BUENA PARK, CALIF. — CBRE Group Inc. has arranged the $85 million sale of Buena Park Downtown, a 535,000-square-foot regional mall. Philip Voorhees of CBRE represented the seller, Coventry Real Estate Advisors, and Timothy Bower and Johnny Choi of CBRE represented the buyer, Newkoa LLC, in the transaction. The mall was 93 percent leased at the time of sale to tenants including DSW, TJ Maxx, Bed Bath & Beyond, 24 Hour Fitness and Metroplex Theaters.
CHANDLER, ARIZ. — Medical Development Partners have unveiled plans for Parkland Memory Care, a 72-bed memory care community to be built in the Phoenix suburb of Chandler. Development costs were not disclosed. The City of Chandler recently approved the rezoning of the 4.5-acre site to construct the 36,377-square-foot community. The majority of the community’s 72 beds will be in private units. In addition to the single-story memory care community, the developers plan to construct two medical office buildings on the site. Lenity Architecture, an Oregon-based architecture firm, designed the building while Phillip Ryan of Ryan & Associates provided landscape architecture services. Raymond Poe and Neal Salmen are leading the development team at Scottsdale-based Medical Development Partners. JF Construction Co. is scheduled to start construction during the summer of 2016. Upon completion in 2017, Seasons Management Group, based out of Oregon, will operate the community.
WOODLAND HILLS, CALIF. — Savills Studley has brokered the sale of Warner Plaza, a 115,000-square-foot neighborhood shopping center in Woodland Hills. Plaza International, a private company that owned the asset for 41 years, sold the property to ROIC Warner Plaza LLC, an entity of Retail Opportunity Investment Corp., for $76.3 million. Located at 21841 Ventura Blvd., the property is occupied by Sprouts Farmers Market, Coffee Bean & Tea Leaf, Dickies BBQ and Jerry’s Famous Deli. Bill Bauman and Kyle Miller of Savills Studley arranged the off-market transaction.
CHEHALIS, WASH. — National Health Investors Inc. (NYSE: NHI) has acquired a 98-unit independent living community in Chehalis, approximately 90 miles southwest of Seattle, for $9.8 million. The name of the community was not disclosed. NHI leased the community to a partnership of Marathon Development and Village Concepts Retirement Communities. The acquisition was funded with borrowings on NHI’s revolving credit facility. The buyer has earmarked $350,000 for capital improvements to the community. The community was built in 1986, with additions built in 1993 and 2000. It was 95 percent occupied at the time of sale. The 15-year lease features an initial annual rate of 7.25 percent plus annual escalators between 2 percent and 3 percent.
DALLAS — SB Hall, the new home of the Satish & Yasmin Gupta College of Business at The University of Dallas, is now open. The Beck Group built the 46,000-square-foot building, while Perkins+Will designed it. SB Hall is situated on the top of a hill on the northwest side of campus with views of Downtown Dallas and Las Colinas. The building includes nine lecture rooms, a production studio, financial markets lab and dozens of study nooks, alcoves, lounges and gathering places. A main floor atrium, which opens to the second level, includes a glass curtain wall system. The space is designed to allow reconfiguration as the campus population as its needs change. The facility is pursuing LEED certification.
SOUTHLAKE, TEXAS — New York-based Henry Schein Inc. has expanded its footprint in Heritage Business Park, becoming the first tenant for a six-month-old industrial building in the 1.5 million-square-foot project in Tarrant County. The Fortune 500 company has signed a long-term lease for a 17,888-square-foot end cap in a 134,160-square-foot warehouse located at 1080 S. Kimball Ave. in Southlake. The tenant plans to relocate an existing division from Heritage Business Park 2, where it leases 241,000 square feet, to the new building, one of two that former owner KTR Capital Partners completed last summer. Michael Spain and Nick Talley of Dallas-based Bradford Commercial Real Estate Services represented the landlord in the lease deal. The plan calls for a second-quarter move-in to Heritage Business Park 8, the smaller of the two new buildings. Jeremy Halback of USI Real Estate Brokerage Services represented the tenant in its expansion at the nine-building Heritage Business Park. Henry Schein is a provider of healthcare products and services for dental, animal health and medical practitioners.
BROCKPORT AND QUEENSBURY, N.Y. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a two-property seniors housing portfolio in Upstate New York. Brookdale Senior Living acquired the two assets for $48 million. Totaling 183 units, the properties are Emeritus at Landing of Brockport and Emeritus at Landing of Queensbury. Mark Myers, Joshua Jandris and Charles Hilding of IPA represented the seller, a private family office, in the transaction.
EULESS, TEXAS — In an off-market transaction, SkyWalker Property Partners has sold the 75,679-square-foot Westpark Centre in Euless to an Atlanta-based fund targeting government-leased properties. It is the fund’s first acquisition in North Texas and second in the state. The GSA occupies 52 percent — 39,506 square feet — of the three-story office building located at 150 Westpark Way. Shane Benner of Coldwell Banker Commercial Alliance sourced the buyer, RP CBP Euless, and was the sole broker for the all-cash transaction. SkyWalker purchased Westpark Centre in 2008. The 4.3-acre property is located off Airport Freeway and TX 121, near Dallas/Fort Worth International Airport. Westpark Centre has been leased and managed since 2008 by Arlington-based CBCA DFW, formerly SCM Real Estate Services.
HOUSTON — Jim Autenreith and Dan Nguyen of Moody Rambin represented a private seller in the sale of 3229 Navigation Blvd., a 20,898-square-foot freestanding office warehouse property in Houston. James Womack of Property Brokerage of Texas represented the purchaser, a private investor.
LEWISVILLE, TEXAS — Presidio Inc. has extended its lease of 34,656 square feet and expanded by an additional 5,601 square feet at Waters Ridge Tech I in Lewisville, located at 1955 Lakeway Drive. Stuart Smith of DTZ represented the tenant in the lease transaction. Heather Shover, Kathy Permenter and Sean Dalton at Younger Partners represented the landlord.
