Property Type

Berkadia Arranges Sale of 470-Unit Multifamily Property in Omaha

by Jonathan Mehall July 14, 2015

OMAHA, NEB. — Berkadia has arranged the sale of Grandridge Apartments, located at 5439 N. 100th Plaza in Omaha. Built in 1974, the 470-unit property includes a mix of one-, two- and three-bedroom floor plans in both apartment and townhome layouts. Unit amenities include fully equipped kitchens, balconies or patios, Internet access and ceiling fans. Select units have fireplaces and garages or covered parking. Community amenities include a large clubhouse with a swimming pool, spa, tanning beds, laundry room, fitness center and extra storage. Brooklyn, N.Y.-based Grandridge 930 LLC paid an undisclosed price to the seller, a private investment partnership based in Salt Lake City, Utah. Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corp., provides comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties.

July 14, 2015

Healthcare Illinois Midwest

Reed Construction to Remodel Acute Care Rehabilitation Center At Hospital in Metro Chicago

by Jonathan Mehall July 14, 2015

BERWYN, ILL. — Reed Construction will begin work this month on a remodeling of the Acute Care Rehabilitation Center at MacNeal Hospital in Berwyn, approximately 10 miles southwest of Chicago. The 427-bed medical facility is located at 3249 South Oak Park Ave. The project, which spans 11,250 square feet, will include updates to the mechanical, electrical and plumbing systems along with all the finishes. The project also involves upgrading a major portion of the base bid electrical infrastructure. Completion is scheduled for early September. Rich Melone, senior project manager, is leading the construction team for Reed. MRF Ltd. of Western Springs, Ill., is providing architectural services. Boca Raton, Fla.-based In.design Inc. is providing interior design services. MacNeal Hospital serves the medical needs of more than 1 million people in the near west and southwest suburbs of Chicago.

July 14, 2015

Illinois Midwest Office

Bradford Allen Arranges 11,133 SF Office Lease in Downtown Chicago

by Jonathan Mehall July 14, 2015

CHICAGO — Bradford Allen Realty Services has arranged an 11,133-square-foot office lease for Synthesis Technology in downtown Chicago. The technology firm is relocating from 820 W. Jackson St., where it occupied 7,200 square feet, to the 20th floor of 135 S. LaSalle St., a Class A, 44-story office tower. Craig Nadborne of Bradford Allen represented Synthesis Technology in lease negotiations and Melissa Rubenstein and John Beason of JLL represented the landlord. This is the fifth transaction in 17 years that Nadborne has completed for Synthesis Technology.

July 14, 2015

Nevada Retail Western

Las Palmas Village in Las Vegas Sells for $23.4M

by Nellie Day July 14, 2015

LAS VEGAS – Las Palmas Village, a 109,838-square-foot retail center in Las Vegas, has sold to Citywest Investments Joint Venture for $23.4 million. The center is located at 415-535 E. Windmill Lane. It is anchored by Vons. The Australian-based real estate company was represented by Chris Emanuel and Jeff Mitchell of Virtus Commercial. The seller, Donahue Schriber Realty was represented by DTZ’s Michael Hackett and Ryan Schubert.

July 14, 2015

California Office Western

JSB Development Breaks Ground on Vista Canyon

by Nellie Day July 14, 2015

SANTA CLARITA, CALIF. — JSB Development has broken ground on the first phase of Vista Canyon, a 185-acre mixed-use development comprising close to 1 million square feet of retail, office, residential and hospitality space in Santa Clarita, 30 miles from Los Angeles. Phase I of development will be centered around the main retail street, and will include a Gensler-designed 56,000-square-foot office/retail building, an 18,000-square-foot retail store, a 614-space parking structure and 480 studio, one- and two-bedroom apartment homes. Internal bike and pedestrian paths will connect the community and link to trails throughout Santa Clarita Valley.

July 14, 2015

California Loans Multifamily Seniors Housing

Cambridge Arranges $12.3M HUD Refinance for California Skilled Nursing Facility

by Nellie Day July 14, 2015

VICTORVILLE, CALIF. — Cambridge Realty Capital Companies has arranged a $12.3 million HUD Lean loan to refinance Knolls West Post Acute, a skilled care nursing facility located in Victorville. The fully amortized, 30-year loan was arranged for the owner, a California limited liability company, using the HUD Section 232 funding program. Cambridge Realty Capital Ltd. of Illinois underwrote the transaction.

July 14, 2015

Multifamily Seniors Housing Washington Western

Evans Senior Investments Arranges Sale of Washington Community for $18M

by Nellie Day July 14, 2015

VANCOUVER, WASH. — Evans Senior Investments has arranged the sale of a three-property seniors housing community, all located on the same campus in Vancouver, to a publicly traded REIT for $18 million. The three properties are Fort Vancouver Convalescent Center, a skilled nursing facility; Caretique, a memory care community; and Park Lido, an assisted living facility. With 136 total beds, the sale price represents $132,353 per unit. Opened in 1982, additions and buildings were added on to the facility in 1985 and 1992. At the time of the transaction, occupancy ran between 70 percent and 80 percent for the facilities. The capitalization rate was 11.7 percent based on the trailing 12 months of net operating income.

July 14, 2015

Industrial Texas

Central Wire Purchases Industrial Building in Houston

by Haisten Willis July 14, 2015

HOUSTON — Central Wire Inc. has purchased a 30,000-square-foot, crane-ready industrial building on nine acres located at Kieth Harrow Boulevard and Barker Cypress in Houston. The property is known as Bear Creek Industrial Park. The general contractor, Finial Development & Construction, is building the development on spec. Keith Bilski, Neil Martin and Mike Sperandio, with Finial’s in-house brokerage company, represented the seller, FDC Bear Creek LP, in the transaction. Janae Evans and Joe Evans of Evtex Cos. represented the buyer. Central Wire is a producer of specialty wire products.

July 14, 2015

Multifamily Texas

M&M Arranges Sale of Two Apartment Buildings in Fort Worth

by Haisten Willis July 14, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of two apartment communities in Fort Worth: The Ridge, a 208-unit apartment complex, and Shadowood Apartments, a 52-unit apartment property. Al Silva of Marcus & Millichap’s Fort Worth office marketed both properties on behalf of the Texas-based sellers and secured both buyers. The Ridge is located at 8925 Randol Mill Road, 10 miles east of downtown Fort Worth and north of I-30. The property was built in 1985 and consists of 14 buildings. The new owner plans to make substantial renovations to the property. Shadowood Apartments is located at 6701 Calmont Ave. The property is located near I-30 and is five miles west of downtown Fort Worth. The property was built in 1964 and consists of one large building that comprises a brick veneer exterior with a new mansard roof and wood frame on a concrete slab foundation. The Texas-based buyer plans to make substantial improvements to the complex.

July 14, 2015

Multifamily Texas

Lloyd Jones Capital Purchases Apartment Complex in Fort Worth

by Haisten Willis July 14, 2015

FORT WORTH, TEXAS — Lloyd Jones Capital, a multifamily investment firm, has purchased the Carol Oaks Apartments in Fort Worth. The firm plans to upgrade and rebrand the 224-unit community located at 7412 Ederville Road. The property is located one mile from I-30 and I-820. Finlay Management will provide management services.

July 14, 2015

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