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OfficeTexas

Cousins Signs Two New Tenants Totaling 64,000 SF at Greenway Plaza in Houston

by Katie Sloan

HOUSTON — Cousins Properties Inc., a publicly traded office REIT based in Atlanta, has signed two new leases totaling 64,000 square feet at Greenway Plaza, a 10-building, 4.4 million-square-foot office complex in Houston. The first lease is a 10-year expansion and relocation that Cousins signed with an existing Greenway Plaza customer. This customer, a financial firm headquartered in Houston, is moving from 44,000 square feet in 3800 Buffalo Speedway to 48,000 square feet in Greenway Plaza Three, which was recently vacated by ExxonMobil. In the second transaction, a publishing firm new to Greenway Plaza signed a seven-and-a-half-year lease for 16,000 square feet at 3800 Buffalo Speedway.

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CaliforniaLife SciencesOfficeWestern

LMU Debuts New $110M Life Sciences Building in Los Angeles

by Nellie Day

LOS ANGELES — Loyola Marymount University (LMU) in Los Angeles has debuted its new $110 million Life Sciences building. Construction on the 100,000-square-foot project began in June 2013. The new Life Sciences building houses faculty and research staff from the biology, chemistry and biochemistry, health and human sciences, civil engineering, and environmental science departments under the Seaver College of Science and Engineering. It provides modernized laboratories and collaborative research space. The three-story facility contains 35 teaching labs, 40 faculty and staff offices, nine informal student study spaces, a green roof and outdoor laboratory, three conference rooms and a 273-seat auditorium with an adjoining 1,800-square-foot terrace. C.W. Driver constructed the new building, which CO Architects designed.

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MultifamilyTexas

Cypressbrook Acquires Hunters Cove Apartment Complex in Bay City

by Katie Sloan

BAY CITY, TEXAS — Cypressbrook Co. has acquired Hunters Cove, a 326-unit apartment complex located in Bay City about 80 miles southwest of Houston. Cypressbrook will begin improvements to the complex including new faux wood flooring, new appliances, brushed nickel fixtures and hardware, resurfaced countertops, an upgraded pool area, landscaping improvements, replaced roofs, and new signage. Cypressbrook’s affiliate, Ascension Commercial Real Estate, will manage the property.

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CaliforniaLoansRetailWestern

NorthMarq Capital Arranges $30M Financing for Retail Center in San Diego

by Nellie Day

SAN DIEGO — NorthMarq Capital has arranged the $30 million refinance of Carmel Mountain Ranch Town Center, a 172,272-square-foot retail property located in San Diego. Michael Dobbins of NorthMarq secured the fully amortizing, 25-year term loan through a life insurance company. Tenants at the center include Trader Joe’s, Ralph’s, Chico’s, Rite Aid, Bank of America and McDonald’s.

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ArizonaRetailWestern

Moon Valley Shopping Center to Open Safeway and Undergo Renovations

by Nellie Day

PHOENIX — Triumph Properties Group is set to open a new Safeway location and start renovations on Moon Valley Shopping Center in Phoenix. Safeway recently signed a 20-year lease with Triumph Properties, and is investing several million dollars into the renovation and expansion of the entire store façade and interior of its new space. Ownership is also set to renovate the entire center, and to offer two new 5,000-square-foot pads for lease.

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MidwestMissouriOffice

Griffin-American Buys 210,409 SF Office Building for $36M in St. Louis Suburbs

by Amy Works

CHESTERFIELD, MO. — Transwestern has brokered the sale of Corporate Plaza, a five-story office building located at 14528 S. Outer 40 Road in Chesterfield, a suburb of St. Louis. Griffin-American Healthcare REIT III Inc. acquired the 210,409-square-foot property for $36 million from an affiliate of Westport Capital Partners LLC. Completed in 1989, the building was 98 percent leased at the time of sale. The property serves as the executive and administrative headquarters of Mercy Health, a private, nonprofit healthcare provider that operates 35 hospitals and has $4.4 billion in revenue. Gary Nussbaum, Mike Donovan and David Matheis of Transwestern represented the seller in the transaction.

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Presence-Chicago-IL
HealthcareIllinoisLoansMidwest

Angelic Real Estate, CGA Capital Complete $21.5M Financing for Presence St. Joseph

by Amy Works

CHICAGO — Angelic Real Estate and CGA Capital have completed a $21.5 million financing for portions of the new Presence St. Joseph Ambulatory Care Center in Chicago’s Lincoln Park neighborhood. The new facility is currently being built by Milwaukee-based Hammes Co. Upon its completion this fall, the facility will house additional Presence St. Joseph operations, other medical and related tenants, and parking. New York City-based Angelic Real Estate is an investment banking and brokerage firm with more than $6 billion in experience nationally and internationally. CGA Capital is a source for real estate net lease and credit-based financing nationwide.

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Country-Corner-Apt-MI
MichiganMidwestMultifamily

Apartment Community in Suburban Detroit Sells for $17M

by Amy Works

SOUTHFIELD, MICH. — Marcus & Millichap has brokered the sale of Country Corner Apartments, a multifamily property located at 30300 Southfield Road in Southfield. The 211-unit apartment community sold for $17 million, or $80,970 per unit. Built in 1966 on 16.6 acres, the property consists of 29 buildings and features an outdoor pool with sundeck, clubhouse, fitness center, carports and laundry facilities. The community features seven apartment- and townhouse-style floor plans ranging in size from 1,100- and 1,200-square-foot one-bedroom/one-bath units to 1,800-square-foot two-bedroom/2.5-bath townhomes with full basements. Simon Jonna and Ryan Cockerill of Marcus & Millichap represented the seller, while Earl Elliott, Chris Futo and Gordan Navarre, also of Marcus & Millichap, represented the buyer. The names of the seller and buyer were not released.

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MidwestMissouriMultifamily

Leasing Opens for Arcade Apartments in St. Louis

by Amy Works

ST. LOUIS — Dominium, a Minneapolis-based owner, developer and manager of apartment communities, has opened leasing for Arcade Apartments, which is currently under renovation in downtown St. Louis. Leasing is available to the general public for both artist and market-rate suites in the landmark property, with expected move-in dates to begin in early December. The property features 80 market-rate luxury apartments, as well as apartment suites for artists who meet certain income and other requirements. Arcade Apartments will feature more than 11,000 square feet of artist studio spaces, including a performance studio; painting, drawing and photography studios; music practice rooms; sound attenuated music and multi-media studios; and a flex studio with a pottery kiln. Additional on-site residential amenities include fitness centers, indoor bike storage, controlled entry access, rooftop indoor clubroom and terrace, and a theater. Monthly rates range from $563 for working artist apartments to nearly $3,000 per month for two-level, upper-end units.

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Plymouth-Commerce-Center-MI
LoansMichiganMidwestOffice

Bernard Financial Arranges $3.3M Loan for Plymouth Commerce Center in Michigan

by Amy Works

PLYMOUTH, MICH. — Bernard Financial Group has arranged a $3.3 million loan for Plymouth Commerce Center in Plymouth. The property features 76,500 square feet of office space. Neil Gorosh of Bernard Financial secured the financing for the borrower, Plymouth Commerce Center LP. The lender, Advantus, is an exclusive correspondent of Bernard Financial Group, and will fully service the loan.

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