AUSTIN, TEXAS — ECR has arranged the sale of a 117,000-square-foot office property located on 27 acres at 7211 Circle S. Road in south Austin. David Dawkins of ECR represented the seller, Commemorative Brands Inc., parent company of class ring manufacturer Balfour, in the transaction. David Stojanik of The Kucera Cos. also represented Commemorative Brands in the sale. Dani Tristan of McAllister & Associates represented the undisclosed buyer.
RICHARDSON, TEXAS — BH Properties has purchased a vacant, four-story office building in Richardson, the second investment in the Dallas-Fort Worth market in the past 24 months for the Los Angeles-based company. Built in 1991, the property is located at 2021 Lakeside Blvd. and spans 60,000 square feet. Mac Morse of Citadel Partners, along with BH’s Scott Henry, represented the buyer in the transaction. Jeff Wood of JLL represented the undisclosed seller. Chuck Sellers of Avison Young will handle the property’s leasing assignment. BH Properties specializes in the acquisition and repositioning of distressed office, industrial and retail assets in California, Arizona and Texas. The firm’s Texas portfolio totals more than 2 million square feet.
LOS ANGELES — Unibail-Rodamco-Westfield plans to redevelop the long-vacated former Sears department store in the Canoga Park neighborhood of Los Angeles into a new dining and entertainment district. The empty store is located in the Westfield Topanga & The Village shopping center. Slated to open in late 2021, the new district will feature a chef-driven food hall, sit-down restaurants, lounges, cocktail bars, interior and exterior boutiques, and entertainment and recreational activities, as well as landscaped indoor and outdoor public spaces and plazas. The renovation will also create a grand entrance for Westfield Topanga and improved connectivity with The Village. Neiman Marcus, Nordstrom, Macy’s, Target, Tesla, Apple, Microsoft, Anthropologie, Tiffany & Co., Gucci, Salvatore Ferragamo, Louis Vuitton, Cartier, Montblanc, Rolex and Saint Laurent are current tenants at Westfield Topanga & The Village, which is located at 6600 Topanga Canyon Blvd.
PHOENIX — A local private investor has completed the disposition of Revival on Thomas, a multifamily property located in Phoenix. An out-of-state buyer acquired the property for $21 million, or $135,484 per unit. Located at 5008 E. Thomas Road, Revival on Thomas features 155 units in a mix of studio, one- and two-bedroom layouts with updated electric kitchens, individual water heaters, air conditioning, ceiling fans and walk-in closets. Built in 1979, the property was renovated in 2018. Community amenities include a new security gate, covered parking, a leasing office with adjoining fitness center and a resort-style pool and spa. Rich Butler of Marcus & Millichap’s Phoenix office represented the seller in the transaction.
REDMOND, WASH. — Los Angeles-based Lowe has completed the development of Talisman, an apartment property located at Redmond Town Center, a mixed-use lifestyle center in Redmond. As the first apartment building to be completed at the 1.2 million-square-foot Redmond Town Center, Talisman features 286 apartments and 9,400 square feet of ground-floor retail space. Row House, F45, Musashi and The Airrosti Chiropractic occupy the retail portion. The apartment community offers a mix of one- and two-bedroom layouts with loft-inspired designs and high-end finishes, including keyless entry, stainless steel appliances, custom flooring and quartz countertops. Community amenities include a lobby, co-working space, a community sports bar with kegerator, resident lounge, two-level fitness center with yoga room, rooftop deck, outdoor kitchen, fire pit and a maker space where tenants can meet to create, invent and learn. Pre-leasing is underway, with the first occupancies slated for February. The project team includes Compass Construction as general contractor, Encore Architects as architect, Ankrom Moisan as interior designer, Communita Atelier as landscape architect, KPFF as civil engineer and BCQ as structural engineer. Greystar will serve as property manager, and JSH is handling leasing of the retail portion.
