Property Type

Cushman & Wakefield, JLL Arrange Sale of 797-Unit Self-Storage Facility in Houston

by Taylor Williams October 23, 2018

HOUSTON — A partnership between Cushman & Wakefield and JLL has arranged the sale of a 797-unit self-storage facility located at 5321 Richmond Ave. in the Galleria-Uptown area of Houston. The property was sold in conjunction with an 849-unit facility in Los Angeles. The two properties feature more than 158,000 square feet. Greg Wells of Cushman & Wakefield and Steve Mellon of JLL represented the seller, California-based Cardiff Mason Development, in the transaction. The buyer was an undisclosed, national owner/operator.

October 23, 2018

Jefferson-River-East-Fort-WorthJefferson-River-East-Fort-Worth

Development Multifamily Texas

JPI to Develop 400-Unit Apartment Community in Fort Worth

by Taylor Williams October 23, 2018

FORT WORTH, TEXAS — Irving-based JPI will develop Jefferson River East, a 400-unit multifamily community that will be located adjacent to the Trinity River near downtown Fort Worth. Amenities will include two pools, two clubhouses, two sky lounges, a fitness center and a yoga studio. Fifth Third Bank is the senior lender on the project and CrossHarbor Capital Partners is providing preferred equity. JPI broke ground on the property on Oct. 19. The first units are expected to be available for occupancy by spring 2020.

October 23, 2018

Acquisitions Office Texas

Pillar, Artemis Acquire 130,371 SF Office Building in Plano

by Taylor Williams October 23, 2018

PLANO, TEXAS — A partnership between Dallas-based Pillar Commercial and investment firm Artemis Real Estate Partners has acquired Lincoln Legacy II, a 130,371-square-foot office building in Plano. The property is located near the intersection of the Dallas North Tollway and Tennyson Parkway and offers amenities such as a fitness center, tenant lounge and conference facilities. Curtis Jaggers of JLL secured acquisition financing through MetLife Inc. for the deal.

October 23, 2018

Acquisitions Hospitality Texas

HFF Negotiates Sale of 198-Room Hotel in Dallas

by Taylor Williams October 23, 2018

DALLAS — HFF has negotiated the sale of The Highland Dallas Curio, a 198-room hotel in Dallas. The property has undergone $6.2 million in renovations since 2014 and currently features a pool, fitness center, salon and 1,400 square feet of meeting space. John Bourret and Austin Brooks of HFF represented the undisclosed seller in the transaction. Pete Fehlman of HFF arranged acquisition financing for the sale on behalf of the buyer, St. Louis-based Lennox Capital Partners. The hotel is located at 5300 E. Mockingbird Lane near Southern Methodist University.

October 23, 2018

Leasing Activity Office Texas

MetroPCS Renews 115,583 SF Office Lease in Metro Dallas

by Taylor Williams October 23, 2018

RICHARDSON, TEXAS — MetroPCS Communications Inc. has renewed its 115,583-square-foot office lease at Lakeside Centre II, an office property located at 2250 Lakeside Blvd. in the northeastern Dallas metro of Richardson. Tim Terrell and Chase Lopez of Stream Realty Partners represented the landlord, Vereit, in the lease negotiations. CBRE represented the tenant.

October 23, 2018

Colorado Development Multifamily Seniors Housing Western

CA Senior Living Starts Construction of 137-Unit Seniors Housing Community in Metro Denver

by Amy Works October 23, 2018

WESTMINSTER, COLO. — CA Senior Living LLC has started construction of Atria Westminster, a five-story, 137-unit senior living community in Westminster, approximately 10 miles northwest of Denver. When complete, Atria Westminster will offer 107 assisted living apartments, 30 memory care studios, and a single-story dining and amenity wing. Assisted living units will range in size from 410-square-foot studios to 970-square-foot two-bedrooms, while memory care studios will range from 275 to 310 square feet. Designed by OZ Architects and built by Brinkmann Constructors, Atria Westminster is located less than a half-mile from a variety of shopping, dining and entertainment offerings. Louisville, Ky.-based Atria Senior Living has been retained as the operator for the community. The property is expected to open in early 2020. CA Senior Living is the seniors housing investment and development division of Chicago-based CA Ventures. The company currently has 22 communities operating or under construction throughout the U.S. Atria Westminster will be the fourth CA Senior Living property operated by Atria Senior Living.

