Property Type

Westcore Properties Buys MetLife’s SoCal Industrial Portfolio for $69.4M

by Nellie Day September 30, 2015

SAN DIEGO — Westcore Properties has acquired an eight-building industrial portfolio from MetLife for $69.4 million. The properties contain a total of 634,289 square feet throughout four projects in Southern California. The acquisition includes a 300,896-square-foot business park in Buena Park that is leased to tenants like Isuzu Motors and Hochiki America Corp.; a 165,070-square-foot, single-tenant warehouse/distribution building in San Dimas that’s leased to Western Pacific Storage; an 88,323-square-foot, multi-tenant industrial building in Ontario leased to NGOC Hoang Gia LLC and Kelleher Corporation; and an 80,000-square-foot, single-tenant industrial building leased to Spartech Polycom. CBRE’s Darla Longo and Barbara Emmons represented MetLife in the transaction. San Diego-based Westcore Properties now owns more than 2.5 million square feet of commercial space throughout Southern California.

September 30, 2015

Nevada Retail Western

Life Time Fitness Building Near Las Vegas Sells for $51M

by Nellie Day September 30, 2015

LAS VEGAS — A 145,000-square-foot retail property in the Las Vegas submarket of Summerlin has sold to an unnamed buyer for $51 million. The space is triple-net leased to Life Time Fitness. It is located at 10721 W. Charleston Blvd. The building was constructed in 2011. It is situated near Red Rock Casino & Resort, Downtown Summerlin Mall and Canyon Pointe. The private, high-end fitness center chain recently signed a new 20-year, triple-net, corporate-guaranteed lease with scheduled rental increases during the term. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented both the buyer and institutional seller in this transaction.

September 30, 2015

California Office Western

WealthCap Acquires Two Silicon Valley Office Campuses

by Nellie Day September 30, 2015

LOS GATOS, CALIF. — WealthCap has purchased two newly built office campuses in the Silicon Valley submarket of Los Gatos for an undisclosed sum. The Class A properties are located at 121 and 131 Albright Way. Both buildings are leased to Netflix. They will serve as the global headquarters for the on-demand digital movie and television show streaming company. The acquisition also includes an interest in the surrounding 15-acre campus, including 664 surface parking spaces and shared use of a 930-space structured parking garage. CBRE Global Investors represented WealthCap in the transaction. This is the German-based company’s second acquisition in Silicon Valley over the past 12 months.

September 30, 2015

Industrial Nevada Western

MCA Realty Buys Las Vegas Industrial Portfolio

by Nellie Day September 30, 2015

LAS VEGAS — MCA Realty has purchased a four-property industrial portfolio in Las Vegas for an undisclosed sum. The acquisition includes the 58,240-square-foot, two-building Aabacus Industrial Center; a 31,000-square-foot, multi-tenant industrial building in North Las Vegas; a 26,000-square-foot, single-tenant industrial property near McCarran International Airport; and a 21,807-square-foot, single-tenant industrial property that is also near the airport. MCA Realty’s portfolio now includes a total of 14 properties and more than 600,000 square feet of industrial space in Las Vegas.

September 30, 2015

Colorado Multifamily Seniors Housing Western

Welbrook, Embree Starts Construction of Skilled Nursing Facility in Colorado

by Nellie Day September 30, 2015

GRAND JUNCTION, COLO. — Welbrook Senior Living and Embree Healthcare Group have started construction of a new transitional rehabilitation facility in Grand Junction, and have secured final financing for the project from CNL Healthcare Properties, a real estate investment trust (REIT) based in Orlando, Fla. The facility, the name of which was not released, will feature 50 private suites. Texas-based Embree is developing the facility, which California-based Welbrook will operate when complete. The companies expect to admit the first resident in the second half of 2016.

September 30, 2015

Mixed-Use Retail Texas

Thor Equities Secures Construction Financing for Kirby Collection in Houston

by Haisten Willis September 30, 2015

HOUSTON — Thor Equities has secured construction financing for Kirby Collection, a new mixed-use development at 3200 Kirby Drive in Houston. The 1 million-square-foot residential, office, retail and entertainment development is located in the River Oaks neighborhood of Houston, bounded by Kirby Drive and West Main, Colquitt and Lake streets. The project features a 25-story, 385,000-square-foot residential tower with 199 apartments comprising seven two-story townhomes and seven two-story loft spaces with private yards. The residences will overlook a deck with more than an acre of landscaped amenities, including a pool with cabanas, fire pits and a bar area. Kirby Collection’s 13-story, 210,000-square-foot, Class A office building is located near downtown Houston, the Galleria/Uptown District, Greenway Plaza and the Texas Medical Center. The development is scheduled to break ground in October and open in the fourth quarter of 2017. Richard Keating is the design architect for Kirby Collection, and Dianna Wong Architecture + Design is the interior designer. Houston-based Kirksey is the architect of record.

