HOUSTON — Boyd Commercial has negotiated a 45,025-square-foot industrial lease at 9725 Kirkton Drive on Houston’s northwest side. Greg Barra and Mike Boyd of Boyd Commercial represented the tenant, Erne Fittings USA, a manufacturer of pipe fittings for permanent welds. Ryan Wasaff and Brad Berry represented the landlord, Welcome Group, internally.
SCOTTSDALE, ARIZ. —Western States Lodging has broken ground on Legacy Village of Salt River, a 216-unit assisted living and memory care community in the Phoenix suburb of Scottsdale. The property will be the company’s third in the Phoenix metro, as it continues its expansion into seniors housing. The property is located within Pima Center, a 232-acre, mixed-use business park developed by MainSpring Capital Group containing more than 1.5 million square feet of office, flex and light industrial facilities. The Block, a full-service retail center, is currently under construction within the park. Salt Lake City-based Beecher Walker Architects designed the community, which hardison/downey construction is building. The community is scheduled to open in early 2019. Development partners include The Boyer Group and the Colmena Group. Zions Bank provided development financing. Western States Lodging’s portfolio includes hotels, senior apartments and seniors housing communities in Utah, Oregon, Idaho, Washington, Hawaii, Colorado, Nevada and Arizona.
SAN FRANCISCO — NKF Capital Markets has arranged the sale of Diamond Heights Shopping Center, a 75,630-square-foot retail center in San Francisco. Nicholas Bicardo, Brandon Rogoff and Bryce Holman of NKF Capital Markets arranged the transaction on behalf of the private seller. Donahue Schriber acquired the asset for an undisclosed price. Safeway anchors the center, which is also home to Walgreens, Bank of America and the United States Postal Service.
LYNNWOOD, WASH. — NorthMarq Capital has arranged a Freddie Mac loan to refinance Quail Park of Lynnwood, a 130-unit seniors housing community in the Seattle Suburb of Lynnwood. The size of the loan was not disclosed. Quail Park is a three-story building located on 15 acres featuring independent living, assisted living and memory care. The property opened in 2014. Stuart Oswald of NorthMarq Capital’s Seattle regional office arranged the financing. The loan includes a seven-year term on a 30-year amortization schedule with two years of interest-only payments. The refinance allows for funds to be used for the the second and third phases of the community’s development, and repaid an existing Freddie Mac loan that NorthMarq originated for the previous owner. Although the borrower was not disclosed, CA Senior Living acquired the community in May 2017 in a joint venture with Living Care Lifestyles (the operator) and Goldman Sachs. Phase II of development includes plans for a 109-unit expansion.
WESTWOOD VILLAGE, CALIF. — Kennedy Wilson has brokered the a $2.7 million retail lease for The Waffle, located at 10925 Weyburn Ave. in Westwood Village. Owned by Gain Polone and John Papsidera, the restaurant is moving into the space formerly occupied by Jerry’s Deli. The modern casual restaurant offers breakfast and lunch options. Christine Deschaine of Kennedy Wilson represented the landlord, Tucker Investment Group, while Newmark Knight Frank represented the restaurant.
BOISE, IDAHO — Tropical Smoothie Cafe, a fast-casual cafe concept, opened 101 new cafes in 2017 and signed 187 agreements that will grow the brand’s footprint in markets nationwide. The company aims to reach 1,000 locations by 2020. In its 20th anniversary year, Tropical Smoothie Cafe reached milestones including the opening of its first location in Idaho, 50th in Michigan and 630th cafe overall. Amidst the ongoing growth throughout 2017, Tropical Smoothie Cafe also appointed six industry veterans including Rob Collins as chief marketing officer, Pete Ward as general counsel, Paul Marsden as chief financial officer, Jaime Denney as senior vice president of operations, Cheryl Fletcher as vice president of franchise development strategy and Kristi Kingery as vice president of supply chain.
PHILADELPHIA — A joint venture between Harrison Street Real Estate Capital and Brandywine Realty Trust has sold Evo at Cira Centre South, an 850-bed student housing community located in Philadelphia’s University City neighborhood, for $197.5 million. The property was built in 2014, and is the tallest purpose-built student housing tower in the U.S., serving students at the University of Pennsylvania and Drexel University. The community offers one-, two-, three- and four-bedroom units. Shared amenities include a rooftop infinity pool and lounge; 11 two-story study lounges; free weekly studio fitness classes including Zumba, yoga and Pilates; a 24/7 two-story fitness center; and a business and print center. The buyer’s name was not disclosed.
WOBURN, MASS. — NKF Capital Markets has arranged the sale of an office building located at 8 Presidential Way in Woburn. Chestnut Realty Management sold the two-story building to an undisclosed buyer for $13.2 million. The 104,000-square-foot building features prominent building signage, efficient floor plates and ample parking. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, Torin Taylor, Richard Ruggiero, Matthew Adams and Rory Walsh of NKF represented the seller in the transaction.
NEW BRUNSWICK, N.J. — FourPoint Investments and BlueGate Partners have arranged the sale of Rockoff Hall Apartments, a 674-bed student housing community located within walking distance of Rutgers University in New Brunswick. The property offers one-, two- and three-bedroom units. Shared amenities include a cyber café, on-site laundry, a fitness center, discounted parking in the attached garage, study rooms on every floor and a club room with billiards and shuffle board. The names of the buyer and seller were not disclosed.
FRAMINGHAM, MASS. — New Dover Associates has arranged the sale of an office and industrial building located at 101 Bishop St. in Framingham. Green Brick Development acquired the property from Siegal LLC for $4.8 million. Situated on 3.1 acres, the 44,272-square-foot building is fully air conditioned. Scott Hughes and Ted Reimann of New Dover Associates represented the seller and procured the buyer in the deal.