RENO, NEV. — Griffin-American Healthcare REIT IV has purchased a 191,000-square-foot medical office building in Reno for an undisclosed sum. The Class A building is situated on the campus of St. Mary’s Regional Medical Center. The six-story building is fully leased to seven tenants. Approximately 80 percent of the building is leased to Prime Healthcare Services – Reno LLC, the operator of St. Mary’s Regional Medical Center. The property is the primary outpatient location for the hospital, providing healthcare services like wellness, physical therapy, obstetrics and gynecology, oncology, radiology, women’s health, neurology, bariatrics and internal medicine. Ensemble Real Estate Solutions & Investments developed the asset. CBRE’s Chris Bodnar and Lee Asher represented the seller, an unaffiliated third party. Griffin-American financed the acquisition using cash on hand. It also borrowed under its line of credit with Bank of America and KeyBank National Association. American Healthcare Investors and Griffin Capital Company co-sponsor the REIT.
EL SEGUNDO, CALIF. — NSB Associates has commenced construction on Ascend, an 80,000-square-foot creative office building in El Segundo. The property is situated at the Utah Avenue Campus. Legendary architect Frank Gehry will design Ascend. It will include customizable, creative workplaces with 24-foot clear-height ceilings, large glass panel walls, skylights and 16,000 square feet of private outdoor patio space for collaboration. The building sits on a podium over a covered parking structure. The building is near to the LA Metro Green Line and LAX. It is scheduled for occupancy in the fourth quarter of 2017. JLL’s Mike McRoskey, Blake Searles, Evan Moran and Jason Fine are leading the property’s leasing efforts.
MENIFEE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $9 million sale of a single-tenant, 17,185-square-foot, Rite Aid-occupied property located in Menifee. Kevin Fryman of Hanley represented the seller, Parkcrest Construction Inc. Ron Duong of Marcus & Millichap represented the buyer, an undisclosed private investor. Rite Aid has nearly 20 years remaining on its initial lease term, with increases every 10 years.
FARMERS BRANCH, TEXAS — Centurion American Development Co. and the City of Farmers Branch have broken ground on Mercer Crossing, a $1 billion mixed-use development in Farmers Branch, a northern suburb of Dallas. Situated on 370 acres at the corner of Luna Road and Whittington Lane, the property will include more than 2,250 apartments, a 48-acre office park, hotel, amphitheater and retail space.
DALLAS — RED Development has secured a 68,000-square-foot lease for international law firm Akin Gump at The Union Dallas, an 800,000-square-foot mixed-use development located at the intersection of Field and Cedar Streets in downtown Dallas. The project consists of a 22-story office tower, in which the firm has leased three floors, as well as a 23-story, 309-unit apartment building and a 60,000-square-foot Tom Thumb grocery store. The property, which is scheduled for a 2018 delivery, is now 60 percent leased.
FORT WORTH, TEXAS — HFF has arranged an undisclosed amount of acquisition financing for The Venue at Hometown, a 209-unit, Class A multifamily property located at 9012 Courtenay St in Fort Worth. Cortney Cole and Steve Heldenfels of HFF arranged the seven-year loan, which features a 4.06 percent fixed interest rate, on behalf of Venterra Realty, a Houston-based management firm. At the time of the loan closing, the property, which includes a pool, fitness center and business center, was 94 percent leased.
HOUSTON — Targa Resources Group, a publicly traded midstream energy company, has leased 127,724 square feet of office space at 811 Louisiana St. The Class A, 577,735-square-foot office tower is located in Houston’s Central Business District. Tim Relyea, Chad Beck, David Guion and Morgan Relyea of Cushman & Wakefield represented the unspecified landlord in the transaction. Chip Colvill, Paula Bruns and Damon Thames of Colvill Office Properties represented Targa Resources Group.
SPRING, TEXAS — NorthMarq Capital has arranged the refinancing of Alexan Auburn Lakes, a 346-unit multifamily property located at 6000 W. Rayford Road in Spring, about 25 miles north of Houston. Kerry French of NorthMarq structured the transaction with a seven-year term featuring two years of interest-only payments and a 30-year amortization schedule. Freddie Mac provided the funds.
ATLANTA — Winter Construction has broken ground on a 266,000-square-foot hotel by Marriott, located on 14th Street near the intersection of Peachtree Street in Atlanta’s Midtown neighborhood. The hotel will be dual branded as AC Hotel, which will comprise 133 rooms, and Moxy Hotel, which will offer 155 rooms. The hotels will share several levels of parking and a rooftop pool and bar. Cooper Carry Inc. designed the $70 million project; Noble Investment Group is the developer.
WINTER HAVEN, FLA. — Beasley Real Estate Services has completed the sale of Central Florida Business Park, a 775,864-square-foot industrial property located at 5300 Recker Highway in the Orlando suburb of Winter Haven. Situated on 52 acres, the property spans nine buildings ranging in size from 2,400 square feet to 297,000 square feet. Fred Beasley of Beasley Real Estate represented the seller, Legacy Capital Partners, a private equity investor based in Boulder, Colo., in the transaction. George Pjevach of Beasley procured the buyer, IS-CAN CFBP LO, a Montreal-based company. The buildings were 86 percent occupied at the time of sale.