FORNEY, TEXAS — Bellomy & Co. has arranged the sale of I-20 Self Storage in Forney. The facility consists of 484 climate and non-climate controlled units with 52,600 net rentable square feet. The property was 82 percent occupied at the time of closing. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. marketed the property on behalf of the Dallas-based seller. Bellomy, Johnson and Arnold procured the Greenwood Village, Colo.-based buyer, National Storage Affiliates (NSA). NSA owns and operates 277 self-storage facilities in 16 states. Bellomy & Co. is an Austin, Houston and Atlanta-based commercial real estate firm with a team exclusively focused on the self-storage industry.
FORT WORTH, TEXAS — The Reserve at McAlister, a community for adults 55 and over in south Fort Worth near Burleson, is now open. General contractor KWA Construction began the project last fall. The 107,000-square-foot, 124-unit project from Ohio-based developer Miller-Valentine Group was designed by Kelly Grossman Architects to meet the needs of independent adults that are at least 55 years of age. KWA Construction specializes in multifamily construction with multiple projects in senior living, including Hillside West in North Oak Cliff and Heritage Village in Hurst, Texas. Located at 432 McAlister Road between Hemphill Street and I-35 West, the one- and two-bedroom apartment community offers amenities including fully equipped kitchens. The community grounds feature a fitness center, media and business centers and a swimming pool, as well as a multi-purpose community room with a kitchen and dining area.
DENVER — Invesco Real Estate has purchased the Retreat at the Flatirons, a 374-unit luxury apartment community in the Denver submarket of Broomfield, for $95 million. The community is located at 13780 Del Corso Way. The property was 96.8 percent occupied at the time of closing. The seller, Etkin Johnson Real Estate Partners, built the Retreat in 2012. ARA Newmark’s Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented Etkin Johnson in the deal. This is Invesco’s second apartment acquisition in Metro Denver in this past month. The company also recently purchased the Retreat at Park Meadows for $125 million.
SOUTH GATE, CALIF. — Newmark Realty Capital Inc. has arranged $40 million in permanent financing for a 370,000-square-foot regional power center in South Gate. The center was completed in 2014. George Mitsanas, Peter HIllakas and Doug Tisdale of Newmark’s Los Angeles office arranged the fixed-rate, non-recourse financing for the borrower, a Los Angeles-based developer. The 10-year, interest-only loan was placed with one of Newmark’s correspondent life insurance lenders.
LOS ANGELES — Ready Capital Structured Finance has closed a $9.1 million loan for the Hangars at Playa Vista. The property contains four separate industrial/office buildings that total 22,675 square feet in the Los Angeles submarket of Playa Vista. The funds will be used to refinance and renovate the property. Hangars at Playa Vista will undergo a complete renovation that will convert it to a creative office space catering specifically to the Silicon Beach tech corridor. The loan features a two-year term with a one-year extension and an 80 percent loan-to-cost ratio. Ready Capital Structured Finance originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.
LOS ANGELES — Majestic Realty Co. has selected Strategy+Style Marketing Group and FFO Realty to lead marketing and leasing efforts for Los Angeles Outlets, a ground-up outlet center in City of Industry area of Los Angeles. The project includes a 353,000-square-foot Phase One and a 58,000-square-foot expansion.
SCOTTSDALE, ARIZ. — The Wolff Company, a private equity firm based in Scottsdale, has announced plans to begin development on six independent living communities in the first quarter of 2016. The developments are expected to break ground over the next six months in Issaquah, Lacey and Spokane, Wash.; Henderson, Nev.; Oxnard, Calif.; and Colorado Springs, Colo. Wolff intends to invest $300 million to $400 million annually in the development or acquisition of independent living and assisted living communities.
CLEVELAND, OHIO — Weston Inc. and Citymark Capital have unveiled plans for a 3 million-square-foot mixed-use development in Cleveland. The five-acre area is currently occupied by parking lots that will be converted into luxury apartments, retail facilities, restaurants and green spaces. The development will include 1,200 residential units with a rooftop bar, deck and pool; approximately 100,000 square feet of retail space; green spaces and covered garage parking. The project will be built in fours phases. Phase I will include 352 units, 22,000 square feet of retail and 390 parking spots. Developers hope to break ground on Phase I in the spring of 2016. The first phase is slated for completion in the summer of 2017. The development will be one block west of Cleveland’s Public Square. Gensler will serve as the primary architect for the project and Gilbane Inc. will perform the construction.
GREEN BAY AND APPLETON, WIS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of four Cottage Living assisted living and memory care communities in Green Bay and nearby Appleton for $18.4 million. Blueprint represented the undisclosed seller, which sold the properties to a non-traded real estate investment trust. At the time of sale, the portfolio was 92 percent occupied. The purchase price equates to approximately $150,000 per unit and there are 123 units. The buyer partnered with an operator from the West Coast. The portfolio will represent the new operator’s first entry into the Wisconsin market. Jacob Gehl of Blueprint was the lead advisor on the transaction.
CHICAGO — S Loop Chicago Development LLC has received approval from the Chicago Plan Commission to develop the first phase of a residential development located at the southwest corner of Grant Park in the city’s South Loop neighborhood. Phase I will feature a 76-story apartment tower to be designed by Rafael Viñoly Architects. The tower, 1200 S. Indiana, is slated to become one of the tallest residential buildings in Chicago. Phase I of the apartment building will feature 792 units, multiple amenity floors and a total of 622 parking spaces. The tower will provide options ranging from studios to three-bedroom units. The building will also include an indoor and outdoor pool, a fitness center and gathering spaces. The proposal for Phase II includes a 648-unit residential tower on the west end of the Phase I parcel and will be connected by ground-floor retail and parking at the base. The Phase III proposal calls for a 100-unit development. Once completed, the development will represent one of the final pieces within the Central Station master plan, a development that was previously stalled by the recession. S Loop Chicago Development purchased the three-acre site in 2012. Construction on the first phase of 1200 …