DALLAS — Balfour Beatty has been selected by Highland Park Independent School District (HPISD) to serve as the district’s construction partner for a $110 million elementary construction and renovation program. A result of HPISD’s 2015 bond election, the program includes the construction of four elementary schools and renovation of a fifth elementary school. The project’s first phase is underway as Balfour Beatty manages construction of a 100,000-square-foot campus, which is the district’s first new elementary school since 1948. Situated on 4.6 acres, the new elementary school will provide flexible learning spaces, outdoor classrooms and a one-story underground garage with 90 parking spaces. This facility will serve as the “swing” school to accommodate the faculty and students who are subsequently displaced while their new schools are constructed over the following three years. Upon completion of the first school in summer 2017, Balfour Beatty will commence with the demolition and construction of replacement campuses for the three remaining schools. As each new school is completed in 13-month windows, the project team will move to the next campus. Each of the 100,000-square-foot replacement campuses will also include underground parking garages. In addition to the four new elementary schools, the district’s fifth elementary school …
KATY, TEXAS — The first round of retailers will open Oct. 28 in the 89-acre Grand Morton Town Center, including a 125,531-square-foot Kroger Marketplace. The NewQuest Properties project, being developed in phases, ultimately will bring 600,459 square feet of retail, restaurants and medical offices to the neighborhood. Opening in tandem with Kroger Marketplace will be Ideal Dental, Supercuts, T-Mobile and Today’s Vision, totaling 7,700 square feet. Rebecca Le and Josh Friedlander of Houston-based NewQuest will handle leasing. Grand Morton Town Center includes more than three-quarters of a mile of frontage along Grand Parkway. About 60 percent of the project is pre-leased, leased or under negotiation for a lease. The project also includes 16 pad sites, four of which will be occupied by McDonald’s, Taco Bell, Chick-fil-A and Whataburger.
WILDOMAR, CALIF. — R&V Management Corp. has purchased the 312-unit Oak Springs Ranch in Wildomar for $78.5 million. The community is located at 24055 Clinton Keith Road, just north of Temecula. Oak Springs Ranch was built in 2014. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia executed the sale. The seller was Oak Springs Ranch LLC, which is composed of developer GLJ Partners and affiliates of Sarofim Realty Advisors.
FORT WORTH, TEXAS — Hangover Opportunity Fund LLC has sold a 138,000-square-foot, two-building project in Fort Worth’s Carter Industrial Park. The 11.5-acre property at 1200 Forum Way S. is net-leased to May Group International, a custom sign manufacturer. Shortly before the property hit the market, the advertising company signed a seven-year renewal for the 60,000-square-foot and 78,000-square-foot office/warehouses, which are used as its headquarters and production facility, respectively. Texas-based SkyWalker Property Partners is liquidating Hangover’s 21-property portfolio. The 1200 Forum Way campus, bought by Hangover in mid-November 2013, is the ninth asset in Hangover’s portfolio to sell. Two more properties are under contract. Theron Bryant and Joe Hamilton of Coldwell Banker Commercial Advisors represented the seller. Chance Olin of Holt Lunsford Commercial negotiated for the local buyer, Forum Way Investments LLC. Bryant also negotiated the lease renewal with May Group.
LOS ANGELES — Hyatt Hotels Corporation has completed the transition of the Concourse Hotel at Los Angeles Airport to the Hyatt Regency Los Angeles International Airport. The 580-room hotel is undergoing an extensive $75 million renovation. The hotel is situated less than one block from the Los Angeles International Airport. It is the closest hotel to the airport, and the only airport hotel with direct shuttle service to LAX. The hotel offers more than 50,000 square feet of meeting space, including one of the largest ballrooms in the LAX market at 14,000 square feet. The Hyatt also features the only outdoor event lawns in the area, which can accommodate up to 750 guests. A newly built conference center includes more than 10,000 square feet of meeting space. Dining options include Open Market and Unity L.A. The Hyatt Regency Los Angeles International Airport is currently open and accepting guests.
