FORT WORTH, TEXAS — The Cheesecake Factory will open a new location in downtown Fort Worth’s Sundance Square on Dec. 9. The new restaurant, located at 455 Commerce St., will include an 8,700-square-foot dining room with seating for up to 230 people. The restaurant is expected to bring a total of 245 new jobs and $10 million in annual revenue.
EL PASO, TEXAS — Hunt Metro 31 LLC will develop a 31-acre mixed-use project at the former Northpark Mall site in Northeast El Paso. The project, known as Metro 31, will consist of 325 apartments, 80 units of senior living and 48 live/work units. The project will be located at the corner of Dyer Street and Diana Drive. and will include Sun Metro’s BRIO bus rapid transit station along with 135,000 square feet of retail space. A grocery store will anchor the project, which will also include up to 100,000 square feet of office space.
HOUSTON, CORPUS CHRISTI, CYPRESS, HUNTSVILLE & SPRING, TEXAS — Baker Katz has arranged the lease of five Chipotle locations in Texas. The restaurants range in size from 2,000 to 3,000 square feet. The Chipotle restaurants are located in Corpus Christi, Houston, Cypress, Huntsville and Spring.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of University Village Apartments, a 15-unit apartment property in Fort Worth. Trey McGhin of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, an individual/personal trust. A Fort Worth-based limited liability company purchased the property in a 1031 tax-deferred exchange. Mason Green of the firm’s Fort Worth office represented the buyer. University Village Apartments is located at 3123-3125 S. University Drive and is within walking distance of Texas Christian University. The property was built in 1959 and sits on .3 acres. It spans 8,800 square feet with an average unit size of 586 square feet.
TULSA, OKLA. — Eastern Union Funding has arranged a $3.3 million acquisition loan for financing of The Landing, an apartment complex located at 9743 E. 12th St. in Tulsa .The complex includes 16 two-story buildings totaling 126 units. Built in 1973, the property includes a mix of one- and two-bedroom units ranging in size from 700 to 1,000 square feet. Motti Blau of Eastern Union Funding arranged financing through Arbor Commercial Mortgages. The transaction is a non-recourse, 10-year loan with 4.5 percent interest.
BEVERLY HILLS, CALIF. — Maxxam Enterprises has sold three Western-based properties for about $100 million. Two of the assets were part of the firm’s Southern California portfolio, while the third is in Hawaii. The California dispositions include L’Opera Building, a 66,500-square-foot office building in Long Beach, and Arlington Plaza, a 126,000-square-foot neighborhood shopping center in Riverside. Maxxam also sold the Maui Lu resort on the island of Maui. L’Opera Building is known for its historic bell tower and clock. The building was constructed in 1906. It is located at 115 Pine Ave. in Long Beach’s Central Business District. It sold to a private investor for $10.4 million. Jeffrey Cole and Ed Hernandez of Cushman & Wakefield assisted with the sale. Arlington Plaza is anchored by Rite Aid, Cardenas Market, 99 Cents Only Store and Starbucks. It is located at 6008-6390 Van Buren Blvd. in Riverside. The plaza was 89 percent leased at the time of sale. It sold for $24.5 million. The unnamed sellers were represented by CBRE’s Alan Krueger. Maui Lu Resort is fully entitled to be redeveloped into a 388-unit, villa-style resort. It will eventually become a Hilton Grand Vacations Timeshare development, according to Maxxam. The property was …
The Boston apartment market ranked among the nation’s top cities for revenue growth throughout much of 2013 and 2014. Apartment developers took note of the region’s strong revenue performances and construction levels ramped up, reaching over 7,000 units during the past four quarters. Construction has remained elevated and supply volumes have increased, but not outpacing demand of more than 8,000 units per year. The new luxury apartments provide a lifestyle that is very attractive and, in many cases, comparable to condominium living for would-be buyers who are now renting when faced with few options for buying the limited supply of new condominiums. Luxury apartments offer an excellent alternative and a lifestyle experience that is more akin to condo living than what previous rental buildings offered. Boston has needed new rental inventory for some time now, given that 60 percent of the existing apartment inventory was built prior to 1980. Many of the new luxury buildings feature condo-style finishes, state-of-the-art amenities and services, windows that open, high ceilings, and updated systems. These new buildings also offer a greater variety of floor plans that better address the needs of millennials and professionals who are flocking to downtown Boston for jobs and social …
AURORA, COLO. — Phoenix Realty Group (PRG) has acquired the 600-unit Chelsea Park Village in Aurora for an undisclosed sum. The community is located at 11850 East Maple Ave. Chelsea Park is situated near many of Denver’s major employment hubs, including the Denver Tech Center (DTC), the Lowry Redevelopment Area, the Stapleton Redevelopment Area and Fitzsimons Lifescience Campus. The community is currently 97 percent occupied. Common-area amenities include a renovated clubhouse and leasing center, heated swimming pool and spa with patio area, splash park, two saunas, fitness center, turfed soccer field, baseball field, basketball court, dog park and a new playground. PRG plans to further enhance both the community amenities and unit interiors. CBRE’s David Potarf and Dan Woodward represented both the buyer and unnamed seller in this transaction. Sandler O’Neill + Partners served as PRG’s financial advisor. It also sourced its joint venture equity.
CAMARILLO, CALIF. — An unnamed buyer has purchased Mission Oaks Corporate Center, a 732,606-square-foot industrial campus in Camarillo, for $54.5 million. The two-building campus is located at 3001 and 3175 East Mission Oaks Blvd. The buildings are fully leased to Deckers Outdoor Corp & Addison Behavioral Resources. The campus includes a 309,500-square-foot industrial warehouse distribution building, as well as a 423,106-square-foot, Class A warehouse building. CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel, Michael Kendall, Paul Farry, Doug Shaw and Jim Meaney represented both the buyer and seller, a joint venture between Rexford Industrial and affiliates of Dune Real Estate Partners LP, in this transaction.
MORENO VALLEY, CALIF. — Alliance Residential has acquired the 304-unit Lasselle Place apartment complex for $45 million. The garden-style community is located at 15700 Lasselle Street in the Rancho Belago submarket. Lasselle Place was built in 2005. It is situated near Meridian Business Park, World Logistic Center and March Air Force Base Redevelopment. Common-area amenities include a fitness center, business center, and community lounge that opens to a central pool and spa. The seller, a large, Los Angeles-based institutional investor, was represented by Dean Zander, Vince Norris, Margie Molloy and Spencer Scott of Berkadia. The team notes Alliance was one of the first developers to build Class A apartment communities in Moreno Valley during the past development cycle.