SHORELINE, WASH. — A joint venture between Security Properties and Intercontinental Real Estate Corp. has purchased the 289-unit Echo Lake Apartments for an undisclosed sum. The community is located at 1150 N. 192nd St. Echo Lake contains 9,000 square feet of retail space. It was built in 2009. Security Properties affiliate Madrona Ridge Residential will manage the property.
AURORA, COLO. — Pathfinder Partners, a San Diego-based investment firm, has acquired a 104-unit independent living community within the Shalom Park Senior Living Campus in the Denver suburb of Aurora. Pathfinder, along with Denver-based Hillcrest Development Group, paid $16 million for the property and plan to implement $3 million of improvements. The community, which Pathfinder will rebrand as V-Esprit, is situated on approximately 15 acres and includes 104 units consisting of 60 apartments and 44 patio homes averaging 1,050 square feet. The seller was Shalom Park, a Colorado nonprofit that still owns the balance of the Shalom Park Senior Living Campus. V-Esprit residents will continue to have access to the combined campus amenities. The $3 million renovation project is slated to include converting four of the one-bedroom apartment units (leaving 100 units in total) into a clubhouse and card room, and renovating and modernizing the theater room, library, communal dining area and leasing office. Pathfinder also plans to make improvements to the apartment interiors. This is Pathfinder’s first seniors housing acquisition.
CARLSBAD, CALIF. — ZMI Real Estate has received a $16 million loan to refinance the 145,759-square-foot Carlsbad Commerce Center. The center is located at 2185-2237 Faraday Ave. It contains a mixture of office, creative office and flex units. The campus was built between 1984 and 1986. It was renovated in 2004. The campus is currently 91.3 percent leased to tenants like Advanced Brain Monitoring, SabreSciences and GIMDx. CBRE’s Mark McGovern, Scott Peterson and Brian Cruz secured the five-year loan through Aetna Life Insurance Company. It will pay off the existing mortgage, which was coming due in September.
DALLAS — Greystone has provided $68.1 million for the refinancing of Vineyards at Forest Edge, a 1,218-unit multifamily property located at 9669 Forest Lane in Dallas. Built in 1984, the property features 11 swimming pools, four playgrounds, a 24-hour fitness center, social center and a kids club. Rob Meehan of Greystone originated the CMBS loan on behalf of the undisclosed borrower that acquired the property in 2015.
PASADENA, TEXAS — NAI Partners has arranged the sale of a 41,113-square-foot industrial building situated on 2.3 acres at 2330 Pasadena Blvd. in the eastern Houston metro of Pasadena. Clay Pritchett of NAI Partners represented the seller, Whatley Properties LLC, in the transaction. Robin Webb of Bay Cam Properties represented the buyer, JGBM LLC.
MEXIA, TEXAS — Henry S. Miller Co. (HSM) has brokered the sale of Mexia Plaza, a 16,600-square-foot retail center located at 1322 Milam St. in Mexia, a city approximately 40 miles east of Waco. Shadow-anchored by Walmart, the property was 100 percent occupied at the time of sale to tenants such as Cricket Wireless, Hibbett Sports and Payday Loans. Lane Kommer of HSM represented the seller in the transaction, and Michelle Hudson of Hudson Peters represented the buyers.
SAN ANTONIO — LYND Co., a San Antonio-based investment firm, has acquired a portfolio of 11 multifamily properties located in various markets throughout Texas. The portfolio spans 2,405 units with an average age of 12 years. The largest concentration of the portfolio’s assets is in Dallas, with properties in Houston, Midland, Odessa and El Paso as well.
HOUSTON — Oil and gas firm Apache Corp. has signed a 26-month lease extension at Post Oak Central, a 1.3 million-square-foot campus in Houston’s Galleria neighborhood, with owner Parkway Inc., a publicly traded REIT. Apache, which currently occupies 524,000 square feet within the complex, will remain on the site through February 2022. Tim Relyea and Scott Wegmann of Cushman & Wakefield represented Apache in the lease negotiations.
FRANKLIN, TENN. — Crescent Communities has unveiled plans for Bigby, a mixed-use development in Nashville’s Cool Springs submarket. Situated at the intersection of East McEwen Drive and Carothers Parkway in Franklin, Bigby will comprise 30,000 square feet of retail space, a 280,000-square-foot office tower, 40,000 square feet of loft office space, 330 apartments, 15 townhomes, a 200-room hotel, a 12-acre park, public plazas and roughly 2,015 parking spaces. Bigby will connect to existing properties developed over the past couple decades by Crescent Communities, including the One and Two Greenway office buildings and apartment communities the Venue Cool Springs and Cadence Cool Springs. The project team includes architect ESa, landscape architect Hodgson Douglas and Foundry Commercial. Crescent Communities will develop Bigby’s retail, multifamily and office components.
HUNTERSVILLE, N.C. — MPV Properties and Bowman Development Group have partnered to develop Vermillion Village, a 30-acre mixed-use development in downtown Huntersville, roughly 15 miles north of Charlotte. Situated off Interstate 77 at North Church Street and Huntersville-Concord Road, the project will feature a 78,000-square-foot supermarket, 18,000 square feet of additional retail shops and 400 residential units. MPV will handle the development of Vermillion Village’s commercial portion, and Bowman will handle the residential component. The developers have committed to provide at least $250,000 for road improvements surrounding the project. The Huntersville Town Board approved plans for Vermillion Village earlier this month, and the land sale is expected to close in July. The estimated timeline for the project is three to five years, and the developers plan to build the retail portion first.