Property Type

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

Loans Multifamily Texas

KeyBank Provides $28.4M Fannie Mae Loan for Refinancing of San Antonio Apartments

by Taylor Williams January 16, 2019

SAN ANTONIO — KeyBank Real Estate Capital has provided a $28.4 million Fannie Mae loan for the refinancing of White Rock Apartment Homes, a 336-unit multifamily community located at 3110 Thousand Oaks Drive in San Antonio. Proceeds will be used to fund capital improvements for the property, which provides affordable housing to the city. Robbie Lynn and Tiffany Durr of KeyBank led the financing effort on behalf of the borrower, Commonwealth Multifamily Housing Corp.

January 16, 2019

Leasing Activity Retail Texas

Miniature Golf, Bar Concept to Open 5,500 SF Venue in West Dallas

by Taylor Williams January 16, 2019

DALLAS — Another Round, an entertainment concept that combines miniature golf and alcoholic beverages, will open a 5,500-square-foot venue at 660 Fort Worth Ave., a creative retail and dining space under construction in west Dallas. The venue is expected to open this spring. Construction of the property, which is being developed by Dallas-based Oaxaca Interests, began in December.

January 16, 2019

Acquisitions Midwest Missouri Office

TCM Acquires 258,441 SF Office Building in Suburban St. Louis

by Kristin Harlow January 16, 2019

TOWN AND COUNTRY, MO. — Ten Capital Management (TCM) has acquired 575 Maryville, a Class A office building in Town and Country, a suburb of St. Louis. The 258,441-square-foot building includes a fitness center, two conference rooms, on-site dining and parking. The property is currently 97 percent leased to four tenants, including anchor Cushman & Wakefield. Neither the seller nor the sales price was disclosed.

January 16, 2019

Loans Midwest Missouri Multifamily

Berkadia Arranges $30M Acquisition Financing for Apartment Building in Kansas City

by Kristin Harlow January 16, 2019

KANSAS CITY, MO. — Berkadia has arranged $30 million in acquisition financing for 909 Walnut, a high-rise apartment building in Kansas City. Located at 909 Walnut St., the property includes 152 apartment units. The bottom four floors consist of office space. Amenities include a rooftop garden and fitness center. The purchase included both the office and apartment portions of the property as well as the parking garage. John Schorgl of Berkadia arranged the financing on behalf of the borrower, Worcester Investments. Fannie Mae provided the 12-year permanent financing, which features an interest-only period and a 30-year amortization schedule. Daniel Burkons, Michael Barron, Joshua Wintermute and Max Helgeson of Marcus & Millichap’s Institutional Property Advisors represented the seller, a Dallas-based private investor.

January 16, 2019

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