Property Type

Congressional Bank Closes Three Seniors Housing Loan Transactions Totaling $11.6M

by John Nelson January 14, 2016

BETHESDA, MD. — Congressional Bank, a Bethesda-based community bank, has closed five loans in three transactions for three seniors housing communities. The loans total roughly $11.6 million. The transactions include a $3 million bridge to HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a 107-bed skilled nursing facility in New Bedford, Mass.; a $2.6 million bridge to HUD loan and a $500,000 revolving line of credit for the acquisition of a 67-bed skilled nursing and assisted living facility in Huntington, W.Va.; and a $4 million revolving line of credit in connection with the acquisition and operations of a 118-bed skilled nursing facility in Tucson, Ariz. Following its merger with American Bank with more than $800 million in assets, Congressional Bank becomes one of the 10 largest banks headquartered in Maryland, and one of the 15 largest banks headquartered in the metropolitan Washington, D.C., area.

January 14, 2016

Florida Retail Southeast

Taubman Eliminates Plan for Enclosed Mall for Miami Worldcenter Project

by John Nelson January 14, 2016

MIAMI — Taubman Centers Inc. has decided not to move forward with an enclosed regional mall that was slated to be part of the Miami Worldcenter mixed-use development in Miami. Instead, Taubman, in conjunction with The Forbes Co. and Miami Worldcenter Associates, is now pursuing a high street retail plan that will better utilize the characteristics of the site and the market. Taubman expects to recognize a charge of $11 to $12 million for the write off of previously capitalized costs related to pre-development of the enclosed mall plan. Taubman and Forbes have agreed with Miami Worldcenter Associates on preliminary terms to lease the retail portion of the street level project with an option to purchase the retail component for a pre-determined price once it opens.

January 14, 2016

California Office Western

Office Tower in Oakland’s City Center Changes Hands

by Nellie Day January 13, 2016

OAKLAND, CALIF. — An unnamed buyer has purchased a 521,177-square-foot office tower in Oakland’s City Center mixed-use development for an undisclosed sum. The 24-story tower is located at 1221 City Center, at the intersection of 12th Street and Broadway. The tower’s lobby and common areas have recently undergone a $21.5 million renovation. The property also enjoys immediate access to the Bay Area Rapid Transit (BART). The space is now 98 percent occupied. The seller was a joint venture between American Realty Advisors and Westcore Properties. Eastdil Secured represented the joint venture in the sale.

January 13, 2016

California Industrial Western

Mazda to Relocate North American Headquarters within Irvine

by Nellie Day January 13, 2016

IRVINE, CALIF. — Mazda North American Operations has announced its plans to relocate its headquarters to a new facility in Irvine, less than a mile from its current location. The 10-year lease will allow Mazda to occupy 102,000 square feet, or five floors, within the 21-story building. The new space is located at 200 Spectrum Center Drive. Mazda will also have exclusive naming rights atop the building. The car maker will occupy half of the lobby, which will include vehicle displays. Mazda has been based at 7755 Irvine Center Drive for nearly 30 years. The new space is owned by the Irvine Company. It was designed by Pei Cobb Freed & Partners.

January 13, 2016

Arizona Multifamily Seniors Housing Western

Watermark, Freshwater, Weitz Break Ground on $21M Seniors Housing Community in Arizona

by Nellie Day January 13, 2016

TUCSON, ARIZ. — The Weitz Company, a design and construction firm based in Phoenix, has broken ground on Hacienda at the River, a $21 million seniors housing community in Tucson. A joint venture of The Freshwater Group and Watermark Retirement Communities is developing the community, which Watermark will manage upon completion. The new community will feature a 74,000-square-foot, two-story health care center offering short-term, long-term and hospice care. Hacienda at the River will include a 50-bed rehab unit, 12 long-term nursing care beds and 12 hospice beds. Also included are 69 assisted living and memory care units spread over a 43,000-square-foot village of single-story homes. The property will also house a 1,600-square-foot stable to offer equine therapy to residents.

