CARY, N.C. — CBRE and affiliate firm CBRE|Raleigh have arranged the $31.4 million sale of Amberwood at Lochmere, a 206-unit multifamily property located in Cary, seven miles west of downtown Raleigh. Inland Private Capital Corp., represented by CBRE|Raleigh’s Howard Jenkins and CBRE’s Kevin Kempf, sold the asset located at 100 Eclipse Drive. CBRE’s Nate Sittema and Kristen Reilley arranged a Freddie Mac loan for the sale on behalf of the buyer, an affiliate of The Beach Co., which plans to make capital improvements to the complex’s exterior and landscaping. Amberwood at Lochmere features one-, two- and three-bedroom apartments, and includes amenities such as a pool, clubhouse, grilling stations, fitness center, playground, tennis court, dog park and access to walking and hiking trails.
MILLBRAE, CALIF. — A partnership between Republic Urban Properties and Principal Real Estate Investors is preparing to break ground on a transit-oriented, mixed-use project named Gateway at Millbrae Station in Millbrae, a suburb just south of San Francisco. Located at the Millbrae Bay Area Rapid Transit (BART) station, the development will comprise 157,000 square feet of office space, 320 market-rate apartments, 80 affordable housing units, a 164-room hotel, 400 homes and 44,000 square feet of retail. Development costs are estimated at $401 million. The two developers formed a partnership called Republic Millbrae LLC, which will finance, construct and own the residential and office components of the project. “Gateway at Millbrae Station promises to be the new standard for revitalizing transit stations by increasing ridership while increasing revenues and creating much-needed affordable housing and jobs for the city of Millbrae and San Mateo County,” says Michael Van Every, president and CEO of Republic Urban Properties. The Millbrae BART Station and parking garage will remain open during construction, which is scheduled to begin on Wednesday, Dec. 4. “BART’s transit-oriented development helps the Bay Area address two of its greatest challenges: worsening traffic congestion and the lack of affordable housing,” says Bevan Dufty, …
NEWARK, CALIF. — Trion Properties has acquired The Meadows, an apartment community located in Newark, for $27.5 million. The name of the buyer was not released. Located at 35750 Bettencourt St., The Meadows features 84 apartment units in a mix of one-, two- and three-bedroom units, all with private patios or balconies and walk-in closets. Trion Properties has an extensive renovation and rebranding program planned for the property, which was built in 1966.
POWAY, CALIF. — Owner-operator Cadence Living and Sabra Health Care REIT have acquired Sunshine Care, a 32-acre seniors housing community in Poway, a suburb of San Diego. Now named Cadence at Poway Gardens, the property is situated near the Palomar Hospital. The community is known for its horticultural therapy program that grows more than 20,000 pounds of organic fruits and vegetables every year. “To be able to produce an in-house farm-to-table experience as an activity that brings staff, families and their loved ones together sets Cadence at Poway Gardens apart from other assisted living and memory care communities,” says Rob Leinbach, a principal with Cadence. “We look forward to the community’s partnership with Backyard Produce that provides excess food grown by our residents to those in the Poway community in need.” Cadence Living currently owns, operates and/or is developing communities throughout the South and West.
TEJON RANCH, CALIF. — Dallas-based Covington Group has purchased a 606,000-square-foot warehouse distribution facility. The property is located within the Tejon Ranch Commerce Center in the 1,450-acre master-planned commercial and industrial development located at the junction of Interstate 5 and Highway 99 in Kern County, Calif. The development is approximately an hour north of the Los Angeles basin. A joint venture between Tejon Ranch Co. and Rockefeller Group sold the asset for an undisclosed price. Dollar General has occupied the warehouse facility since 2012. Other tenants at Tejon Ranch Commerce Center include IKEA, Famous Footwear, L’Oréal USA and Caterpillar. The master-planned area is entitled to more than 20 million square feet of commercial and industrial space, with approximately 6 million square feet already in development and 14 million square feet of entitled space still available.
GILBERT, ARIZ. — CBRE has arranged the sale of The Forum at Gilbert Ranch, a Class A office and medical campus located at 1472, 1482, 1528 and 1530 E. Williams Field Road and 2314 S. Val Vista Drive in Gilbert. Denver-based EverWest Real Estate Investors sold the property to Forum at Gilbert LLC, a private Midwestern buyer, for $20.5 million. Totaling 92,453 square feet, the five-building campus features one single-story building and four two-story buildings. The asset offers modern construction and improvements, with subterranean and covered parking with a parking ratio of 4.4 spaces per every 1,000 square feet. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix represented the seller in the deal. Jeff Stein and Jeff Harris of CBRE Debt & Structured Finance in Houston arranged financing for the buyer. At the time of sale, the property was 93 percent leased to a variety of finance, real estate, coworking and medical tenants. CBRE’s Jamie Swirtz and Bruce Suppes will handle leasing of the property on behalf of the new ownership.
SILVERDALE, WASH. — Marcus & Millichap has arranged the sale of Affordable Self Storage, a self-storage facility in Silverdale. A limited liability company sold the property to a Washington-based limited liability company for $4.3 million, or $143 per rentable square foot. Located on 7979 Provost Road NW on 1.3 acres, Affordable Self Storage features 30,325 square feet of self-storage space. Christopher Secreto of Marcus & Millichap represented the seller and secured the buyer in the deal.
FORT WORTH, TEXAS — Dallas-based brokerage firm Holt Lunsford Commercial has negotiated a 217,537-square-foot industrial lease at Everman Trade Center, a four-building development located near Interstates 20 and 35 in Fort Worth. Everman Trade Center features 24- to 32-foot clear heights, 621 car parking spaces and ESFR sprinkler systems. Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the landlord, Everman Trade Center LP. Jamie Galati and Sky Groden with JLL represented the tenant.
AMARILLO, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Morton Place, a 168-unit community in Amarillo that also includes 116 storage units. The property features one- and two-bedroom units and amenities such as two pools, outdoor picnic areas, a fitness center and a business center. Paul Yazbeck, Jon Krebbs, Bryce Smith and Chibuzor Nnaji Jr. of TMG represented the Dallas-based seller in the transaction. The buyer was undisclosed.
CYPRESS, TEXAS — Ohio-based healthcare investment firm Woodside Health has purchased Fairfield Plaza, an 83,000-square-foot medical office complex in Cypress, a northwestern suburb of Houston. Built on 9.4 acres in 2014, the property includes retail space and was 93 percent occupied at the time of sale. David Carter of Colliers International represented the seller, Radler LP, in the transaction. Beth Young, also with Colliers, represented Woodside Health.