luxury active adult community that will cater primarily to LGBTQ residents. Aron Will, Austin Sacco and Tim Root of CBRE Senior Housing arranged the financing on behalf of a joint venture between KOAR International Inc. and a group of high-net-worth investors. The financing is a non-recourse, four-year loan with full-term interest-only payments and an extension option. A national bank provided the funds. The nine-acre site is located at the northwest corner of East Tahquitz Canyon Way and North Hermosa Drive in central Palm Springs. The community will be the first of its kind, as virtually no other LGBTQ-oriented, market-rate active adult communities exist in the market today, according to CBRE. Additionally, the community was planned and will be operated with the active involvement and input of the LGBTQ community. While the community’s primary target is LGBTQ seniors living in Southern California, marketing efforts will target prospective residents from all over the United States. The community will feature 122 units. Living Out Management LLC, an affiliate of KOAR, will operate the community under a traditional management agreement.
DENVER — Brookfield Properties has broken ground for the development of Central Park Logistics Center, an industrial project located at 9300 and 9400 E. 46th Place in Denver. Slated for delivery in spring 2022, Central Park Logistics Center will feature two buildings offering a total of 695,899 square feet of last-mile warehouse and industrial space. The buildings will feature 32-foot and 36-foot clear heights, cross-dock and front-park/rear-load designs, TPO cool roofs, clerestory windows, ESFR sprinkler systems, modern truck courts with ample car and trailer parking, and speculative office space completed with core and shell construction. Building 1, which will be located at 9300 E. 46th Place, will total 201,501 square feet, divisible down to 35,000 square feet. Building 2, located at 9400 E. 46th Place, will total 494,398 square feet, divisible down to 75,000 square feet. Ware Malcomb is serving as project architect and Brinkman Construction is the general contractor. Mike Wafer and Mike Wafer Jr. of Newmark are exclusive leasing agents for the project.
SAN BERNARDINO, CALIF. — Avison Young has arranged the purchase of Gifford Business Park, a multi-tenant industrial property in San Bernardino. A Southern California-based private investor acquired the asset from Phoenix-based Gifford Business Park LLC for $21.1 million. Alan Pekarcik and Chris Smith of Avison Young represented the buyer in the transaction. Built in 1989 on 11.5 acres, the seven-building property features 156,937 square feet of industrial space. At the close of escrow, the property was 95 percent occupied by 35 tenants. The asset is located at 750-760 E. Central Ave. and 765-791 S. Gifford Ave.
PUYALLUP, WASH. — NorthMarq has secured a $27.6 million refinancing for Glacier Run Phase II, an apartment community located at 12020 Sunrise Blvd. East in Puyallup. Bob Spiro and Scott Moline of NorthMarq arranged the financing, which features a 10-year term on a 30-year amortization schedule, through its in-house Fannie Mae team. Built in 2021, Phase II includes 144 apartments in a mix of one-, two- and three-bedroom layouts with high-end finishes, stainless steel appliances and in-unit washers/dryers. Community amenities include a heated resort-style pool, fitness center, dog park, three season room and clubhouse.
NEW CANEY, TEXAS — Target (NYSE: TGT) will open a 136,000-square-foot store at Valley Ranch Town Center, a 240-acre shopping, dining and entertainment destination located in the northeastern Houston suburb of New Caney. The Minneapolis-based retailer joins a tenant roster that includes Kroger, Burlington, Academy Sports + Outdoors, T.J. Maxx, Hobby Lobby and Cinemark Theatres. Karla Smith of SRS Real Estate Partners represented Target in the lease negotiations. Brody Farris represented the landlord, Signorelli Co., on an internal basis. The space is under construction, and a tentative opening date has not yet been established.
LONGVIEW, TEXAS — MAG Capital Partners has sold a 124,417-square-foot industrial property in Longview, about 120 miles east of Dallas, that houses the headquarters and production facilities of M. Roberts Media. The property is located within an Opportunity Zone and has an available parcel for future development. Los Angeles-based investment firm DWG Capital Partners purchased the asset for an undisclosed price.
HOUSTON — California-based brokerage firm Hanley Investment Group Real Estate Advisors has arranged the sale of eight single-tenant net-leased (STNL) retail properties located throughout the Houston area. Louetta Automotive & Tire Service occupies all the properties, which sold to eight separate private investors for a combined price of $20.7 million. Louetta Automotive is now operating as Sun Auto Tire & Service and is backed by Los Angeles-based private equity firm Leonard Green & Partners.
THE COLONY, TEXAS — Lee & Associates has negotiated a 123,269-square-foot industrial lease at 2001 Midway Road in the northern Dallas suburb of The Colony. According to LoopNet Inc., the property features a rear-load configuration and 168 car parking spaces. Johnny Anderson, Adam Graham and Mark Graybill of Lee & Associates represented the landlord, First Industrial Texas, in the lease negotiations. The name and representative of the tenant were not disclosed.
KATY, TEXAS — Weitzman has begun leasing Porter Lake Crossing, a 40,130-square-foot shopping center under construction in the western Houston suburb of Katy. Cornerstone Development Group is developing the project, which will consist of three multi-tenant buildings and a 6,000-square-foot pad site. Construction of the first building is expected to be complete next fall.