AUSTIN, TEXAS — Developer Riverside Resources has broken ground on Capital Ridge, a 215,000-square-foot office building in Austin. Located near the intersection of Loop 360 and Bee Cave Road, the project shares a campus with the 194-room Hotel Granduca Austin and is in proximity to the Barton Creek, Westlake Hills and Lake Travis neighborhoods. The seven-story, Class A property will feature a three-story lobby and is designed for LEED certification. HFF arranged construction financing for the development.
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CARROLLTON, TEXAS — Structure Commercial has brokered the sale of Carrollton Town Center, a 154,000-square-foot shopping center in the Dallas/Fort Worth suburb of Carrollton. Located on the corner of President George Bush Turnpike and Old Denton Road, the property is undergoing redevelopment, including the incorporation of common areas, and will be anchored by a new 50,000-square-foot location of Asian supermarket 99 Ranch Market. Eric Deuillet of Structure Commercial represented both the seller, Trinity/Denton II Ltd., and the buyer, New Quest Properties.
HOUSTON — Marcus & Millichap has brokered the sale of Arbor Square, a three-building, 55,521-square-foot business park in Houston. Located on a 3.6-acre parcel at 17000 El Camino Real, the complex is in proximity to an H-E-B grocery store. The property was 91 percent leased at the time of the sale to a mix of medical, retail and professional tenants. Justin Miller of Marcus & Millichap marketed the asset on behalf of the seller, a locally based partnership. Derek Hargrove, also of Marcus & Millichap, secured the buyer, a private investor completing a 1031 tax-deferred exchange.
PASADENA, TEXAS — Hunington Properties has arranged a 42,310-square-foot retail lease in the Houston suburb of Pasadena for Hispanic grocer Bravo Ranch Supermercado. The new store will open at Fairmount Junction Shopping Center, in space formerly occupied by Kroger, in September. Located at the intersection of Fairmount Parkway and South Shaver Street, the 117,013-square-foot property houses other tenants including Family Dollar, Eyecare Masters and One Stop Tax Service. Rafael Melara of Hunington Properties represented both the tenant and the unnamed landlord in the negotiations. The location will be the brand’s second in the Houston metro area.
BULLHEAD CITY, ARIZ. — Joshua Springs, a 95,300-square-foot assisted-living facility, has broken ground in Bullhead City. The $18-million project will be located at 2995 Desert Sky Blvd. within the Fox Creek master-planned development. Bullhead City is just north of Lake Havasu. The facility will include 74 assisted-living apartments and 30 apartments for memory care residents. It will also feature a bistro, hair salon/barber shop, theatre, spa and exercise room, billiards room, card and game rooms and a library. Construction should be complete next summer. Joshua Springs will sit adjacent to a five-acre medical office complex development. The planned project will be anchored by five 7,500-square-foot medical office buildings targeting medical/physician practices and health-related service providers. The developer, Brookfield Communities, sold the land for Joshua Springs in 2012 to Link Development, a developer that specializes in assisted-living facilities. The new project will be managed and operated by Milestone Retirement Communities.
OXNARD, CALIF. – A 48,168-square-foot building in Oxnard that is net leased to Best Buy has sold to an Orange County buyer for $11.2 million. The building is located at 2300 North Rose Ave. Mark Thiel of Marcus & Millichap’s San Diego office represented both the buyer and seller, a Southern California investment group, in this transaction.
SEATTLE — Kirkland Waterfront Market, a 23,957-square-foot, mixed-use building, has received an $8.5-million refinance. The market is located at 130 South Lake Street in the Seattle submarket of Kirkland. It contains both ground-floor retail and office space on the upper level. The owner occupies about 30 percent of the office space. The 10-year, fixed-rate loan features a 30-year amortization schedule. The loan was arranged by Mike Wood and Austin Johnson of NBS Financial Services. NBS Financial represented the local lender, Homestreet Bank, in this transaction.
BEND, ORE. – A 31,293-square-foot industrial business park in Bend has sold to Shep East LLC for $2.1 million. The park is located at 1320 SE Armour Road. It contains three fully leased buildings occupied by six tenants. The acquisition also included additional land for development. Shep East was represented by Gardner Williams and Peter May of Compass Commercial. The seller, DGS Enterprises LLC, was represented by Ron Ross and Terry O’Neil of the same firm.
WHEAT RIDGE, COLO. – An 11,470-square-foot building in Wheat Ridge that used to house Furr’s Family Dining has sold to a local buyer for $1.8 million. The building is located at 4900 Kipling Street. Furr’s vacated the building and filed for Chapter 11 bankruptcy earlier this year. The sale was executed by Justin Krieger of Pinnacle Real Estate Advisors.
SOCIAL CIRCLE, GA. — Cushman & Wakefield has brokered the sale of General Mills Distribution Center, a 1.5 million-square-foot facility located in the I-20 corridor in Social Circle, about 44 miles east of Atlanta. The Class A facility is fully leased to General Mills. An affiliate of Welsh Property Trust purchased the asset from Rockefeller Group Development Corp. and Reus GM Inc. for an undisclosed price. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield represented the sellers in the transaction.