HOUSTON — NAI Partners has negotiated an industrial lease at 8301 W. Monroe Road near William P. Hobby Airport in southeast Houston. The tenant, IPS Pump Services Inc., will occupy 22,719 square feet. Jake Wilkinson and Darren O’Conor of NAI Partners represented the landlord, Lawrence Investments LLC, in the lease negotiations.
NEWPORT BEACH, CALIF. — A joint venture between Bixby Land Co. and institutional partner AXA Investment Managers has planned to acquire approximately $400 million of core industrial properties in the Western United States. Bixby contributed an initial portfolio of seed assets to the venture as the partners seek to expand the relationship through the pursuit of additional acquisition opportunities. Bixby Land Co. currently owns more than 6 million square feet of office and industrial space in the West. The new venture will pursue middle-market properties, preferably one-off assets, between 100,000 square feet and 400,000 square feet in markets from San Diego to Seattle and as far east as Dallas. HFF’s Kevin MacKenzie, Michael Joseph, Doug Bond, Tom Mizo and Ryan Megowan represented Bixby in the joint venture arrangement.
DENVER — Etkin Johnson Real Estate Partners has obtained a $75 million refinancing for the Colorado Technology Center (CTC) II Portfolio in Denver. The portfolio contains five properties inside the Colorado Technology Center, including 1900 Cherry St., 1960 Cherry St., 2000 Taylor Ave., 1900 Taylor Ave. and 633 CTC Blvd., totaling 535,787 square feet. A 109,386-square-foot, built-to-suit building at 2035 Taylor Ave. will be added to the loan once construction is completed this fall. HFF arranged the 10-year, fixed-rate loan with MetLife.
THORNTON, COLO. — Greystar Real Estate Partners has purchased the 336-unit Waterford Place apartment complex in Thornton for an undisclosed sum. The community is located at 2801 E. 120th Ave. Waterford Place was built in 1998. Greystar’s value-add strategy will focus on renovating all units and common areas of the asset. Unit updates will include the addition of stainless steel appliances, extended plank flooring, quartz countertops, and new lighting and hardware packages. Renovations to the common areas will feature enhancements to the pool, clubhouse, fitness center, BBQ area, dog park and sport/tennis court.
PHOENIX — A joint venture between Life Care Services and Westminster Funds has broken ground on Desert Willow Assisted Living, a 44-unit assisted living building on the campus of Sagewood, a continuing care retirement community (CCRC) in Phoenix. Located within Sagewood’s Acacia Health Center, the assisted living expansion will be available to those currently in the community as well as new residents. The building will add to Sagewood’s current 316 units. The two-story building is scheduled to open in fall 2018. Todd & Associates is serving as the architect on the project. Spellman Brady & Co. is providing interior design. The Weitz Company is the general contractor.
LAS VEGAS — DC Building Group, a Las Vegas-based general contractor, has completed a new Taco Bell location on East Charleston Boulevard in Las Vegas, marking the first Taco Bell in downtown Las Vegas. Architect Gary Guy Wilson designed the project. The project is the second of this particular design prototype in the Las Vegas area. DC Building Group used rusted metal on the corner sign façade and horizontal silver aluminum on the slat wall for its metal aesthetics. The wall has back-lit LEDs to illuminate purple EIFS creating a branded purple glow at night. Founded in 2001, DC Building Group is a general contracting firm with a focus on the Western U.S.
EDEN PRAIRIE, MINN. — Timberland Partners is developing Elevate at SouthWest Station Apartments in Eden Prairie, 12 miles southwest of downtown Minneapolis. The firm has closed on the land and financing needed to begin construction on the $63.7 million, 222-unit apartment property. Situated immediately adjacent to the future SouthWest Light Rail Station, Elevate will feature amenities such as a rooftop courtyard, fitness center, yoga studio, co-working lounge, bike storage, dog run and spa. Completion is slated for August 2019. The project team includes Kaas Wilson Architects and contractor Frana Cos. JLL arranged a $49.7 million HUD loan for the project. Hennepin County, the City of Eden Prairie and the Metropolitan Council also provided financing.
CHICAGO — Interra Realty has brokered the $13.7 million sale of 3264-70 N. Clark St. in Chicago’s Lakeview neighborhood. The buyer, North Park Ventures, plans to convert the property’s 30 condominium units into apartments, as well as develop a new 22-unit apartment building on an adjacent surface lot. Located at the intersection of School and Clark streets near Wrigley Field, the existing building includes six ground-floor retail spaces comprising 7,600 square feet. The upper residential floors include a mix of one-, two- and three-bedroom units. Residents also have access to a shared dog run, courtyard, bike room and storage lockers. David Goss, Jon Morgan and Joe Smazal of Interra represented both parties in the sales transaction. The seller was not disclosed.
BARTLETT, ILL. — Ridge, the industrial arm of Transwestern Development Co., has completed construction of a 186,000-square-foot speculative industrial building within Brewster Creek Business Park. Located at 1365 Brewster Creek Blvd. in Bartlett, Ridge Brewster Creek II features a clear height of 32 feet, 35 loading docks, two drive-in doors and 212 car parking spaces. Darcie Fankhauser of Ridge led the project team, which also included Triumph Construction Services Corp., Harris Architects Inc. and Eriksson Engineering Associates Ltd. Brewster Creek Business Park is a 670-acre, mixed-use business park about 40 miles west of Chicago.
LENEXA, KAN. — Newmark Grubb Zimmer (NGZ) has arranged the sale of a 105,000-square-foot retail property occupied by Kohl’s in Lenexa. The sales price was not disclosed. Originally built in 1994, the property is located at 12381 W. 95th St. near Interstate 35. Michael VanBuskirk and Chris Robertson of NGZ, along with Ferd Niemann Brokerage and Consulting LLC, represented the buyer, Christie Development. Kevin Curtin of Kessinger Hunter and Jeff Dozier of Point Commercial represented the seller, TIC Lenexa LP.