BROOKFIELD, CONN. — A joint venture between Stamford, Conn.-based JCS Capital LLC and Danbury, Conn.-based ACF Properties LLC has secured and closed on land for a 100-unit residential development property in Brookfield. The 4.8-acre property has received municipal approvals for the construction of the apartments, which will feature high-end finished and one- and two-bedroom floor plans. Amenities planned for the property include a pool and fitness center with men and women locker rooms and in-unit laundry facilities. JCS Construction Group Inc., an affiliate of JCS Capital, will be the contractor for the project. Construction is slated to begin in the summer and ready for occupancy in fall 2015.
Property Type
NEW YORK CITY — Marcus & Millichap has arranged the $1.1 million sale of 450-452 S. 5th Street, a 2,900-square-foot mixed-use property in Brooklyn. The sale price equates to $379 per square foot. Michael Salvatico, Shaun Riney and Jim Saros of Marcus & Millichap’s Brooklyn office represented the buyer and seller, both private investors, in the transaction.
RICHARDSON, TEXAS — KDC Real Estate Development & Investments will develop a fourth building for State Farm’s Richardson campus, located within KDC’s CityLine mixed-use project. The 500,000-square-foot addition will bring State Farm’s total leased space in the development to 2 million square feet. The new building, to be located at the northeast corner of State Street and Plano Road, will include 12 stories of office space above five stories of structured parking and 30,000 square feet of ground-floor retail space. KDC is currently constructing the first three State Farm buildings and will break ground on the fourth this summer. Completion is slated for mid-2016.
HOUSTON — Developer Peloton Commercial Real Estate will break ground in the fourth quarter on Westcreek Centre, a 368,000-square-foot office tower in Houston’s Galleria area. The 21-story structure, to be located on 3.6 acres between West Loop 610 and Westcreek Lane, will be divided into rectangular floor plates of 26,500 square feet each. Architect BOKA Powell designed the project for LEED Silver certification. Griff Jaggard and Derek Beck of Moody Rambin will lease the property, and Peloton will provide management services. Westcreek Centre will be the first new office building in the Galleria/Post Oak submarket inside of West Loop 610 to be built in 34 years.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of a 79,487-square-foot retail property in Arlington net-leased by Academy Sports + Outdoors. Located at 1101 W. Arbrook Blvd., near The Parks at Arlington Mall development, the property received multiple offers within its first week of listing. At the time of the sale, the tenant had 13 years left on its initial 20-year term. Jason Vitorino of Marcus & Millichap represented the seller in the transaction, a local developer, and also secured the buyer, a Texas-based limited liability company.
AUSTIN, TEXAS — Equitable Commercial Real Estate (ECR) has brokered the sale of a 19,000-square-foot office building in Austin. The property, located at 2301 W. Anderson Lane, is in proximity to the Mopac Expressway and I-35, as well as Northcross Mall. Patrick Ley and Boyd Harris of ECR represented the unnamed seller in the transaction. Jason Steinberg, also of ECR, represented the unnamed buyer.
PUYALLUP, WASH. — Sunrise Medical Campus, a 98,815-square-foot campus in Puyallup that caters to medical service providers, has sold for $40.2 million. The buyer was not named. The three-building campus is located at 11216 Sunrise Blvd. E., just south of Seattle. The campus is currently 95.6 percent leased to tenants that provide orthodontics, diagnostic testing, heart care, family medicine and allergy care services, among others. The unnamed seller was represented by Jemima McCullum, an attorney at law with Gordon Thomas Honeywell LLP. The transaction was also executed by Lori Hill and Stuart Williams of Jones Lang LaSalle’s Capital Markets.
LITTLETON, COLO. – The 324-unit Terra Vista at the Park Apartments in Littleton has received $30.4 million in acquisition financing. The community is located at 5425 S. Federal Circle. It was built in 1984. The seven-year loan features a 30-year amortization schedule. It was arranged by John M. Stewart of NorthMarq Capital’s Denver regional office through the firm’s seller/servicer relationship with Freddie Mac. Financing was arranged on behalf of Aukum Management.
LOS ANGELES – A 34,833-square-foot office building in Los Angeles has sold to 8075 W. 3rd St. Owner, LLC, for $9.6 million. The building is located at 8075 West 3rd Street near the Farmers Market, The Grove and Cedars Sinai Medical Center. The seller, West 3rd St Association, was represented by Bob Safai and Matt Case of Madison Partners.
ROCKLIN, CALIF. — Bass Pro Shops is planning to open a new 120,000-square-foot store in Rocklin. The new outpost will be a primary anchor for the 500,000-square-foot, mixed-use Rocklin Crossings development. It will be located at the intersection of Interstate 80 and Sierra College Boulevard in the Greater Sacramento area. The new store will feature an Uncle Buck’s Fishbowl and Grill. It is scheduled to open in 2015. This will be the company’s fourth California location. It currently operates stores in Rancho Cucamonga and Manteca, with a third San Jose outpost to follow shortly.