Property Type

Dilweg Signs Tech Startup to Full-Floor Office Lease in Downtown Atlanta

by Alex Tostado January 16, 2019

ATLANTA — The Dilweg Cos. has signed Steady, an Atlanta-based tech startup, to a full-floor lease at Centennial Tower located at 101 Marietta St. in downtown Atlanta. Steady gained fame when it beat out more than 1,000 competitors at Money Pitch at Money 20/20, the world’s largest innovation event. The startup company will occupy 20,060 square feet of space for six years. Centennial Tower recently underwent a $5 million renovation to improve amenities and workspace. Katherine Lynch of CBRE represented the landlord in the lease transaction, while Greg Baxendale of JLL represented the tenant.

January 16, 2019

Illinois Midwest Retail

Edward Lampert Wins Bid, Sears to Keep 400 Stores Open

by Kristin Harlow January 16, 2019

HOFFMAN ESTATES, ILL. — Former Sears CEO Edward Lampert has won a bankruptcy auction for Sears Holdings Corp., according to The Wall Street Journal and other media reports. The billionaire hedge-fund manager upped his offer to about $5.3 billion from $4.4 billion. The offer, which will keep roughly 400 stores open, beat out a bid to close all the stores and sell the inventory. The plan must still be approved by the bankruptcy judge at a sale hearing set for Friday, Feb. 1. Last week, REBusinessOnline reported on Sears’ temporary deal to avoid liquidation.

January 16, 2019

California Development Multifamily Western

JPI to Develop $190M Jefferson Vista Canyon Apartments Within Mixed-Use Project in Santa Clarita, California

by Amy Works January 16, 2019

SANTA CLARITA, CALIF. — JPI has closed on construction financing for Jefferson Vista Canyon, a luxury apartment community located in Santa Clarita. Dallas-based Comerica Bank and Los Angeles-based Colony Credit Real Estate will provide construction financing for the development. The $190 million project will feature 480 apartments; two resort-style pools with spas and cabanas with large-screen televisions; two fitness centers with multi-use studios for yoga and spin classes, with one center geared to functional training, including suspension training equipment; a clubhouse skylights, fireplace and entertainment kitchen; a speakeasy lounge; rooftop deck with barbecue area and fire pit; and a dog park and dog-washing station. Designed by Orange, Calif.-based Architects Orange, Jefferson Vista Canyon is slated for completion by spring 2020. Vista Canyon is JSB Development’s 185-acre, mixed-use, walkable community, including retail, office, hospitality, apartments, townhomes and single-family residences, along with a new intermodal transit station and Metrolink commuter rail.

January 16, 2019

Shadow-Mountain-Marketplace-Las-Vegas-NV

Acquisitions Nevada Retail Western

Lucescu Realty Brokers $67.2M Sale of Shadow Mountain Marketplace in Las Vegas

by Amy Works January 16, 2019

LAS VEGAS — Lucescu Realty has negotiated the sale of Shadow Mountain Marketplace, a 359,103-square-foot community shopping center located in Las Vegas. Wynmark Co. sold the property to a private investor for $67.2 million. Developed in 2007 by the seller, Shadow Mountain Marketplace is anchored by Costco, Seafood City Marketplace, Walgreens, Best Buy and Ashley Furniture. Additional tenants include McDonald’s, Chili’s, Wells Fargo Bank, Panda Express, Subway, Sport Clips, Massage Envy, Wing Nutz, T-Mobile, Best Mattress, Café Rio, Pacific Dental, Kumon Learning Center, Scottrade, Great Harvest Bread Co., State Farm Insurance, H&R Block and Omega Studio Salons. At the time of sale, the property was 98.9 percent leased and more than 84 percent of the leased gross lease area is occupied by regional and national tenants. The 154,700-square-foot Costco, which features a full-size grocery department, was not included in the sale. Mark Lucescu of Lucescu Realty represented the seller and procured the buyer in the deal.

