Property Type

TruAmerica Multifamily Purchases Scottsdale Springs Apartments for $81M

by Nellie Day July 7, 2016

SCOTTSDALE, ARIZ. — TruAmerica Multifamily has purchased the 644-unit Scottsdale Springs apartment complex for $81 million. The community is located at 7791 E. Osborn Road in Scottsdale. Scottsdale Springs was built in 1980. TruAmerica plans to renovate the property, which will include the addition of a clubhouse, fitness center, and media and business center. It will also include a new rooftop lounge overlooking a redesigned resort-style pool. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, Abacus Capital Group, in this transaction.

July 7, 2016

Office Oregon Western

KBS Capital Advisors Acquires Commonwealth Building in Portland for $69M

by Nellie Day July 7, 2016

PORTLAND, ORE. — KBS Capital Advisors has purchased the Commonwealth Building, a 216,099-square-foot, creative-tech office tower in Portland, for $69 million. The building is located at 421 S.W. 6th Ave. The space was originally built in 1948. The Commonwealth Building was renovated between 2013 and 2015 when the mid-century building was converted into a creative-tech office tower. HFF secured a $47.4 million, five-year, floating-rate acquisition loan through an insurance company for the buyer. The firm also assisted the seller, Unico Properties LLC, in this transaction.

July 7, 2016

California Office Western

Lincoln Property Co. Buys Wateridge Office Campus in Los Angeles

by Nellie Day July 7, 2016

LOS ANGELES — Lincoln Property Co. has purchased Wateridge, a Class A office campus in West Los Angeles, for an undisclosed sum. The six-building campus is situated on the corner of La Cienega Boulevard and Slauson Avenue. The property was originally constructed in 1989. Notable tenants include Kaiser Permanente, the L.A. County Department of Children and Family Services and Evolve Media. The space also contains a multi-tenant retail building and a standalone 24 Hour Fitness. LPC Realty Advisors I LP, an affiliate of Lincoln Property Company, arranged the acquisition.

July 7, 2016

California Retail Washington Western

Petco Remodeling 13 Stores in Seattle, San Diego

by Nellie Day July 7, 2016

SEATTLE — Pet supplies retailer Petco will remodel 12 stores in the Seattle area and one in San Diego this month. The Seattle-area stores will host grand re-opening celebrations on July 29. The locations are in Seattle (Holman Road, North 205th Street, 15th Avenue and Northeast 45th Street); Federal; Kirkland; Covington; Everett; Redmond; Lynwood; Gig Harbor; and Olympia, Wash. The San Diego location will celebrate a grand re-opening on July 22. Petco operates more than 1,430 locations across the U.S., Mexico and Puerto Rico, including more than 115 Unleashed by Petco locations, a smaller format neighborhood shop.

July 7, 2016

Hospitality Texas

NewcrestImage to Develop Lifestyle Hotel Campus at Frisco Station

by Christina Cannon July 7, 2016

FRISCO, TEXAS — Dallas-based NewcrestImage plans to develop a four-brand, 600-room lifestyle hotel campus at Frisco Station, a 242-acre, mixed-use development located in the northwest quadrant of the Dallas North Tollway and Warren Parkway in Frisco. Upon completion, Frisco Station will include more than 5 million square feet of office and corporate campuses and 2,400 urban living units. Frisco Station’s hotel campus will include a dual-brand AC Hotel and Residence Inn, both by Marriott, featuring about 300 rooms. The campus will also include a Canopy by Hilton and a Hyatt Place, each featuring about 150 rooms. The hotel campus will anchor The Hub at Frisco Station, which will feature about 200,000 square feet of food and beverage concepts, entertainment venues and retail space surrounded by Frisco Station’s parks and trails system. Construction on the hotels will take place in two phases, with the AC, Residence and Canopy scheduled to break ground in January 2017, with the first openings anticipated in June 2018. Construction of the Hyatt Place is expected to begin in 2017.