September 30, 2015

Healthcare Office Texas

Stage Equity Partners Acquires 37,000 SF MOB in Dallas

by Haisten Willis September 30, 2015

DALLAS — Chicago-based healthcare real estate investment company Stage Equity Partners LLC has purchased a 37,000-square-foot, multi-tenant medical office building in Carrollton, a northern suburb of Dallas. The property is Stage Equity’s fourth medical office acquisition in Dallas and its fifth overall in Texas. The single-story, Class A building was acquired in an off-market transaction from the physician owners of OrthoTexas, an orthopedic practice based in Dallas. As part of the transaction, OrthoTexas leased back the majority of the building under a long-term lease. MetroCrest Surgery Center — a joint venture between USPI, Baylor Scott & White Health and Tenet Health — leases the remainder of the building for the operation of an ambulatory surgery center. American Momentum Bank provided financing for the project. The property, located at 4780 North Josey Lane isfully leased. OrthoTexas has 27 physicians and more than 250 employees, and MetroCrest is a prominent surgery center in the region. The property is within 10 minutes of Baylor Carrollton Hospital and Texas Health Resources Presbyterian Plano Hospital.

September 30, 2015

Industrial Texas

Liberty Property Trust Acquires Three Industrial Buildings, 139 Acres in Metro Houston for $93M

by Haisten Willis September 30, 2015

LA PORTE, TEXAS — Liberty Property Trust has acquired three industrial buildings and 139 acres of additional land in La Porte, a suburb of Houston, for $93 million. The 100 percent leased buildings consist of two rail-served facilities and a cross-dock building totaling 921,196 square feet, and are located in the Port Crossing Commerce Center. The buildings are located in close proximity to both the Bayport container terminals and the Barbour’s Cut terminal at the Port of Houston. Tenants in the park include Anheuser-Busch, Gulf Winds, Ferguson Enterprises and Overland Distribution. Liberty plans to add an additional 2 million square feet of space to Port Crossing Commerce Center. Phase I of development, which could include a 408,000-square-foot cross-dock building and a 105,000-square-foot rear-load building, could commence in 2016.

September 30, 2015

Multifamily Oklahoma Texas

Steadfast Apartment REIT Acquires Two Multifamily Properties for $88.5M

by Haisten Willis September 30, 2015

OKLAHOMA CITY AND EULESS, TEXAS — Steadfast Apartment REIT has acquired apartment communities in separate transactions in Oklahoma City and metro Dallas totaling 654 units for an aggregate purchase price of $88.5 million. Steadfast Apartment REIT entered the state of Oklahoma with the purchase of The Shores, a 300-unit, Class A apartment community that was constructed in 2013 on 22 acres. The complex includes a clubhouse/leasing center, 11 three-story apartment buildings and 12 two-story townhome buildings boasting one-, two- and three-bedroom configurations. Apartment homes range from 649 to 1,288 square feet with average in-place rents of $1,030. The Shores was 93.7 percent occupied at the time of sale. Monticello by the Vineyard is located in Euless, 25 miles from both Dallas and Fort Worth. Built in 2002, Monticello features 21 three-story apartment buildings, five garage buildings and a leasing office/clubhouse on approximately 20 acres. The property offers 354 one-, two- and three-bedroom apartment homes in 21 different layouts averaging 993 square feet. Average in-place rents are $1,245 and the community was 96.9 occupied at the time of sale.

September 30, 2015

Multifamily Texas

KWA Construction Completes Millennium Apartments in Metro Dallas

by Haisten Willis September 30, 2015

MCKINNEY, TEXAS — KWA Construction, a general contractor specializing in multifamily developments, has completed the Millennium, a 162,440-square-foot affordable housing project, on behalf of GroundFloor Development. Located in McKinney, 130 of the 164 residences will be reserved for low-income residents as an affordable housing option. The Millennium is KWA’s third construction assignment completed for GroundFloor Development. The four-story multifamily rental development features one-, two- and three-bedroom units that offer nine-foot ceilings, patios and balconies and high-end appliances. Amenities in the Millennium include a community center with a swimming pool, library, business and fitness centers, a porch and cookout area. The location allows for children living in the Millennium to attend schools in the Frisco Independent School District and adults to have access to financial planning and health and nutrition classes. The Millennium affordable housing project is a joint effort between not-for-profit organization Inclusive Communities Project, which works to create and expand affordable housing opportunities, and McKinney’s Housing Authority, whose mission is to serve the housing needs of low to moderate-income families in the authority’s jurisdiction.

September 30, 2015

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