AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 12,780-square-foot office lease at 800 Brazos St. in Austin. Jason Steinberg and Matt Levin of ECR represented the landlord in the lease negotiations. Will Douglas and Todd Gilfillan of CBRE represented the tenant, Concierge Auctions LLC, a New York-based auction house.
PHOENIX — Ziegler has closed $70.2 million in bond financing for The Beatitudes Campus, a nonprofit continuing care retirement community (CCRC) in north central Phoenix. The Beatitudes Campus sits on 27 acres and features 188 entrance-fee independent living apartments, 11 entrance-fee independent living patio homes, 259 rental independent living apartments, 92 traditional assisted living units, 29 early-stage memory care beds and 72 skilled nursing beds. The bonds will refund $64.6 million in outstanding bonds from 2006, finance $6.3 million in pre-development costs for master-planned renovations and fund a debt service reserve fund.
RIO RANCHO, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Rio Rancho, a 77-unit assisted living and memory care community in the Albuquerque suburb of Rio Rancho. The 70,863-square-foot development will be situated on 5.5 acres. It will feature 51 assisted living suites and 26 memory care suites. The co-developers plan to open an information center onsite by May 2018, and complete construction in December 2018. The project represents the 11th joint venture between affiliates of MorningStar, a Denver-based owner-operator, and Confluent Senior Living, a subsidiary of Confluent Development, a Denver-based real estate investment and development firm. Confluent is the project owner and MorningStar will serve as the operator. Rosemann & Associates is serving as the architect for the new development, New Mexico-based Bradbury Stamm Construction is the general contractor and Thoma-Holec Design is the interior designer. The development marks the second MorningStar Senior Living community in metro Albuquerque, with MorningStar and Confluent completing MorningStar Assisted Living & Memory Care of Albuquerque in February 2016. Confluent sold the Albuquerque community to Harbert Seniors Housing Fund in July, with MorningStar maintaining its role as operator. The MorningStar and Confluent partnership continues its growth …
LOVELAND, COLO. — Heavenrich & Co. has arranged the sale of Aspen House, a memory care community consisting of two adjacent properties in Loveland, approximately 50 miles north of Denver. The properties were built in 2010 and 2015 and feature 40 units representing 80 licensed beds. Madison Realty Cos. acquired the community from an undisclosed seller for $8.4 million. Brian Clark, senior director at Heavenrich & Co.’s Denver office, managed the transaction.
SAN DIEGO — CBRE has arranged the sale of Midway Square, a multi-tenant shopping center located at 3112 Midway Drive in San Diego’s Point Loma district. Winston Square LLC sold the property to Midway Square LLC for $5.2 million. Reg Kobzi, Sam Alison, Mike Philbin and Amar Goli of CBRE represented the seller, while Andrew Slade of CIRE Partners represented the buyer in the deal. At the time of sale, the property was 100 percent leased. Express Time, Auto Serve Center, Suspension Plus and Smog Creek occupy the 15,271-square-foot, single-level retail center.
MILPITAS, CALIF. — Big Al’s, a sports bar and entertainment chain, has signed a lease for 46,000 square feet of retail space at McCarthy Ranch Marketplace in Milpitas in Silicon Valley. TMS McCarthy LP is the landlord. Located at 15 Ranch Drive, Big Al’s Silicon Valley will be the company’s fifth center and second in California. The store is slated to open for business in late 2018.
WALTHAM, MASS. — NKF Capital Markets has arranged the sale of Stony Brook Office Park in Waltham. Jumbo Capital and Sound Mark Partners acquired the office park for $80 million. Robert Griffin, Edward Maher, Matthew Pullen, James Trible and Samantha Hallowell of NKF Capital Markets represented the seller, Clarion Partners, in the deal. Situated on 16 acres, the office park comprises four interconnected buildings totaling 270,196 square feet of institutional-quality office space at 130 Turner St. and a 3,925-square-foot retail asset at Five Turner St. At the time of sale, the property was 100 percent leased, anchored by Brainshark, Wolters Kluwer, TIAA, Stanley Black & Decker, Ultratech, DDJ Capital Management and Wells Fargo.
LAWRENCEVILLE, N.J. — HFF has secured financing for a joint venture between Rockpoint Group and The Brooksville Co. for the acquisition of Avalon Run East, an apartment community located at 100 Avalon Way in Lawrenceville. Michael Klein and Matthew Pizzolato of HFF arranged the seven-year, floating-rate loan through a national bank. Situated on 69 acres, the property comprises 16 three-story buildings featuring a total of 312 units in a mix of one-, two- and three-bedroom units averaging 1,094 square feet. Community amenities include a heated outdoor pool, tennis courts, a playground, picnic and grilling areas, a fully equipped fitness center, an indoor basketball court and a resident lounge.
PARSIPPANY, N.J. — A joint venture between Rubinstein Partners and Vision Real Estate Partners has purchased Morris Corporate Center IV (MCC IV), located at 369-379 Interpace Parkway in Parsippany. Intercontinental Real Estate Corp. and Ivy Realty sold the property for an undisclosed price. MCC IV comprises two five-story office buildings totaling 350,917 square feet and connected by a four-story glass atrium lobby. Kevin Welsh, Brian Schulz, Chuck Kohaut, Steven Schultz and David Simson of NFK Capital markets represented the seller and procured the buyer in the transaction.
HAMILTON, N.J. — Marcus & Millichap has brokered the sale of a single-tenant retail property, located at 2021 Nottingham Way in Hamilton. A private developer sold the property to a private investor for $5.5 million. Walgreens occupies the 14,280-square-foot property on a net-leased basis. Karly Iacono of Marcus & Millichap represented the seller, while Iacono and Jonathan Zamora, also of Marcus & Millichap, represented the buyer in the deal.