PHOENIX — BKM Capital Partners has purchased the Koll Cotton Center, a 225,435-square-foot industrial business park in Phoenix, for $26 million. The seven-building center is located one mile south of Phoenix Sky Harbor International Airport. It was 77 percent occupied at the time of sale. JLL’s Mark Detmer and Bo Mills represented the seller, Clarion Partners.
BAKERSFIELD, CALIF. — Construction has commenced on a new 25-bed Tehachapi Critical Care Replacement Hospital 35 miles southeast of Bakersfield. The $90 million project is a joint venture between Bernards and Colombo Construction. The 77,889-square-foot critical access facility will offer acute care and outpatient services. It will be the only healthcare facility in Tehachapi, a rural area of Kern County. The hospital will include 16 medical/surgical beds, four intensive care beds and a five-bed obstetrical (labor and delivery/postpartum) unit. It will also contain an emergency room, anesthesia services, a radiology/imaging center, a clinical laboratory, dietetic services space, a pharmacy and nearly 16,000 square feet for administrative offices. The property will also include facility support functions like a central plant, general storage area and laundry area. Tehachapi Critical Care Replacement Hospital is scheduled for completion in 2016. SWA Architects is designing the project.
DENVER — Urban Commons has purchased the 400-room Renaissance Hotel in Denver for a reported $44 million. The hotel is located at 3801 Quebec St. in the Stapleton neighborhood. The hotel includes 11 suites and about 30,000 square feet of meeting and function space, including the 11,700-square-foot Colorado Ballroom. The Renaissance is situated near the expanding Enterprise Business Park. It will also be in close proximity to the FasTrack East Corridor light rail line that should debut in 2016. James Escarzega, Steve Michels and Stephanie Tsai of Cushman & Wakefield’s Global Hospitality Group represented the seller, Trifecta Hotel D Owner LLC.
PHOENIX — An affiliate of Menlo Equities LLC has purchased the remaining three buildings of Thistle Landing office park in Phoenix for an undisclosed sum. The park is located at 4801, 4805 and 4811 E. Thistle Landing Drive. Thistle Landing includes four Class A office buildings. The park was built in 1998. Menlo had previously purchased the initial building. The park is fully leased to Fiserv Inc., United Healthcare, DISH Network and OptumRx. Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield represented the seller, Torchlight Investors LLC.
MISSION VIEJO, CALIF. — Wermers Properties has debuted the 256-unit Adagio on the Green luxury apartment complex in Mission Viejo. The community is located at 26600 Oso Parkway. Adagio sits adjacent to the Mission Viejo Country Club.
Downtown Grand Rapids is booming with commercial real estate activity, and it’s coming from many directions. The combination of new residential units, restaurants, bars and a variety of entertainment options is leading people to not only live downtown, but also work and play downtown. Activity in the downtown office market — including office leases, new mixed-use construction and new retail — has increased over the last couple of years, and there is no sign of it slowing down. The overall office vacancy rate in the central business district (CBD) decreased from 9.4 percent in the first quarter to 8.25 percent in the second quarter. While Class A office space has performed well in recent quarters, there was a slight increase in the vacancy rate during the second quarter. As for Class B space, we observed a sizable decrease in the vacancy rate, from 10.1 percent in the first quarter to 8.5 percent in the second quarter. As a whole, the CBD office market experienced positive absorption of 74,293 square feet during the second quarter. Rental rates stabilized in the second quarter after increasing for the past several quarters. Meanwhile, some new construction and planned construction is hitting the market at …
DALLAS — Acquire Real Estate, a real estate crowd investing platform, has closed its investing fund for the DoubleTree by Hilton DFW Airport, a 282-room, eight-story hotel located adjacent to Dallas-Fort Worth Airport. The project attracted investors from across the country that contributed between $5,000 and $75,000. Acquire Real Estate provided $262,500 in funding for the hotel. Investors are projected to receive average annual returns above 20 percent paid quarterly over a seven- to 10-year term. The property is located less than two miles from Dallas/Fort Worth International Airport. Hotel amenities include 17,000 square feet of function space, a full-service business center and airport shuttle services. The Buccini/Pollin Group purchased the property in January 2015 for an undisclosed amount.
GRAND PRAIRIE, TEXAS — Cabot Properties, a private equity real estate investment firm located in Boston, and Stream Realty Partners, a national real estate services, development and investment firm, have begun construction on Trinity Crossing, a 322,853-square-foot industrial development in Grand Prairie. The two-building, master-planned development is located at the intersection of Roy Orr and Trinity boulevards on an 18.4-acre site. A 144,187-square-foot rear-load building and a 178,655-square-foot front-load building will accommodate tenants from 35,000 to 175,000 square feet. Cannon Green of Stream’s Dallas industrial team will oversee the development of the project. Green will team with Luke Davis, also of Stream, to market and lease the project. Steve Riordan of Stream’s construction division will manage the project through completion. The project is expected to deliver in the second quarter of 2016.
FORNEY, TEXAS — NAI Partners represented Forney Innkeepers in the disposition of three acres for a hotel site located in Forney, 21 miles east of Dallas. Forney is a secondary market and transportation corridor to downtown Dallas. The buyer is approved for a 72-room Holiday Inn Express development for the site. Lisa Hankamer of NAI Partners in Houston represented the seller in negotiating the sale to Bhavi Hospitality.
ARLINGTON, TEXAS — CBRE has arranged the headquarters relocation of CareReview from Arlington Downs Tower, located at 2225 E. Randol Mill Road, to Brookhollow Two at 2221 E. Lamar Blvd. in Arlington. The third-party insurance review company’s new headquarters spans 10,695 square feet and will more than double its current space. Richmond Collinsworth of Bradford Cos. represented the tenant, and Bryan Graham of CBRE represented the landlord, Brookhollow II Holdings.
