RIVERSIDE, CALIF. — Industrial Property Trust has acquired Alessandro Business Center, a 582,000-square-foot industrial facility in Riverside, for $51.6 million. The facility is located at 7295 San Gorgonio Drive. Ascena Retail Group fully occupies the institutional-quality center. Jeff Chiate, Jeff Cole and Chuck Belden of Cushman & Wakefield, along with James Panting of Commercial Realty Advisors, represented the seller, Western Realco/Cigna, in this transaction.
SAN FRANCISCO — PCCP has provided a $48.5 million construction loan for the development of Bay Area Logistics Center, a 707,600-square-foot distribution facility in the East Bay submarket of Richmond. The park will be situated within the master-planned Pinole Point Industrial Park. Other notable tenants at the park include Amazon, Whole Foods, Williams and Sonoma and UPS. Bay Area Logistics Center is about 16 miles from the Port of Oakland and 27 miles from Oakland Airport. It will sit adjacent to a UPS hub. The facility is scheduled for completion in September 2017. The borrower was LDK Ventures.
LOS ANGELES — Equity Office has announced plans to reposition Howard Hughes Center, a 1.3 million-square-foot office center in the West Los Angeles submarket of Playa Vista. The renovation will transform the project into a connected, creative campus. Initial upgrades will include enhanced, flexible outdoor entertainment areas, drought-tolerant landscaping with mature trees, upgraded “wired” lobbies, contemporary spec suites and customizable floor plans. The repositioning will also better connect the five-building campus. Equity Office is a U.S. office platform that is wholly owned by Blackstone’s real estate funds. Blackstone acquired Howard Hughes Center in November 2016.
SANTA FE, N.M. — A joint venture between Westport Capital Partners and Integro Healthcare Consulting has sold Montecito Santa Fe, a 146-unit independent living and assisted living community in Santa Fe. Sabra Health Care REIT purchased the property for an undisclosed sum. The sellers originally purchased the property out of bankruptcy and repositioned it as a Class A asset. Integro will continue to operate the community after the change in ownership. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Timothy Hosmer of Cushman & Wakefield executed the transaction.
CITY OF LIVE OAK, TEXAS — IKEA has submitted plans to the City of Live Oak for the development of a new store, which will be the company’s fifth location in Texas. Pending approvals, construction of IKEA Live Oak will begin in spring 2018 and open in summer 2019. Located 15 miles northeast of downtown San Antonio, the 289,000-square-foot proposed store and its 1,000-car parking lot will be built on a 31-acre site at the southwestern corner of I-35 and Loop 1604.
AUSTIN, TEXAS — Greensboro, N.C.-based Bell Partners has purchased Aria Steiner Ranch, a multifamily community located in Austin, for an undisclosed price. The 302-unit community has been renamed Bell Steiner Ranch and will be managed by Bell Partners. Built in 2015, the property features 22 three- and four-story garden-style buildings, more than 600 parking spaces, a clubhouse, Full Swing golf simulator, fitness facility, digital café with lounge seating, conference room, resort-style pool, lap pool, an outdoor kitchen and a fenced dog park. The one-, two- and three-bedroom apartments average 1,080 square feet and feature quartz countertops, Energy Star appliances, patios or balconies and full-size washers/dryers. The acquisition is the 34th apartment community in the company’s Texas portfolio. The name of the seller was not released.
DALLAS — Marcus & Millichap has brokered the sale of Cornerstone Apartments, a multifamily property located at 9709 Starlight Road in Dallas. The 209-unit property sold for an undisclosed sum. Built in two phases in 1968 and 1972, Cornerstone Apartments features three on-site laundry facilities, two swimming pools and a gated entry. Al Silva and Ford Braly of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the deal.
KINGWOOD, TEXAS — Origin Investments has completed the disposition of Kingwood Medical Arts, a medical office building located at 300-350 Kingwood Medical Drive in Kingwood. A healthcare REIT acquired the property for an undisclosed price. The 90,000-square-foot property is anchored by a 30,000-square-foot surgical center operated by a venture between Memorial Hermann Health System and United Surgical Partners.
OKLAHOMA CITY — Harborview Capital Partners, on behalf of a California-based client, has arranged a $2.6 million loan for the acquisition of a multifamily property in Oklahoma City. The borrower will use the Freddie Mac Small Balance loan to purchase a 68-unit multifamily community. The 10-year, fixed-rate loan features 36 months of interest-only payments. Jeff Fuchs of Harborview Capital negotiated the loan.
MUNSTER, IND. — Calmwater Capital has provided a $44 million bridge loan to Simborg Development to refinance existing debt, recapitalize the existing partnership and provide capital to lease up the remaining vacancies at Lake Business Center in Munster near Chicago. The 993,017-square-foot former Simmons Bedding Factory contains industrial and medical office space and was 83 percent leased at the time of the transaction. The building is located at 9100, 9120 and 9200 Calumet Ave. A significant portion of the credit facility will finance the payoff of the existing loan, investor buyout and tenant improvements. Ryan Malatesta of Calmwater Capital was the loan originator in the transaction.