LOS ANGELES — An affiliate of Pacific Urban Residential has purchased the 191-unit IMT Thousand Oaks apartments for $67 million. The community is located at 491 W. Gainsborough Road in the Los Angeles submarket of Thousand Oaks. IMT Thousand Oaks is situated along U.S. Highway 101. Notable employers in the area include Amgen, General Dynamics Corp., Verizon, WellPoint, JD Power & Associates, Teledyne Technologies, Audi, Kythera Biopharmaceuticals and the Dole Food Co. The community was built in 1973. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented the seller, IMT Capital LLC, in this transaction.
LAKEWOOD, COLO. — Gelt has purchased the 400-unit Westhills apartments in Lakewood for $66 million. The community is located at 453 Van Gordon St. Westhills was built in 1972. FPA Multifamily, the previous owner, recently renovated about 30 percent of the units. Gelt plans to fully renovate approximately 100 of the original units with vinyl plank flooring, stainless steel appliances, new cabinet faces, new fixtures, and the addition of stackable washer-dryer units. Gelt will also upgrade the remaining units, which were renovated a decade ago, by adding stainless steel appliances, vinyl plank flooring and new fixtures. The owner will also add new amenities like a bike room, storage room, entertainment room and barbeque pits. Notable employers in the area include the Denver Federal Center, St. Anthony’s Medical Center, Lakewood Technology Center, Red Rocks Community College and the Colorado Mills Mall. The garden-style community is also within walking distance of the Federal Center Light Rail Station. This is Gelt’s second acquisition in the Denver region. The firm is looking to acquire 2,000 apartment units over the next 12 months. In addition to Denver, its target markets include Salt Lake City, Portland, Seattle, Reno, the San Francisco Bay Area and Los Angeles.
CENTENNIAL, COLO. — Central Development has announced plans to build Encompass Business Park, a 55-acre office and industrial park, in Centennial. The Class A park will be situated on South Blackhawk Street, between East Arapahoe Road and East Fremont Avenue. The site, formerly known as Centennial East Corporate Center, will soon contain a 150,000-square-foot spec industrial building. This will be the largest individual spec industrial project in southeast Denver, according to Central Development. The new Encompass Business Park will offer a total of 13 development sites, ranging from 14,000 square feet to 150,000 square feet, with broad and flexible zoning that can accommodate retail, office, flex, industrial, medical and storage uses. Central Development purchased the land for Phase I from Jordan-Arapahoe LLC for $4.5 million. NGKF’s Kittie Hook and Wade Fletcher represented the LLC and assisted Central Development in the acquisition. The team is also handling the marketing, sales and leasing for Encompass. Central Development’s capital partner on the project is an LLC managed by Washington Capital Management.
DALLAS — Invesco will rebrand the 1920 McKinney office tower in Dallas as Parkview at 1920 McKinney, emphasizing the property’s location overlooking Klyde Warren Park. The 12-story, Class A office and retail property is located in the Uptown submarket. The building spans more than 141,000 square feet of rentable office space, with balconies on every office level and views of both the downtown Dallas skyline and the park. Over 50 percent of the property has been leased with 66,000 square feet of contiguous office space available. JLL’s Daryl Mullin, James Esquivel and Ashley Curry are leading the leasing and marketing efforts. The location also offers on-site dining at Water Grill, which is scheduled to open in December, a full-service fitness center, access to the Katy Trail and Klyde Warren Park, 100 percent covered parking and on-site management.
CANTON, TEXAS — Pioneer Realty Capital LLC, a Texas-based commercial real estate lender, has closed a $1 million refinancing loan for a 40-room Motel 6 located along North Trade Days Boulevard in Canton. The Pioneer Realty Capital team provided the owners of Sandy MJ LLC with an expedited closing that enabled the client to avoid pre-payment expenses.