Property Type

Bio Tech Place, Wake Forest University, Winston-Salem, N.C.

Ventas to Acquire Entire Wexford Life Science, Medical Portfolio for $1.5B

by Jeff Shaw July 6, 2016

CHICAGO — Giant healthcare REIT Ventas (NYSE: VTR) has agreed to acquire all the life sciences and medical real estate assets of Wexford Science & Technology for $1.5 billion. Wexford will continue to operate the portfolio, which includes 25 Class A properties totaling 4.5 million square feet. Blackstone Real Estate Partners VIII LP is the current owner of the properties, which are largely leased to universities, academic medical centers and research companies. Tenants include Yale University, the University of Pennsylvania Health System, Washington University in St. Louis, Wake Forest University and Alexion Pharmaceuticals. Of the 25 properties, 23 are currently in operation and are 97 percent leased. The remaining two properties are currently under development and are nearly 60 percent pre-leased to Duke University and Wake Forest University. Chicago-based Ventas also plans to acquire nine development sites contiguous to the existing assets for $50 million. The purchase will significantly diversify Ventas’ portfolio, as the company’s previous focus was almost exclusively on seniors housing and healthcare properties. Ventas has the second-largest portfolio of seniors housing in the United States with 785 properties totaling 69,708 units, according to the American Seniors Housing Association’s most recent numbers. The transaction includes a long-term management …

July 6, 2016

Industrial Kansas Market Reports Midwest Midwest Market Reports Missouri Uncategorized

Industrial Developers Shift into High Gear in Metro Kansas City

by Christina Cannon July 6, 2016

Kansas City’s industrial market is experiencing an incredible construction boom that is both market-driven and not limited to just one area or particular deal. In the past two years, multiple, diverse industries and tenant categories have shown interest in a variety of options around the area. The buildings going up and the tenants filling them cannot be pigeonholed into any single, narrow category. It’s encouraging that the entire market is doing well, not just one particular segment or submarket. The success of the market is widespread across the region. New buildings have gone up in Johnson County, Jackson County and Wyandotte County in the past few years. Projects also are moving forward in Platte County, up by Kansas City International Airport, and also in Executive and Northland Park. Additionally, Kansas City is providing options to companies of all sizes, from giant, bulk users to smaller users seeking the features associated with new development. New buildings such as Westlink Industrial Park in Johnson County and Kaw Point in Wyandotte County have offered tenants looking for 50,000 to 100,000 square feet the opportunity to access the amenities and features of modern construction that are associated with new bulk development. Both of those …

July 6, 2016

Loans Multifamily Texas

CBRE Arranges $34.5M Acquisition Loan for Apartment Community in Lewisville

by Christina Cannon July 5, 2016

LEWISVILLE, TEXAS — CBRE has arranged a $34.5 million loan for the acquisition of Provenza at Windhaven, a 324-unit, Class A apartment community located at 4900 Windhaven Parkway in Lewisville. Built in 2015, the property’s units feature granite countertops, kitchen islands, stainless steel appliances, wood-style flooring and wood cabinetry. Community amenities include a resort-style swimming pool with cabanas, grilling stations, a fitness center, private courtyards, club lounge, dog park with a wash station and a game room. Christopher Apone and Charles Foschini of CBRE’s Miami office arranged the eight-year loan through USAA on behalf of the borrower, Momentum Real Estate Partners.

July 5, 2016

Multifamily Student Housing Texas

29th Street Capital Acquires Student Housing Property Near Texas State University

by Christina Cannon July 5, 2016

SAN MARCOS, TEXAS — 29th Street Capital (29SC) has purchased The Villagio Apartments, a 180-unit, 492-bed student housing property located near Texas State University at 1850 Aquarena Springs Drive in San Marcos. Built in 2005, The Villagio features two-, three- and four-bedroom apartments. Each fully furnished unit has a bathroom for every bedroom, private patios and a full-size washer and dryer. Community amenities include a resort-style pool with fountains and a hot tub, outdoor grilling areas, 24-hour fitness center, clubhouse, private study center, movie theater and volleyball and basketball courts. The Villagio is on Texas State University’s bus route. 29SC plans to invest about $2 million ($4,100 per bedroom) in capital improvements. Interior renovations will include new faux hardwood vinyl flooring, granite countertops, kitchen backsplashes, upgraded lighting and plumbing fixtures and new paint schemes. Amenity improvements include the expansion of the fitness center and adding new exercise and spin equipment, as well as updating the exteriors. The community is 100 percent pre-leased for the upcoming academic year. The bulk of the capital improvements will begin immediately with future phases planned during school breaks.

