NOLANVILLE, TEXAS — Marcus & Millichap has arranged the sale of Cimarron Park Estates, a 97-site mobile home park in Nolanville, located near Temple in the central part of the state. The property is situated on roughly 15 acres. Robert Denninger and Brad Dorsey of Marcus & Millichap represented the seller, a private investor, in the transaction. Denninger also procured the buyer, another private investor. Both parties requested anonymity.
HOUSTON — Newmark Knight Frank (NKF) has negotiated a 64,000-square-foot industrial lease at 10515 Okanella St. in Houston. Reid Halverson, Fred Puskarich, Louis Pascuzzi and David Creiner of NKF represented the tenant, Morsco Supply LLC, a distributor of commercial and residential plumbing products, in the lease negotiations. Transwestern represented the landlord, San Francisco-based Prologis.
CHULA VISTA, CALIF. — San Diego-based Pacific Southwest Realty Services (PSRS) has arranged $11 million in financing for a medical office facility located in Chula Vista. The borrower is San Ysidro Health (formerly San Ysidro Health Center). Located at 880 Third Ave., the 23,780-square-foot property was formerly a CVS/pharmacy that was converted to a modern medical office facility. San Ysidro Health is a nonprofit organization that provides healthcare services. Services at the new center will include senior services, adult and family medicine, pediatrics, women’s health and support services. Pasha Johnson of PSRS structured the loan for the borrower.
BRIGHTON, COLO. — Marcus & Millichap has arranged the sale of Kum & Go, a service station and convenience store located in Brighton, a northeastern suburb of Denver. A limited liability company sold the property for $7 million. Located at 5112 E. Bromley Lane, the 6,975-square-foot, net-leased property features 12 gas pumps and 24 nozzles for personal vehicles and four semi bays for commercial vehicles. The property also features a Go Fresh Market and charging stations for electric vehicles. Timothy Nichols of Marcus & Millichap’s Chicago Oak Brook office represented the seller, while Skyler Cooper, also of Marcus & Millichap, served as broker of record in Colorado.
LOS ANGELES — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 50-bed skilled nursing facility in the Los Angeles metropolitan area. A private real estate investor sold the community to an investor with a large California portfolio for $4 million, or $80,000 per bed. The specific name and location of the property were not released. The seller made $1.7 million in capital improvements to the property over the last three years, including adding 27 beds. Christopher Hyldahl, Gideon Orion and Kendra Gonzalez of Blueprint handled the transaction.
CHARLOTTE, N.C. — A joint venture between Armada Hoffler Properties Inc. (NYSE: AHH), David Furman of Centro City Works and Charles Campbell of Flagship Healthcare Properties has unveiled plans for Ten Tryon, a 215,000-square-foot mixed-use development in Charlotte. The building will feature a Publix grocery store as well as a Fortune 100 office tenant. The developers expect the project will cost $95 million. The 15-story building, which is being designed to LEED standards, will feature 175,000 square feet of office space, a 340-space parking garage and a 9,000-square-foot indoor/outdoor rooftop restaurant. The project will be situated between 9th and 10th streets on North Tryon Street as part of the larger North Tryon Vision Plan that is geared toward developing and sustaining growth in the neighborhood. Armada Hoffler Construction Co., a wholly owned subsidiary of Armada Hoffler Properties, will serve as the general contractor for the project. The company anticipates breaking ground during the second quarter of 2020 with expected completion in summer 2022. The site is two blocks from the Ninth Street light rail station, providing tenants with multiple transportation options, and offers easy access to Interstate 277 for commuters. “Ten Tryon has everything we look for in a new ground-up development …
Private capital delivered several new investors to Kansas City in 2019 and the new year will undoubtedly see plenty of competitive bidding and elevated pricing. Overall, the investment market continues to be supported by Kansas City’s diversified economy, with job growth weighted on the Kansas side at 2.7 percent over Missouri’s 1.1 percent (as of August 2019). Targeting talent Kansas City’s low cost of living, educated workforce and business-friendly environment attracted several coastal employers to the Heartland. This trend will likely continue in 2020. The U.S. Department of Agriculture announced the relocation of two research agencies from Washington, D.C., representing a landmark win with 525 total jobs. Other wins in 2019 included Honeywell’s centralization of its operational offices from Seattle to Kansas City; Niagara Bottling moving 50 jobs from California; Hostess Brands relocating a distribution center from Illinois; and CarMax announcing 300 jobs for its Customer Experience Center after completing a nationwide search. Annual employment growth (as of August 2019) delivered nearly 20,000 jobs with additions in healthcare, biotech and business services, substantiating the selling point of a diversified economy capable of weathering future storms. Employers have found their fit, but more importantly, their talent is seeing reasons they can …
DENVER — Newmark Knight Frank (NKF) Multifamily has brokered the sale of Luxe at Mile High, an apartment community in Denver. An undisclosed buyer acquired the newly constructed property from San Antonio-based Embrey for $145 million, or $379,581 per unit. Located at 3200 W. Colfax Ave., Luxe at Mile High features 382 units in a mix of one- and two-bedroom layouts with quartz countertops and state-of-the-art appliance packages, including full-size washers/dryers and stainless steel kitchen appliances. Terrance Hunt and Shane Ozment of NKF handled the transaction.
SCOTTSDALE, ARIZ. — Scottsdale-based Palmer Development Group has broken ground on The Edge, a mixed-use project located at the northeast corner of 90th Street and Loop 101 in Scottsdale. The 15-arce development will include a four-story, 212,000-square-foot Class A office building, plus 22,000 square feet of retail in-line shop space and two pad locations. Designed by Butler Design Group, the office portion is slated for completion in March 2021, while initial occupancy of the retail space is planned for December 2020. Currently signed retail tenants include Black Rock Coffee, Café Rio and Beauty Bar. John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall of JLL Phoenix are handling leasing for the office component, while Brent Mallonee and Shane Carter of Cushman & Wakefield are handling leasing for the retail portion of the project.
ANAHEIM, CALIF. — Hines and funds managed by Oaktree Capital Management have completed the sale of a single-tenant office building located at 3450 E. Miraloma Ave. in Anaheim. A family trust bought the property for $44 million. Built in 2002 as a build-to-suit for Pacific Sunwear of California (PacSun), the property features 180,000 square feet of Class A office space, large floor plates, a cafeteria, outdoor sports courts and ample surface parking. PacSun occupies the property on a long-term, triple-net lease. Founded in 1980, Newport Beach, Calif.-based PacSun is a retail clothing brand rooted in the youth-oriented culture and lifestyle of California. Paul Jones, Kevin Shannon, Brandon White, Sean Fulp, Ryan Plummer, Mark Schuessler and Matt Berres of Newmark Knight Frank represented the sellers, while Michael Hartel of Colliers International represented the buyer in the deal.