SAN JACINTO, CALIF. – Circle K Stores has broken ground on a 4,500-square-fot convenience store in San Jacinto. The store will be located at 1450 S. Sanderson Ave. It will offer fresh food, a gas station with eight fuel pumps and a self-serve carwash. The new store will open later this year. The new Circle K facility represents phase one of Esplanade Commons a 90,000-square-foot, mixed-use shopping center that is being developed by Southland Development Company and RoBott Land Company.
Property Type
SAN ANTONIO — Institutional Property Advisors has arranged the sale of a 328-unit apartment complex in San Antonio. The name of the property and transaction details were undisclosed. Will Balthrope of IPA represented both parties in the transaction. The property was built in the mid-2000s and is located in San Antonio. Amenities include a pool, gym, tanning studio and business center.
BURLESON, TEXAS — Bob Moore Construction has completed an 89,581-square-foot cold storage distribution center in Burleson, 11 miles southwest of Fort Worth. The distribution center is part of the new HighPoint Business Park and will serve Chicken Express, a Texas-based fried chicken restaurant chain founded in 1988. The building features tilt-up construction on three sides, with insulated metal panels for the fourth wall, and four interior partitions of the freezer and cold dock area. Chicken Express has 200 locations in Texas, Oklahoma, Georgia, Arkansas and Louisiana.
HOUSTON — Cassidy Turley has arranged the lease of San Felipe Plaza’s 45th floor to AkinMears GP on behalf of Parkway Properties Inc. The 19,985-square-foot transaction brings San Felipe Plaza to 90 percent occupancy. The 46-story building is located at 5847 San Felipe St. in Houston’s San Felipe and Voss submarket. Parkway Properties bought the property as part of a merger with Thomas Properties Group in 2013. Eric Siegrist and J.P. Hutcheson of Cassidy Turley represented Parkway, while Jay Kyle of Colliers International represented AkinMears.
AUSTIN — CBRE Capital Markets has arranged the sale of an .87-acre Austin retail parcel with a long-term ground lease to Wells Fargo Bank. A private investor from Wyoming purchased the building located at 1145 Airport Blvd. near the 711-acre Mueller redevelopment. Walter Saad, Cathy Nabours and Logan Reichle of CBRE represented the seller, an Austin-based private investment partnership. The property is 100 percent occupied with 13 years remaining on a 20-year ground lease. Wells Fargo renovated the building in 2007.
DALLAS — Colliers International has arranged the sale of two North Texas properties through Auction.com to two separate unnamed buyers. The properties are Oakwood Apartments in Fort Worth and Hacienda Villa Apartments in Greenville. Oakwood Apartments is a 216-unit complex located on 6351 Vega Drive. Hacienda Villa is a 100-unit apartment complex located at 1600 Joe Ramsey Blvd. Mark Freeman and Bob Helterbran of Colliers International North Texas arranged the transactions.
CHARLOTTE, N.C. — LRC Properties LLC, in a joint venture with Highbrook Capital Management, has purchased Colonial Plaza, a three-story, 211,810-square-foot office building located at 2101 Rexford Road in Charlotte’s SouthPark submarket. The joint venture purchased the Class B asset, also known as the Esplanade, for approximately $25.3 million. The office building’s tenant roster includes Ally Financial, Garretson Firm Resolution Group, Agility Recovery and American Security Mortgage. LRC Properties plans to upgrade the property with the addition of a conference meeting room, lounge and health club. Darren Hirsch will lead LRC Properties’ day-to-day management of Colonial Plaza. Including this transaction, LRC Properties now owns and manages approximately 1.8 million square feet of commercial space in Charlotte.
GERMANTOWN, MD. — NexCore Group LLC, a national healthcare developer, has broken ground on a 79,491-square-foot medical office building on the new Holy Cross Health hospital campus in Germantown, an unincorporated municipality roughly 20 miles northeast of Bethesda. The new facility is located within the Hercules Pickney Life Sciences Park on the Montgomery College campus. Holy Cross Health hospital is slated to open in October. NexCore is building the medical office building to LEED Silver certification standards, with high efficiency air handling units, lighting control system and a green roof. The asset is one of three healthcare facilities around the country that NexCore is developing for CHE Trinity Health.
SUN CITY CENTER, FLA. — Phillips Edison-ARC Grocery Center REIT II Inc. has purchased Kings Crossing, a 75,020-square-foot grocery-anchored shopping center in Sun City Center, part of the Tampa MSA. Publix anchors the shopping center, which also houses Sally Beauty Supply, Subway and The UPS Store. With this acquisition, the REIT’s portfolio features eight properties representing an aggregate purchase price of approximately $116 million.
CHARLOTTE, N.C. — NorthMarq Capital’s Charlotte office has arranged $11.8 million in acquisition financing for Highland Business Park, a 169,240-square-foot office development in Charlotte. Kevin Jenkins of NorthMarq arranged the 10-year loan with a 30-year amortization schedule through a conduit CMBS lender on behalf of the unnamed borrower.