July 5, 2016

Mixed-Use Texas

RED Development Breaks Ground on 800,000 SF Union Dallas Mixed-Use Project

by Christina Cannon July 5, 2016

DALLAS — RED Development has broken ground on The Union Dallas, an 800,000-square-foot office, residential and retail project that is scheduled to be completed in 2018. RED Development, the project developer, is leading the overall design, development and construction of the two-tower, mixed-use project that will offer 417,000 square feet of premier Class A office space, a 309-unit residential high-rise building and 87,000 square feet of retail space. StreetLights Residential, the strategic project partner, is leading the design and development for the 23-floor residential tower. The name of the residential tower will be “The Christopher.” The Union will welcome Dallas’ first restaurant location of The Henry, a Sam Fox Restaurant that will serve breakfast, lunch and dinner. The approximately 10,000 square foot restaurant will be the first location outside Phoenix, where the restaurant group is based. The Henry will be the second Sam Fox restaurant in Dallas, joining True Food Kitchen. Two premier professional services firms previously announced they would be moving to The Union Dallas. One of the nation’s largest law firms, Vinson & Elkins, announced plans late last year to move its firm to the project in 2018. Vinson & Elkins will lease approximately 82,000 square feet and occupy three floors …

July 5, 2016

Retail Texas

M&M Arranges Sale of Building Net Leased to Wells Fargo in Dallas

by Christina Cannon July 5, 2016

DALLAS — Marcus & Millichap has arranged the sale of a building net leased to Wells Fargo near the Southern Methodist University (SMU) campus in Dallas for an undisclosed price. The property is located at 6900 Snider Plaza. Originally constructed in 1931, the property is located within Snider Plaza and is near Highland Park, SMU and uptown Dallas. Vincent Knipp and Ryan Wolf, both in Marcus & Millichap’s Dallas office, represented the seller, a limited liability company. Preet Sabharwal, Zachary Weiss and Richard Dorfman of Marcus & Millichap’s Manhattan office represented the buyer, another LLC.

July 5, 2016

Retail Texas

NewQuest Brokers More Than 25,000 SF of Retail Leases in Greater Houston in Seven Transactions

by Christina Cannon July 5, 2016

HOUSTON — NewQuest Properties has arranged more than 23,000 square feet of retail leases in greater Houston. In the first transaction, Daiso has leased 9,675 square feet of retail space in the Market at Westchase, located at Westheimer at Wilcrest in Houston, from Weingarten Realty Investors. Heather Nguyen and John Nguyen of NewQuest Properties represented the tenant. John Wise of Weingarten Realty Investors represented the landlord. In the second transaction, King’s Biergarten LLC has leased 6,090 square feet of retail space at 2036 E. TC Jester in Houston from 2036 TC Jester LLC. Ashley Williams and Chris Dray of NewQuest Properties represented the landlord. Hugh Ruggles and Mac Ruggles of NewQuest Properties represented the tenant. In the third deal, Sherwin Williams has leased 4,072 square feet of retail space at 14106 Mueschke Road in Cypress from Arbed Mueschke LP. Ashley Williams and David Meyers of NewQuest Properties represented the landlord. Tami Pearson of Waterman Steele Group represented the tenant. In the fourth transaction, Shogun Japanese Grill & Sushi Bar has leased 4,002 square feet of retail space at the intersection of Texas 146 and Interstate 10 in Baytown from NewQuest Properties. Brad Elmore of NewQuest Properties represented the landlord. Bob Conwell …

July 5, 2016

California Office Western

BLT Enterprises Buys Sorrento Tech II Office Campus in San Diego for $12.6M

by Nellie Day July 5, 2016

SAN DIEGO — BLT Enterprises has purchased Sorrento Tech II, a 63,333-square-foot office and R&D campus in the San Diego submarket of Sorrento Mesa for $12.6 million. The two-building campus is located at 10140 and 10180 Barnes Canyon Road. The space was renovated in 2014. It is 87 percent leased. Ron Jacobson of Madison Partners represented BLT in the transaction. Sean Fulp and Brunson Howard of NGKF Capital Markets represented the undisclosed seller.

July 5, 2016

California Office Western

Kids from the Valley XIV Acquires Simi Valley Production Facility for $11M

by Nellie Day July 5, 2016

LOS ANGELES — Kids from the Valley XIV has purchased a production and entertainment facility in the Los Angeles submarket of Simi Valley for $11 million. The Class A office complex is located at 101 W. Cochran St. The buyer has formed Anjac Studios West to operate its new facility, which will continue to be used for a wide variety of production-related activities. The office portion of the property was built in 1991 with the studio complex built in 2000. Keller Williams Realty Calabasas represented the buyer. Dennis Slattery and Stacy Vierheilig-Fraser of Charles Dunn Company represented the seller, the Adventist Media Center, in this transaction.

July 5, 2016

California Office Western

Post Advisory Group Relocates to Century City on 10-Year Lease

by Nellie Day July 5, 2016

CENTURY CITY, CALIF. — Post Advisory Group has relocated from the Water Garden in Santa Monica, where it has been housed for seven years, to 2049 Century Park E. in Century City, one of the Century Plaza Towers. The financial services firm signed a 10-year lease for the 30th floor of the 1.2-million-square-foot tower. It will occupy 17,707 square feet beginning in December of this year. This represents an expansion for Post Advisory Group. CBRE’s Amanda Calof represented the landlord, JP Morgan. Andy Lustgarten and Mark Sullivan of Savills Studley represented Post Advisory Group.

July 5, 2016

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