Property Type

JLL Arranges $450M in Financing for JPMorgan Chase Tower, Chase Center in Houston

by Haisten Willis June 1, 2016

HOUSTON — JLL has secured a total of $450 million of financing for Prime Asset Management to recapitalize JPMorgan Chase Tower and Chase Center, two Class A office properties located in downtown Houston. The 75-story Chase Tower is Houston’s tallest building at 1,002 feet. Combined with the 20-story Chase Center, the complex totals 2.4 million square feet. An underground pedestrian tunnel connects the buildings. Chase Tower includes office space, retail and a sky lobby observation deck. Chase Center includes office and retail space along with a parking garage. Chase Tower is located at 600 Travis St. and was built in 1981. Chase Center is a shorter building adjacent to Chase Tower at 601 Travis St. MetLife provided a fixed-rate senior mortgage, while JPMorgan provided mezzanine financing for a term of 11 years. The mezzanine loan has a floating interest rate for the first year and then converts to a fixed rate for the following 10 years. Prime Asset Management, an international investment group that owns the two properties, will partially use the loans to replace its existing senior mortgage debt with MetLife, which was due at the end of 2017, according to the Houston Chronicle. Tom Melody and John Ream led …

June 1, 2016

Arizona Loans Multifamily Western

CBRE Arranges $19.7M Acquisition Loan for Assisted Living Community in Glendale

by Nellie Day May 31, 2016

GLENDALE, ARIZ. — CBRE has arranged a $19.7 million loan for the acquisition of MorningStar at Arrowhead, an 85-unit assisted living and memory care community in the Phoenix submarket of Glendale. The borrower is a joint venture between MorningStar Senior Living, Oakwood Real Estate Partners and Confluent. MorningStar developed the property, which opened in September 2015. The company will continue to operate the community after the transaction. The non-recourse, floating-rate loan features a three-year term, 36 months of interest-only payments and an all-in rate below 3 percent. A national bank provided the capital. Aron Will, vice president of CBRE National Senior Housing, arranged the financing. Oakwood is a commercial real estate private equity firm located in Denver. Confluent is a full-service real estate investment and development company, also based in Denver.

May 31, 2016

Arizona Multifamily Western

Barrington Regent Apartments in Phoenix Sells for $11M

by Nellie Day May 31, 2016

PHOENIX — Curtis Capital Group has purchased the 124-unit Barrington Regent apartment complex in Phoenix for $11 million. The community is located at 825 W. Osborn Road. It is less than a mile from the Metro Light Rail and about one mile from the Downtown Phoenix Corridor. Top employers in the area include both city and state governments, as well as TGEN Bioscience Research. Barrington Regent was built in 1980. The seller was Su Casa properties. Mark Forrester, Ric Holway, Dan Cheyne and Tom Wolff of Berkadia executed the transaction.

May 31, 2016

Multifamily Utah Western

ValueRock Realty Partners to Develop Deer Cove Mixed-Use Property in Utah

by Nellie Day May 31, 2016

DEER VALLEY, UTAH — ValueRock Realty Partners has obtained all the entitlements and approvals for the 87-acre Deer Cove Master Plan, one of the largest planned mixed-use communities in the Deer Valley/Park City region. The development will be situated adjacent to U.S. 40, within walking distance of the Jordanelle Express Gondola at Deer Crest and Jordanelle recreational lake. ValueRock and its affiliates acquired the infill parcel in 2001. Since that time, the team has invested about $20 million in planning, engineering, infrastructure and water reservation fees to secure full entitlement approvals. The project will eventually include more than 1,000 residential units, a hotel, retail and open space in a master-planned community. There are a number of on-mountain adjacent developments planned for the area, including a 800- to 1,000-acre ski terrain expansion of Deer Valley Resort; development of a new on-mountain, four-star hotel at Pioche; proposed on-mountain luxury hotel and residential development at Blue Ledge by Extell Development; and progression of Mayflower, another development that encompasses about 4,000 acres of land.

May 31, 2016

California Industrial Western

King Shocks Purchases Industrial Building for New HQ in Garden Grove for $9.4M

by Nellie Day May 31, 2016

GARDEN GROVE, CALIF. — King Shocks has acquired a 55,576-square-foot industrial building in Garden Grove for $9.4 million. The facility is located at 12472 Edison Way. The American manufacturer of off-road automotive parts will use the space for its corporate headquarters. Isuzu formerly occupied the property. Mike Bouma, Paul Caputo and Eric Smith of Voit’s Anaheim office represented the seller, LBA RIV-COMPANY XXVII LLC, in this transaction.

