Property Type

UNIZO Acquires Two Office Buildings in Washington, D.C. for $259M

by Kristin Harlow April 28, 2017

WASHINGTON, D.C. — UNIZO Holdings Co. Ltd. has acquired two Class A office buildings in Washington for $259 million. The buildings, 1325 and 1341 G St., total 440,419 square feet and are located two blocks from the White House. Built in 1969 and renovated in 2017, 1325 G. St. consists of 307,705 square feet. Originally built in 1903 and also known as The Colorado Building, 1341 G. St. consists of 132,714 square feet of office and retail space. Andrew Weir, Stephen Conley, Jim Meisel, Dek Potts and Matt Nicholson of HFF arranged the sale on behalf of the sellers, Westbrook Partners LLC and TIER REIT Inc. HFF also procured the buyer. In June 2015, HFF arranged the joint venture between Westbrook and TIER REIT. The partners repositioned the properties with a lobby renovation. Westbrook is a real estate investment management company with more than $14 billion of equity in over $50 billion of real estate transactions. TIER REIT (NYSE: TIER) is a real estate investment trust based in Dallas with a focus on owning quality office properties. With this sale, TIER REIT has announced its exit from the Washington, D.C. market. UNIZO is a real estate company based in Tokyo. …

April 28, 2017

Multifamily Seniors Housing Washington Western

LCS Completes $154.5M Phase II Expansion of Seniors Housing Community Near Seattle

by Nellie Day April 27, 2017

ISSAQUAH, WASH. — Life Care Services has completed the $154.5 million Phase II expansion of Timber Ridge at Talus, a continuing care retirement community in the Seattle Suburb of Issaquah. The project expanded the health center, which offers skilled nursing and rehabilitation services, and added 145 independent living units, an indoor swimming pool and 190-seat auditorium. The property now offers 329 total independent living units. The community is built on 10 acres within Talus, a 630-acre, master-planned residential project at the base of Cougar Mountain. Life Care Services and Westminster Funds are joint-venture owners of Timber Ridge. The Weitz Company was general contractor on the expansion. Publicly traded healthcare REIT National Health Investors Inc. (NYSE: NHI) provided funding for the project.

April 27, 2017

Connecticut Hospitality Northeast

UC Funds Acquires Residence Inn by Marriott in Stamford, Conn., for $40M

by Haisten Willis April 27, 2017

STAMFORD, CONN. — UC Funds has acquired the Residence Inn by Marriott under construction in Stamford for $40 million. The property will be the only extended-stay hotel in downtown Stamford. Construction on the eight-story hotel is 60 percent complete, with delivery expected next winter. The 156-room property will include a fitness center, business center, breakfast area and meeting space.

April 27, 2017

Arizona Office Western

Cypress Office Properties Begins $50M Renovation of Renaissance Square in Phoenix

by Nellie Day April 27, 2017

PHOENIX — Cypress Office Properties has begun renovation work on the Renaissance Square office building in Phoenix. The building is located at 40 N. Central Ave. The $50 million renovation will span both towers. The first tower will feature a “tech” atmosphere that contains a lobby with a live plant wall and integrated technology for digital signage. The second building will feature boutique-style interior finishes with a warm hospitality feel. The first phase of the renovation will include a $10 million investment that will upgrade both buildings’ lobbies, the lower level lobby and elevators. It will also include the creation of a 7,000-square-foot, multi-purpose conference facility and multiple office suites. Wespac Construction is acting as the general contractor, while Craig Coppola of Lee & Associates Arizona will serve as the leasing agent.

April 27, 2017

Arizona Office Western

Kramer-Wilson Buys Chandler Midway Corporate Center Buildings for $23.3M

by Nellie Day April 27, 2017

CHANDLER, ARIZ. — Kramer-Wilson Company has purchased two office buildings within the Chandler Midway Corporate Center for $23.3 million. The Class A buildings are located at 5670 and 5710 W. Chandler Blvd. in Chandler. The assets are fully leased. CBRE’s Barry Gabel and Chris Marchildon represented the seller, ViaWest Group, in this transaction.

