DES MOINES, IOWA — Draper and Kramer Inc. has sold Capital Square in downtown Des Moines to Real Capital Solutions for $30.2 million. Designed by Skidmore, Owings & Merrill, the 454,619-square-foot office building is located at 400 Locust St. Draper and Kramer developed the eight-story building in 1983. Tenants include The Des Moines Register, RSM McGladrey, Life Care Services, BH Equities and Iowa State University. CBRE represented Draper and Kramer in the sale transaction.
ITASCA, ILL. — M&R Development has opened The Residences at Hamilton Lakes in Itasca, 27 miles northwest of Chicago. The 297-unit luxury apartment complex is located adjacent to the Hamilton Lakes Business Park. A joint venture between Itasca-based M&R Development and Hamilton Partners and Chicago-based POB Capital LLC developed the property. The Residences at Hamilton Lakes includes three four-story buildings offering a mix of studio, one-, two- and three-bedroom floor plans. Rental prices range from $1,340 to $3,180. Amenities include an outdoor pool with cabanas, media room, fully equipped gym, business center and demonstration kitchen along with a spa, sauna and steam room. Chicago-based RMK Management manages the property.
COUNCIL BLUFFS, IOWA — Darland Construction Co. has completed a renovation of and addition to Gunn School, transforming the 90-year-old building into an affordable seniors housing property in Council Bluffs, a suburb of Omaha, Neb. Known as Linden Place, the 42,265-square-foot complex consists of 36 units. Sixteen of the apartment units are located in the renovated school, while the remaining 20 units are part of a new, two-story addition built on what was once the school’s basketball courts and playground. Gunn School was originally built in 1880 and then rebuilt on the same site in 1924. The school was originally slated to be torn down before Seldin Co. showed interest in rehabbing the building. The project was made possible through a series of community and economic development grants. Architecture One provided architectural services.
BELLWOOD, ILL. — Darwin Realty has brokered the sale of a 160,000-square-foot warehouse in Bellwood, 13 miles west of Chicago. The sales price was not disclosed. The property is located at 950 S. 25th Ave. U-Haul/AMERCO Real Estate Co. purchased the property for use as a truck rental and self-storage facility. The building features 11,500 square feet of office space, 5,000 square feet of cooler space, clear heights ranging from 12.5 to 19.5 feet, 14 exterior docks and two interior docks. U-Haul chose this site due to its proximity to I-290 and large parking lot on the 8.3-acre site. The new owner will take occupancy of the building in October. Jeffrey Provenza and George Cibula of Darwin represented the seller, 950 S. 25th Ave. LLC. U-Haul was self-represented.
KANSAS CITY, MO. — NorthMarq Capital has arranged a $4.3 million loan for the acquisition of The Devereaux Apartments in Kansas City. The 60-unit apartment property, built in 1967, is located at 3624 Warwick Blvd. Noah Juran of NorthMarq arranged the three-year loan. A bridge lender provided the loan for the undisclosed borrower.
FORT WORTH, TEXAS — Talos Holdings will develop The View of Fort Worth, a 300-unit multifamily community located along Northside Drive near Interstate 35 in Fort Worth. Amenities will include a pool, fitness center, game room and pet park. Construction is expected to begin this month with the first units ready for occupancy by late 2018. CBG Building Co. will serve as general contractor for the project, which was designed by Dallas-based BGO Architects and could ultimately feature a second, 200-unit phase of construction. Justin Shuart, Jason Pumpelly and Brian Park of Cushman & Wakefield arranged construction financing for the project through Endeavor Real Estate Partners.
SAN ANTONIO — A partnership between Artemis Real Estate Partners, Ackerman & Co. and MLL Capital has purchased a four-building portfolio of medical office properties totaling 423,411 square feet in San Antonio. The 128,578-square-foot Santa Rosa Professional Pavilion and the 123,324-square-foot Rosa Verde Tower are located in the city’s CBD and Northwest Towers I and II, which total 171,509 square feet, are located within the South Texas Medical Center. Lee Asher, Chris Bodnar and Scott Herbold of CBRE represented the undisclosed seller in the transaction. Ed Cross and Brent Smith of Cushman & Wakefield represented the buyer. The new ownership will invest $27 million in renovations to the portfolio.
ALLEN, TEXAS — Kaizen Development Partners has broken ground on a 145,000-square-foot office facility within the One Bethany at Watters Creek development in Allen for Massachusetts-based tech firm NETSCOUT Systems Inc. During the summer of 2018, NETSCOUT will relocate more than 500 employees to the Class A property, which will serve as its regional research and development office. Balfour Beatty is serving as general contractor on the project, which was designed by BOKA Powell.
SUGAR LAND, TEXAS — TierOne Development has broken ground on a 38,600-square-foot medical office property at 7619 Branford Place in the Houston metro of Sugar Land. Slated for a second-quarter 2018 completion, the Class A building is being developed on a speculative basis. Tim Gregory and Ashley Cassel of Transwestern’s Healthcare Advisory Services team will handle leasing of the property.
HOUSTON — Boyd Commercial has secured a 30,870-square-foot industrial lease at 3801 Yale St. in Houston on behalf of Petro Valve Inc., a Houston-based producer and distributor of valves. Clay Peeples of Boyd Commercial represented the tenant in the lease negotiations. Greg Barra, also of Boyd Commercial, represented the landlord, FR AZ/TX LLC.
