NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Cambridge Oxford Apartments, an 84-unit multifamily asset in New Haven. The property was originally built between 1860 and 1926 and fully renovated in 2001 to feature hardwood floors, high ceilings and contemporary amenities. The location puts Cambridge Oxford Apartments close to Yale University’s campus and an array of retail and restaurant destinations. The buyer is an affiliate of Paredim Partners LLC. Additional terms of sale were not disclosed.
DANVILLE, CALIF. — Trammell Crow Residential (TCR) and Barings Real Estate Advisers are co-developing Alexan Downtown Danville, an apartment community located in Danville’s historic downtown district. Framing has commenced at the $90 million project, located at 375 Diablo Road, and completion is scheduled for summer 2020. Situated on 3.75 acres about 22 miles west of downtown Oakland, Alexan Downtown Danville will feature 144 apartments in a mix of one-, two- and three-bedroom apartments and townhomes, ranging in size from 500 square feet to 1,600 square feet. Community amenities will include a clubhouse with a lounge, conference room, business center, fitness center and package concierge. Outdoor amenities will include a resort-style swimming pool and spa, fire pit, outdoor kitchen, grill stations and dining area, a children’s play area, pet park and a vista overlooking the adjacent San Ramon Creek. Additionally, the property will feature private, gated subterranean parking with electric vehicle charging stations. The project team includes Wells Fargo as construction lender, LCA Architects as architect, Gates + Associates as landscape designer and Carlson, Barbee & Gibson as civil engineer.
NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance based in New York City, equity and advisory firm, has arranged a $51.9 million bridge-to-HUD loan for the acquisition of six skilled nursing facilities across California. The portfolio totals 678 beds, and the borrower is a national private investment group. Further details regarding the properties were not disclosed. The financing is a three-year bridge loan at 90 percent leverage. Harborview’s Jonathan Kutner and Eli Kutner originated the loan, which Robert Kellerman negotiated.
LOS ANGELES — Midwood Investment & Development plans to build The Shops at Sportmen’s Lodge at the intersection of Coldwater Canyon Avenue and Ventura Boulevard in the Studio City neighborhood of Los Angeles. Designed by Gensler, the new ground-up development will feature 94,000 square feet of retail space and communal outdoor space designed OLIN Studio, as well as more than 450 parking spaces. Groundbreaking will commence in August, with an estimated opening slated for fall 2020. Midwood is co-developing the project with Richard Weintraub, who originally introduced this retail concept to the Studio City neighborhood.
TIGARD, ORE. — HFF has arranged the sale of Tigard Medical Plaza, a medical office building located in Tigard, approximately 10 miles south of downtown Portland. An undisclosed seller sold the property to a private investor for $14.5 million in all-cash, 1031 exchange transaction. Completed in 2005, Tigard Medical Plaza is a 20,994-square-foot outpatient medical office building and ambulatory surgery center. Situated on 1.7 acres, the property was fully leased at the time of sale. Evan Kovac, Andrew Milne, Trent Jemmett, Maria Poyer and Logan Greer of HFF represented the seller in the deal. Casey Davidson and John Chun, also with HFF, provided debt advisory services on the transaction.
AUSTIN, TEXAS — Cushman & Wakefield has acquired the office operations of office brokerage and management firm Peloton Commercial Real Estate. The acquisition does not affect Peloton’s other offices in Dallas, Fort Worth and Houston. Under the terms of the deal, 40 Peloton employees, including partners Kevin Granger, Brian Liverman and Matt Frizzell, will join Cushman & Wakefield in the firm’s Austin office. Andrew McDonald, president of Cushman & Wakefield’s west region, cited Peloton’s intimate knowledge of a fast-growing market as an asset to C&W’s business, which will continue to serve both startup and established corporate office users and investors.
ROCKWALL, TEXAS — SWBC Real Estate, a multifamily developer with offices in Dallas and San Antonio, has begun construction of The Royalton at Rockwall Downes, a 295-unit multifamily community in Rockwall, a northeastern suburb of Dallas. The Class A property will be situated on 21 acres adjacent to Rockwall’s Technology Business Park near Interstate 30. Floor plans will consist of one-, two- and three-bedroom units averaging 1,006 square feet. Units will feature hardwood-style flooring, stainless steel appliances, walk-in showers and granite countertops in kitchens and bathrooms. Residents can enjoy amenities such as a pool and spa, fitness center with a spin studio, jogging trails, a dog park and a clubhouse. Construction is expected to last 20 months, and leasing is scheduled to begin in June 2020. Plano-based Cross Architects is the project architect. G&A Consultants is the civil engineer, and Jordan Foster Construction is the general contractor.
TULSA, OKLA. — National industrial investment firm Reich Bros. has acquired a 228,000-square-foot heavy manufacturing facility in Tulsa. The property, which is situated on 67 acres near Interstates 44 and 244, formerly served as the main manufacturing and warehousing location in the market for SPX Heat. The facility is also located near Tulsa International Airport and Amazon’s 600,000-square-foot distribution center that is currently under construction. The site comprises a 160,000-square-foot warehouse, a 40,000-square-foot fabrication building and a 28,000-square-foot office building. The seller and sales price were not disclosed.
FRISCO, TEXAS — VanTrust Real Estate, a development firm with five offices across the country, has topped out The Offices Two at Frisco Station, a 210,000-square-foot project located north of Dallas in Frisco. The Class A building is located within the 242-acre Frisco Station mixed-use development that wraps around The Star, a 300-room Omni Hotel and various retail and restaurant establishments. HKS is the project architect, and Manhattan Construction is the general contractor. Kimley-Horn is the civil engineer, and Cushman & Wakefield is handling marketing and leasing. The opening is slated for October.
SUGAR LAND, TEXAS — MARCEL, a privately owned development firm based in The Woodlands, has broken ground on a 68,785-square-foot office and retail property in Sugar Land, a southwestern suburb of Houston. The property, which will be located adjacent to Johnson Development’s Riverstone master-planned community, is slated for a spring 2020 completion. Approximately 41,785 square feet will be dedicated to retail and restaurant uses, while 27,000 square feet will be earmarked for office uses.