January 13, 2016

California Multifamily Western

TCA Unveils Multifamily Component at Neptune Marina in Marina Del Rey

by Nellie Day January 13, 2016

MARINA, DEL REY, CALIF. — TCA Architects has unveiled the multifamily component of Neptune Marina, a waterfront development that will include a new marina and boater facilities in Marina Del Rey. The 526 units will feature a mid-century modern design. The project will include elevated courtyards only accessible to residents, as well as lobbies and boater facilities on the public edges to supplement the surrounding promenades. Neptune Marina is already under construction, and is scheduled for completion in 2018.

January 13, 2016

California Multifamily Seniors Housing Western

American Healthcare Investors Hires Former Brookdale Regional President Christopher Belford

by Nellie Day January 13, 2016

IRVINE, CALIF. — American Healthcare Investors, an Irvine-based investment firm specializing in the acquisition and management of healthcare-related properties, has hired Christopher Belford as executive vice president, asset management. Belford joins American Healthcare Investors from Brookdale Senior Living, the largest owner and operator of seniors housing communities in the United States, where he served as the president of the western division. While with Brookdale, Belford managed 269 senior living and retirement communities, representing 24,400 units and over 14,000 employees in 11 Western states. In his new role, Belford will oversee all seniors housing, skilled nursing and hospital properties within American Healthcare Investor’s $8 billion portfolio of assets under management. Christopher Rooney, who holds the same title as Belford, will continue to oversee all medical office buildings within the portfolio. Prior to Brookdale, Belford worked as senior vice president of operations for Emeritus Assisted Living from January 2001 until its merger with Brookdale in July 2014. With Emeritus, he was responsible for the operation of 270 communities in 18 states across the Western U.S. He also previously served in executive capacities with BPM Assisted Living/Regent Assisted Living and ERA Care Inc., where he began his healthcare career in 1991. Belford received …

January 13, 2016

Ceda-Park-texas-riverside-resources-parmer-lane-presidio

Hospitality Mixed-Use Multifamily Office Retail Texas

Riverside Resources Begins Construction on Mixed-Use Development in Metro Austin

by Haisten Willis January 13, 2016

CEDAR PARK, TEXAS – Riverside Resources has begun construction on the first phase of a 100-acre mixed use campus on Parmer Lane in Cedar Park. The first phase of the campus, called Presidio, will feature 74,000 square feet of office space, a 100-room hotel, 320 urban lofts and 21,000 square feet of retail/restaurant space. The initial phase spans 26 acres off the southeast corner of Parmer Lane and Ranch Trails Court. The remaining 74 acres is on the other side of Ranch Trails Court. Presidio will be able to accommodate an office campus with upwards of 500,000 square feet, along with additional lofts, retail and restaurant space. The design’s intent is to bring a more urban, walkable mixed-use campus to Parmer Lane and Cedar Park, with a trail system, local restaurants, a park and a food trailer court. The Phase I office building has been 50 percent pre-leased to American Constructors and will be ready for occupancy in the fall of 2016. In early 2016, Riverside Resources will also move ahead with the other components of the first phase, including a 21,000-square-foot restaurant and retail component it’s developing in partnership with Chris Whitworth and Mauricio Gonzalez Kane of Cordova Real …

January 13, 2016

Retail Texas

SRS Arranges Sale of The Ridge in North Austin

by Haisten Willis January 13, 2016

AUSTIN, TEXAS — SRS Real Estate Partners has represented a private development group in the sale of The Ridge, a two-building retail center in north Austin. The Ridge is located at the southeast quadrant of Parmer Lane and Tech Ridge Boulevard. The 19,300-square-foot center houses a mix of national, regional and local tenants such as Sherwin-Williams, Rush Laundry, Brooklyn Pie and Little Woodrow’s. Ryan Hoff, vice president at SRS Real Estate Partners, represented the seller in the transaction, while Logan Reichle of CBRE represented the buyer.

January 13, 2016

Office Texas

Pace Communications Opens New Office in Dallas

by Haisten Willis January 13, 2016

DALLAS — Jerry Averyt of Henry S. Miller Brokerage’s office division has represented Pace Communications in the lease of its new office space in Dallas. Pace Communications leased 3,400 square feet at 2811 McKinney Ave. from 2811 McKinney TT. Blake Shipley and Ashley Curry of JLL represented the landlord in the transaction.

January 13, 2016

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