TEMECULA, CALIF. — Newport Beach, Calif.-based MIG Real Estate has completed the sale of One Ridgegate, an office building located at 1 Ridgegate Drive in Temecula. An undisclosed buyer acquired the property for $5.2 million. Situated on three acres and built in 2003, One Ridgegate offers 35,258 square feet of office space. At the time of sale, the property was 92 percent leased. CBRE/Lee & Associates represented the seller, while Mike Realty represented the buyer in the deal.
WASHINGTON AND OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of eight private-pay assisted living assets in Oregon and Washington totaling 321 units. A joint venture between an Arizona-based private equity firm and an Oregon-based owner-operator acquired the properties. The seller and price were not disclosed. The buyer intends to reposition the communities, possibly adding more memory care units.
CORONA, CALIF. — Progressive Real Estate Partners has arranged the sale of All Star Car Wash and Castrol Oil and Lube Center, located at 465 McKinley St. in Corona. A Japan-based private investor sold the asset, which includes the business and real estate, to an Orange County, Calif.-based private investor for $5.7 million. Built in 1992, All Star Car Wash features a full-service handwash with 100-foot tunnel, a three-bay Castrol Oil and Lube Express, a smog center, an outdoor patio and lobby. The buyer plans to upgrade the property with new paint, renovation of the patio area and the addition of more food options. The property is situated on an outparcel to Corona Marketplace, a 270,000-square-foot shopping center. Victor Buendia of Progressive Real Estate represented the buyer and seller in the deal.
DALLAS — Developer Todd Interests is nearing completion of the redevelopment of the former First National Bank Tower in downtown Dallas, a project that will add 219 hotel rooms under Hyatt’s Thompson brand to the local supply. The new hotel will feature two rooftop restaurant and bar concepts, a pool, fitness center, spa and pet parks, as well as 22,000 square feet of meeting and event space. The hotel is slated to open in November.
DALLAS — Tricon Precast, a provider of concrete products, has signed a 98,259-square-foot industrial lease at 5200 E. Grand Ave., a few miles east of downtown Dallas. According to LoopNet Inc., the property features 19-foot clear heights and 200 parking spaces. Josh Barnes and Canon Shoults of Holt Lunsford Commercial represented the landlord, HLC Investments, in the lease negotiations. Matthew Perry-Miller of Laughlin Commercial Realty Group represented the tenant.
LONGVIEW, TEXAS — Cambridge Realty Capital has provided a $3.9 million HUD loan for the refinancing of Summer Meadows, a 115-bed skilled nursing facility in Longview, about 100 miles east of Dallas. Hymie Barber of Cambridge originated the loan through HUD’s 223(a)(7) program for the borrower, a New York-based limited liability company. The 223(a)(7) product is used exclusively for the refinancing of existing HUD debt on multifamily and healthcare properties.
SAN ANTONIO — NAI Partners has negotiated an 11,380-square-foot industrial lease at Isom Business Center, a 175,000-square-foot development in north central San Antonio. The property consists of three buildings that offer 18-foot clear heights and both grade-level and dock-high loading doors. Carlos Marquez and Colten Courtney of NAI Partners represented the tenant, solar products distributor Solwel, in the lease negotiations.
BLOOMINGDALE, ILL. — Parkview Financial has provided a nearly $19 million construction loan for Bloomingdale Trails, a 90-unit rental multifamily project located at 290 Stonington Drive in Bloomingdale. Schiller Park, Ill.-based MB Bloomingdale Trails LLC was the borrower. Situated on 5.3 acres, the development will feature four three-story buildings. All of the units will be two-bedroom floor plans and average 1,170 square feet. Currently, about 20 percent of the construction has been completed, including demolition, underground utilities and foundation. Completion is slated for September.
INDIANAPOLIS — Meridian Design Build has completed construction of a 367,808-square-foot speculative industrial building in Indianapolis on behalf of developer Exeter Property Group. The facility sits on 31.7 acres at 5325 Seerley Road and features a clear height of 36 feet, 80 dock positions, four drive-in doors, 304 car parking stalls and 41 exterior trailer stalls. JRA Architecture and Banning Engineering made up the project team.
SCHILLER PARK, ILL. — Summit Design + Build has completed the conversion of an industrial warehouse into a 33,000-square-foot manufacturing facility for EJ Basler Co. in Schiller Park. EJ Basler is a manufacturer of precision machined parts and components. The building sits next to the company’s campus. Summit oversaw the partial demolition of the building and installed a new glass façade and sunlight paneling. Amstadter Architects was the project architect.
