HOUSTON — Vista Equities Group has leased 3,886 square feet of restaurant space at the LaCenterra at Cinco Ranch development in Houston to Torchy’s Tacos, a Texas-based chain. The new eatery, set to open this summer, will be the fourth Torchy’s location in Houston and will serve breakfast, lunch and dinner. Vista Equities Group was represented internally by Donna Keith. Jamie Weaver of Baker Katz represented Torchy’s Tacos in the negotiations.
Property Type
SAN FRANCISCO – Equity Office Properties Trust has unloaded two office complexes north of San Francisco for a reported $100 million. The disposition includes Drake’s Landing, a 130,177-square-foot office complex in Greenbrae, and Wood Island, an 82,731-square-foot complex in Larkspur. Drake’s Landing was purchased by a large life insurance company, while Harrigan, Weidenmuller Co. snatched up Wood Island. The three-building Drake’s Landing is located at 100, 300, 500 Drakes Landing Road. It is 88 percent occupied. The two-building Wood Island is located at 60-80 E. Sir Francis Drake Blvd. It is 95 percent occupied. Both properties are situated near Highway 101, which connects Marin County to San Francisco via the Golden Gate Bridge. Harrigan, Weidenmuller Co. was represented by Tim Muller, Brian Muller and Jim Clifford of Montgomery Advisors. Equity Office was represented by Michel Seifer, Rob Hielscher and Aaron Herter of Jones Lang LaSalle’s (JLL) Capital Markets.
VANCOUVER, WASH. — CNL Healthcare Properties has acquired four seniors housing and healthcare facilities in Washington for $88.3 million. The transaction included Bridgewood at Four Seasons Retirement & Assisted Living Community in Vancouver; Rosemont Retirement & Assisted Living Community in Yelm; Auburn Meadows Senior Community for Assisted Living and Special Care in Auburn; and Monticello Park Retirement & Assisted Living Community in Longview. The four communities contain a total of 457 residential units, including 136 independent living units, 297 assisted living units and 24 memory care units. They are managed by Prestige Senior Living, LLC under long-term management services agreements. CNL is also scheduled to close on West Hills Retirement and Assisted Living Community in Corvallis, Ore., next month. Prestige will also operate this property.
LONGMONT, COLO. — NewMark Merrill Mountain States has taken possession of the Dillard’s building at the former Twin Peaks Mall in Longmont. The firm plans to demolish the mall in early summer to make way for the new Village at the Peaks, an open-air retail destination that is set to open next year. Dillard’s exit represents a major step forward in the new project’s construction.
BREA, CALIF. — Air Treatment Corp. has acquired a 45,500-square-foot industrial and manufacturing building in Brea for $5.5 million. The building is located at 640 N. Puente Street. Air Treatment will relocate its headquarters to the new building from nearby City of Industry. The space will house the firm’s corporate offices, manufacturing and distribution operations in Southern California. Air Treatment was represented by Andrew Herron of The Saywitz Company. The seller, John Higman, was represented by Seth Davenport of Voit Commercial.
CITY OF INDUSTRY, CALIF. — Majestic Realty has broken ground on a 166,000-square-foot speculative office building in the City of Industry. The project will be located at 13300 Crossroads Parkway North in the master-planned Crossroads Business Park. It is scheduled for completion next April. This is the largest Class A office building to be built in the San Gabriel Valley in more than 10 years, according to Majestic. Bank of the West will occupy 93,058 square feet at the new space.
CHARLESTON, S.C. — Newmark Grubb Knight Frank (NGKF) has arranged the $16.1 million sale of North Charleston Center, a 236,025-square-foot shopping center located at 5900 Rivers Ave. in Charleston. The property was 87 percent leased at the time of sale to Northern Tool + Equipment, Petco, Dollar Tree, dd’s Discount and Citi Trends. Popeye’s Chicken and McDonald’s are outparcel tenants. Mark Hillis and Whitney Knoll of NGKF represented the seller, DDR Corp., in the transaction. Atlanta-based Monarch Investments Group purchased the property. Cantor Commercial Real Estate, a sister company of NGKF, provided acquisition financing.
ATLANTA — CBRE Global Investors has acquired Alexander on Ponce, which is located at 144 Ponce De Leon Ave. N.E. in Atlanta. The 330-unit apartment community features panoramic city views, two courtyard and garden areas, a fully-equipped fitness center and a business center. Equity Residential sold the property for an undisclosed price. Derrick Bloom and David Gutting of Jones Lang LaSalle's Capital Markets team represented the seller in the transaction.
WASHINGTON, D.C. — MAC Realty Advisors has arranged a $21 million investment from a private equity fund for the acquisition and development of 1600 Pennsylvania Avenue SE, an existing used car lot in Washington, D.C.’s Capitol Hill neighborhood. MAC also arranged a senior construction loan through a regional bank on behalf of the borrower, NOVO Development Corp. NOVO plans to build a five-story, 77-unit residential project with a one-level parking garage. Andrew McAllister, Bruce Levin and Ben Lazarus of MAC led the placement effort on the transactions.
JUPITER, FLA. — Starbucks Coffee has signed a long-term, 1,800-square-foot lease at Fisherman’s Wharf, a 5.5-acre shopping center in Jupiter. The shopping center, located on East Indiantown Road, is currently undergoing renovations. The Fresh Market has also recently signed on to anchor the center with a 20,900-square-foot store. Don DeWoody of Avison Young represented Starbucks in the lease transaction. Elizabeth Wright and Tom Godino of Atlantic Retail Properties represented the owner, Elion Partners.