Property Type

Iron Point at Prairie Oaks Apartments in Folsom Sells for $58.2M

by Nellie Day February 13, 2015

FOLSOM, CALIF. — Sequoia Equities has acquired the 280-unit Iron Point at Prairie Oaks in the Sacramento Valley submarket of Folsom for $58.2 million. The community is located at 1550 Iron Point Road. Iron Point was built in 2000. It is situated near Prairie City Crossing neighborhood shopping center, the Palladio at Broadstone lifestyle center, Folsom Premium Outlets, Broadstone Marketplace and Plaza, the Folsom Historic District and the central Folsom shopping district. Community amenities include a fitness center, resort-style swimming pool and hydrotherapy spa, a business center and a clubhouse. Sequoia Equities was represented by Kenneth Blomsterberg of Marcus & Millichap. The seller, Interland LLC, was represented by IPA’s Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni.

February 13, 2015

Colorado New Mexico Retail Western

Twisters Restaurants in Colorado, New Mexico Change Hands

by Nellie Day February 13, 2015

DENVER AND ALBUQUERQUE — Gary Hines and Ray Ubieta have sold their 19 Twisters restaurants, the Twisters concept and its intellectual property to Rajiv Grover of VKC Group. The Southwestern fast-casual concept is located throughout Denver and Albuquerque. The restaurant gained notoriety when one of its locations served as the setting for “Los Pollos Hermanos,” a fictional Mexican restaurant in AMC’s Breaking Bad. The transaction was brokered by National Restaurant Brokers and its affiliate National Convenience Store Brokers.

February 13, 2015

California Retail Western

24 Hour Fitness Building in Monrovia Sells for $5.5M

by Nellie Day February 13, 2015

MONROVIA, CALIF. – A 17,000-square-foot building in Monrovia that is triple-net leased to 24 Hour Fitness has sold to HREH LLC for $5.5 million. The building is located at 715 East Huntington Drive, within the East Huntington Drive technology corridor. It was built in 1995. 24 Hour Fitness has occupied the property for 19 years. The gym recently signed a 10-year lease extension. The seller, Monrovia Fitness LLC, was represented by Jeff Conover of Faris Lee Investments. The all-cash buyer represented itself.

February 13, 2015

Hospitality Oklahoma Texas

DoubleTree by Hilton Hotel Opens in Oklahoma City

by Haisten Willis February 13, 2015

OKLAHOMA CITY — The new DoubleTree by Hilton Oklahoma City Airport hotel is now open. Renovations on the 134-room, full-service hotel included updates to the design and furnishings throughout the lobby, guest rooms and public areas. Suenos LLC owns the hotel. HP Hotels, the same team that owns and operates Hilton Garden Inn North Quail Springs in Oklahoma City, manages the property. The hotel’s guest rooms feature HDTVs, a refrigerator and microwave and complimentary WiFi. Community amenities include an indoor heated pool and hot tub, 24-hour fitness center, business center, on-site parking and shuttle service to and from the airport. Three meeting rooms span more than 1,600 feet of event space. The hotel is located off I-40 and is four miles from Will Rogers World Airport (OKC).DoubleTree by Hilton Oklahoma City Airport is located at 4410 SW. 19th Street.

February 13, 2015

Multifamily Texas

Mill Creek Residential to Renovate Lakewood on the Trail Apartments in Dallas

by Haisten Willis February 13, 2015

DALLAS — Mill Creek Residential will renovate the Lakewood on the Trail apartment complex in Dallas as part of its value-add joint venture with AEW Capital Management. Mill Creek purchased the 352-unit complex in September 2013 and completed a renovation of the clubhouse. The company plans to renovate the units. Each apartment unit at the complex, built in the 1980s, will undergo an extensive upgrade package, including the addition of custom cabinets, granite countertops, modern lighting and new faucets. The new clubhouse and leasing office features a brand-new fitness studio and a Starbucks coffee station. Located at 101 N Brookside Dr., Lakewood on the Trail offers direct access to the Santa Fe Trail and is adjacent to the Lakewood Country Club. Mill Creek owns and operates 560 apartment homes in the Dallas market, with an additional 507 apartments under construction.

