Property Type

Tallen Capital Partners, Citivest Commercial to Redevelop Rossmoor Shopping Center

by Nellie Day May 24, 2016

WALNUT CREEK, CALIF. — Tallen Capital Partners LLC and Citivest Commercial LLC, alongside an undisclosed equity partner, will redevelop Rossmoor Shopping Center, a 108,000-square-foot retail center located in Walnut Creek. The phased redevelopment will include a refreshed façade, the addition of a drive-thru pharmacy, enhanced landscaping with the addition of new plazas and gathering spaces, new lighting and a public art component. The redevelopment will bring an additional 29,000 square feet of space to the property. Groundbreaking is scheduled to take place in the fourth quarter of 2016 with completion expected in late 2017. Norman Sears of SGPA’s San Francisco office will lead the architectural design team for the project. Recent lease signings for the center include a long-term lease with Safeway, CVS/pharmacy, Better Homes & Gardens and Starbucks Coffee.

May 24, 2016

California Retail Western

Sterling Organization Acquires Olivera Crossing in Metro San Francisco for $12M

by Nellie Day May 24, 2016

CONCORD, CALIF. — Sterling Organization has acquired Olivera Crossing, a 47,571-square-foot shopping center located in Concord, from West Valley Properties for $12 million. The asset, located roughly 30 miles outside of San Francisco, was acquired through the firm’s institutional fund Sterling Value Add Partners II LP. Dan Wald of Cushman & Wakefield represented the seller in the transaction. Planet Fitness anchors the 77 percent occupied center, which was originally built in 1960 and underwent renovations in 2005.

May 24, 2016

California Multifamily Western

TruAmerica, Berkshire Group Buy Career Lofts in Laguna Niguel

by Nellie Day May 24, 2016

LAGUNA NIGUEL, CALIF. — A joint venture between TruAmerica Multifamily and an affiliate of Berkshire Group has acquired the 142-unit Career Lofts in Laguna Niguel for an undisclosed sum. The community is located at 28100 Cabot Road, along California State Route 73. The JV plans to rebrand the property as Sky at Laguna Niguel. It is only the second institutional-grade multifamily project to be constructed in the submarket in more than 20 years, according to the JV. Steve Fried and Seth Hall of Mesa West Capital assisted with the financing.

May 24, 2016

Industrial Multifamily Office Retail Texas

Cushman & Wakefield Acquires Oxford Commercial in Austin

by Haisten Willis May 24, 2016

AUSTIN, TEXAS — Cushman & Wakefield has acquired Oxford Commercial in Austin. Oxford Commercial has served clients in the areas of commercial real estate brokerage, investment sales, development consulting, market research and related advisory services since 1993. The company employs 35 brokers and staff members and has been behind many of the largest transactions in central Texas, including Athena Health’s lease inside the Seaholm Power Plant. In the past three years, Oxford Commercial’s transaction value totals reach $1.3 billion. Spencer Hayes, co-founder and managing partner of Oxford Commercial, will remain as managing principal under the new structure. Hayes worked for Cushman & Wakefield prior to founding Oxford Commercial.

May 24, 2016

Retail Texas

85°C Bakery Café to Open First Texas Location in Metro Dallas

by Haisten Willis May 24, 2016

CARROLLTON, TEXAS — 85°C Bakery Café has selected Carrollton Town Center in Carrollton for its first store in Texas and will open the location this summer. The Taiwan-based 85°C Bakery Café chain has more than 800 stores in Taiwan, China, Australia, Hong Kong and the United States. The company specializes in espresso coffee made from Guatemalan beans along with gourmet desserts. In the United States, the company previously focused mainly on California, where it has opened 10 stores since 2008. Carrollton Town Center, owned by NewQuest Properties, offers a 10- to 15-mile trade area for 85°C’s target market. The company plans to open three more stores in metro Dallas within a year, along with one in Houston. The café will span 5,771 square feet along with a 600-square-foot patio.

