SEATTLE – Swedish Health Services has leased 120,000 square feet at First Hill Medical Pavilion in Seattle. The campus is located in the First Hill submarket. Swedish Health Services will join CellNetix and Theraclone when they occupy the building later this year. The transaction was executed by CBRE’s Paul Carr, Steve Perovich and Marcus Yamamoto.
LAS VEGAS – Shred-It Corp. has leased 22,000 square feet of industrial space in Las Vegas. The facility is located at 4524 Lawrence Street in North Las Vegas. It was built in 1998 for the U.S. Corp of Engineers and the U.S. Army Reserves. The new 10-year lease was executed by Curtis Sanders of Cushman & Wakefield | Commerce.
ROUND ROCK, TEXAS — Passco Cos. has acquired Lone Oak Apartments, a recently completed 304-unit, Class A apartment complex located in Round Rock. Lone Oak Apartments was completed in 2014 and is 92 percent occupied. The property consists of 304 units across 16 three-story buildings, with one-, two- and three-bedroom floorplans. Units include vaulted ceilings, granite kitchen countertops, stainless steel appliances, full-size washer and dryers, and direct access garages. Community amenities include a clubhouse, business center, billiards/game room, poolside barbecue grills, pool, pet park and fitness center. Chris Black of KeyBank Real Estate Capital’s commercial mortgage group arranged the financing through Fannie Mae for the acquisition of the property.
LEWISVILLE, TEXAS — Milestone Apartments Real Estate Investment Trust has agreed to purchase Broadstone Vista Ridge, a 372-unit, Class A apartment community located in Lewisville. The purchase price is $45 million. Built in 2006, Broadstone is 95 percent occupied, with average monthly rents of $1,050. Broadstone includes one-, two- and three-bedroom units. Amenities include a fitness center, swimming pool with an outdoor fireplace, multimedia center and a cyber cafe. Several large employment centers are located in close proximity to the Property, including the Dallas-Fort Worth International Airport, Las Colinas Urban Center and the Legacy Business Park.
SAN ANTONIO — Pure Multi-Family REIT LP will acquire an apartment community known as the Brackenridge at Midtown in San Antonio for $51 million. Brackenridge was constructed in 2014 and consists of 282 units averaging 852 square feet. Brackenridge is located just east of Broadway on Brackenridge Avenue. Amenities include stainless steel appliances, granite countertops, wood-style flooring and walk-in closets. Pure Multi is a publically traded Canadian vehicle offering investors exposure to U.S. multifamily real estate assets.
CONROE, TEXAS — Lancaster Pollard’s proprietary private equity program, Propero Seniors Housing Equity Fund, has partnered with a joint venture mainly consisting of Paradigm Senior Living, the land owners and passive individual investors for the development of a new seniors housing and care facility to be called Woodhaven Village. Located in Conroe, Woodhaven Village will be a 140-unit community consisting of 60 independent living units, 60 assisted living units and 24 memory care beds. Propero is a private equity fund established by Lancaster Pollard to invest in seniors housing properties. Construction on the facility began this summer and will be complete in late 2016.
ARLINGTON AND FORT WORTH, TEXAS — Venture Commercial Real Estate has represented WinCo Foods LLC in deals to open new stores in Arlington and Fort Worth. In Arlington, WinCo has leased an 85,000-square-foot building in the Bardin Place shopping center, located on the southwest corner of I-20 and South Cooper Street. WinCo will join tenants including Ross Dress for Less, Hobby Lobby and Dollar Tree. WinCo expects to start construction this fall. In Fort Worth, WinCo acquired a 10.5-acre tract and is expected to begin construction this fall on an 85,000-square-foot store located on the southeast corner of Tehama Ridge Parkway and Presidio Vista Drive. Kevie Beard, McGregor Converse, Jonathan Cooper and Theo Thompson of Venture represented WinCo in both deals. Caroline Woodbury and Don Woodbury of DWC Commercial Properties coordinated acquisition, development and entitlement of the properties. Mike Axelrad, Sr. represented Brixmor Property Group, the landlord in the Arlington lease. Weber & Co., the landlord in the Fort Worth transaction, was self-represented. WinCo Foods operates five stores in North Texas in Lewisville, Fort Worth, McKinney, Duncanville and North Richland Hills. A Garland store is expected to open this month.
CHICAGO — Associated Bank has completed a $1.45 million construction loan for the conversion of an existing office building into an apartment property. City Pads LLC is developing the property, which will feature 10 apartments at 5701 N. Ashland Ave. in Chicago’s Andersonville neighborhood. The completed project will offer eight two-bedroom and two one-bedroom units, with one affordable apartment that will be rented at 60 percent of the rental rate. All units will feature condo-quality finishes including granite countertops, stainless steel appliances, hardwood floors, individual HVAC, updated bathrooms and on-site parking. Michael McGovern of Associated Bank originated and managed the loan.
PLAINFIELD, IND. — WPT Industrial REIT has renewed its lease with Fullbeauty Brands Inc. for the single-tenant property located at 3003 Reeves Road in Plainfield. The online retailer has renewed its 741,092-square-foot lease for five years at a renewal rate that exceeds in-place rental rates. The lease expires on August 31, 2021, and extends the REIT’s overall weighted average lease term to just over four years. Built in 2003, the property features 36-foot clear ceiling heights, an ESFR sprinkler system, and metal halide and T-5 lighting, as well as ample dock doors and trailer/auto parking.
STERLING HEIGHTS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of The Forum at Gateways, located at 44575-44833 Mound Road in Sterling Heights. The property sold on Auction.com for more than $20 million. The 258,105-square-foot property is ideally located in a highly developed and densely populated residential and commercial area along M-59. Barry Swatsenbarg and Rich Deptula of Friedman represented the undisclosed seller in the transaction.