April 27, 2017

California Hospitality Loans Western

Shamina Investments Receives $11.2M Acquisition Loan for Claremont Hotel Westwood in Los Angeles

by Nellie Day April 27, 2017

LOS ANGELES — Shamina Investments has received an $11.2 million loan to acquire and renovate the 53-room Claremont Hotel Westwood in Los Angeles. The hotel is located at 1044 Tiverton Ave. in Westwood Village. The Claremont Hotel was built in 1939. The hotel will re-open the hotel in February 2018 as the Palihotel Westwood under the Paligroup hotel flag. Paligroup currently manages and operates four daily and extended-stay boutique properties in the Los Angeles area. The five-year, non-recourse loan was priced at a spread over the 30-day LIBOR. It includes structure for reserves to cover renovation costs, debt service and operating deficits prior to stabilization, according to Thorofare’s Felix Gutnikov, who originated the financing. The New York City office of Mission Capital Advisors LLC arranged the loan. The seller was a local family.

April 27, 2017

Multifamily New Mexico Seniors Housing Western

Welbrook Nears Completion of 50-Bed Skilled Nursing Facility in New Mexico

by Nellie Day April 27, 2017

LAS CRUCES, N.M. — Welbrook Senior Living expects to complete construction of 50-bed skilled nursing facility in Las Cruces, just north of El Paso, Texas, by the end of June. The property, which has not yet been named, will largely focus on short-stay rehabilitation. Partners on the funding, design and construction of the property include National Healthcare Development Inc., Northstar Commercial Partners, Lantz-Boggio Architects and Catamount Constructors. California-based Welbrook has 11 communities opened or under construction in California, Nevada, Utah, Colorado, New Mexico, Illinois and Arizona. Its properties span the continuum of care.

April 27, 2017

Office Texas Uncategorized

KDC Tops Off $300M, 1 MSF JPMorgan Chase Corporate Campus at Legacy West

by Taylor Williams April 27, 2017

PLANO, TEXAS — Developer KDC has topped off JPMorgan Chase’s new, 1 million-square-foot corporate office campus at the Legacy West development in Plano. The $300 million, 50-acre campus features amenities such as a food court, health and wellness center, training and conference space, and a childcare center. Approximately 6,000 JPMorgan Chase employees are expected to work at the property beginning in the second half of 2017.

April 27, 2017

Multifamily Texas

CBRE Brokers Sale of 143-Unit Apartment Community in Carrollton

by Taylor Williams April 27, 2017

CARROLLTON, TEXAS — CBRE has arranged the sale of Villas de la Colonia, a 143-unit multifamily community located at 1515 Metrocrest Drive in the Dallas-Fort Worth metro of Carrollton. Built in 1969, the community features a mix of one-, two- and three-bedroom units averaging 822 square feet per unit. Chris Deuillet of CBRE represented the seller, California-based Communidad Realty Partners, which sold the property to Aspire Ventures LLC, a Pennsylvania-based private equity firm. Villas de la Colonia was 95 percent occupied at the time of sale.

April 27, 2017

Retail Texas

Baker Katz Secures Two Leases Totaling 13,000 SF in Metro Houston for Outback Steakhouse

by Taylor Williams April 27, 2017

KATY AND PASADENA, TEXAS — Baker Katz has negotiated two leases totaling 13,000 square feet in the Houston suburbs of Katy and Pasadena on behalf of Outback Steakhouse. The Katy restaurant will be located at the intersection of Interstate 10 and Katy Fort Bend Road. The Pasadena restaurant will be located at the corner of Vista Road and State Highway Beltway 8. Stephen Tou of Retail Connection and Lindsay Schlueter of Glasier Retail Partners represented the landlords in Katy and Pasadena, respectively.

April 27, 2017

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