HOUSTON — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Shores at Clear Lake, a 100-unit seniors housing community in Houston. Grace Management will take over the operations of the property, which is located on seven acres near Clear Lake and the NASA Johnson Space Center. The community offers assisted living and memory care services. The price and seller were not disclosed.
HOUSTON — Colliers International has negotiated the sale of a 64,846-square-foot industrial building located at 1314 Sam Houston Parkway in West Houston. Critical Rental Solutions occupies the single-tenant building, which was recently renovated and now features an upgraded roof, higher clear heights, heavier crane capacity and elevated power. Todd Moore of Colliers represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
WASHINGTON, D.C. — A joint venture between Cedar Realty Trust (NYSE: CDR), Asland Capital Partners and the Goldman Sachs Urban Investment Group has broken ground on the first phase of Northeast Heights. The $600 million mixed-use office and retail development is located in the Minnesota and Benning submarket of Washington, D.C.’s Ward 7 neighborhood. The property is located at 3924 Minnesota Ave. Construction has a completion date of late 2022 or early 2023. The first phase of Northeast Heights includes the construction of a 258,500-square-foot office building, as well as 18,000 square feet of street-level retail space. The office space is 100 percent leased to the Washington, D.C., Department of General Services (DGS) for its headquarters. Northeast Heights is a multi-phase, mixed-use redevelopment of two existing retail shopping centers at the intersection of Minnesota Avenue and Benning Road. Cedar Realty Trust will lead future phases of the development, which will include the development of multifamily residential with designated affordable apartments, additional office space, community gathering areas and retail space including a new grocery store. The retail for the DGS building will be made up primarily of full-service and/or fast-casual restaurants, as well as service establishments for the 400 to 500 …
LOS ANGELES — San Francisco-based SteelWave has purchased The Switchyard, a Class A creative office campus in the Arts District of Los Angeles. Los Angeles-based CEG Construction sold the property for $80 million. The Switchyard consists of two low-rise office buildings, offering a total of 150,451 square feet, located at 500 and 540 S. Santa Fe Ave. Constructed in 2019, the 500 property consists of a newly constructed five-story creative office building totaling 100,000 square feet and offering ground-floor retail space and a penthouse with an open deck. The 540 property consists of a two-story, 50,888-square-foot building, which was built in 2012. Both buildings feature secured parking and gated and secured entry. SteelWave plans to implement a capital improvements program at the campus, including updating the buildings’ exteriors and improving on-site amenities. Mike Condon Jr., Steve Marcussen, Erica Finck and Bailey Dawson of Cushman & Wakefield represented the buyer and seller in the deal. Cushman & Wakfield’s Peter Collins, Brittany Winn, Scott Menkus and Alexa Delahooke provided market leasing advisory, while Rob Rubano, Brian Share, Joseph Lieske, Ernesto Sanchez, Keith Padien and Greg Napper of Cushman & Wakefield assisted the buyer with financing.
EAST PALO ALTO, CALIF. — Regency Centers has completed the sale of Gateway 101, a shopping center located at 1771 E. Bayshore Road in East Palo Alto. A private foreign investor acquired the property for $53.2 million. Built in 2000 and renovated in 2017, Gateway 101 features 92,110 square feet of retail space. At the time of sale, the property was fully occupied by Target and Nordstrom Rack. The asset is a part of a larger 430,000-square-foot retail property. Bryan Ley, Eric Kathrein and Tony Ensbury of JLL Capital Markets represented the seller in the deal.
CAMAS, WASH. — Parkview Financial has provided a $42 million construction loan to Kirkland Development for the construction of The Ledges at Columbia Palisades, a multifamily community located at 19801 E. Ascension Loop in Camas. Slated for completion in 2022, the project is entitled for 90 apartments and 51 condominiums. Situated on 1.3 acres, the 192,701-square-foot, two-building development will consist of five stories and two partially subterranean parking levels with 231 parking spaces. The apartment component will offer 18 studio, 51 one-bedroom and 21 two-bedroom units with an average size of 715 square feet. The condominium portion will consist of 42 two-bedroom units averaging 1,226 square feet and nine three-bedroom units averaging 2,102 square feet. Community amenities will include a lobby, lounge, mail room, bike room, fitness center, two pools, a roof deck, dog washing station and car washing station.
SAN DIEGO — Diversified Healthcare Trust (NASDAQ: DHC) and The RMR Group (NASDAQ: RMR) have completed Muse at Torrey Pines, a life sciences property located at 3030, 3040 and 3050 Science Park Road in the Torrey Pines submarket of San Diego. Totaling 186,000 square feet, the three-building campus was 85 percent pre-leased at completion. Surgalign Spine Technologies will occupy the 94,500-square-foot building at 3030 Science Park; Organogenesis signed a 23,000-square-foot lease at 3040 Science Park; and Aegis Life inked a lease for 9,600 square feet at 3040 Science Park. A local farm-fresh eatery concept inspired by Urban Kitchen Group will occupy the property’s restaurant space and offer seasonal food pairings for tenants and the general public. The Muse also features exterior gathering areas, outdoor games, electric vehicle charging stations and four art installation with sculptures and murals by three California artists. DHC owns the property, which RMR manages. Grant Schoneman and Chad Urie of JLL are handling leasing efforts for the property. Surgaline Spine Technologies was represented by Michael Labelle and Bridget Garwitz of Savills. Glenn Friedrich of Cresa represented Organogenesis and Shane Poppen of Hughes Marino represented Aegis Life in the respective leases.
BEVERLY HILLS, CALIF. — Gantry has secured $20 million to recapitalize the signature Beverly Hills location of Saks 5th Avenue. The loan was originated with one of Gantry’s correspondent life insurance company lenders and secured on behalf of the private client property owner. Situated on Wilshire Boulevard, the property is a landmark location for the luxury retailer. Saks 5th Avenue men’s and bridal departments occupy the entire building while the remaining departments are located in Saks’ separate building immediately east across Bedford Drive. The subject property also includes an adjacent parking structure. Braden Turnbull and Josh Natker of Gantry’s Los Angeles office placed the 25-year loan for the borrower.
NEW YORK CITY — Google will open its first physical retail store in Manhattan this summer, the Mountain View, Calif.-based tech giant said in a blog post yesterday. The store will be located on Google’s campus in the Chelsea neighborhood. At the Google store, customers can browse and buy Google products like Pixel phones, Nest products and Fitbit devices. Tech experts will also be available to troubleshoot issues with devices.
FAIR LAWN, N.J. — Quinlan Development Group LLC has broken ground on a 1,084-unit self-storage facility in Fair Lawn, located across the Hudson River from The Bronx. Upon completion, which is slated for summer 2022, the $17 million facility will have a gross square footage of approximately 123,000 square feet. Bank OZK provided construction financing for the project, which is the fourth self-storage facility that Quinlan has developed from the ground up since 2018.