HOUSTON — NAI Partners has brokered the sale of a 49,100-square-foot industrial property located at 10000 W. Airport Blvd. in Houston. According to LoopNet Inc., the single-tenant property was built on 5.8 acres in 1980. Chris Caudill and Griff Bandy of NAI Partners represented the seller, SES Properties LLC, in the transaction. Tiffany Sebastian of RE/max Vintage represented the buyer, Classic Chevrolet of Sugar Land.
WESTMINSTER, CALIF. — R.D. Olson Construction has broken ground for the ground-up construction of Bolsa Row, a mixed-use development in Westminster’s Little Saigon District. Situated on a six-acre lot, Bolsa Row will include a 225,000-square-foot apartment complex, retail space, a five-story full-service hotel and a variety of community spaces to create a social hub and cultural landmark. Located at the intersection of Bolsa Avenue and Brookhurst Street, Bolsa Row will serve as the gateway to Little Saigon District — the Vietnamese heart of Orange County — and home to the nation’s largest Vietnamese-American population. The property will feature a 1940s renaissance and French colonial architectural theme, with a replica of the Bến Thành Market clock tower, an iconic landmark of old Vietnam. Bolsa Row will feature a 148-room Wyndham Hotels & Resorts property with 48,000 square feet of banquet space and a 700-stall subterranean parking structure. The five-story multifamily property will comprise 200 units in a mix of studio, one- and two-bedroom layouts and a variety of community amenities, including a courtyard, pool, spa, fitness studio, recreation space, clubhouse and 37,500 square feet of attached retail space. Development partners include the Pham family, IP Westminster LLC, KTGY Architecture + Planning, …
CHANDLER, ARIZ. — VanTrust Real Estate has started construction on Chandler Corporate Center II, the second phase of its 26-acre business center in Chandler. Located at 4100 W. Chandler Blvd., the two-story, 118,000-square-foot office building will feature a two-story glass entrance enhanced with stone, wood and ceramic tile lobby finishes, along with integrated LED light fixtures. Designed by Butler Design Group, the building will consist of precast concrete perimeter bearing walls and steel frame super structures with 10- to 14-foot floor-to-floor heights. The property will be adjacent to Chandler Fashion Center and is easily accessible by nearby freeways. Slated for completion by September, the building will complement a similar building constructed in the first phase, which Allstate Insurance occupies. Future phases may include additional build-to-suit or speculative office and on-site retail space. Steven Leinweber is constructing the office project, which Colliers International is marketing.
BROOMFIELD, COLO. — NavPoint Real Estate Group has negotiated the sale of a multi-tenant office, flex and R&D investment asset in Broomfield. Silverwood Investments sold the property to 295 Interlocken Boulevard LLC for $11.2 million. Built 1965 on 5.5 acres, the single-story building features 65,000 square feet of multi-tenant flex space. At the time of sale, the property was leased to a variety of tenants in the technology, food and transportation industries. The property is located at 295 Interlocken Blvd. Matt Call of NavPoint Real Estate Group represented the seller, while Eric Rutherford of WK Real Estate represented the buyer in the transaction.
LOS ANGELES — Ready Capital has closed a $8.9 million loan for the renovation and lease-up of a 10-unit multifamily property in the Westwood submarket of Los Angeles. The undisclosed sponsor will implement capital expenditures to convert the traditional multifamily units into 34 co-living suites and lease up the property. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Additionally, the financing includes a facility to provide future funding for capital expenditures and interest and operating shortfalls.
EDMONDS, WASH. — Lancaster Pollard has provided $7.2 million in refinancing for Rosewood Courte Memory Care in Edmonds, approximately 15 miles north of downtown Seattle. The Fannie Mae loan provides long-term, fixed-rate financing. The borrower will use the funds for capital improvements. Although the borrower was not disclosed, the property is listed on Northwest Care Senior Living’s website. Grant Goodman, Casey Moore and Doug Harper led the transaction for Lancaster Pollard.
CINCINNATI — Time Equities Inc. has acquired 302 West Third in Cincinnati for an undisclosed price. The nine-story, 177,624-square-foot office building was originally built in 1915 and renovated in 2001 and 2016. The loft-style property features a conference center and complimentary morning coffee for all tenants, some of which include Al Neyer, Baxter Hodell Donnelly Preston Inc., Immedion and Grey Advertising. Max Pastor and Brian Soto of TEI led the acquisition on behalf of the organization. Michael Sullivan of Cushman & Wakefield represented the seller, an affiliate of HighBrook Investors.
CHICAGO — Joseph J. Duffy Co. has begun construction of a seven-story, mixed-income apartment community in Chicago’s Jefferson Park neighborhood. Nonprofit organization Full Circle Communities is the developer for the 75-unit building located at 5150 N. Northwest Highway. The project will provide housing for veterans, persons with disabilities and working families. Sixty of the units will be affordable and 15 will be market-rate. Amenities will include a community room, library, business center, picnic area, community garden, dog run and 40 parking spaces. The project is expected to receive LEED Silver certification upon completion. Cordogan, Clark & Associates is the project architect.
DETROIT — Bedrock has begun pre-leasing The Flats at 2660 John R. Street, the first of five market-rate multifamily properties to be located in City Modern, an 8.4-acre development in Detroit’s Brush Park neighborhood. The first property is home to 35 units, comprised of studios, one- and two-bedroom floor plans. Amenities include bicycle storage, dry cleaning lockers, a package delivery system and third-floor outdoor terrace. Move-ins will begin in April. Lorcan O’Herlihy Architects designed the property. Detroit-based Bedrock is a full-service real estate firm. Since its founding in 2011, the company and its affiliates have invested and committed over $5.6 billion to acquiring and developing more than 100 properties.
WEST CHICAGO, ILL. — Colliers International has brokered the sale of 1717 W. Harvester Road, a 465,940-square-foot industrial facility in West Chicago. The sales price was undisclosed. Situated on 30.5 acres, the property features a clear height of 25 feet, 145 car parking stalls, 23 loading docks and four drive-in doors. It is fully leased to two tenants. Boston-based Plymouth Industrial REIT purchased the asset. Jeff Devine and Steve Disse of Colliers represented the institutional seller.