NORMAN, OKLA. — A partnership between Dallas-based MedCore Partners and The National Realty Group (TNRG) will develop a 188-unit senior living community in Norman, Oklahoma. The project currently calls for 100 independent living units, 64 assisted living residences and 24 memory care residences, with a planned second phase that will add another 75 independent living units. Amenities at the community will include multiple dining venues, a bar/pub and other entertainment areas, a wellness center with salon and spa, multiple activities venues, a fitness center, club rooms, a theater, outdoor pool, dog park, walking paths and dedicated courtyard spaces. Pi Architects is designing the project. Construction of Phase I is scheduled to begin in January 2020 and to be complete in summer 2021.
PLANO, TEXAS — Locally based general contractor KWA Construction has completed McDermott Park Senior Living, a 144-unit project located just off Sam Rayburn Tollway in the northeastern Dallas suburb of Plano. McDermott Park features one-, two- and three-bedroom units with modern finishes and amenities such as a pool, fitness center, media room, theater and a coffee bar. The property marks the 15th collaboration between KWA and the project developer, Seneca Investments.
AUSTIN, TEXAS — Memphis-based LEDIC Realty Co. has acquired Enclave at Water’s Edge, a 184-unit multifamily community in North Austin. Built in 1986, the property is located within two miles of The Domain shopping and dining destination, as well as the hubs of major employers such as Amazon, Apple and Facebook. Patton Jones of NKF represented the seller, San Francisco-based Hamilton Zanze, in the transaction. The sales price was not disclosed.
PHOENIX — Arcadia 4127 Apts LLC, an entity formed by Denver-based Baron Properties, has completed the sale of Arcadia 4127 in Phoenix. HGI Acquisitions LLC, an entity formed by Norfolk, Va.-based Harbor Group International, purchased the multifamily asset for $40.3 million. Located at 4127 E. Indian School Road, Arcadia 4127 features 258 units in a mix of one- and two-bedroom floorplans, with an average size of 819 square feet. Each unit features quartz countertops, stainless steel appliances, hardwood-style flooring and undermount kitchen sinks. Select units offer views of Camelback Mountain. On-site amenities include two swimming pools, outdoor barbecue grills, a fire pit, fitness center, covered parking, gated access, laundry facilities and a dog park. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.
HOUSTON — Lee & Associates has negotiated the sale of a 99,000-square-foot industrial building located at 701 Plastics Ave. in Houston. Trey Erwin and Dalton Knipe of Lee & Associates represented the buyer, Investment Property Exchange Services, in the transaction. Read King represented the seller, Usha Martin Americas Inc.
CONCORD, CALIF. — CBRE has arranged $19.9 million in financing for Carlton Senior Living Concord, a 152-unit independent living community in Concord, approximately 25 miles northeast of San Francisco. The borrower, a joint venture between Carlton Senior Living and Piedmont Properties Group, will use the funds to refinance existing debt. The community is located in an affluent suburb, with average housing value within a five-mile radius of the property of $640,385, while average household income stands at $117,447. The property is located less than 1.5 miles from the John Muir Medical Center, the No. 1 ranked adult specialty hospital in the nation. Andrew Behrens of CBRE Multifamily Institutional Group, along with Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing, arranged the transaction. The 10-year, fixed-rate Fannie Mae loan features full-term interest-only payments. Carlton Senior Living is a Bay Area owner-operator with 11 seniors housing communities across Northern California.
EASTVALE, CALIF. — Rexford Industrial Realty has purchased a 15.5-acre, fully entitled development site in Eastvale, within the Inland Empire West submarket, for $18.2 million, or $26.93 per land square foot. Rexford has retained the undisclosed seller as fee developer to construct the project, branded as “The Merge,” which will contain a total of 333,500 square feet of industrial space within six buildings. Once completed, the project will feature 10 warehouse spaces, ranging from 20,000 square feet to 45,000 square feet, offering 30- to 32-foot clear heights, ESFR fire sprinklers and market-leading dock-high loading capacity. Delivery is slated for the third quarter of 2020, after incurring incremental all-in development and construction costs of approximately $37 million.
OCEANSIDE, CALIF. — Flocke & Avoyer Commercial Real Estate has directed the sale of three single-tenant, triple-net leased assets at Pacific Coast Plaza Center, a 450,000-square-foot retail center in Oceanside. AGC Pacific Coast Plaza sold the three properties for a total consideration of $11.2 million. Mahalah PCP Pad A and C acquired two properties, occupied by McDonald’s and Mimi’s, while H&S Energy purchased the Chevron-occupied asset. Steve Avoyer of Flocke & Avoyer represented the buyer, a private 1031 exchange, in the McDonald’s and Mimi’s transaction. El Warner of The Matthews Group, along with Stewart Keith, Brad Williams and Ashley Tiefel of Flocke & Avoyer Commercial Real Estate, represented the seller of the McDonald’s and Mimi’s deal.
DENVER — Unique Properties / TCN Worldwide has negotiated the sale of an industrial asset, located at 6400 Washington St. in Denver. Gibraltar Property Management acquired the property from North Denver Group Co-Tenancy for $4.1 million. Situated on 4.7 acres, the asset consists of a 14,540-square-foot industrial service and rental center. The property features a large storage yard, oversized drive-in doors and a showroom area. At the time of sale, the property was fully leased to United Rentals under an absolute triple-net lease basis. Brett MacDougall and Michael DeSantis of Unique Properties / TCN Worldwide represented the buyer and seller in the transaction.
WILMINGTON, ILL. — Elion Partners has renamed RidgePort Logistics Center to Elion Logistics Park 55 (ELP 55) and planned a $2 billion development project at the site in Wilmington, approximately 40 miles southwest of Chicago. Following the expansion, ELP 55 will become the largest rail-served industrial park in the Midwest, according to the real estate investment firm. Elion began acquiring land for the park in 2016. To date, 6.3 million square feet of multi-tenant and build-to-suit space exists. Some of the tenants include Post, Lineage and Batory Foods. The master plan comprises up to 2,500 acres, which includes an existing, full-service TA Petro Travel Plaza and up to 140 acres for planned commercial development. Current projects underway include an on-site first responders’ station, interconnectivity via planned pedestrian walking paths and an on-site helipad. ELP 55 features two miles of frontage along the BNSF’s Transcontinental Mainline with up to 12 million square feet of potential rail services, and three miles of I-55 frontage with a complete interchange. The park is located in a regional distribution hub that reaches 27 percent of the U.S. population within a one-day drive, according to Elion. “The goal is to develop a mixed-use logistics park that …