DENVER – A 23-unit apartment building in Denver has sold to an unnamed buyer for $3.4 million. The community is located at 2701 Federal Blvd. It was built in 1971. The buyer was represented by Saratoga Property Advisors. The seller, Cedarbridge Apartments LLC, was represented by the Calame Lewallen Team at Pinnacle Real Estate Advisors.
CARMEL VALLEY, CALIF. – The 15-room Blue Sky Lodge in Carmel Valley has sold to a team of veteran hoteliers for $2.2 million. The hotel is located at 10 Flight Road. The sale also included two vacant parcels adjacent to the hotel. The buyers plan to redevelop both the existing hotel and the vacant parcels. They were represented by Rick Lahkar of Marcus & Millichap’s Oakland office. The seller was not named.
The Phoenix office market ended the third quarter in a very strong position. Increasing momentum in the sector should continue into 2015. Healthier economic conditions, including a growing GDP and higher employment, are translating into increased market activity and confidence. The biggest take-away from Phoenix’s rebounding office sector is new office development, with several high-profile construction projects underway in the East Valley. Tower cranes dot the horizon along Tempe Town Lake in downtown Tempe. The largest project, State Farm’s Marina Heights, is under construction on its first phase, which includes two mid-rises totaling more than 1 million square feet. Additional phases will bring the project to more than 2 million square feet, making it the largest office project in Arizona. Hayden Ferry Lakeside III is under construction with a 10-story, 250,000-square-foot building on the lake. This is the third and final phase of this office project. Arizona State University has also jumped into the mix by announcing a huge 330-acre development on the south side of Tempe Town Lake. It is expected to incorporate athletic, commercial and residential projects at full build-out that will be utilized as a funding source for ASU Athletics. USA Place, a $400-million-plus development in downtown, …
PLYMOUTH, MINN. — CPA:17 – Global, a managed non-traded REIT of W. P. Carey Inc., has acquired a 182,000 square-foot, Class A office building for $34 million. The facility is located in Plymouth and will be leased on a long-term basis to Smiths Medical beginning in February 2015. Smiths Medical is a supplier of specialist medical devices, consumables and equipment for global markets and is one of the five divisions that form Smiths Group plc, a multinational diversified engineering company. The property will serve as Smiths Medical’s headquarters as part of a broader initiative to improve productivity and collaboration and reduce costs. The facility was constructed in 1999 as part of a mixed-use development that included retail, residential and restaurant space. The building includes modern infrastructure and features large lobbies and common areas.
INDIANAPOLIS — The city of Indianapolis has selected Meridiam to build a new justice complex. Under terms of the agreement, a Meridiam-led project company will finance, design, build, operate and maintain the new justice complex. The project calls for the consolidation of county jails, criminal courts, offices for the Marion County Sheriff’s Office, and other related offices and agencies from disparate locations around Indianapolis. The facility will also include a 3,000-bed detention facility with on-site medical and mental health units, a 960-bed community corrections facility and surface parking. It will be situated on a site located southwest of downtown Indianapolis that was formerly occupied by a General Motors stamping plant. New York-based Meridiam is an independent investment firm specializing in the development, financing, and management of long-term public infrastructure projects.
OAKBROOK TERRACE, ILL. — Marcus & Millichap has arranged the $2.2 million sale of a 2,650-square-foot, net-leased property occupied by Starbucks in Arlington Heights, a northwest suburb of Chicago. The property is located at 1808 S. Arlington Heights Road. The building includes a drive-thru. The location is a retrofit of an existing building that includes a new 10-year corporate lease with Starbucks Corp. Austin Weisenbeck, Aaron Baum and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a local developer.
HOUSTON — Trammell Crow Co. and joint venture partner Clarion Partners have broken ground on Fallbrook Pines Business Park in northwest Houston. The first phase of the development, scheduled for completion in the first quarter of 2015, will include four concrete, tilt-wall office/warehouse buildings totaling 709,045 square feet. The 127-acre park is located near the intersection of Beltway 8 and Highway 249 on Fallbrook Drive. Phase two will include two side-load buildings, one cross-dock building and one front-load building designed to accommodate fenced, secured truck courts. Powers Brown Architecture is the project’s architect. Rosenberger Construction is the general contractor. Faron Wiley and Joseph Smith of CBRE’s Houston office will be the leasing agents.
CYPRESS, TEXAS — Red Capital Partners LLC has provided a $13.5 million balance sheet construction loan to an affiliate of Avanti Senior Living. Avanti on Towne Lake will be a 90-unit assisted living and memory care facility located in Cypress near the Avanti headquarters in The Woodlands. The community will consist of 50 assisted living units and 40 memory-care units. Avanti Senior Living has partnered with an affiliate of Iron Point Partners to develop a portfolio of Class A senior living communities throughout Texas and the southeastern United States.
RIVER OAKS, TEXAS — ARA has arranged the sale of River Ranch, an 80-unit apartment complex located in River Oaks. Jakob Andersen, Brian O’Boyle Jr. and Brian Murphy marketed the property on behalf of the seller, an entity controlled by Roger Gunby and Roger Gault. Southwest Montana Properties LLC was the buyer. River Ranch was completed in 1985. Recent upgrades to the property include solar screens on all exterior windows, new building and entry signage, stone retaining walls, new gutters and HVAC systems.
BROWNSVILLE, TEXAS — Marcus & Millichap has arranged the sale of a 9,360-square-foot net-leased property occupied by Family Dollar in Brownsville. Curtis Carter and Chad Knibbe of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor. Stephen Berchelmann and Knibbe represented the buyer, a private investor. Family Dollar is located at 4465 Paredes Line Road. The property was built in 2006 and is comprised of 9,360 square feet surrounded by a 28-space parking lot on 0.35 acres.
