AUSTIN, TEXAS — Local artist and designer Lauren Cunningham will open The Commune, a 3,600-square-foot creative office space in central Austin. Set to open in February 2019, the space will be housed in an abandoned building at 101 E. North Loop Blvd. Individual features will include seven private studios, 10 dedicated desks and shared workspace.
LOWELL, MASS. — CBRE/New England has arranged the sale of Cabot Crossing, a 252-unit garden-style multifamily community in Lowell, for an undisclosed price. The property was built between 1987 and 1988 and comprises seven three-story buildings as well as a clubhouse and management office. The unit mix includes 28 studio, 131 one-bedroom and 56 two-bedroom apartments. Simon Butler and Biria St. John of CBRE/New England represented the seller, a joint venture between Taurus Investment Holdings and PhilMor Real Estate Investments, in the transaction. The buyer was Cabot Crossing Apartments Property Owner LLC, an affiliate of JRK Property Holdings.
HAMILTON, N.J. — Cushman & Wakefield has brokered the sale of Ibis Plaza, a two-building office complex in Hamilton. The price was not disclosed. Located at 3525-2525 Quakerbridge Road, the 119,000-square-foot property is currently 88 percent occupied by approximately 75 tenants. The building also features a 6,700-square-foot event venue available for rent to both tenants and off-site organizations. Cushman & Wakefield’s New Jersey capital markets team represented the seller, a private ownership entity, in the transaction. The buyer was IBIS Realty LLC.
CONCORD, MASS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing facility in Concord, a northwestern suburb of Boston. The facility was out of operation, after management challenges and a growing list of deferred capital expenditures forced its closing. The undisclosed seller sold the property to a substance abuse rehabilitation provider, which will renovate the property to serve that function. The price was not disclosed. Steve Thomes led the transaction for Blueprint.
ORO VALLEY, ARIZ. — Tucson, Ariz.-based Town West Realty has purchased Oracle Crossings, a neighborhood shopping center located in Oro Valley. Houston-based Weingarten Realty sold the property for $40.8 million. Sprouts Farmers Market, Kohl’s and Home Goods anchor the 251,194-square-foot asset, which is situated at the southwest corner of Oracle and Magee roads. At the time of sale, the property was 98.2 percent leased. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.
LOS ANGELES — South Bay Partners Inc., through a joint venture with LAMB Properties LLC, has acquired two parcels totaling 2.7 acres in the Woodland Hills neighborhood of Los Angeles. Plans call for an eight-story midrise seniors housing community on the property. Named The Variel, the Class A community will feature 215 independent living units, 94 assisted living units and 29 memory care units. Construction is slated to begin in early 2019. The development will be located within a mile of a variety of dining and shopping options, plus the 264-bed Kaiser Permanente Woodland Hills Medical Center. Pre-leasing will begin in fourth-quarter 2019 in advance of a planned opening in fourth-quarter 2020. Los Angeles-based West Bay Senior Living will operate the community upon opening.
PULLMAN, WASH. — Newmark has secured $21.7 million in permanent financing for Birch Hills Apartments, a multifamily property located at 2200 N.E. Westwood Drive in Pullman. The newly constructed property features 281 units in a mix of one-, two- and three-bedroom layouts. Demetri Koston of Newmark’s Spokane, Wash., office structured the 12-year, fixed-rate loan with a bank based in the Pacific Northwest. The initial four years of the loan were structured as interest-only payments, followed by a 30-year amortization schedule.
SOUTH JORDAN, UTAH — PGIM Real Estate Finance has originated a $17.2 million Fannie Mae Choice refinancing for Legacy Retirement Center, an independent living community in the Salt Lake City suburb of South Jordan. Western States Lodging owns the 162-unit community, along with 16 other seniors housing properties in Utah, Nevada, Arizona and Colorado. An assisted living and memory care community is located adjacent to the property. David Stein and Christopher Fenton of PGIM Real Estate Finance originated the 10-year, fixed-rate loan, which will help fund upgrades to the units and common areas at the community.
TULARE, CALIF. — Faris Lee Investments has arranged the sale of a three-tenant net-leased investment asset located within Tulare Pavilion Shopping Center in Tulare. Hillman Tulare LLC sold the property to an undisclosed buyer for $6.8 million. Totaling 62,500 square feet, Big Lots, Dollar Tree and Harbor Freight Tools occupy the property. Additional tenants at Tulare Pavilion Shopping Center include Ross Dress for Less and dd’s Discounts. Jeff Conover and Donald MacLellan of Faris Lee Investments represented the seller in the transaction.
PARIS AND LONDON — Luxury group LVMH Moët Hennessy Louis Vuitton has inked a deal to acquire Belmond Ltd. (NYSE: BEL), the owner or manager of 46 luxury hotel, restaurant, train and river cruise properties across the world, including three hotels in the U.S. LVMH will acquire Belmond for $25 per Class A share in cash, which represents an equity value of $2.6 billion and an enterprise value of $3.2 billion. Belmond currently operates properties in 24 countries, including the Hotel Cipriani in Venice, the Hotel Splendido in Portofino, the Copacabana Palace in Rio de Janeiro, Le Manoir aux Quat’Saisons in Oxfordshire, Grand Hotel Europe in St. Petersburg, Maroma Resort & Spa in Mexico and Cap Juluca in Anguilla. Its United States portfolio includes El Encanto in Santa Barbara, Calif.; Inn at Perry Cabin in St. Michaels, Md.; and Charlston Place in Charleston, S.C. LVMH, which is owned by France’s richest man, Bernard Arnault, currently owns three properties in the ski resort of Courchevel, the Maldives and St. Barth’s as well as a group of Bvlgari hotels in Shanghai, Milan, Bali, London, Beijing and Dubai. “Belmond delivers unique experiences to discerning travelers and owns a number of exceptional assets in the …