May 24, 2016

Industrial Retail Texas

SACA Brokers Sale of Three Tracts of Land in San Antonio

by Haisten Willis May 24, 2016

SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of three land tracts at the 1400 Sonterra development located at the southwest corner of US 281 North and East Sonterra Boulevard in San Antonio. SACA’s Paul Fagan represented the owner, CLDC Texas LLC, and was responsible for the sale of all three tracts, which total 10 acres. CLDC Texas originally owned approximately 300 acres near the property, most of which is now occupied by a Walmart, Costco and the Methodist Stone Oak Hospital. Only nine acres remains available as the city has experienced strong growth in the area since CLDC originally obtained the land in 1993. The sales included 3.8 acres to CHRISTUS Santa Rosa Health Care Corp. Paul Barker of Endura Advisory Group represented CHRISTUS in the transaction. Other transactions included 1.6 acres to Brundage Mini Storages LTD #3, which is planning a 600-unit, climate-controlled self storage facility at the site. Bert Denson of Brundage Management Co. Inc. represented Brundage Mini Storage in the deal. The final land sale included 4.4 acres to an unnamed buyer that intends to make a more detailed announcement …

May 24, 2016

Industrial Office Texas

Quorum International Expands with 305,000 SF Office/Warehouse Lease

by Haisten Willis May 24, 2016

FORT WORTH, TEXAS — Quorum International has inked a 305,000-square-foot lease with Sun Life Assurance Co. of Canada in an early renewal and expansion of its headquarters and distribution center in Fort Worth’s Railhead Industrial Park. The tenant has picked up 101,000 square feet of extra operating room at 400 Railhead Road, a 3.3-acre rail-served property on the city’s north side. Quorum has begun renovations on the expansion space, which has been updated with new lighting by the landlord. Quorum is one of the oldest tenants in the 633-acre Railhead Industrial Park, which opened in 1995 as the largest industrial center in Fort Worth with dual-rail service. Its operations hub features 22 dock-high doors and 28-foot clear heights.

May 24, 2016

Office Texas

Physician Buys Foreclosed Office Building in Fort Worth

by Haisten Willis May 24, 2016

FORT WORTH, TEXAS — A local physician has acquired a foreclosed 5,000-square-foot office building on the ring road of Ridgmar Mall in west Fort Worth from JPMorgan Chase Bank. The just-sold brick building is located at 2600 Mall Circle. Dr. Joseph Obeng is planning to renovate the single-story structure and relocate his practice from the Fort Worth Medical District. Obeng plans to reserve 2,500 square feet for his new office and rely on his broker, Casey Tounget of Coldwell Banker Commercial Alliance DFW, to find a professional tenant to fill the balance. The structure was built in 1980 on nearly 0.4 acres near I-30 and fronts the perimeter road for the 100-store mall. Obeng formed New Seasons Investment to acquire the property. John Grace of Colliers International represented the seller.

May 24, 2016

Illinois Midwest Multifamily

Sedgwick Properties Breaks Ground on 69-Unit Luxury Apartment Building in Chicago

by Christina Cannon May 24, 2016

CHICAGO — Sedgwick Properties, a Chicago-based developer, has broken ground on a 69-unit luxury apartment building in Chicago’s Old Town neighborhood. The seven-story building, located at 301 W. North Ave., will offer a mix of one-, two- and three-bedroom apartments, with individual units ranging from 601 to 1,300 square feet. Building amenities will include a rooftop terrace with a wading pool and cabanas, outdoor kitchen, fire pit and lounge seating. Other amenities include a fitness center, community room with a demonstration kitchen, bicycle storage, secure heated parking and package concierge system. The pet-friendly building also will include approximately 4,500 square feet of retail space. The building is slated for delivery by fall 2017.

May 24, 2016

Loans Midwest Multifamily Ohio

Pillar Originates $15.4M Fannie Mae Acquisition Loan for Apartment Complex in Dayton

by Christina Cannon May 24, 2016

DAYTON, OHIO — Pillar has originated a $15.4 million Fannie Mae loan for the acquisition of a 256-unit apartment complex in Dayton. Chesapeake Landing, built in 1986, features 148 one-bedroom units and 108 two-bedroom units. The property is fully occupied. The fixed-rate loan features a 12-year term and 30-year amortization schedule. Joe Markech and Brooke Jackson of Pillar originated the financing. David Ross of Crossroads Realty Advisors was the broker of record.

May 24, 2016

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