Property Type

NewcrestImage Begins Redevelopment of 195-Room AC Hotel by Marriott in Houston

by Taylor Williams February 13, 2018

HOUSTON — Dallas-based hospitality developer and operator NewcrestImage has begun the redevelopment of the 195-room AC Hotel by Marriott in Houston. The building was originally developed in 1914 and has served as the headquarters for Gulf Oil, Texas National Bank of Commerce and The Houston Bar Center over the years. Upon completion, the 10-story property will feature a fitness center, business center and a cocktail lounge and dining area, as well as4,000 square feet of meeting and ballroom space. The opening is slated for summer 2019. Arch-Con Construction is serving as general contractor.

February 13, 2018

Bellomy Arranges Sale of 306-Unit Self-Storage Facility in Metro Houston

by Taylor Williams February 13, 2018

KATY, TEXAS — Bellomy & Co. has arranged the sale of Saums Road Self Storage, a self-storage facility in the Houston metro of Katy that features 306 units across 27,270 square feet of net rentable space. The sale includes additional land for expansion. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the undisclosed seller and procured the undisclosed buyer, both of which are based in Texas.

February 13, 2018

Loans Multifamily Texas

NXT Capital Provides $32.5M Acquisition Loan for Apartment Community in Plano

by Taylor Williams February 13, 2018

PLANO, TEXAS — NXT Capital has provided a $32.5 million loan for the acquisition of a 278-unit, Class B apartment community in Plano. The undisclosed property features multiple pools, on-site laundry services, a tennis court, picnic area and a mail center. Suzanne Jones of NorthMarq Capital placed the loan with NXT Capital. Loan terms and the borrower were not disclosed.

February 13, 2018

Office Texas

NAI Partners Negotiates 18,463 SF Office Lease in Houston

by Taylor Williams February 13, 2018

HOUSTON — NAI Partners has negotiated an 18,463-square-foot office lease at 515 Post Oak Blvd. in Houston. Dan Boyles and Liz Westcott-Brown of NAI Partners represented the tenant, Greater Houston Community Foundation, a networking firm for philanthropists, in the lease negotiations. Richard Barbles of Stream Realty represented the landlord, 515 Post Oak Owner LP.

February 13, 2018

Retail Texas

Retail Solutions Brokers Sale of 13,750 SF Strip Retail Center in Metro Austin

by Taylor Williams February 13, 2018

PFLUGERVILLE, TEXAS — Retail Solutions has brokered the sale of Creekside at Dessau, a 13,750-square-foot strip retail center located at 16051 Dessau Road in the Austin metro of Pflugerville. Built in 2009, the center is leased to tenants such as Baylor Scott & White, Tree House Kids and Moi Vietnamese Grill. Alan Rust of Retail Solutions represented the seller in the transaction and Steve Tong of Home Direct Realty represented the buyer. Both requested anonymity.

February 13, 2018

California Industrial Self-Storage Western

The Magellan Group Sells Two LA-Area Industrial Assets for $77.6M

by Nellie Day February 13, 2018

LOS ANGELES — The Magellan Group has sold two Los Angeles-area properties for a total of $77.6 million. The transaction includes Commerce Business Center and Magellan Storage – Commerce, both located in the Commerce submarket. Blackstone Property Partners acquired Commerce Business Center, a 290,000-square-foot industrial facility. The project included 90,000 square feet of new construction built by Magellan to meet demand for smaller tenant spaces in the market. U.S. Storage Centers purchased Magellan Storage – Commerce, a 1,348-unit, 144,000-square-foot self-storage facility. Magellan’s value-add strategy for the project entailed the redesign and redevelopment of a former industrial building. NKF represented Magellan on the business center sale, while Cushman & Wakefield represented the seller on the self-storage transaction.

February 13, 2018

Colorado Office Western

Cress Capital, Revesco Properties Buy 120,873 SF Office Building in Colorado

by Nellie Day February 13, 2018

GREENWOOD VILLAGE, COLO. — A joint venture between Cress Capital and Revesco Properties has purchased a Orchard Pointe, a 120,873-square-foot office building in Greenwood Village, for an undisclosed sum. The building is situated within the Denver Technology Center. Orchard Pointe was originally built in the 1980s. The JV plans to implement improvements, including cosmetic enhancements to the lobby, elevators and corridors, as well as improvements to building amenities. The seller is TA Realty. Revesco will provide property management services through its subsidiary, Revesco Property Services.

February 13, 2018

Multifamily Seniors Housing Washington Western

Aegis Opens 110-Unit, China-Themed Seniors Housing Community Near Seattle

by Nellie Day February 13, 2018

NEWCASTLE, WASH. — Aegis Living has opened Aegis Gardens, a 110-unit assisted living and memory care community “open to all who enjoy celebrating Chinese culture” in the Seattle suburb of Newcastle. Located on 7.5 acres on Lake Boren, the community features a community cultural center and a preschool to encourage intergenerational interactions. Chinese culture is accentuated in the architecture, cuisine, décor and activities. Staff is multilingual, speaking English, Mandarin and Cantonese. Rents start at $3,700 per month. Aegis Living operates 29 communities in Washington, California and Nevada with nine new communities in development.

February 13, 2018

California Multifamily Seniors Housing Western

SLIB Arranges $9.6M Sale of 40-Unit Memory Care Community in Bay Area

by Nellie Day February 13, 2018

PETALUMA, CALIF. — Senior Living Investment Brokerage Inc. has arranged the sale of Adobe House of Petaluma, a 40-unit memory care community in Petaluma, approximately 40 miles northwest of San Francisco. Constructed in 1996, Adobe House totals 26,000 square feet and sits on 1.68 acres. TIC Investor Group sold the community to a regional operator based in Southern California. The new operator plans to invest considerable capital into the building. Although the sale price was not disclosed, the price per unit was $240,000, which translates to $9.6 million. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.

February 13, 2018

California Retail Western

Retail Insite Arranges $7.2M Sale of Grocery Outlet Location Near San Diego

by Nellie Day February 13, 2018

IMPERIAL BEACH, CALIF. — Retail Insite has arranged the $7.2 million sale of a Grocery Outlet store in the San Diego submarket of Imperial Beach. Retail Insite and HFF arranged the transaction on behalf of the seller, Sudberry Palm Avenue LLC. Tri Star Hotel Investments Inc. acquired the asset. Grocery Outlet anchors Breakwater Town Center, which is home to tenants such as Starbucks Coffee, Chipotle Mexican Grill, Five Guys, Wing Stop, Baskin Robbins, T-Mobile, Great Clips and Poke 1-2-3.

February 13, 2018

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