GRAPEVINE, TEXAS — CBRE has closed the sale of the 392-unit Cross Creek at Grapevine Ranch, an apartment community approximately 21 miles outside downtown Dallas. The property, which was 95 percent leased at the time of sale, features amenities such as a private theater, indoor basketball court and dog park. Cross Creek offers one- and two-bedroom floor plans as well as close proximity to the Grapevine Mills Mall. Dirk Goris, Ryan Reid and Jeremy Faltys of CBRE represented the seller, an affiliate of Granite Investment Group, in the transaction. CAF Capital Partners purchased the property for an undisclosed amount.
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HOUSTON — NAI Houston has brokered the sale of a 20,000-square-foot speculative warehouse building in Houston’s Saddlegate II Business Park. Located at 10110 Fairbanks North Houston Road, the freestanding property features 30-foot clear height ceilings, paved outside storage and two grade-level doors. John Ferruzzo and Chris Kugle of NAI represented the buyer, B-Mac Holdings LLC, while Mark Ward and Mike Spears of The National Realty Group Inc. represented the seller, Black Gold JV.
DALLAS — Bradford Commercial has arranged the lease renewal of 43,539 square feet of office space for Benefit Mall, a benefits and payroll services provider, at the Galleria Plaza. Located at 4851 LBJ Freeway in Dallas, the property totals 12 stories and 187,644 square feet. Sharon Friedberg and Melanie Hughes of Bradford represented the landlord, YPI Central Expressway Properties LP. Robbie Baty and Bill McClung of Cushman & Wakefield represented the tenant.
LAS VEGAS — Blackstone Real Estate Partners VII has purchased the Hughes Center, a 1.4-million-square-foot office and retail campus in Las Vegas, for $347 million. The 68-acre, master-planned development is located at 370 Hughes Center Drive. The acquisition includes Class A office space, several restaurants and three undeveloped parcels. Notable tenants at the center include Gordon Silver, Ameristar, Wells Fargo Bank, Venetian, Boyd Gaming, Snell & Wilmer, Lewis and Roca, LLP, as well as restaurants like Del Frisco’s, Lawry's Prime Rib, Fogo de Chao, Bahama Breeze, Gordon Biersch Brewery and McCormick & Schmick. A new Starbucks is under construction. Equity Office, a wholly owned affiliate of Blackstone, will handle the center’s management operations and oversee its leasing efforts. Colliers International, which previously handled the center’s leasing, has be retained by Equity Office. Blackstone represented itself in this transaction, while the undisclosed seller was represented by HFF’s Mark Gibson, Scott Galloway and Dan Cashdan.
SAN DIEGO — Kilroy Realty Corporation (KRC) has purchased The Heights at Del Mar, a 218,940-square-foot office campus, for $126.35 million. The Class A campus is located at 12770-12790 El Camino Real in the San Diego submarket of Del Mar Heights. The property contains a life science building, as well as a 4.2-acre entitled land parcel that can accommodate an additional 90,000-square-foot office or life science facility. The Heights is anchored by Neurocrine Biosciencese and Knobbe Martens Olson & Bear. These two tenants occupy about 94 percent of the property. Additional tenants include Allen Group Architects, Southwest Value Partners and Backplane. This acquisition represents the largest sale within Del Mar Heights since 2007, according to Rick Reeder and Brad Tecca of Cassidy Turley, who resented both KRC and the seller, Prudential Real Estate, in this transaction.
SALEM, ORE. – A 54,661-square-foot industrial property in Salem has sold to an individual/personal trust for $4.9 million. The property is located at 2757-2767 22nd Street SE. At the time of sale, the building was fully occupied by two tenants that were operating on short-term leases. The buyer was represented by Dean Zang, Mark Taylor and Christopher Munley of Marcus & Millichap. The seller, a limited liability company, was represented by Ryan O'Leary and Will Stone of the same firm.
LOS ANGELES – An eight-unit multifamily property in Los Angeles has sold to LA Glo, Inc. for $3.4 million. The community is located at 1451 Hi Point Street in the Faircrest Heights neighborhood near Fairfax and Pico Boulevards. LA Glo was represented by Coldwell Banker. The seller, a local private investor, was represented by Albert Shilton and Blake Rogers of Charles Dunn Company.
MESA, ARIZ. — A 15-acre site within the Las Sendas master-planned community in Mesa has sold to Ryland Homes for $3.3 million. The company plans to use the land for Phase 1 of Desert Creek at Las Sendas. It will close on Phase II, a seven-acre site, in early 2014. The project will be located near the Loop 202 and McDowell Roads. The seller, Talon Properties (Chris Arnold), was represented by Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley’s Land Group.
SCOTTSDALE, ARIZ. — Scottsdale Road Plaza, a 14,073-square-foot, mixed-use building in Scottsdale, has sold to RSFM 4253 LLC for an undisclosed sum. The net leasable building is located at 4253 N. Scottsdale Road in Old Town Scottsdale. Steve Julius, Jesse Goldsmith and Traci Russell of CBRE’s Phoenix office represented the seller, SCOTTSDALE 4253 LLC.
RICHMOND HEIGHTS, OHIO — Associated Estates Realty Corp., a REIT based in Richmond Heights, has entered into a definitive purchase agreement for a seven-asset portfolio of Class A apartment communities in the Southeast. Associated Estates will purchase the 1,606-unit portfolio for approximately $324 million. The communities include the 134-unit St. Mary's Square in Raleigh, N.C.; the 215-unit Lofts at Weston in Cary, N.C.; the 295-unit Apartments at Blakeney in Charlotte, N.C.; Alpha Mill Phase I & II, totaling 267 units, in Charlotte; the 345-unit Perimeter Town Center in Atlanta; and the 350-unit Varela in Tampa. The seven assets have an average delivery date of 2012, with three of the assets currently under construction. Six of the seven assets will be acquired free and clear of debt, but The Apartments at Blakeney acquisition will include the assumption of a $28 million loan.