RICHARDSON, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Atria Richardson, a 90-unit independent living, assisted living and memory care community in Richardson, just north of Dallas. A publicly traded REIT sold the property. Originally constructed in 1999, the 62,000-square-foot community is located near the University of Texas-Dallas campus. Another publicly traded REIT and its Florida-based property manager acquired the community for an undisclosed price. Ben Firestone, Michael Segal, Joshua Salzman and Alex Florea of Blueprint brokered the transaction.
AUSTIN, TEXAS — Rastegar Property Co., a locally based investment firm, has purchased Escala Apartments, a 30-unit multifamily asset located in Austin’s Clarksville neighborhood. The property offers proximity to the employment hubs of Google, Indeed and Facebook. Rastegar plans to create residential condominium units and to renovate and modernize the building exterior and the interior of each unit.
EVANSTON, ILL. — Chicago-based developers CA Ventures and Focus have opened a nine-story, 241-unit apartment development at 811 Emerson St. in Evanston, Illinois, near Northwestern University. Known as LINK Evanston, the property includes studio, one-, two- and three-bedroom floor plans varying from 400 to 1,100 square feet. Amenities include a 9,000-square-foot courtyard with a pool, grilling stations and a fire pit. Indoor amenities include a social lounge/game room, business center with conference rooms, and fitness and wellness center. On-site parking, located on the lower, ground and mezzanine levels, accommodates a total of 174 vehicles, with designated public and private spaces. 7-Eleven, a previous occupant of the site, has moved into a 3,300-square-foot, ground-floor retail space along Emerson Street. The architect was bKL Architecture. Focus served as the general contractor and co-developer for the project.
CANAL WINCHESTER, OHIO — The Opus Group (Opus) has broken ground on Winchester Logistics Park, a two-building speculative industrial development in Canal Winchester, Ohio, near Columbus. Construction on a mid-size, 258,000-square-foot and a larger, 556,000-square-foot cross-dock building is scheduled for completion in the summer of 2020. Near U.S. Highway 33, the I-270 beltway and I-70, Winchester Logistics Park will contain build-to-suit office space, 32 to 36-foot clear heights, LED lighting and auto and trailer parking, intended for industrial users. Opus is the developer, design-builder, architect and engineer of record. The development is a joint venture with New York-based AIG Global Real Estate, the real estate equity investment arm of insurer American International Group Inc. (AIG). First National Bank of Omaha provided financing for the project. Brian Marsh and Dan Wendorf of JLL will market the project for lease.
CHICAGO – Huron has renewed its 134,000-square-foot headquarters lease in Union Tower located at 550 W. Van Buren St. in Chicago. Colliers International’s David Burden and Michael Marrion represented Huron in the lease negotiations, and Cushman & Wakefield represented the building landlord, Onni Group. Huron is a global management consulting company offering services to the healthcare, higher education, life sciences and commercial industries. Onni Group owns the 17-story, 332,000-square-foot office building and has aided Huron in its tenant improvements as well as agreeing to additional upgrades to common areas of the building. The building is currently undergoing renovations to its fitness center and tenant lounge, with expected completion by the end of the year.
URBANDALE, IOWA — R&R Realty Group (R&R) will develop a 13,867-square-foot, build-to-suit health clinic for UnityPoint Clinic in its Center Pointe business Park in Urbandale. Slated to open in fall 2020, the clinic will offer urgent care, a sports medicine and concussion center along with physical therapy services. Located at the junction of 100th Street and I-80/35 in Urbandale’s Urban Loop, Center Pointe Business Park will contain more than 1 million square feet of office and retail space once completed. UnityPoint is a West Des Moines-based health system.
CHICAGO —Interra Realty has brokered the sale of 5827 N. Ridge Ave., a four-story, 18-unit apartment building in Chicago’s Edgewater neighborhood, for $3.7 million. Built in 1926, the property was gut-renovated in the past year, and the apartments were fully occupied at the time of sale. It is located near public transportation and is approximately 10 miles from downtown Chicago. Patrick Kennelly and Paul Waterloo of Interra represented both the seller, Campbell Street Asset Management Inc., and the buyer, a local private investor, in the transaction. At $205,555 per unit, the sale represents the second-highest per-unit price in Edgewater so far in 2019, according to data from CoStar Group.
PORTLAND, ORE. — An affiliate of Gerding Edlen has acquired the Power + Light Building, an office property located in the central business district of Portland. An affiliate of Beacon Capital Partners sold the asset for $131.5 million. Located at 920 SW Sixth Ave., the 272,079-square-foot property was repositioned in 2018 to appeal to tenants seeking creative office space in a walkable location. The recent $9.4 million repositioning included an overhaul of the building lobby and the addition of a high-end fitness center equipped with shower and locker facilities, bike storage and an indoor/outdoor rooftop tenant lounge. At the time of sale, a diverse mix of office and retail tenants occupied the 15-story building. Power + Light is located a few blocks from Pioneer Square and Portland’s multi-modal transit hub. Nick Kucha and James Childress of Newmark Knight Frank, along with Buzz Ellis and Rob Hielscher of JLL, represented the seller. The buyer was self-represented in the transaction.
LAS VEGAS — NAI Vegas has arranged the purchase of Las Vegas Grand Apartments, a multifamily complex in Las Vegas. 3D Investments acquired the property from 818 Flamingo Co. for $47.6 million, or $224,528 per unit. Located at 818 E. Flamingo Road, Las Vegas Grand Apartments features 212 units. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas represented the buyer in the deal.
GRAND JUNCTION, COLO. — Christian Living Communities (CLC), a Denver-based nonprofit owner-operator, has purchased Cappella of Grand Junction, an assisted living and memory care community in Grand Junction. Located just east of the Utah border, the community features 66 units in a 52,000-square-foot building. Cappella Living Solutions, the management and consulting division of Christian Living Communities, has operated the community since construction began in 2016 through a development partnership with Confluent Senior Living. CLC financed the acquisition with owner equity and tax-exempt bond financing. CLC now owns six senior living communities in Colorado and is responsible for the management of 20 additional communities across Colorado, Utah, Texas, Oklahoma, Ohio, Indiana and Missouri.