HOUSTON — A joint venture between Presidium Group LLC and Nessel Development has acquired Live Oak Bend Apartments, a 252-unit multifamily property in north Houston. Located at 1351 Greens Parkway, the garden-style complex is in proximity to I-45, Beltway 8 and the George Bush Intercontinental Airport. The community offers one- and two-bedroom residences, as well as a swimming pool, basketball court, fitness center and business center. Presidium plans to rebrand the property and upgrade both unit interiors and building exteriors.
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AUSTIN, TEXAS — Student housing developer Aspen Heights will break ground this summer on its first conventional multifamily property, a 196-unit high-rise in Austin. The 22-story building, which will be named Aspen Heights after the developer itself, will feature a rooftop pool, fitness center and dog park. Located at the northeast corner of West 8th and Nueces streets, the project is slated for completion by the first quarter of 2016. Locally based Rhode Partners designed the property, and Kansas City, Mo.-based J.E. Dunn Construction Group Inc. will serve as general contractor.
THE WOODLANDS, TEXAS — Marcus & Millichap has brokered the sale of 3000 Research Forest, a 28,487-square-foot mixed-use building in The Woodlands. Situated on 2.7 acres just west of the Hughes Landing development, the property houses retail, office and healthcare tenants including Starbucks, Liberty Mutual, Texas American Title, Abundant Life Chiropractic and Preferred Bank. Justin Miller and Derek Hargrove of Marcus & Millichap marketed the property on behalf of the seller, the Marcel Group, which is a developer based in The Woodlands. Miller and Hargrove also secured the buyer, a private investor.
NORTH RICHLAND HILLS, TEXAS — Realty Capital Management LLC has sold a 16,514-square-foot retail property in the Fort Worth suburb of North Richland Hills. Located at 9101 Boulevard 26, within Realty Capital Management’s The Venue at Hometown mixed-use development, the strip shopping center houses tenants including Roots Coffeehouse, Mama’s Pizza, Chapps Hamburger Café, Venue Spa & Nails and the U.S. Armed Forces Career Center. Realty Capital Management was internally represented by Mark Boone in the transaction. Carey Cox Co. represented the buyer, a local investor.
LONG BEACH, CALIF. — Parallel Capital Partners has acquired Shoreline Square, a 383,652-square-foot office tower in Long Beach, for $101.7 million. The Class A office tower is located at 301 East Ocean Blvd. It is part of a master-planned, mixed-use development within the city’s Central Business District. Shoreline Square is currently 90 percent leased. Notable tenants include General Services Administration U.S. Customs office, Comerica bank, Tidelands Oil (Oxy), Department of Defense offices and UBS Financial Services. The tower currently holds a LEED-Silver designation. It was renovated in 2008, and is expected to achieve LEED-Gold certification later this year. Parallel Capital Partners represented itself in this transaction, while the seller, Guggenheim Real Estate, was represented by CBRE’s Kevin Shannon.
LOS ANGELES – Blackstone has acquired the National Upscale Select Service Portfolio, which includes 15 hotels along the east and west coastlines, for an undisclosed sum. The portfolio contains seven California-based hotels, including the 125-roomHampton Inn & Suites Thousand Oaks; the 143-room Hyatt Place Los Angeles/LAX/El Segundo; the 128-room Residence Inn Camarillo; the 132-room SpringHill Suites Irvine John Wayne Airport Irvine/Orange County; the 112-room Residence Inn San Diego North /San Marcos; the 119-room Homewood Suites Fresno and the 118-room SpringHill Suites Fresno. It also contains hotels in Alabama, Florida, Virginia, Connecticut, Pennsylvania and Maryland. All hotels are under the Hilton, Hyatt or Marriott branding. Most are less than five years old, and many feature amenities like sundry shops, fitness centers, outdoor patios and business centers. The seller, OTO Development LLC, was represented by Mark Fair, Al Calhoun and Samantha Fisher of JLL’s Hotels & Hospitality Group.
HONOLULU, HAWAII — Johnny Rockets and Fun Foods LLC have signed an area development agreement to bring Johnny Rockets restaurants to Hawaii and Guam. Fun Foods LLC is a sister company of the Fernandez Entertainment group, which operates E. K. Fernandez Shows and Fun Factory. Fun Factory operates family entertainment centers on Oahu, Maui, the Big Island and Kauai. E. K. Fernandez Shows is a locally owned, third-generation family business that provides carnival, fair and circus attractions in Hawaii. Pacific Business Newsnotes Johnny Rockets is targeting locations in Waikiki and Ala Moana Center, among others. It has also been in talks with Fun Factory to open restaurants either adjacent to or inside the family entertainment centers, though nothing has been decided yet.
CHANDLER, ARIZ. – W. P. Carey Inc. has acquired a 183,000-square-foot office building in Chandler for $43.1 million. The Class A building is located at 2700 Frye Road. The facility is leased to QBE Holdings for 10 years. It serves as the company’s West Coast regional headquarters. Neil Glassmoyer, Tivon Moffitt and Peter Bauman of Colliers International in Greater Phoenix represented both the buyer and the seller, Regent Properties, in this transaction.
CARLSBAD, CALIF. – A 106,311-square-foot industrial building in Carlsbad has sold to 2270 Camino LP for $9.5 million. The building is located at 2270 Camino Vida Roble. The buyer is an entity of Lincoln Property Company. Aric Starck of Cassidy Turley represented both the buyer and the seller, 2270 Camino Vida Roble LLC, an entity of the Gilbert J. Martin Foundation, in this transaction.
CHARLOTTE, N.C. — Childress Klein-Cambridge Healthcare Solutions LLC has broken ground on the $150 million, 429,000-square-foot Charlotte Veterans Affairs Health Care Center in Charlotte. The six-story outpatient medical campus will be situated on a 35-acre site at the corner of West Tyvola Road and Cascade Point Boulevard. The facility is expected to provide care for approximately 140,000 veterans, and also employ roughly 600 medical professionals. Construction on the project is slated to wrap up in February 2016. The Department of Veterans Affairs held a groundbreaking ceremony recently that featured local Congressmen, business leaders and government officers.