HOUSTON — Embrey Partners LTD of San Antonio and Texas-based Stonelake Capital Partners LLC have opened a four-story apartment complex at the southwest corner of Highway 249 and Cypresswood Drive in northwest Houston. The project includes 336 units on 15.4 acres. Highpoint at Cypresswood consists of two, four-story buildings with six elevators. Rents on one- and two-bedroom units, which range from 574 to 1,188 square feet, start at $900 per month. The complex features a 6,500-square-foot clubhouse, pool, grilling areas, a dog park, bike station and fitness room.
Property Type
HOUSTON — Baker Katz, a Houston-based commercial real estate brokerage firm, has negotiated 59,608 square feet of Mattress One leases in the Houston area during the first half of 2014. Clay Alberts of Baker Katz negotiated the leasing of 16 Mattress One locations with a number of brokers. The leases are at both freestanding structures and shopping centers. Five stores are in Houston proper, while the others are in suburbs including Nederland, League City, Spring, Port Arthur, Beaumont, Tomball, Katy and Cypress.
BEDFORD, TEXAS — TNA Realty LP has acquired 1.1 acres of land in Bedford, Texas for development of a 6,000-square-foot office building. Jim Turano, executive vice president of the Dallas-Forth Worth office/industrial division of Henry S. Miller Brokerage, represented TNA in the sale. The land is north of Highway 183 on Industrial Boulevard, less than 10 miles from Dallas-Forth Worth International Airport. Ledyard GC Jr Trustee bought the site from TNA and construction is projected to start this summer. Freddy Vestal of Vestal Investments represented Ledyard.
HUMBLE, TEXAS — HFF has brokered the sale of Atascocita Shopping Plaza, a 158,613-square-foot retail center in Humble anchored by a grocery store. HFF marketed the property on behalf of the seller, Red Tail Acquisitions. A private investor bought the building. Atascocita Shopping Plaza sits on 16.7 acres at 6900-7072 FM 1960 in Humble, less than seven miles from I-69. The property is 94.7 percent leased to tenants including Aldi, Dollar Tree, Specs and Goodwill. HFF’s sales team included senior managing director Rusty Tamlyn, managing director Ryan West and associate director Matt Berry.
HOUSTON —The United Way of Greater Houston has renewed and expanded its lease at 1300 Bay Area Blvd. in Houston. The charitable organization expanded its footprint from 31,770 square feet to 34,906 square feet. Trey Miller negotiated the lease on behalf of Boxer Property, while Jeff Lindenberger of Avison Young represented the tenant.
DENVER – A venture managed by TruAmerica Multifamily has purchased a three-property multifamily portfolio in Colorado and Washington for $229 million. The portfolio contains a total of 1,514 units. The acquisition includes Berkshires at Lowry, located at 240 South Monaco Parkway in Denver; Ponderosa Villas at 1539 South Galena Way in Aurora, Colo.; and Carriages at Fairwood Downs, located at 15030 SE 179th Street in Renton, Wash. TruAmerica and its partners plan to spend between $25 million to $30 million renovating the properties, which were built in the 1970s and ‘80s. The seller, Berkshire Group, was represented by Kevin Geiger and Malcolm McComb of CBRE Capital Markets’ Institutional Properties. Other local CBRE personnel assisted with the Colorado and Washington transactions. CBRE Capital Markets’ Debt & Structured Finance team also secured a $168.8-million loan for the portfolio’s acquisition. The properties received fixed-rate, full-term, interest-only loans ranging from five to seven years.
SAN DIEGO — AMN Healthcare Services has renewed its lease for 175,000 square feet of office space in San Diego. The long-term lease renewal is valued at $120 million. The space is located at 12400 High Bluff Drive in Del Mar Heights. The healthcare workforce solutions and staffing services provider has resided at this Class A property since it was constructed in 2003. The company currently houses 800 employees at the center, with room to expand to 1,000 employees. AMN was represented by Douglas Lozier of Savills Studley’s San Diego office. The landlord was Kilroy Realty Corporation.
COSTA MESA, CALIF. — Vivante on the Coast, a 185-unit seniors housing community in Costa Mesa, has received $72 million in financing. The newly built community is located at 1640 Monrovia Ave. It was completed in 2013. Vivante contains a mix of independent, assisted and memory care units. Amenities include an indoor saltwater pool, salon, putting green, theater, lounge, sports bar, yoga and fitness facilities, bocce ball court, wine lockers, large outdoor courtyards and a 2.5-acre park with designated dog park. The facility also offers a culinary program, chauffeur service, 24-hour concierge, on-site nurses and pet care. The three-year loan features a 3.75 percent floating interest rate. It was arranged by HFF’s James Fowler and Charles Halladay on behalf of the borrower and Nexus Companies, the borrower’s affiliated developer. Financing was secured through a specialty finance company.
BUENA PARK, CALIF. — Manhattan Beachwear has leased a 191,000-square-foot warehouse and distribution facility in the Orange County submarket of Buena Park. The new space is located at 6300 Valley View Street, near the 5 Freeway and Route 91. It will allow the swimwear retailer to consolidate three of its existing locations. The distribution center was built in 1976. It received significant upgrades in 2006. Manhattan Beachwear was represented by Rooney Daschbach and Eric Daschbach of Cushman & Wakefield. The unnamed landlord was represented by Richard Ellison and Randy Ellison of the same firm.
LAS VEGAS – Ikea has submitted plans to open its first Las Vegas location in the Spring Valley submarket. The 351,000-square-foot outpost would be situated on 26 acres along the northern side of Interstate-215 at Durango Drive, near Sunset Road. The new store would feature nearly 10,000 exclusively designed items, 50 inspirational room-settings, three model home interiors, a supervised children’s play area, and a 450-seat restaurant serving Swedish specialties like meatballs with lingonberries and salmon plates, as well as American dishes. The Swedish home furnishings retailer hopes to open the new store in summer 2016. The next closest Ikea locations for Las Vegas include Covina, Calif., Tempe, Ariz.; or Draper, Utah.