GLENDALE, ARIZ. — Investment bank HJ Sims has provided $5.1 million in financing for the construction of an independent living community in the Phoenix suburb of Glendale. An affiliate of Sante Partners is developing the property, which has not yet been named. Once completed, a large, national operator will manage the community. This will be Sante’s sixth development. The financing is structured as a mezzanine loan and preferred equity investment.
SEATTLE — Seattle-based Nordstrom Inc. has hired Anne Bramman as chief financial officer (CFO), effective June 2, 2017. Bramman comes to Nordstrom from Avery Dennison Corp. where she has served as senior vice president and CFO since 2015. She has an extensive financial leadership background in a variety of industries, including retail. Mike Koppel retired as the company’s CFO on May 1, 2017, after 16 years and will continue to support Nordstrom in a consulting and advisory role through the end of the year. Nordstrom Inc. is a fashion specialty retailer. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 353 stores in 40 states, including 122 full-line stores in the United States, Canada and Puerto Rico; 220 Nordstrom Rack stores; two Jeffrey boutiques; and two clearance stores.
CHICAGO — Ivanhoé Cambridge and Callahan Capital Properties have acquired 125 S. Wacker Drive in downtown Chicago for $145 million. The 576,000-square-foot office building is situated at the corner of South Wacker Drive and West Adams Street in the West Loop. The property features a variety of tenant amenities, including a fitness center, conference center, quick-serve restaurant and financial services. The 31-story tower was originally constructed as a headquarters facility for Northern Trust. The new owners plan to make upgrades to the lobby, elevators and other amenities.
HOUSTON — McCord Development has broken ground on Lockwood Business Park, a 25-acre industrial flex campus situated within Generation Park, a 4,000-acre, master-planned development in northeast Houston. The industrial project will comprise three buildings totaling approximately 163,000 square feet built on a speculative basis. Completion of Lockwood Business Park is scheduled for the first half of 2018, according to the Houston Business Journal.
SAN ANTONIO — Castle Lanterra Properties has purchased Agave, a 349-unit, Class A multifamily community located at 633 S. Saint Mary’s St. near downtown San Antonio. The property, which was built in 2016, features amenities such as a resort-style pool, outdoor kitchen and gaming area, fitness center and a yoga studio. A joint venture between Greystar and asset management firm The Carlyle Group sold the property to Castle Lanterra for an undisclosed price.
LAND O’LAKES, FLA. — Wood Partners has sold Alta at Terra Bella, a 311-unit multifamily community located at 23700 Viento Drive in Land O’Lakes, about 19 miles north of Tampa. Northland Investment Corp. purchased the Class A asset from Wood Partners for nearly $52.9 million. Matt Mitchell, Brett Moss and Zach Nolan of HFF represented Wood Partners in the transaction. Built in 2016, Alta at Terra Bella features a zero-entry saltwater swimming pool; outdoor summer kitchen; fitness center with yoga room and children’s playroom; clubhouse with sports lounge; game room with billiards, shuffleboard and kitchen/bar seating; cyber café; dog wash and dog park; and breezeway-access garages. The community’s one-, two- and three-bedroom units average 1,091 square feet.
CHARLOTTE, N.C. — American Realty Advisors and Stonemar Properties have partnered to acquire Ballantyne Village, a 171,559-square-foot mixed-use development located at 14825 Ballantyne Village Way in Charlotte. The sales price was undisclosed, but the Charlotte Business Journal reports that the buyers purchased the asset from a limited liability corporation controlled by Vision Ventures and Mount Vernon Asset Management for $43.2 million. Situated near Ballantyne Corporate Park, which recently sold for more than $1 billion, the development features 13 dining options, two schools, personal services providers, office space and outdoor gathering areas. Rob Carter, David Webb, Rad von Werssowetz and Alex Quarrier of Berkeley Capital Advisors represented the seller in the transaction.
ALLEN, TEXAS — Private equity firm Vestar has secured $8.6 million in financing for Twin Creeks Marketplace, a 43,134-square-foot retail center located at 1265 W. Exchange Parkway in the Dallas-Fort Worth metro of Allen. The property, which was developed in 2016, was 100 percent leased at the time of loan closing to anchor Sprouts Farmers Market, as well as tenants such as Verizon Wireless, Starbucks Coffee and Advancial Credit Union. Vestar secured the 15-year loan through Lincoln National Life Insurance Co.
ELLENWOOD, GA. — Hillwood plans to build Clayton Commerce Center, a 797,580-square-foot distribution center located near Interstate 675 in Ellenwood, about nine miles east of Hartsfield-Jackson Atlanta International Airport. The facility will be Hillwood’s first metro Atlanta project built on a speculative basis. The property will include 36-foot clear heights, an ESFR sprinkler system, cross-dock configuration, 231 trailer storage spaces and 442 parking spaces for automobiles. Clayton County is the only county in metro Atlanta to be designated Tier 1 by the Georgia Department of Community Affairs, and Hillwood’s development is expected to offer potential tenants job tax credits and property tax reductions. Hillwood has selected Reliant Real Estate Partners to lease Clayton Commerce Center, which is expected to come on line in December.
GREENSBORO, N.C. — Vesper Holdings has acquired Campus Crossing Sherwood Forest, a 790-bed student housing community located near the University of North Carolina at Greensboro, for $36.5 million. The property comprises one-, two-, three- and four-bedroom units. Community amenities include a 12,000-square-foot clubhouse, swimming pool, hot tub, fitness center, rock wall, spin and yoga studios, a computer lab, game room, movie theater, tanning beds and a volleyball court. The new ownership plans to rebrand the community and execute $1.8 million worth of renovations to units, shared amenities and the property’s exterior. Vesper acquired the asset from an undisclosed, local owner in the off-market transaction.