HOUSTON — HFF has brokered the sale of Old Farm, a 734-unit Class A multifamily community located at 2500 Old Farm Road in Houston’s Galleria submarket. The property features one-, two- and three-bedroom units averaging 950 square feet each. Amenities include two fitness centers, two swimming pools and a business center. At the time of the sale, Old Farm was 96.2 percent occupied. Todd Marix, Craig LaFollette, Todd Stewart, Tre Banks and Chris Curry of HFF represented the seller, a client of L&B Realty Advisors. CBRE Global Investors purchased the property free and clear of debt on behalf of the CBRE Strategic Partners Value 6 Fund.
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AUSTIN, TEXAS — Weingarten Realty Investors (NYSE: WRI) has acquired the 350,000-square-foot Mueller Regional Retail Center in Austin. Home Depot, Marshalls, Bed Bath & Beyond and PetSmart anchor the power center. Close proximity to Interstate 35 results in traffic counts in excess of 240,000 vehicles per day. The property is part of the larger Mueller Regional Retail District, a 700-acre master planned community that will include a total of 4 million square feet of retail space and 4,600 residential units upon completion.
HOUSTON — Radler Enterprises Inc. has broken ground on Phases III and IV of Beltway Lakes, a 46-acre master-planned office park at the intersection of Beltway 8 and Highway 249 in the Northwest Houston submarket. The new buildings are two nine-story, Class A towers totaling 540,000 square feet. Both are LEED Gold Pre-Certified and will include amenities such as a fitness facility and two on-site dining options. A climate-controlled walkway will connect an adjacent parking garage to both facilities, which were designed by architecture firm Gensler. Radler Enterprises began development of Beltway Lakes in 2008.
SCOTTSDALE, ARIZ. — GPS Insight has signed a seven-year lease for 49,571 square feet of space at Henkel Corporate Center in Scottsdale. The center is located at 19001 N. Scottsdale Road. The GPS fleet tracking company will relocate its corporate headquarters from nearby 21803 N. Scottsdale Road. The center is now 95 percent occupied. GPS was represented by Matt Coxhead and Ryan Bartos of Cushman & Wakefield of Arizona. The landlord, Henkel/The Dial Corporation, was represented by Steve Corney and Andrew Medley of Jones Lang LaSalle.
CORONA, CALIF. – A 42,000-square-foot retail center in Corona has sold to Corona Capital, LTD for $4.6 million. The center is located at 4300 Green River Promenade. It is a multi-tenant investment property zoned for retail, medical and office use. Roger Niez, David Knowlton and Steve Liu of NAI Capital’s Orange County office represented both the buyer and the seller, Wayman Promenade LLC, in this transaction.
SANTA MONICA, CALIF. — Cross Campus has signed a seven-year lease for 13,337 square feet in Santa Monica. The space is located at 1558 10th Street. Cross Campus will be relocating and expanding from its current operations just two blocks away at 820 Broadway. Randy Starr and Tim Dornan of Avison Youngrepresented both Cross Campus and the landlord, Tenth & Colorado Associates Ltd., in this transaction.
PLACENTIA, CALIF. – The 422-unit Emerald Isle, a Class A, age-restricted apartment community in Placentia, has received a $62.5-million refinancing. The community is located at 661 North Rose Drive in the Orange County suburb. It is leased to seniors ages 55 years and older. Emerald is currently 97 percent leased. The ten-year, fixed-rate loan contains a $56.5-million CMBS first mortgage and a $6-million mezzanine loan. Both loans feature five years of interest-only payments. The owner used the new funds to prepay the existing CMBS and mezzanine loans. The transaction was executed by Seth K. Grossman of Meridian Managing and Greg Reed and Kristen Croxton of Beech Street Capital.
WEST HOLLYWOOD, CALIF. — A joint venture between Trammell Crow Residential (TCR) andCornerstone Real Estate Advisers has purchased a 1.3-acre site in West Hollywood for an undisclosed sum. The site is located at 7141 Santa Monica Blvd. It will be used to develop Domain West Hollywood, a mixed-use project that will contain 166 apartments and about 9,300 square feet of ground-floor retail and restaurant space. A sound studio and industrial facility that currently exists on the property will soon be demolished. Construction on Domain West Hollywood is scheduled to begin this fall. Residents are scheduled to move in spring 2016. It will be built by TCR. The joint venture acted on behalf of an institutional client.
FOUNTAIN HILLS, ARIZ. — Whitestone REIT has acquired Fountain Hills Plaza, 111,289-square-foot retail center in the Phoenix suburb of Fountain Hills, for $20.5 million. The center is located at the southwest corner of Palisades Boulevard and La Montana Drive. It is anchored by a Bashas grocery store and an Ace Hardware. New tenants to the center include Little Caesar’s, GNC, H & R Block and Great Clips. The seller, J & R Holdings XX LLC, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office. J & R is an entity formed by Pederson Group.
NASHVILLE, TENN. — The Connor Group has entered the Nashville market with the $60.5 million purchase of Ashton Brook, a 390-unit, Class A apartment community located in the Cool Springs submarket of Franklin, a suburb of Nashville. The acquisition has the second highest purchase price in The Connor Group’s history. The gated apartment community features resort-style pools, a fitness center, tennis courts, a pet park and garages. The Connor Group purchased Ashton Brook from Alara Franklin Corp.