Property Type

Majestic Asset Management Acquires Two Office/R&D Buildings Near Santa Barbara for $24.2M

by Amy Works January 6, 2020

GOLETA, CALIF. — Agoura Hills, Calif.-based Majestic Asset Management has purchased two office and R&D buildings situated on adjacent parcels in Goleta. An undisclosed seller sold the asset for $24.2 million. Located at 125 and 175 Cremona Drive, the buildings offer a total of 133,299 square feet of space situated on 8.17 acres. Medtronic occupies 125 Cremona Drive, but will vacate the 82,132-square-foot building in February. Resonant, Surgical Eye Expeditions International and Ricardo Defense are tenants at the 51,167-square-foot property at 175 Cremona Drive. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented all parties in the sale transaction.

January 6, 2020

Acquisitions Multifamily Washington Western

Bell Partners Buys 222-Unit Alexan Marymoor Multifamily Asset in Redmond, Washington

by Amy Works January 6, 2020

REDMOND, WASH. — Bell Partners, on behalf of its Fund VII investors, has acquired Alexan Marymoor, an apartment community in Redmond, for an undisclosed price. The buyer plans to rename the property Bell Marymoor Park, as well as manage it. Built in 2019, Bell Marymoor Park features 222 apartments with stainless steel appliances, vinyl-plank flooring, quartz countertops, tile backsplashes and in-unit washers and dryers. Community amenities include a rooftop treehouse with grilling stations, a bar, fireplace and sun-nooks; an arboretum; a bike repair station and storage; a conference center; and a fitness center. This is Bell Partners’ second acquisition in the Seattle metro area, following the purchase of Bell Overlake in September 2019.

January 6, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Blueprint Negotiates Sale of 132-Unit Seniors Housing Community in Metro Phoenix

by Amy Works January 6, 2020

SUN CITY, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Woodmark at Sun City, a 132-unit assisted living and memory care community located Sun City, an unincorporated municipality in metro Phoenix. A publicly traded REIT sold the property to an undisclosed buyer, which plans to install a privately owned, Southern California-based operator. The price was not disclosed. Built in 2000, The Woodmark at Sun City is a two-building campus in a residential area of the Salt River Valley. Ben Firestone, Michael Segal, Alex Florea and Amy Sitzman of Blueprint handled the sale.

January 6, 2020

Development Seniors Housing Texas

Frontier Management Breaks Ground on 120-Unit Seniors Housing Property Near Houston

by John Nelson January 6, 2020

SPRING, TEXAS — Frontier Management has broken ground on The Landing at Augusta Woods, a 120-unit seniors housing community located at 7727 August Pines Drive in Spring, a northern suburb of Houston. The property, which will include 75 units for active adults and 45 assisted living units, is set to open in early 2021. The project team includes general contractor Regent Construction, architect Jeffrey DeMure & Associates and construction lender UCB. Frontier Management will operate Landing at Augusta Woods, joining the more than 100 seniors housing communities in its management portfolio.

January 6, 2020

Acquisitions Office Texas

Dornin Investment Group Sells Parkway Plaza Office Park in San Antonio’s North Central Submarket

by John Nelson January 6, 2020

SAN ANTONIO — Dornin Investment Group has sold the Parkway Plaza office park in San Antonio’s North Central submarket. A private investor based in Texas purchased the single-story buildings for an undisclosed amount. Situated on 13.7 acres, the 189,390-square-foot property was 91 percent leased at the time of sale. Todd Mills of Cushman & Wakefield represented Dornin Investment Group in the sale.

January 6, 2020

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 28,339 SF Industrial Facility in Irving

by John Nelson January 6, 2020

IRVING, TEXAS — Marcus & Millichap has arranged the sale of Walnut Hill Business Park II, a 28,339-square-foot industrial building located at 1600 Corporate Court in Irving. Built in 1982, the property is situated on two acres about 13 miles west of Dallas. The buyer and seller were both private investors. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer in the transaction.

January 6, 2020

Industrial Leasing Activity Oklahoma Texas

CBRE Arranges 56,000 SF Industrial Lease in Oklahoma City

by John Nelson January 6, 2020

OKLAHOMA CITY — CBRE has arranged a 56,000-square-foot industrial lease at 3100 N. Meridian Ave. in Oklahoma City. The tenant, Made by Influence LLC, leased the space from landlord USA Prop Management LLC. Randy Lacey of CBRE’s Oklahoma City office represented the landlord in the lease negotiations.

January 6, 2020

Leasing Activity Office Texas

NKF Secures 23,000 SF Office Lease Renewal at Newly Renovated Fountain Place in Dallas

by John Nelson January 6, 2020

DALLAS — Newmark Knight Frank (NKF) has secured a long-term lease renewal at Fountain Place, a 60-story office building in Dallas that recently underwent a $70 million redevelopment. The tenant is Commerce Street Holdings LLC, the holding company for Commerce Street Capital LLC. The company will retain its office on the 27th floor of Fountain Place, which is located at 1445 Ross Ave. in the city’s Arts District. Jim Cooksey, Paxton Cooksey, Garrison Efird and Louis Pascuzzi of NKF represented Commerce Street Holdings in the lease transaction. Atlanta-based Goddard Investment Group owns and operates the office tower, which includes four new restaurants, a dry cleaner, Wells Fargo bank branch, onsite training center, car wash, sundry shop, tenant lounge and an 8,000-square-foot fitness center.

January 6, 2020

District of Columbia Market Reports Office Southeast Southeast Market Reports

Investment Demand Leveling off for D.C. Office Sector as Leasing Stays Lackluster

by Alex Tostado January 6, 2020

The office market in metropolitan Washington, D.C., is currently differentiated between a vigorous investment sales market and anemic leasing fundamentals. According to data from CoStar Group and Cushman & Wakefield, office investment sales have averaged $8.4 billion annually from 2014 to 2018 versus $5.5 billion annually from 2008 to 2013. Investment sales in the District have been dominated by Class A and trophy assets with little leasing risk, while demand is buoyed by foreign capital sources. In Northern Virginia, sales have trended toward core-plus and value-add investments led by domestic buyers seeking additional yield. Investors are more comfortable with leasing risk in Northern Virginia due to its robust job growth, a trend likely to continue given the jurisdiction’s comparative advantages in cloud computing, cybersecurity and internet infrastructure. Amazon’s selection of Crystal City for HQ2 and Amazon Web Services’ large block leasing in the Dulles Toll Road corridor are emblematic of these larger regional trends. However, there are signs that investment demand may have peaked for the current cycle. This year’s sales volume is the weakest in several years despite an influx of closings in September to beat Washington, D.C.’s increase to the transfer and recordation taxes from 2.9 percent to …

January 6, 2020

Acquisitions Development Retail Texas

American Furniture Warehouse Buys Land in Conroe, Plans 443,375 SF Mega Store

by John Nelson January 3, 2020

CONROE, TEXAS — American Furniture Warehouse (AFW) has purchased 30 acres of land at Interstate 45 and River Plantation Drive in Conroe, about 40 miles north of Houston. AFW plans to build a mega store at the site spanning 443,375 square feet. The store will include 150,000 square feet of showroom space and 293,375 square feet of warehouse/storage for merchandise. This will be the third AFW location in the metro Houston area, joining a recently opened store in Webster spanning 355,000 square feet and a 500,000-square-foot store coming to Katy in April. Ben Brown of Baker Katz, a partner firm of X Team International, represented AFW in the land acquisition. Mark Terpstra of Caldwell Cos. represented the seller, Gross Land Fund I LP.

January 3, 2020

Newer Posts

Older Posts