May 31, 2016

Arizona Industrial Western

Strategic Storage Growth Trust Buys Self-Storage Facility in Phoenix

by Nellie Day May 31, 2016

PHOENIX — Strategic Storage Growth Trust has acquired an 840-unit self-storage facility in the Phoenix submarket of South Mountain Village for an undisclosed price. The facility is located at 1500 E. Baseline Road. Glacier Development designed the Class A property.

May 31, 2016

Office Texas

Topping Out Ceremony Held at One Legacy West in Plano

by Haisten Willis May 31, 2016

PLANO, TEXAS — A topping out ceremony was held for the One Legacy West project on May 26. During the ceremony, the final beam, painted white for the occasion, was accompanied by the Texas and American flags, which were hoisted to the top of the 14-story structure. Several Plano city officials, Gaedeke Group employees and construction workers signed the beam. Upon completion, One Legacy West will be a 327,856-square-foot office tower located at the southeast corner of Legacy Drive and Sam Rayburn Tollway. The project is set for completion in December. Amenities will include an on-site management and engineering team, 24-hour on-site officer and card key access, a conference center, fitness center, tenant lounge and game area, concierge service and courtesy shuttle to Legacy West’s 300,000 square feet of retail and restaurants. The Gaedeke project will also feature a Wi-Fi-enabled outdoor terrace connected to the parking garage and to the building. There will be electric car charging stations and secure bike storage in the garage. The 14-story One Legacy West boasts a LEED Gold design by Morrison Dilworth + Walls of Dallas. Austin Commercial is the project’s general contractor, with Andres Construction serving as construction manager and Belle Firma as …

May 31, 2016

Multifamily Texas

S2 Capital Acquires Holly Ridge Apartments in Metro Dallas

by Haisten Willis May 31, 2016

ARLINGTON, TEXAS — S2 Capital has purchased the Holly Ridge apartment complex located at 2504 Ivy Brook Court in Arlington. With a total of 290 units, the complex was built in 1981. S2 Capital bought the property at a live auction in Houston out of a 23-property portfolio that had been through bankruptcy multiple times the previous five years. S2 Capital plans to spend $4 million on renovations for the Holly Ridge property. Holly Ridge is located near Texas State Highway 360 and I-30.

May 31, 2016

willow-bend-crossing-1885-North-Dallas-Parkway-plano-texas

Restaurant Retail Texas

Vitorino Group Arranges Sale of Shopping Center in Plano

by Haisten Willis May 31, 2016

PLANO, TEXAS — The Vitorino Group has arranged the sale of Willow Bend Crossing, the second phase of a newly constructed shopping center located near the southwest corner of the Dallas North Tollway and Park Boulevard in Plano. Bryce Gissler of the Vitorino Group represented the seller, a Dallas-based developer. The buyer, who was self-represented, is a Dallas-based private equity fund established to acquire core plus retail throughout Texas. The property spans 6,000 square feet and the existing tenants are Ideal Dental and VERTS Mediterranean Grill.

May 31, 2016

Multifamily Texas

Catalyst to Manage Three Apartment Properties in San Antonio

by Haisten Willis May 31, 2016

SAN ANTONIO, TEXAS — Catalyst Multifamily Management has taken over property management responsibilities for three properties in San Antonio totaling 390 units. The properties are: Ashler Oaks Apartments, located at 4100 Parkdale St. The complex was built in 1971 and consists of 150 units; Sierra Royale Apartment Homes, located at 6300 Rue Marielyne St. The complex was built in 1984 and consists of 108 units; Veranda Apartments, located at 7918 Jones Maltsburger Road. The complex was built in 1972 and consists of 132 units. Catalyst Multifamily specializes in Class B and C multifamily property management. Initiatives include traditional and grassroots marketing efforts targeting desired tenants, along with a $4.5 million renovation that will include curing deferred maintenance, new signage, landscaping, updating unit interiors and pool upgrades across all three properties.

May 31, 2016

Newer Posts

Older Posts