SOUTHLAKE, TEXAS — RREAF Holdings LLC has broken ground on Phase I of a 16-acre mixed-use project in Southlake, a northern suburb of Fort Worth. A 239-room hotel will anchor the property, which could ultimately feature as much as 240,000 square feet of office, retail and restaurant space. Completion of the hotel is scheduled for fall 2020. The project team includes general contractor Hill & Wilkinson, architect Merriman Anderson Architects, civil engineer Cole Engineering, mortgage banker Staghorn Capital Partners and construction lenders Bancorp South and Mosaic Real Estate Investors.
COLLEGE STATION, TEXAS — Frisco, Texas-based Brian Schiff & Associates will develop The Langford Retirement Community, a seniors housing property in College Station. Methodist Retirement Communities will operate the property, which will comprise 72 independent living units, 24 assisted living residences and 18 memory support units. Spellman Brady & Co. handled the interior design of the property. A construction timeline for The Langford was not released.
LAKEWAY, TEXAS — NAI Partners has brokered the sale of a 7,119-square-foot office building located at 308 S. Meadowlark St. in Lakeway, a western suburb of Austin. Patrick Hill of NAI Partners represented the buyer in the transaction and negotiated a lease for the building’s new tenant, Claim Consultant Group, which will relocate its headquarters to the property later this year. Scott Studzinski and Grant McConnell of Elevate Growth Partners represented the seller.
PORTLAND, ORE. — PCCP has acquired Park Square, a two-building office asset on the south end of the Portland’s central business district, for $96.5 million. The name of the seller was not released. Park Square consists of two buildings connected by a lobby/great room, which includes multiple seating areas, a fireplace/lounge area and a high-end soup and salad bar. The asset was substantially repositioned in 2016, including the renovation of its 8,000-square-foot lobby. The first building is the single-tenant, six-story, 181,049-square-foot Woolworth Building, located at 1621 SW First Ave. The building was originally a build-to-suit for the tenant, which has occupied the space since the building was constructed in 1984. The second building, located at 100 SW Market St., was built in 1964. The seven-story asset totals 113,719 square feet and is leased to three investment-grade credit tenants. At the time of sale, the property was nearly fully-leased.
GLENDALE, CALIF. — Orange County, Calif.-based Raintree Partners has purchased a seven-property multifamily portfolio in Glendale for $79 million. Totaling 231 units, the portfolio includes: Stanley Oaks Apartments, an 80-unit community located at 1435 Stanley Ave. Everett Apartments, an eight-unit community at 138 N. Everett St. Wilson Apartments, a 14-unit property located at 1458-1462 E. Wilson Ave. Justin Oaks Apartments, a 54-unit asset located at 1133 Justin Ave. Chestnut Apartments, a 33-unit property located at 120 W. Chestnut St. Galleria Pointe Apartments, a 22-unit community located at 1140 N. Columbus Ave. Burchett Apartments, a 20-unit asset at 314-320 W. Burchett St. Raintree Partners plans to implement a value-add renovation plan across the portfolio. The improvements will include addressing deferred maintenance; upgrading exteriors, amenity areas and unit interiors; and installing new washers and dryers in select properties. Additionally, the Raintree Partners will rebrand and operate the seven properties as The Indie Collection. Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller in the deal. Wells Fargo provided acquisition financing.
AURORA, COLO. — CBRE has brokered the sale of four buildings at Airways Business Center, a Class A warehouse distribution center in Aurora. EastGroup Properties acquired the asset from Principal Global Investors for an undisclosed price. Built in 2007 and 2008, the four buildings — 2, 4, 5 and 6 — offer a total of 382,137 square feet of industrial space. At the time of sale, a mix of 11 tenants fully occupied the assets. Doug Viseur, Todd Witty, Tyler Carner, Jeremy Ballenger, Jessica Ostermick and Jim Bolt of CBRE’s Denver office represented the seller in the deal.
BOISE, IDAHO — Adler AS Industrial LLC has purchased a portfolio of land and buildings in Boise from the Van Auker Cos. The acquisition consists of more than 2 million square feet of industrial properties across more than 80 assets and over 400 acres of future development land. The acquisition price was not released. The buyer has opened its headquarters on Emerald Street in Boise to manage the new properties. Peter O’Brien of Pacific Commercial Realty Advisors/Cushman & Wakefield assisted the buyer, while Dave Ellis of Capacity Commercial Group represented the seller in the deal.
CENTENNIAL, COLO. — Unique Properties has brokered the purchase of a single-tenant industrial building located at 7909 S. Chambers Road in Centennial. Tim Finholm and Sam Leger of Unique Properties represented the undisclosed buyer in the deal. Additional terms of the deal were not released. Constructed in 2018, the 52,000-square-foot industrial building was a build-to-suit for RoadSafe Traffic Systems, a long-term tenant. Situated on 7.9 acres, the property features a large fenced yard.
CHICAGO — Waterton has received a $171.2 million loan for the refinancing of North Harbor Tower in Chicago’s Lakeshore East neighborhood. The 600-unit apartment building is located at 175 N. Harbor Drive adjacent to the six-acre Lakeshore East Park. Originally constructed in 1988, the 55-story tower comprises a mix of floor plans averaging 958 square feet. Community amenities include an indoor swimming pool, outdoor sundeck, 24-hour fitness center, party room and library. Stephen Skok, Stella Pappas and Gregory Napper of HFF arranged the seven-year, fixed-rate loan through Freddie Mac’s green advantage program. Waterton committed to reducing energy or water by at least 30 percent, with a minimum 15 percent in energy savings.
KANSAS CITY, MO. — Platform Ventures has acquired Plaza Vista, a 253,720-square-foot Class A office tower in Kansas City, for $118.2 million. Completed in 2013, the 10-story property is fully leased and anchored by law firm Polsinelli. Retail tenants include Jax Fish House, JJ’s and The Monarch Cocktail Bar and Lounge. The building is situated at 900 W. 48th St. within the Country Club Plaza submarket of Kansas City. Mark Katz, Danny Kaufman and Peter Merrion of HFF represented the seller, which is managed by an affiliate of EverWest Real Estate Investors. The team also procured the buyer.