SEATTLE — Ziegler, a specialty investment bank, has closed $57.5 million in bonds for Bayview Manor Homes, the nonprofit operator of Bayview, a continuing care retirement community in Seattle’s Queen Anne neighborhood. The CCRC was built in 1961 and is just blocks from Key Arena, McCaw Hall and the Space Needle. It features 124 independent living apartments, 45 assisted living apartments and 50 skilled nursing beds, as well as an intergenerational childcare center. The unrated, fixed-rate bonds will be used for adding new independent living units, as well as a new, two-story assisted living and memory care building, among other capital improvements.
YORBA LINDA, CALIF. — A Beverly Hills-based investment group has acquired Home Ranch Center, a 54,169-square-foot shopping center located in the Orange County community of Yorba Linda. The property — located roughly 35 miles outside of Los Angeles — comprises three buildings that are home to tenants including Blue Agave, Edible Arrangements, Crepe Maker, State Farm and Papa John’s. CJ Osbrink and Gleb Lvovich of HFF marketed the property on behalf of the seller, YL Friends Church.
SANTA MONICA, CALIF. — Kennedy Wilson has arranged the $16 million sale of a 23,500-square-foot retail and multifamily property located at the corner of 11th Street and Wilshire Boulevard in Santa Monica. The multifamily component of the property consists of five units. All of the property’s buildings were fully leased at the time of sale. Ed Sachse, Fred Cordova and Christine Deschaine of Kennedy Wilson represented both the buyer, 11th and Wilshire LLC, and the seller, Paragon Properties, in the transaction.
LAS VEGAS — DZ Net Lease Realty LLC has arranged the $3.7 million sale of a 12,000-square-foot CVS/pharmacy located in Las Vegas. The ground lease has 11 years remaining on its term, with rental increases every five years. David Zacharia of DZ Net Lease marketed the property on behalf of the seller, an undisclosed Las Vegas-based family. The buyer was an undisclosed individual based in California.
LAVEEN, ARIZ. — Hanley Investment Group Real Estate Advisors has arranged the $2.3 million sale of 51st & Southern, a 15,498-square-foot retail property located eight miles southwest of downtown Phoenix in Laveen. The property was 92 percent occupied at the time of sale by tenants including Carniceria Mi Ranchito Market, MetroPCS, Kabob Express and Smoothie Run. The center was built in 2008, and is shadow-anchored by Burger King. Eric Wohl of Hanley Investment represented the seller, an undisclosed, Scottsdale-based private investment company. Jenette Bennett of Kidder Mathews represented the buyer, a Canadian private investor.
HOUSTON — The Wedge Group has completed the $10 million capital improvement campaign at 1415 Louisiana, a 43-story, Class A office tower located in Houston’s central business district. Updates to the property include a new main lobby with Italian stone, new building entry and canopy and updated monument signage. The renovated lobby features a custom glass wall designed by architectural glass artist Paul Housberg. Elevator cabs in the tunnel-connected Clay Street parking garage were also refinished. Built in 1983 and last renovated in 1993, the tower spans 520,000 square feet. On-site amenities include a deli, 200-person conference facility and executive dining with The 43rd Restaurant. The Wedge Group, a private equity investment firm specializing in acquisition investments, owns 1415 Louisiana, which has 170,000 square feet of office space available. Chip Colvill, Connor Saxe and Vince Strake of Colvill Office Properties lead the leasing effort on behalf of WEDGE Group, while Hines manages the facility.
HOUSTON — Morgan has opened Pearl Washington, an apartment development in Houston. The midrise property is located at the corner of Washington Avenue and T.C. Jester Boulevard near Memorial Park and the Houston Heights neighborhood. Pearl Washington contains five stories, with 322 one-, two- and three-bedroom units over two levels of garage parking. All units, which range from 652 square feet to 1,443 square feet, include balconies. Amenities include a swimming pool with cabanas and a sun deck overlooking Washington Avenue. In addition, there are two courtyards with hammock swings, a bocce ball court, grilling areas and a dog park. The community was co-developed with LCB Holdings Inc., and Wells Fargo provided the construction financing.
SACHSE AND FORT WORTH, TEXAS — Olympus Property has acquired Mansions at Woodbridge (renamed Olympus Woodbridge) in Sachse and The Davis in Fort Worth. Built in 2014, the 381-unit Olympus Woodbridge is a garden-style community situated on 18 acres. Olympus Woodbridge is the final property to be added to Olympus Property’s fifth fund. Completed in 2016, The Davis is a garden-style community with 392 units situated on 23 acres. Olympus Woodbridge and The Davis are available to accredited investors in WW Olympus Property VI LLC. The Davis will be the first investment for Olympus Property’s sixth fund, WW Olympus Property VI LLC.
HOUSTON — Triten Real Estate Partners has topped out Lockton Place, an eight-story, 186,000-square-foot office building with a six-story garage in Houston’s Westchase district. The project, which broke ground in March, is 80 percent pre-leased and on track for an early 2017 delivery. Lockton Place features energy-efficient design with a “living wall” of landscaping that helps define an outdoor garage connection and gathering space. The building will house amenities including a café/bar, fitness center, conference room, an eighth-floor penthouse with 10-foot ceilings and an outdoor terrace. The project team includes Ziegler Cooper Architects, Harvey Builders and Kudela Weinhiemer Landscape Architects. Lockton Place is located at 3657 Briarpark Drive.
LAMPASAS, TEXAS — Marcus & Millichap has negotiated the sale of the Fresenius Medical Care facility in Lampasas. The 7,000-square-foot, net-leased property is located at 1202 Central Texas Expressway. Scott Ryan of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a partnership. Ryan also secured the buyer, a private REIT.