LOS ANGELES — A joint venture between Roxborough Fund I and the Ruth Group LLC has purchased a 304,821-square-foot office tower in Los Angeles for $12.5 million. The 15-story tower is located at 9841 Airport Blvd. near Los Angeles International Airport (LAX). The asset is currently 62 percent occupied.
FLAGSTAFF, ARIZ. — Chicago-based Core Spaces is set to deliver six student housing communities in summer 2018. Developments include Hub on Campus Flagstaff, a 591-bed community near Northern Arizona University. Other Hub on Campus communities will be built in West Lafayette near Purdue University; Minneapolis near the University of Minnesota; Ann Arbor near the University of Michigan; Tuscaloosa near the University of Alabama; and Orlando near the University of Central Florida.
GLENDORA, CALIF. — Three new tenants are set to open at 655 S. Grand Ave., a 70,500-square-foot shopping center currently undergoing redevelopment in the Los Angeles suburb of Glendora. Creamistry, an ice cream shop, signed a lease for 1,271 square feet; Oke Poke, a fast-casual poke restaurant, signed a lease for 1,289 square feet; and Orangetheory Fitness, a fitness center franchise, signed a lease for 3,497 square feet. All new locations will open in October. Shauna Mattis and Blake Kaplan of JLL represented the landlord, Champion Real Estate Co., in each leasing transaction. Scott Simcik and Shaun Kennedy of FGP Commercial Leasing represented Creamistry. Minerva Baral represented Oke Poke. Jesse Rehmeier of Retail Select Services represented Orangetheory Fitness. The redevelopment is set for completion in July.
THE WOODLANDS, TEXAS — JLL has arranged $175 million in refinancing for Market Street — The Woodlands, a 493,400-square-foot mixed-use asset located at 9595 Six Pines Drive in The Woodlands. The property features approximately 375,600 square feet of retail space and 114,900 square feet of office space. Tom Melody and John Ream of JLL arranged the fixed-rate loan through a partnership between Morgan Stanley and Wells Fargo.
ODESSA, TEXAS — Berkadia has arranged a $25.1 million loan for the acquisition of Faudree Ranch Apartments, a 300-unit multifamily community in Odessa. Charles Foschini and Christopher Apone of Berkadia arranged the fixed-rate loan on behalf of the borrower, Faudree Ranch Apartments LLC. JPMorgan originated the loan, which features a five-year term and a 67 percent loan-to-value ratio. The property was 90 percent occupied at the time of acquisition.
LANCASTER, TEXAS — Arch-Con Construction has completed Park 20 Distribution Center, a tilt-wall, cross-dock industrial property situated on 36 acres in Lancaster. Built for Denver-based developer Huntington Industrial Partners, the property measures 468,000 square feet and features 32-foot clear heights and 101 overhead doors. Meinhardt & Associates Architects PLLC designed the project.
DALLAS — Marcus & Millichap has brokered the sale of Sienna Creek, a 152-unit apartment complex located at 11601 Audelia Road near Interstate 635 in Dallas. Al Silva of Marcus & Millichap represented the seller, Madera Residential, and procured the buyer, a Dallas-based partnership. The new owner plans to rebrand and make capital investments to the property, which was built in 1980
COLUMBUS, OHIO — Foresite Realty OH LLC, an affiliate of Foresite Realty Partners LLC, has arranged the sale of Clearpoint Garden Apartments in Columbus. The sales price was not disclosed. The property consists of 33 buildings totaling 604 units, including 284 one-bedroom, 233 two-bedroom and 87 three-bedroom units. Approximately $5 million in capital expenditures was completed at the property. Jamie Hadac and Kristen Keehnast of Foresite represented the seller in the transaction. A multifamily investment firm, 1699 Shanley Drive LLC, purchased the property.
CHICAGO — Flex-N-Gate has signed a 288,000-square-foot industrial lease on Chicago’s south side. The property, slated to open early next year, is located at 2924 126th St. The automotive equipment supplier will begin its lease of the facility in January 2018 and will convert the existing warehouse into a modern automotive operation that will serve multiple automakers, including the nearby Ford Chicago Assembly Plant. Conversion of the space is slated for completion by the first quarter of 2019. Flex-N-Gate has entered into a 10-year Economic Development for a Growing Economy (EDGE) partnership with the State of Illinois and the City of Chicago. Through the partnership, Flex-N-Gate has committed to hiring at least 286 full-time employees over the next three years and investing $30 million into the facility over the next 10 years. The firm will receive various tax credits and abatements during the 10-year period. CBRE Asset Services manages the property and surrounding Chicago Manufacturing Campus. Mitch Adams and George Maragos of CBRE represented ownership in the transaction, while Jason West and Mike Magliano of Cushman & Wakefield represented Flex-N-Gate.
LAKE ZURICH, ILL. — PREMIER Design + Build Group is constructing a 49,835-square-foot expansion for ECHO Inc.’s headquarters in Lake Zurich, a suburb of Chicago. The new addition will bring the outdoor power equipment supplier’s corporate campus to 578,000 square feet of office and manufacturing space. The property is situated on 35 acres at 400 Oakwood Road. The new parking lot will feature space for 212 cars. Mark Melone, Samantha Skopek and Tom Johnson of PREMIER are responsible for the project. Stephen Rankin Associates is the architectural firm for the expansion. Structurelogic Inc. is providing structural engineering expertise, while Kimley-Horn is providing civil engineering services.