TEMPE, ARIZ. — Jabbel Holdings has purchased The Groves, a shopping center in Tempe, for $18.5 million. The name of the seller was not released. Situated at the northeast corner of Priest Drive and Elliot Road, the 169,606-square-foot property was 91 percent leased at the time of sale. Current tenants include Walmart, Ross Dress for Less, PetSmart, Staples, Bob’s Discount Furniture, Beall’s Outlet and Dollar Tree. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.
ESCONDIDO, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Las Villas Del Norte, a 185-unit assisted living and memory care community in Escondido. A publicly traded REIT sold the property for an undisclosed price. The buyer was a locally based and privately held real estate investment firm with experience repurposing senior care properties. Constructed in 1986 with an expansion completed in 2006, Las Villas Del Norte is situated in an affluent submarket north of San Diego. The community had initially offered a wider spectrum of senior care including independent living and a dedicated wing for skilled nursing and long-term care. Following the campus addition of the independent living building, it was eventually converted to house high-acuity assisted living residents. As community management underwent several corporate-level changes, operational performance suffered, leading to the closure of the skilled nursing wing as new management focused on a lower acuity product. During the marketing process, Blueprint highlighted the value-add proposition of repurposing specific areas of the community to reset Las Villas Del Norte’s care levels to a mix of independent living, assisted living and memory care. By strategically reconverting the former high acuity assisted living building back to independent living …
BELLEVUE, WASH. — Invesco Real Estate has acquired Bravern Office Commons, two Class A office buildings within the Bravern mixed-use development in Bellevue, about 10 miles east of Seattle. A joint venture between Principal Real Estate and PNC Realty sold the office properties, which are fully leased to Microsoft Corp. The purchase price was $585 million, according to several media reports. The office component of Bravern includes 749,694 square feet of space and a seven-level, subterranean parking garage with 3,134 stalls. Bravern Office Commons sits atop 305,000 square feet of retail space, which is adjacent to 455 luxury apartments. Built in 2009, the office asset includes a 12-story, 255,171-square-foot building located at 688 NE 110th Ave. and a 23-story, 494,523-square-foot building located at 11025 NE Eighth St. “The Bellevue central business district is a well-established and highly amenitized office submarket, which has become one of the most sought-after locations for technology tenants in not only greater Seattle but the entire country,” says Chris Cole, senior director of transactions at Invesco Real Estate. Kevin Shannon, Nick Kucha, Michael Moll, Ken White, Rob Hannan, Tim O’Keefe and Alex Foshay of Newmark Knight Frank (NKF) represented the seller, while Invesco was self-represented in …
NEW YORK CITY — Law firm Debevoise & Plimpton LLP has signed a 530,000-square-foot office lease for its new headquarters at The Spiral, a 2.8 million-square-foot office building currently under construction in the Hudson Yards district of Manhattan. The law firm will move from its current location at 919 Third Ave. into floors 40 through 52 of the 65-story tower under a 20-year lease agreement beginning in the second half of 2022. As a result of this latest lease signing, The Spiral is now 54 percent preleased. Other tenants include biopharmaceutical company Pfizer, which will occupy 800,000 square feet, and asset management company AllianceBernstein, which will occupy 189,000 square feet. The base of the building will also include 25,000 square feet of retail space. Designed by BIG Bjarke Ingels Group, construction of the building began in 2019 and is slated for completion in the second half of 2022. Tishman Speyer is the developer and owner of The Spiral.
HARRISON, N.Y. — Wegmans Food Market will open a 121,000-square-foot supermarket in Harrison, a northern suburb of New York City. The store is known for its wide selection of fresh produce, deli meats, cheeses and fresh baked breads, as well as its devoted following of “Wegmaniac” fans. The store will also house an internal restaurant called The Burger Bar, which will serve made-to-order burgers, sandwiches, salads and other casual cuisine, as well as beer and wine by the glass. Wegmans plans to hire 280 part-time and 220 full-time employees at the store, which is slated to open Sunday, June 7.
