HOUSTON — Colliers International has negotiated two office/warehouse leases at 9777 W. Gulf Bank Road in Houston. Donald Fincher of TruCore Commercial represented Armadillo Photo Supply Inc., which leased 9,746 square feet. Stephen Kuper and Preston Yaggi of Lee & Associates represented Helios Digital Packaging Inc., which leased 16,081 square feet. Walter Menuet and Judd Harrison of Colliers International represented the landlord in the transaction.
CHANDLER, ARIZ. — Passco Cos. has acquired the 389-unit Almeria at Ocotillo apartment community in Chandler for $80 million. The community is located at 2470 and 2471 W. Edgewater Way within the Ocotillo master-planned community. Almeria is walking distance to three of the largest employers in an area known as Silicon Desert. These include Intel, Orbital ATK and Wells Fargo, which is planning to expand within the area. The bank will soon occupy an additional two 13-story office towers that may eventually bring more than 13,000 employees to the area. CBRE’S Sean Cunningham represented both Passco and the seller, PB Bell, in this transaction.
WEST VALLEY CITY, UTAH — An unnamed buyer has acquired the 278-unit Sage Gate at Haynes Landing multifamily community for $52.6 million. The community is located at 2700 S. Anna Caroline Drive, about 11 miles from Salt Lake City. Sage Gate was built in 2014. Nearby employers include Discover Financial, UPS and Verizon Wireless. Daniel Shin and Brock Zylstra of Marcus & Millichap represented both the buyer and seller in this transaction.
NORTH LAS VEGAS — Fanatics has leased 400,000 square feet of distribution space at the Northgate Distribution Center in North Las Vegas, which is currently under construction. The 108-acre industrial property will be situated on Lamb Boulevard off Interstate 15. Phase I of the 2 million-square-foot industrial park will include the largest speculative industrial building ever constructed in Southern Nevada, according to the developer, VanTrust Real Estate LLC. This phase will include six buildings once completed this October. Phase II, which will add 600,000 square feet to the project, will commence this month. The sports merchandise retailer is the first tenant to sign at Northgate Distribution Center. The project’s general contractor is Martin Harris Contracting. HPA Architecture will design the center. Dan Doherty of Colliers International represented Fanatics in the deal. CBRE’s Kevin Higgins represented VanTrust in the lease transaction.
SANTEE, CALIF. — CBRE has arranged a $25 million Freddie Mac loan for The Grant Companies to refinance The Pointe at Lantern Crest, a 102-unit independent living and assisted living community in the San Diego suburb of Santee. The Class A community is Phase II of a larger campus. Phase I, The Ridge at Lantern Crest, was also financed with a CBRE-originated Freddie Mac loan in 2014. Lantern Crest Management operates the communities. The 10-year, fixed-rate mortgage includes 72 months of interest-only payments. Aron Will of CBRE National Senior Housing and Bill Chiles and Scott Peterson of the CBRE Debt & Structured Finance team in San Diego, arranged the financing. Founded in 1989, The Grant Companies has developed more than $500 million in medical office buildings, seniors housing and other commercial developments.
FLAGSTAFF, ARIZ. — Welbrook Senior Living has started construction of a 50-bed skilled nursing facility in Flagstaff. Services at the facility will focus on transitional rehabilitation. Development costs were estimated at $13 million. Welbrook has partnered with Embree Asset Group to develop the facility. Construction is slated for completion in late 2017. Based in California, Welbrook is a seniors housing operator just entering the transitional rehab space. Embree is a construction and development company that has worked in all 50 states.
MARQUETTE, MICH. — A joint venture between Skanska and Closner Construction will build a new hospital for Duke LifePoint Healthcare for $206 million. The facility will serve as a replacement hospital for UP Health System – Marquette, also known as Marquette General Hospital. The 164,000-square-foot, 243-bed replacement facility includes approximately 46,000 square feet of diagnostic and therapeutic services and 56,000 square feet of patient care services. Additionally, the project will include an adjoining medical office building and a parking structure. The project is slated for completion in October 2018. The city of Marquette is located in Michigan’s Upper Peninsula. With a population of 21,335, it is the UP’s largest community, according to the city’s website.
ITASCA, ILL. — A buyer in a 1031 exchange has acquired a 40,150-square-foot industrial facility in Itasca, approximately 25 miles northwest of Chicago, for $6.2 million. The building, sold by an undisclosed development firm, is situated within the Spring Lake Business Park. LabCorp of America occupies the facility, which is located on 3.3 acres at 150 Spring Lake Drive. The building underwent a $7.2 million renovation that included a new roof, HVAC units and a parking lot. The facility was also built out to meet the needs of LabCorp, which still has eight years remaining on its lease. Jason Caplan of SVN | Chicago Commercial represented the buyer in the transaction, and Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller.
BETTENDORF, IOWA — Montecito Medical has acquired a three-story, 59,615-square-foot medical office building in Bettendorf for an undisclosed price. The Class A Terrace Park Professional Center was built in 2004 and is connected to the 139-bed Trinity Medical Center. Onsite specialties include orthopedics, OBGYN, wound care, MRI, neurology, family medicine, pain management and pediatrics. Lockard Development Inc. was the seller in the transaction.
FAIRFIELD AND FOREST PARK, OHIO — CBRE Group Inc. has brokered the sale of two office and warehouse buildings near Cincinnati for an undisclosed price. Fairfield Business Center totals 44,011 square feet, and Kemper Woods Business Center totals 98,248 square feet. Chicago-based Brennan Investment Group purchased the buildings from two separate undisclosed sellers. Keith Yearout, Jim Vondran, Doug Whitten, Mike Lowe, Tim Schenke and Jeremy Kraus of CBRE represented the two sellers in the transaction. The team will also market the properties for lease.
