DALLAS — Presbyterian Village North, a continuing care retirement community (CCRC) in north Dallas, is expanding with the construction of two new independent living buildings, a fitness center and transitional care unit, as well as an addition to its existing assisted living building. The project, valued at $93 million, will add approximately 350,000 square feet to the campus, allowing Presbyterian Village North to house and serve the needs of about 200 more seniors each year. The independent living buildings will include the 48-unit Leonard Rose Villas and the 56-unit Martins Landing. The fitness center will feature a swimming pool, spa, locker rooms and café. The 60-bed transitional care unit will connect to the existing rehab unit. Joyce Hall, the assisted living building, will expand with 71 new apartments. Construction is slated to begin in June. Presbyterian Village North is a development of faith-based nonprofit organization Presbyterian Communities and Services.
Property Type
AMARILLO, TEXAS — Marcus & Millichap has brokered the sale of two multifamily properties in Amarillo, the 195-unit Lighthouse Apartments and the 216-unit Canyon Ranch. Lighthouse Apartments is located at 4515 S. Virginia St., and Canyon Ranch is located at 4615 S. Virginia St., both in proximity to I-27, I-40, Amarillo College and West Texas A&M University. Both complexes are of garden-style construction and offer one- and two-bedroom residences. Tommy Lovell III and Kim Westcott of Marcus & Millichap marketed the assets on behalf of the seller, a financial institution. Lovell and Westcott also procured the buyer, a limited liability company.
DALLAS — Cassidy Turley has arranged a 99,811-square-foot industrial lease in Dallas for Bigs Packaging & Lumber LLC, a service provider for the logging and lumber industries. The tenant will occupy space within City Warehouse, a 65-acre industrial park located at 5200 E. Grand Ave. Blake Anderson and David Eseke of Cassidy Turley represented Bigs Packaging & Lumber in the negotiations. Canon Shoults and Joshua Barnes of Holt Lunsford Commercial manage leasing at City Warehouse.
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. has arranged a $5.8 million loan for the acquisition and redevelopment of a 30,000-square-foot office building in west Houston. Constructed in 2002, the Class A, tilt-wall facility is located on a three-acre parcel in Westway Business Park. Matt Franke and Larry Peters worked on behalf of the borrower, GE Oil & Gas Inc., to arrange the 90 percent loan-to-value financing through a regional bank.
SAN FRANCISCO — Christian Dior has announced it will open a 10,000-square-foot flagship store in San Francisco. The international fashion house will be located on three floors at 185 Post Street in the Union Square shopping district. It is scheduled to open in 2016. Grosvenor Americas purchased the building in 2005. Originally built in 1908, Grosvenor set about to preserve the building’s brick exterior by encapsulating it in layers of translucent and frosted glass. The firm also upgraded all of its building systems, including seismic protection. Grosvenor owns nearby properties at 251 and 180 Post Street, which are leased to notable tenants like Coach, The North Face, Ghurka and Facconable, among others.
LOS ANGELES – A 101,653-square-foot medical office building in Beverly Hills has received $40 million in refinancing. The fully leased building is located at 450 N. Roxbury, near the intersection of Wilshire and Santa Monica boulevards in the Golden Triangle area. The 15-year, fixed-rate loan will be used to refinance the property’s senior debt. Financing for Starpoint Properties was arranged by HFF’s Chris Vittetoe and Paul Brindley through an affiliate of Guggenheim Finance LLC. The loan will be serviced by HFF.
TRACY, CALIF. — Costco Wholesale Corporation has acquired the remaining two buildings at Patterson Pass Business Park in Tracy for an undisclosed sum. The facilities are located at 25850-25928 S. Corporate Court and 17270-17350 Commerce Way, between Hayward and Modesto. The wholesaler acquired the first Patterson building, an 84,000-square-foot warehouse, from Lowenberg Associates this past November. It now owns all three of the business park buildings, which total 265,687 square feet on more than eight acres. Lowenberg had acquired the three-building complex in 2009. This transaction was executed by Michael Goldstein, Gregory O’Leary and Greig Lagomarsino of Colliers.
SEAL BEACH, CALIF. — Rexford Industrial Realty has acquired a 170,865-square-foot industrial building in the Orange County submarket of Seal Beach for a reported $21.1 million. The Class A building is located at 1700 Saturn Way in the Pacific Gateway Business Park. It is fully leased to Dendreon Corporation. The biotechnology company invested about $65 million to transform the building into a drug manufacturing facility with extensive HVAC, mechanical, plumbing and electrical system improvements. Dendreon focuses on the discovery, development and commercialization of novel therapeutics that may improve cancer treatment options for patients. Darla Longo, Barbara Emmons, Rebecca Perlmutter, John Schumacher and Brian DeRevere of CBRE’s Capital Markets represented both Rexford and the seller, an institutional owner, in this transaction.
RENTON, WASH. — TruAmerica Multifamily has acquired the 174-unit Montclair Heights apartment complex in Renton for $28.6 million. The community is located at 2223 Benson Road S. It was built in 1990. TruAmerica plans to make improvements to the property. The seller was Braddock & Logan. The transaction was executed by David Mortensen of Turning Point Realty Advisors and Dave Schumacher and Dylan Simon of Colliers International. TruAmerica has purchased nearly $110 million dollars of apartments in the Seattle area in the past five months.
NASHVILLE, TENN. — The Connor Group has acquired the 331-unit Elliston 23, a mixed-use development in Nashville comprised of apartment and retail components. The Connor Group purchased the asset from 2300 Ellison Place LLC. The sales price wasn’t disclosed, but The Connor Group confirmed it was the highest-priced acquisition in the company’s history. Elliston 23, located in Nashville’s West End submarket, was completed in 2013.