PORTLAND, ORE. — Bentall Kennedy has purchased the Oregon Clinic Gateway Medical Office Building in Portland for an undisclosed sum. The 101,299-square-foot building is located at 1111 N.E. 99th Ave. It was built in 2006. The facility is fully leased as medical offices, day surgery, on-site diagnostic imaging and laboratory centers. This is the firm’s first medical office building investment in Portland.
PEORIA, ARIZ. — A joint venture between Henley USA and Modern Residential Co. has purchased the 216-unit Sonoma Pines apartments in Peoria for $19 million. The community is located at 8650 W. Peoria Ave. It was built in 1984. David and Steve Gebing of Institutional Property Advisors represented the buyer and seller, Mentor Properties, in this transaction.
POMONA, CALIF. — Integrity Housing has opened Olivera Senior Apartments, an 84-unit affordable seniors housing community in the Los Angeles suburb of Pomona. The property is already fully leased. Residents must be seniors making between 30 percent and 60 percent of the area median income. Five units are reserved for veterans using Veterans Affairs Supportive Housing (VASH) vouchers. Integrity financed Olivera using 9 percent Low Income Housing Tax Credits and funding from the Federal Home Loan Bank Affordable Housing Program. US Bank provided the construction loan, California Community Reinvestment Corporation provided the permanent loan and City Real Estate Advisors is the tax credit equity partner. Integrity Housing developed the property in partnership with Mayans Housing Corp. KTGY Architecture + Planning and MJS Landscape Architecture designed the property. FPI Property Management operates the property, and has partnered with EngAGE to provide arts and wellness programming for residents.
LAS VEGAS — The Greater Las Vegas Association of Realtors (GLVAR) has sold its local headquarters for $2.7 million. The office is located at 1750 E. Sahara Ave. GLVAR has leased the space back from the new owner, Laborers’ International Union North America (LIUNA), until its new facility is built on Rainbow Boulevard, just north of Sunset Road. David R. Scherer of Newmark Grubb Knight Frank represented GLVAR, while Peter Guzman represented LIUNA.
HOUSTON — NAI Partners has negotiated a 21,263-square-foot office lease renewal at Brookhollow Central II, located at 2900 N. Loop West in Houston. Dan Boyles and Liz Westcott-Brown of NAI Partners represented the tenant, Houston-based law firm Lorance & Thompson PC. Brian Strait of Lincoln Property Co. represented the landlord, Parmenter Brookhollow LLC, during the negotiations.
FORT MYERS, FLA. — Knott Realty Group has purchased 27 acres of land located at 10400 Meridian Center Parkway in Fort Myers with plans to develop an industrial park at the site. The Baltimore-based company purchased the site from Meridian Airport Park LLC for an undisclosed price. Dubbed Meridian Center, the park will include two speculative buildings totaling 350,000 square feet that are suitable for distribution, warehousing or manufacturing. The property is situated roughly one mile from Southwest Florida International Airport. Knott Realty will initially construct a single-story, 200,000-square-foot manufacturing and distribution facility equipped with 32-foot ceilings, multiple drive-in and loading dock doors and parking accommodations for more than 350 vehicles. The building is slated for completion in summer 2018. Following completion of the first building, the company will begin construction on 150,000 square feet of additional space in a second facility.
ROCK HILL, S.C. — Ware Malcomb, an international commercial real estate design firm, has helped deliver Legacy Park West, a 558,000-square-foot industrial property in Rock Hill, a South Carolina suburb of Charlotte. The development is located roughly one mile from Interstate 77 and includes two speculative industrial buildings, with a third building planned for the future. The one-story buildings feature concrete tilt-up wall panels, insulated steel roof structures and 30- and 32-foot clear heights. Evans General Contractors was the general contractor for the project, and Scannell Properties was the developer.
LOUISVILLE, KY. — Molto Properties, in conjunction with Verus Partners, has acquired 30.4 acres of land to develop a 677,685-square-foot logistics building within the Air Commerce Business Park in Louisville. The project launches the third phase of construction for the industrial park. The new building will feature 36-foot clear heights, trailer parking and car parking. The development is located roughly eight miles from Louisville International Airport. CBRE will market the property and handle the development’s leasing assignment. Phase III is slated for completion in the second quarter of 2018.
ROYAL PALM BEACH, FLA. — Related Development LLC has secured a $52 million construction loan through JP Morgan for Town Southern, a 392-unit apartment community in Royal Palm Beach. The development will include one- to three-bedroom units and feature a private theater, fitness center, yoga and virtual spinning room, steam room, swimming pool, outdoor billiards area, putting green and a tennis court. The project is slated for completion in 2018.
HOT SPRINGS, ARK. — HREC Investment Advisors has arranged the sale of Clarion on the Lake, a 150-room hotel in Hot Springs. A regional hotel owner/operator purchased the asset for an undisclosed price. Kevin Hanley and Patrick Culligan of HREC represented the undisclosed seller in the transaction. The hotel is located on the shore of Lake Hamilton and features a swimming pool, outdoor cabana bar, volleyball court, picnic area and a playground.