July 7, 2016

Multifamily Texas

Morgan Opens 444-Unit Luxury Apartment Complex in Austin

by Christina Cannon July 7, 2016

AUSTIN — Morgan has completed Pearl Lantana, a 444-unit luxury apartment complex in southwest Austin. The newly finished property offers one-, two- and three-bedroom options that range from 660 to 1576 square feet. Residents will have views of the Barton Creek Greenbelt and the downtown Austin skyline. Interior amenities include open floor plans, wood-style floors, quartz countertops with tile backsplash, gas appliances, full size washers and dryers, tankless hot water heaters, under-mount sinks, walk-in closets, USB outlets, and patios or balconies. Common areas are solar powered and include a resident e-lounge and cafe, athletic club, three pool areas with sundecks, an infinity-edge pool, lap pool, hammock spaces, covered kitchen, dog park and footpaths throughout the property. Morgan is a Houston-based developer and operator of Class A multifamily properties.

July 7, 2016

Multifamily Texas

IPA Brokers Sale of 296-Unit Apartment Property in Houston

by Christina Cannon July 7, 2016

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 296-unit apartment property in Houston, for an undisclosed price. Retreat at Cypress Station, located at 18200 Westfield Place Drive, features amenities such as a swimming pool, clubhouse, playground, fitness center, business center and picnic area. The undisclosed buyer plans to renovate the property and complete unit renovations such as new vinyl plank flooring, stainless steel appliances, hardware fixtures and lighting. Retreat at Cypress Station was built in 2004. Will Balthrope, Drew Kile, Jennifer Campbell and Jeffrey Fript of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer.

July 7, 2016

Loans Multifamily Texas

CBRE Arranges $6.7M Loan for 120-Unit Apartment Complex in Irving, Texas

by Christina Cannon July 7, 2016

IRVING, TEXAS — CBRE Group Inc. has arranged a $6.7 million refinancing loan for Rochelle Plaza, a 120-unit apartment complex in Irving, approximately 10 miles northwest of Dallas. The fixed-rate, non-recourse loan features a 35-year term and was placed with HUD’s section 223(f) program. The Class B Rochelle Plaza was built in 1978. The complex offers 40 one-bedroom units, 64 two-bedroom units and 16 three-bedroom units. Rochelle Plaza Associates Ltd. was the borrower and plans to use the funds to rehabilitate the property. Chad Ricks and Jeff Shaw of CBRE originated the loan.

July 7, 2016

Industrial Texas

Lee & Associates Brokers 11,209 SF Industrial Lease Renewal in Richardson

by Christina Cannon July 7, 2016

RICHARDSON, TEXAS — Lee & Associates has arranged an 11,209-square-foot industrial lease renewal at 1380 Presidential Drive in Richardson. Nathan Denton of Lee & Associates’ Fort Worth office represented the tenant, Vac-Tech, a vacuum pump servicer, in the lease transaction. Ryan Rubenkoenig represented the landlord, Red Tail, internally.

July 7, 2016

Industrial Midwest Wisconsin

Ryan Cos. Breaks Ground on 132,730 SF Industrial Facility Near Madison

by Christina Cannon July 7, 2016

DEFOREST, WIS. — Ryan Companies US Inc. has broken ground on a 132,730-square-foot processing facility for The Little Potato Company in DeForest, approximately 17 miles north of Madison. The building, to be situated on a 15.9-acre site, will be the company’s first facility in the United States. When completed, the building will include 11,730 square feet of office space and 121,000 square feet of cooler, dry warehouse and processing space. The facility will feature 30-foot clear heights in the warehouse area, nine dock doors, two overhead drive-in doors and 130 stalls for employee parking. The project, located inside the DeForest Business Park, is scheduled for completion in 2017. Alberta, Canada-based The Little Potato Company specializes in the processing of creamer potatoes.

July 7, 2016

Newer Posts

Older Posts