PHOENIX — HQ Capital Real Estate has sold the 248-unit Crestone at Shadow Mountain apartments in Phoenix for an undisclosed sum. The community is located at 3033 E. Thunderbird Road in the Paradise Valley submarket. A group of institutional investors purchased the asset. The group plans to renovate the building’s common areas and unit interiors. CBRE represented HQ Capital Real Estate in this transaction.
Cushman & Wakefield Arranges $20.6M Construction Loan for Assisted Living Community in Sonoma County
ROHNERT PARK, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged $20.6 million in construction financing for Clearwater at Sonoma Hills, a 90-unit assisted living and memory care community in the Sonoma County metro of Rohnert Park. The borrower is Clearwater Living, which is developing and operating the community. It sits adjacent to Oak View of Sonoma Hills, an active adult community developed by Clearwater CEO Tony Ferrero in the early 2000s. PNC Bank provided the loan. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Aaron Rosenzweig, Timothy Hosmer and Alex Petrosian.
SCOTTSDALE, ARIZ. — Triumph Real Estate Investment Fund has agreed to acquire Bell Park Plaza, a 33,480-square-foot retail center in Scottsdale, for $7.2 million. The Canadian company will acquire the asset from Hanley Properties V LLC. Jon Rosenberg and Keri Davies of Levrose Commercial Real Estate/TCN Worldwide arranged the deal on behalf of the buyer. Bell Park Plaza is 93 percent leased to tenants including Subway, Hobby Bench, Banner Health Urgent Care and Papa John’s Pizza. Danielle Davis of Levrose Commercial Real Estate/TCN Worldwide will handle the property’s leasing, and MODE Commercial Property Management will manage the center. Triumph Real Estate will close on the acquisition at the end of February.
GILBERT, ARIZ. — Footprint LLC has relocated its corporate headquarters to Park Lucero Phase II, a 131,796-square-foot, speculative industrial building in Gilbert. The building is situated on 48 acres at the northwest corner of Mustang Drive and Germann Road near the Gilbert/Chandler border. Park Lucero is a four-phase, Class A industrial park featuring a combination of buildings with dock-high, truck well and grade-level loading, 24- to 30-foot ceiling clear heights and an overall 2.1:1,000 parking ratio. Upon full buildout, Park Lucero will consist of nearly 600,000 square feet of industrial space in six buildings. Phase II is situated adjacent to Phase I, which was completed in 2015, and Phase III, completed this past summer. Phase II fronts the Santan Freeway (Loop 202), providing significant freeway visibility. Paul Gallo of First US Advisors represented Footprint, a sustainable technology firm. JLL’s Pat Harlan and Steve Sayre represented the landlords, Trammell Crow Co. and Artis REIT, in this transaction. Western Alliance Bank served as the lender.
BALCH SPRINGS, TEXAS — Louisville-based LDG Development LLC will develop Villages at Ambassador Way, a $29 million mixed-use project that will be located at the corner of Ambassador Way and Gaiter Drive in Balch Springs, an eastern suburb of Dallas. Upon completion of construction, the first phase of which is scheduled to begin within the next month, the project will offer 221 multifamily units and 24,000 square feet of retail space. Residential amenities will include a pool, outdoor grilling area, theater room, fitness center, computer lab, playground and walking trails.
SHENANDOAH, TEXAS — Dave & Buster’s (NASDAQ: PLAY) will open a 40,000-square-foot location within MetroPark Square, a 175,00-square-foot retail and entertainment destination in Shenandoah, about 30 miles north of Houston. The Dallas-based games and entertainment retailer will join AMC Theatres as one of the anchor tenants at the development, the second phase of which is under construction. This phase will deliver 150,000 square feet of retail and restaurant space, two hotels and 300 multifamily units. The developer, Dallas-based Sam Moon Group, expects to complete this phase by February 2019.
GRAPEVINE, TEXAS — The Praedium Group, a New York-based investment firm, has acquired Terrawood, a 291-unit multifamily community in the Dallas-Fort Worth (DFW) metro of Grapevine. Built in 2010, the property offers a mix of one-, two- and three-bedroom units ranging in size from 701 to 1,455 square feet. Amenities include a fitness center, dog park, saltwater pool and an outdoor kitchen area. The seller and sales price were not disclosed.
DALLAS — RED Development has topped out the 22-story office tower located within The Union Dallas, an 800,000-square-foot mixed-use development near downtown Dallas. Committed tenants at the tower include international law firm Akin Gump, accounting firm Weaver and multifamily development firm Streetlights Residential and have already signed leases at the property. The Union Dallas, which will also include a 31-story apartment tower and a 60,000-square-foot Tom Thumb grocery store, is now more than 50 percent preleased.
SAN ANTONIO — Chicago-based NXT Capital has secured a $24.5 million loan for the acquisition of a 224-unit multifamily community located in the Alamo Heights neighborhood of San Antonio. The Class B property offers convenient access to the San Antonio International Airport, as well as amenities including a pool, fitness center and business center. Luke Donahue of NorthMarq placed the loan with NXT Capital on behalf of Jevan Capital, a Phoenix-based multifamily investment firm.
HYATTSVILLE, MD. — Dubai-based Safanad Limited, in partnership with Miami-based Vie Holdings, has acquired The Towers at University Town Center, a student housing community in Hyattsville, for $69.5 million. The name of the seller was not disclosed. The community is located roughly seven miles northeast of Washington, D.C., and caters to students attending Howard University, the University of Maryland and other colleges and universities in the metro D.C. area. The new ownership will invest $5 million to renovate the property with new rooftop finishes, expanded services, upgraded units and additional facilities. The Towers comprises two 16- and 17-story buildings and includes two-, three- and four-bedroom units. In addition, the community is located within walking distance to two Metro subway stations and its amenities include a pool, business center, 24-hour security services and garage parking.