LOS ANGELES — A local real estate syndicator has purchased the 24-unit Mariposa Place Apartments in Los Angeles for $4.7 million. The community is located at 501 Mariposa Place. The buyer acquired the property through a 1031 exchange transaction. The seller was Lion Real Estate Group. Keller Williams Commercial Studio City executed the transaction.
ARCADIA, CALIF. — Regus Corp. has signed an 11-year lease at Arcadia Gateway Centre. The center is located at 440 E. Huntington Drive. The company will occupy the entire third floor, totaling 16,400 square feet. Other notable tenants at the center include Oracle Corp. and Arroyo Insurance. Carl Anderson represented the landlord, Arcadia Gateway Centre Delaware Partners LLC.
IRVINE, CALIF. — WNC, an investor focused on affordable real estate including seniors housing, has named 35-year industry veteran Howard Heitner to its advisory board. Heitner began his career in 1976 with the Federal Reserve Board in Washington, D.C. He has also served as president and member of the investment committee of JRK Residential America; as chief operating officer of SunAmerica Affordable Housing Partners; and spent nearly two decades as a partner with O’Melveny & Myers LLP. Heitner earned a bachelor’s degree from Bucknell University, as well as an M.B.A. and juris doctorate from the University of Chicago. He has served as chairman of the board of The Los Angeles Conservancy, and as a member of the Hollywood Community Housing Board, Shelter Partnership Board, Menorah Housing Foundation Board, Curtis School Board and Adobe Community Board’s finance committee. Heitner joins other WNC advisory board members Jim Ashby, CEO of CareMeridian; Denise Kiley, a low-income housing tax credits (LIHTC) specialist; and Michael Novogradac, managing partner in the San Francisco office of Novogradac & Company LLP.
PLANO, TEXAS — McCarthy Building Cos. has been awarded a new facility that will house the Children’s Health Andrews Institute for Orthopaedics and Sports Medicine on the Children’s Health Plano campus. McCarthy partnered with design architect Page on the development, which broke ground on Nov. 6. Located on the southwest corner of Preston Road and Quincy Lane, the facility will house the new Children’s Health Andrews Institute, the first institute of its kind in Texas, offering pediatric orthopaedic and sports medicine care, as well as pediatric-focused injury prevention, rehabilitation and therapy. When completed in 2017, the four-story, 185,000-square-foot building will include four operating rooms, an imaging center, physical therapy space and orthopaedic and other pediatric clinics. The institute will also feature indoor and outdoor athletic performance facilities, including a half-size football field and running track. A new five-level parking structure accommodating 1,000 cars will connect to the building.
ADDISON, LAS COLINAS AND RICHARDSON, TEXAS — CREA Investments, a privately held real estate investment services firm, has acquired three office buildings in the Dallas area. The properties include The Belvedere,in Addison, The Meridian in Las Colinas and 2929 NCX in Richardson. Cushman & Wakefield will handle leasing and management services for all three properties. The Belvedere, which features 141,180 square feet of Class A office space, will undergo renovations to corridors, restrooms and the building lobby. The asset also offers 100 percent structured parking. The Meridian, which features 100,359 square feet of office space, will undergo renovations to all corridors, restrooms and a tenant lounge, as well as building systems. Capital improvements also include the addition of spec suites on two floors. 2929 NCX features 85,089 square feet of office space. Since the acquisition, renovations to the lobby, corridors, and restrooms have been completed. Spec suites ranging from 1,500 square feet to 2,000 square feet are also under construction. In addition, the building has been repainted.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Shops at Regent Cross, a 27,611-square-foot retail property located in Irving. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Ronnie Issenberg and Gabriel Britti of the firm’s Miami office secured the buyer, a private investor. Shops at Regent Cross is located at 3601 Regent Blvd. in Irving. The property is a 27,611-square foot, multi-tenant retail center that is 100 percent occupied. Tenants include Zushi Wok and Grill, BurgDawgs, Cavalli Pizza, Anytime Fitness, Salsa’s Mexican Grill, Indian Café, Scott R. Alexander DDS, Burrito Jimmy, Paragon Cleaners, Advantage HR, Saladworks, AT Donuts and Subway. The building was constructed in 2007 and sits on 3.9 acres. The property is located off of LBJ Freeway (I-635) on Regent Boulevard at its intersection with Belt Line Road.
GRAND PRAIRIE, TEXAS — On behalf of Zenith Freight Lines, Binswanger has arranged a temporary 86,100-square-foot industrial lease at Wildlife Building 2, part of Wildlife Commerce Park located at 715 Wildlife Parkway in Grand Prairie. Wildlife Building 2 is a 345,000-square-foot, divisible Class A warehouse facility. Additionally, Zenith Freight Lines has entered into a lease agreement for a total of 341,120 square feet at Wildlife Building 5, which it will move into once construction is completed. Zenith is a specialized supply chain solutions provider. The company plans to use the property for the manufacturing and distribution of furniture. When completed, Wildlife Building 5 will span 682,240 square feet. At full buildout, Wildlife Commerce Park will be home to 2.8 million square feet of industrial space in nine buildings along with a 100-acre lake. Kipp Collins of Binswanger’s Dallas office handled the transaction for the tenant. Will Mundinger handled the transaction for the landlord, Crow Holdings.
PLAINSBORO, N.J. — HFF has arranged the sale of The Crest at Princeton Meadows, a 704-unit, garden-style apartment community located at 3217 Ravens Crest Dr. in Plainsboro. A joint venture between Harbor Group International and Azure Partners acquired the property for an undisclosed price. Situated on 40 acres, the property consists of 37 two- and three-story residential buildings housing one- and two-bedroom units averaging 830 square feet each. Community amenities include an outdoor swimming pool with sundeck, barbecue grills, tennis courts, volleyball court, putting green and playground. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Andrew Scandalios of HFF represented the undisclosed seller in the transaction.
NEW YORK CITY — Onex Real Estate Partners has launched sales for Grand Two, the second building within The Grand at Sky View Parc in Flushing, Queens. Currently under construction, the 258-condo Grand Two is the second phase of the three buildings that will comprise The Grand at Sky View Parc. Designed by Peter Clewes and architectsAlliance, the residential units feature top-of-the-line finishes, floor-to-ceiling windows, balconies, washers/dryers, stainless steel Bosch appliances, quartz countertops and spa-like bathrooms. The property will feature a mix of studios, one-, two- and three-bedroom condos, ranging in size from 470 to 2,050 square feet with pricing ranging from $493,000 to more than $2 million. Upon build out, the development will bring a total of 750 additional homes and amenities to the mixed-use development. On-site amenities will include a 24-hour staffed lobby and concierge, a five-acre landscaped rooftop garden, and basketball court and tennis courts. During its opening weekend, Grand Two made $85 million in condominium sales.
MEDFORD AND BURLINGTON, MASS. — The Davis Companies has selected Margulies Perruzzi Architects to revitalize and reposition two office building properties. The architectural and interior design firm will upgrade the main entrance, lobby and common areas of One Cabot Road in Medford and One Burlington Business Center in Burlington. Constructed in 1989, One Cabot Road is a 400,000-square-foot office building featuring a full-service cafeteria, fitness facility, abundant power and emergency systems and a generous parking ratio, including 170 executive spaces inside the building. The property is currently 94 percent leased, with approximately 30,000 square feet available and 130,000 square feet becoming available in 2017. One Burlington Business Center is a four-story, 176,000-square-foot office building located adjacent to the Lahey Hospital and Medical Center. The building is occupied by Lahey Hospital and Medical Center and Silverink Communications, among others.