February 13, 2015

Office Texas

NAI Partners Negotiates the Sale of Office Property in Houston

by Haisten Willis February 13, 2015

HOUSTON — NAI Partners has negotiated the sale of 2610 W. Sam Houston Parkway,a 24,300-square-foot office building located just north of Westheimer Road. A local law firm purchased the two-story, multi-tenant office property. Doug Pack and Sam Hansen with NAI Partners negotiated the sale on behalf of the unnamed seller.

February 13, 2015

Loans Multifamily Texas

HFF Secures $15M in Financing for 514-Unit Apartment Complex in Houston

by Haisten Willis February 13, 2015

HOUSTON — HFF has secured $15 million in financing for the Trails of Ashford, a 514-unit apartment property in southwest Houston. HFF worked on behalf of the borrower, Bayshore Properties, to secure the 10-year, fixed-rate loan with Jefferies LoanCore LLC. Loan proceeds were used to refinance and recapitalize the asset. The Trails of Ashford consists of 34 two- and three-story buildings totaling 390,960 square feet. There are nine different floor plans with an average unit size of 751 square feet. The property features a fitness center, two swimming pools, sand volleyball court, a lighted tennis court and limited gate access. The property is situated on nearly 29 acres at 12710 Brant Rock Drive. The property is within 10 miles of both the 610 Loop and the Sam Houston Tollway (Beltway 8), which provides access to all other major highways in and around Houston. Jason Bond and Dan Kearns led the HFF debt placement team representing the borrower.

February 13, 2015

Multifamily Seniors Housing Texas

Satterfield & Pontikes to Construct Skilled Nursing Facility in Metro Houston

by Haisten Willis February 13, 2015

KATY, Texas — Satterfield & Pontikes Construction has been selected by Medistar Corporation to construct an 80-bed skilled nursing facility at Katy Fort Bend Road and Colonial Parkway in far west Harris County. Work on the 60,000-square-foot building is scheduled to begin early this year. Construction is expected to take approximately 11 months. The $12.3 million Kindred Parkwest Skilled Nursing Facility was designed by architect Davis Stokes Collaborative PC of Brentwood, Tenn. The 5-acre site will have room for future expansion to 120 inpatient rooms. The two-story building will feature a structural steel frame and an exterior façade of synthetic stucco, brick and stone. A separate generator with a weatherproof enclosure will be installed to provide emergency power. Medistar Corporation is a full-service real estate development company that specializes in the design, development, financing and construction of office buildings and other facilities for the healthcare industry.

February 13, 2015

Illinois Industrial Midwest

Opus Group, USAA Real Estate Co. Arrange Lease of I-88 Gateway Logistics Center

by Danielle Everson February 13, 2015

NORTH AURORA, ILL. — The Opus Group and USAA Real Estate Co. have arranged the lease of a 604,565-square-foot warehouse building in North Aurora. Midwest Warehouse & Distribution System Inc. has signed a long-term lease agreement at the I-88 Gateway Logistics Center. Construction on the speculative industrial building was completed in October 2014. The property is located on 32 acres of land and features 32-foot clear heights, 60 docks, 103 trailer parking spaces, an ESFR sprinkler system and T5 lighting. Midwest Warehouse provides third-party logistics including warehouse and distribution services for companies across the Midwest. The company plans to move into the building during the second quarter. Opus Development Co. was the developer, Opus Design Build was the design-builder, and Opus AE Group was the architect and engineer of record for the project. USAA Real Estate Co. owns the building. Tim Thompson of HSA Commercial Real Estate represented Midwest Warehouse. Brandon Kelly and Todd Heine of Avison Young were the listing brokers.

February 13, 2015

Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $5.1M Fannie Mae Loan for Seniors Housing Community in St. Paul

by Danielle Everson February 13, 2015

ST. PAUL, MINN. — Dougherty Mortgage has arranged a $5.1 million Fannie Mae loan for the refinance of Riverview Highlands, a 54-unit multifamily property in St. Paul. The 12-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower Riverview Highlands LLC. Riverview Highlands is 55-plus seniors community that offers planned activities and events for residents. The property features underground parking, an exercise room and a community room. Floor plans include walk-in closets, washer and dryer connections, oversized kitchens, vaulted ceilings and fireplaces in some of the units.

February 13, 2015

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