Property Type

MorningStar, Confluent Break Ground on 141-Unit Seniors Housing Community Near Denver

by Nellie Day July 18, 2016

ARVADA, COLO. — Co-developers MorningStar Senior Living and Confluent Development have broken ground on MorningStar Senior Living of Arvada, a 141-unit independent living, assisted living and memory care community in the Denver suburb of Arvada. The developers expect to complete construction in fall 2017, with an information center opened by January of that year. The 160,000-square-foot development will feature 71 suites for independent living, 41 suites for assisted living and 29 suites for memory care. The community will be situated on 4.5 acres, encircled by six parks and Arvada Reservoir. Suites will range from studio to two-bedroom layouts, and 340 to 1,200 square feet. MorningStar of Arvada is the sixth joint venture between affiliates of MorningStar Senior Living, a Denver-based senior living developer and operator, and Confluent Development, a Denver-based development and investment firm. It will be MorningStar’s 16th ground-up seniors housing development. Rosemann & Associates of Denver is serving as the architect for the new development, and Thoma-Holec Design of Phoenix is the interior designer.

July 18, 2016

California Retail Western

SVN|Asset Advisory Group Brokers $3.7M Sale of Shopping Center in San Diego

by Nellie Day July 18, 2016

SAN DIEGO — SVN|Asset Advisory Group has arranged the sale Boulevard Plaza Shopping Center, located at 2800-2820 El Cajon Blvd. in the North Park section of San Diego. Boulevard Plaza San Diego LLC sold the 12,623-square-foot retail property to 2800 El Cajon Blvd LLC for $3.7 million. At the time of sale, the property was fully leased. Chris Rink of SVN|Asset Advisory Group represented the seller and buyer in the deal.

July 18, 2016

California Retail Western

Marcus & Millichap Arranges $3.5M Sale of 17,750 SF Retail Property in Palmdale

by Nellie Day July 18, 2016

PALMDALE, CALIF. — Marcus & Millichap has arranged the sale of ALDI – Palmdale, a retail center located at 732 W. Rancho Vista Blvd. in Palmdale. The 17,750-square-foot, net-leased property sold for $3.5 million. Richard Vincent and Pablo Rodriguez of Marcus & Millichap represented the seller, a developer, and the buyer, a private investor, in the deal.

July 18, 2016

California Retail Western

Ross Stores Opens 31 New Locations

by Nellie Day July 18, 2016

DUBLIN, CALIF. — Ross Stores opened 24 Ross Dress for Less and seven dd’s DISCOUNTS stores across 15 different states in June and July. These new locations are part of the company’s 2016 expansion plans to add approximately 70 Ross and 20 dd’s DISCOUNTS locations throughout the year. Ross Stores, Inc. is headquartered in Dublin, Calif., with 1,317 locations in 34 states, the District of Columbia and Guam. The company also currently operates 185 dd’s DISCOUNTS in 15 states.

July 18, 2016

Multifamily Texas

Carroll Organization Sells Multifamily Property in Houston

by Haisten Willis July 18, 2016

HOUSTON — Carroll Organization has secured the sale of an apartment community known as ARIUM Fall Creek in Houston. Carroll’s investment vehicle Carroll Co-Invest Fund I previously owned the property. Carroll originally purchased the 264-unit property in February 2012. ARIUM Fall Creek is located 14 miles north of downtown Houston and is situated along the Sam Houston Tollway. The buyer was unnamed.

July 18, 2016

Hospitality Texas

M&M Arranges Sale of 110-Room Hotel

by Haisten Willis July 18, 2016

CORSICANA, TEXAS — Marcus & Millichap has arranged the sale of Motel 6 Corsicana, a 110-room hotel located in Corsicana. Skyler Cooper, Chris Gomes and Allan Miller of Marcus & Millichap marketed the property on behalf of the seller, an individual/personal trust. Cooper, Gomes and Miller also procured the buyer, a local private investor. Motel 6 Corsicana is located at 2018 S. Highway 287 off of I-45. The two-story hotel was built in 1986 as a Days Inn and converted to a Motel 6 in 2006. Amenities at the property include an updated lobby and an indoor swimming pool.

July 18, 2016

Office Texas

JLL Negotiates 50,208 SF Office Lease in Houston

by Haisten Willis July 18, 2016

HOUSTON — JLL has negotiated the extension and expansion of a 50,208-square-foot office lease at One Briarlake Plaza located at 2000 W. Sam Houston Parkway in Houston. Lubrizol signed a lease comprising the entire third and fourth floors of the 20-story building. The Wickliffe, Ohio-based chemical company, originally leased 38,133 square feet in the Class A office building. Ryan Barbles of JLL negotiated the terms on behalf of the tenant. John Pruitt and Jessica Ochoa, also with JLL, represented the landlord, TIER REIT Inc. One Briarlake Plaza is a LEED Gold certified office building located in the Westchase submarket, approximately 20 miles from Houston’s Central Business District. Built in 2000, the building’s amenities include a conferencing facility, fitness center and dining services.

July 18, 2016

Loans Multifamily Texas

Greysteel Arranges Refinancing of Multifamily Property in El Paso

by Haisten Willis July 18, 2016

EL PASO, TEXAS — Greysteel has arranged agency financing for the refinance of the Amigos Del Sol, a multifamily property located in El Paso. The seven-year, non-recourse loan was provided by an agency lender under the Freddie Mac small balance loan program. Greysteel’s Anton Mattli and John Marshall Doss negotiated the transaction. Amigos Del Sol, located at 10009 Rushing Road, was constructed in 1973 and totals 52 units.

July 18, 2016

Massachusetts Multifamily Northeast

CBRE/NE Arranges Sale of 154-Unit Apartment Community in Massachusetts

by Amy Works July 18, 2016

STOUGHTON, MASS. — CBRE/New England has arranged the sale of Coppermill Park, a garden-style apartment community located at 3101 Stagecoach Road in Stoughton. Fairfield Residential sold the 154-unit property for an undisclosed sum. Built in 2010, the property consists of three four-story buildings with a mix of 55 one-bedroom apartments, 53 one-bedroom with den units and 46 two-bedroom apartments on 8.6 acres of land. The apartments range in size from 710 to 1,042 square feet. The community was developed under Chapter 40B with 75 percent of the units at market and 25 percent of the units at 80 percent of area median income. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the undisclosed buyer in the transaction.

July 18, 2016

Industrial New Jersey Northeast

Endurance Real Estate Acquires Two-Building Warehouse Portfolio in New Jersey for $5.7M

by Amy Works July 18, 2016

MOORESTOWN, N.J. — An affiliate of Endurance Real Estate Group has purchased a two-building warehouse portfolio, located at 550 Glen Ave. and 600 Glen Court in Moorestown, for $5.7 million. The 85,337-square-foot warehouse at 600 Glen Court is fully occupied by The Goodyear Tire and Rubber Company and FinishMaster Inc. The 102,232-square-foot building at 550 Glen Ave. features 22-foot clear heights, 2,000 amp three-phase electric service, 40-foot by 40-foot bays, 14 loading docks and the potential for rail service. Shortly after closing, Endurance signed a lease for half of the vacancy at 550 Glen Avenue, which increased the portfolio’s occupancy to 73 percent. Tony Rod of Flynn Company represented the undisclosed seller in the deal.

July 18, 2016

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