January 16, 2019

Arizona Development Office Western

Hines Opens 250,000 SF Offices at Chandler Viridian in Chandler, Arizona

by Amy Works January 16, 2019

CHANDLER, ARIZ. — Hines has officially opened the Offices at Chandler Viridian, a six-story, Class A office property located in at the intersection of Loop 101 and Loop 202 in Chandler. The 250,000-square-foot building features a large, open floorplan with 10-foot tall ceilings, a lounge and a large courtyard. In addition to the grand opening, Hines announced two tenants: Stantec will occupy approximately 51,000 square feet on the second and third floors, while Workuity will occupy 19,787 square feet on the first floor. Phoenix-based Whiting Turner served as the general contractor, while Minneapolis-based RSP Architects designed the building. Jerry Roberts and Patrick Boyle of Cushman & Wakefield have been retained to lead the leasing efforts for the office building. Hines developed the office building, which is the capstone of Chandler Viridian, in a joint venture agreement with New York Life Real Estate Investors, on behalf of its institutional client. The 25-acre Chandler Viridian features a hotel, multifamily units, retail offerings, pedestrian promenades, a dog park, jogging trail and a large public plaza with high-speed internet and Wi-Fi.

January 16, 2019

Acquisitions Office Washington Western

CBRE Negotiates $29M Sale of 97,191 SF Flex Property in Issaquah, Washington

by Amy Works January 16, 2019

ISSAQUAH, WASH. — CBRE has arranged the sale of Sammamish Park Place, an office and flex property located at 22011 SE 51st in Issaquah. Eden Prairie, Minn.-based Onward Investors sold the asset to Costa Mesa, Calif.-based Rich Uncles NNN REIT for $29 million. Costco occupies the 97,191-square-foot property, which is situated on 4.6 acres adjacent to Costco’s International Headquarters and several other Costco-leased buildings. The two-story building recently underwent significant capital improvements for new tenant build-out, totaling $3 million. Renovations included two new HVAC rooftop units, refurbished VAV boxes, upgraded HVAC controls, window sealing, landscaping, parking lot sealing and striping. Additionally, a new lobby was included in the remodel, as well as tenant improvements throughout the building, including the opening of the floor plates for future flexibility. Tom Pehl and Lou Senini of CBRE’s Seattle office represented the seller in the transaction. Additionally, John Lo of CBRE’s Debt and Structured Finance team arranged acquisition financing for the buyer.

January 16, 2019

California Loans Multifamily ORIX Seniors Housing Western

Lancaster Pollard Arranges $22.5M Construction Financing for Skilled Nursing Facility in Walnut Creek, California

by Amy Works January 16, 2019

WALNUT CREEK, CALIF. — Lancaster Pollard Mortgage Co. has arranged $22.5 million in financing for the construction of a skilled nursing facility in the Bay Area city of Walnut Creek. The borrower is Plum Healthcare Group LLC. Founded in 1999 and headquartered in San Marcos, Plum currently operates 55 skilled nursing facilities in California and Nevada. Grant Goodman led the transaction for Lancaster Pollard, along with Joe Munhall who leads the firm’s debt syndications group. A local bank provided the funds.

January 16, 2019

Acquisitions Multifamily Student Housing Texas

Preiss, Centaline Acquire 288-Bed Student Housing Property in San Antonio

by Taylor Williams January 16, 2019

SAN ANTONIO — Raleigh, N.C.-based student housing owner-operator The Preiss Co., in partnership with Centaline Investment Management Co., has acquired The Estates at San Antonio, a 288-bed property serving the University of Texas at San Antonio (UTSA). The 104-unit property is located less than two miles from campus, features an average unit size of 1,712 square feet and offers amenities such as a pool, volleyball court, 24-hour fitness center and outdoor grilling/picnic areas. The seller was not disclosed.

January 16, 2019

Acquisitions Multifamily Texas

Wellington Arranges Sale of 172-Unit Apartment Community in Metro Dallas

by Taylor Williams January 16, 2019

CARROLLTON, TEXAS — Texas-based Wellington Realty has arranged the sale of Fox Creek Apartments, a 172-unit multifamily community located in the northern Dallas metro of Carrollton. The property is situated on six acres and features a pool and onsite laundry facilities. Caleb Jones, Tammy Shaffer, William Hubbard and Curtis Sung of Wellington represented the undisclosed seller in the transaction. The buyer, which was also undisclosed, will upgrade the unit interiors and property exterior.

January 16, 2019

Acquisitions Healthcare Texas

Ridgeline Capital Buys 41,763 SF Medical Office Building in Metro Houston

by Taylor Williams January 16, 2019

PEARLAND, TEXAS — Dallas-based investment firm Ridgeline Capital Partners has purchased Pearland Central Medical Plaza, a 41,763-square-foot medical office building in Pearland, a southwestern suburb of Houston. Built in 2003, the Class A property was 83 percent occupied at the time of sale by tenants offering services in imaging, orthopedics, physical therapy, primary care and dentistry. The seller was not disclosed.

January 16, 2019

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