OAKLAND, CALIF. – The 45-unit Jackson Courtyard Condominiums in Oakland has sold to an unnamed buyer for $15.9 million. The community is located at 14th and Jackson streets in the city’s Lakeside district. It is situated near two Bay Area Rapid Transit (BART) stations. The seller, 685 Scofield LLC, was represented by Kevin Turner of Marcus & Millichap’s Oakland office.
GLENDALE, ARIZ. – A partnership through Dalan Management has acquired the 276-unit Glendale Commons Apartments through a trustee sale for $8.9 million. The community is located at 6565 West Bethany Home Road in Glendale. It was built in 1983. Dalan assumed the Fannie Mae loan that was originally placed in 2006. The seller was a partnership through NV Investments. The sale was executed by ABI Multifamily.
LAS VEGAS – M&M World Las Vegas has completed a $4.7-million renovation. The 31,056-square-foot building is located at Showcase Mall on the Las Vegas Strip. DC Building Group remodeled all four floors of the attraction. M&M World features a new NASCAR display with a full-size NASCAR race car replica and a new M&M Color Wall with a colored candy tube ceiling. Construction commenced in late 2012. FITCH served as the architect. The building is owned by MARS.
SAN DIEGO – An 8,662-square-foot medical office building in San Diego has sold to BKC Commercial Properties for $2.4 million. The building is located at 9878 Hilbert Street. The buyer plans to relocate its dermatology clinic to the new facility, which will allow for expansion. BKC was represented by Mario Martinez of Lee & Associates – North San Diego County. The seller, Williams Charitable Remainder Trust, was represented by Colliers International.
MISSOURI CITY, TEXAS — Trammell Crow Co. and partner Artis REIT have acquired two land tracts totaling 127 acres in Missouri City. The partnership plans to develop a new, Class A industrial business park called Park 8Ninety, which will accommodate more than 1.7 million square feet of build-to-suit or speculative office/warehouse, distribution and manufacturing space. Construction on the first phase of Park 8Ninety, which will include three buildings totaling over 330,000 square feet of industrial space, is expected to begin in Summer 2015, with completion scheduled for Spring 2016. The property is located at the south corner of U.S. Highway 90A and Beltway 8 (Sam Houston Parkway), 20 miles southwest of downtown Houston. Barney Van Huss represented the seller, Ellis Management, which sold a 75-acre parcel. Ron Dagley of The Betz Cos. represented a local investment group, which sold an adjacent 52-acre parcel. Bo Pettit and Alexander Reilly of Boyd Commercial LLC/CORFAC International represented Trammell Crow Co. and Artis REIT in the acquisition.
HOUSTON — McCarthy Building Cos., and the Metropolitan Transit Authority of Harris County (METRO) have broken ground on the METRO Harrisburg Overpass project located in Houston’s East End. The project will be the final piece of METRO’s Green Line, which travels through downtown to the Magnolia Transit Center. The $27 million project will involve construction of a 2,400-linear-foot grade separation at the Houston Belt and Terminal (HBT) and Union Pacific Railroad (UPRR) railroad tracks located west of Hughes Road. It will include a bridge structure with aesthetic architectural features, two 16-foot wide vehicular traffic lanes, a 26-foot LRT guideway located in the center of the bridge structure, and two five-foot wide emergency walkways on each side of the bridge. The overpass is set to be complete in 12 months.
LAKE OF THE OZARKS, MO. — Air Masters Corp. will complete a HVAC retrofit as part of the The Lodge of the Four Seasons hotel’s $11.5 million renovation in Lake of the Ozarks. Air Masters is incorporating a Building Automation System (BAS) to improve the hotel’s energy efficiency and savings. With guest room HVAC monitored by the BAS, hotel management will discover any potential issues before guests are inconvenienced. The hotel renovation includes the remodeling of 194 guestrooms and updating of all public areas including the entry, lobby, restaurants, meeting rooms, atrium and hallways. The project is scheduled for completion in December. The Lodge of Four Seasons offers 359 rooms and more than 60,000 square feet of meeting space. Amenities include 36 holes of golf, a full service marina and five restaurants. The Lodge is also the home of the nationally recognized Spa Shiki.
ADDISON, TEXAS — Behringer is relocating its corporate headquarters to Tollway Center, a 200,000-square-foot, six-story office building in Addison. The investment management firm, currently headquartered at One Addison Circle, has executed a 10-year lease for a new principal place of business located at 14300 Dallas Pkwy. The company expects the move to be completed by the third quarter of 2016. Jeff Staubach and Torrey Littlejohn of JLL represented Behringer, while JLL’s Jubal Smith and Matt Samler negotiated business and economic incentives. Tollway Center, which Cawley Partners is developing, will feature an open-air rooftop terrace, fitness center and indoor cafe. The project began in June 2014 when Cawley Partners identified six acres of land between Belt Line and Spring Valley Road on the west side of the Dallas North Tollway.
SUGAR LAND AND SPRING, TEXAS — Marcus & Millichap has arranged the sale of two properties in metro Houston. In the first transaction, the firm arranged the sale of The Crossing at Telfair Commons, a shopping center in Sugar Land. Justin Miller and Derek Hargrove marketed the property on behalf of the seller, a local developer. Miller and Hargrove also secured the buyer, a limited liability company. The Crossing at Telfair Commons is located at 520 Highway 6. It is shadow-anchored by an HEB grocery store and adjacent to Chuy’s Mexican Food and Whataburger. In the second transaction, Marcus & Millichap arranged the sale of Ace Hardware, a 15,500-square-foot, net-leased property located in Spring. Jerry Goldstein and Kelley Workman of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Goldstein secured and represented the buyer, a partnership. Ace Hardware is located at 9001 Spring Cypress.
PLAINFIELD, ILL. — A joint venture of American House Senior Living Communities and AEW has acquired Cedarlake Village in Plainfield. The seniors housing property is located at 14800 S. Van Dyke Road. Cedarlake Village includes 178 one-bedroom apartments in two buildings, Wheatland and Renwick. Currently, both buildings are independent living facilities. However, Renwick will be licensed and converted into assisted living. Beginning in late spring, the community will undergo renovations, including the addition of an Anytime Café, dining room, fitness center and game room. American House began managing the community on March 31. AEW acquired the property on behalf of AEW Senior Housing Investors II LP.