October 23, 2018

Acquisitions Development Hawaii Hospitality Western

Garn Development Co. Acquires Land Parcel for Hotel Development in Kapolei, Hawaii

by Amy Works October 23, 2018

KAPOLEI, HAWAII — Garn Development Co. has purchased a 2.6-acre land parcel on Manawai Street in Kapolei on the island of Oahu for an undisclosed price. Garn Development plans to construct a limited-service hotel on the site, which is located within the 40-acre Leihano development. An affiliate of Kisco Senior Living is master developer for Leihano, a mixed-use development situated in the urban core of Kapolei. Slated to open in fall 2019, the four-story, extended-stay hotel will feature 183 suites with full kitchens, complimentary breakfast and family-friendly amenities. Garn Development is a managing partner of the existing 180-room Embassy Suites by Hilton and Residence Inn by Marriott, which is currently under construction at Leihano. In 2016, Kisco opened Ilima at Leihano, its 84-unit assisted living community within Leihano. Additional tenants within Leihano include St. Jude Catholic Church, First Hawaiian Bank, C.S. Wo, National Kidney Foundation, Lili’uokalani Trust, Hele Gas and Starbucks Coffee. Currently the master-planned community has only two land parcels remaining for sale. Nathan Fong of Colliers International handled the transaction.

October 23, 2018

Acquisitions Industrial Washington Western

Westcore Properties Sells 75,048 SF Industrial Building in Seattle for $14.5M

by Amy Works October 23, 2018

SEATTLE — Westcore Properties has completed the sale of a single-tenant industrial building in Seattle’s Georgetown submarket. Talon Private Capital acquired the property for $14.5 million, or $193.21 per square foot. OpenSquare, a provider of office space workstations and furniture for corporate users, fully occupies the 75,048-square-foot property, which is located at 303 S. River St. Andy Miller of Kidder Mathews, along with Mike Roy and Kevin Skillestad of Neil Walter Co., represented the seller in the deal.

October 23, 2018

Acquisitions California Office Western

Invesco Real Estate Buys Three-Building Creative Office Campus in Costa Mesa, California

by Amy Works October 23, 2018

COSTA MESA, CALIF. — Invesco Real Estate has acquired The Hive, a three-building creative office campus in Costa Mesa. A joint venture between Goldman Sachs and Steelwave sold the asset for an undisclosed price. Situated on 14.2 acres at 3333, 3335 and 3337 S. Susan St., the 181,822-square-foot property features flexible and open floor plans, a coffee bar adjacent to an outdoor tenant lounge area, a fitness facility with showers and lockers, a conference center, and multiple open-air patios with community activities. At the time of sale, the property was 82 percent occupied by five tenants: Los Angeles Chargers, Lazy Dog Café, Coding Dojo, Agility Fuel Solutions and Steelwave. In addition to existing buildings, the site is entitled for 65,000 square feet of additional commercial development. The seller purchased the property in 2015 and invested approximately $22 million into transforming the development, which was built in 2003, into a creative Class A environment. Kevin Shannon, Paul Jones, Blake Bokosky, Ken White and Brunson Howard of Newmark Knight Frank represented the seller, while Invesco Real Estate was self-represented the in the deal.

October 23, 2018

Acquisitions California Industrial Western

DAUM Commercial Arranges Sale of 93,818 SF Industrial Property Near Los Angeles

by Amy Works October 23, 2018

CITY OF INDUSTRY, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of an industrial facility located at 13260-13280 E. Amar Road in City of Industry, a suburb 22 miles from downtown Los Angeles. Oak Brook, Ill.-based CenterPoint Properties acquired the 93,818-square-foot property for an undisclosed price. Situated on a 6.2-acre site, the building features 24 dock-high loading doors, more than 5,000 square feet of office space, 22-foot clear heights, 56 additional trailer stalls with more than 100-trailer storage capability and three drive-in bays, as well as Union Pacific rail service. CenterPoint plans to invest $2.5 million in renovations to upgrade the asset, which was built in the 1960s. Renovations will include creating a best-in-class, secure, lit and paved yard, updating the façade and modernizing the building systems. Rudy Lara and Nathan Lara of DAUM’s Inland Empire office represented the buyer in the off-market transaction.

October 23, 2018

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