THE WOODLANDS, TEXAS — The J. Beard Real Estate Company LP has arranged a 10,000-square-foot lease for Conversio Health LLC at Research Forest Lakeside in The Woodlands. The tenant, a service provider for patients with chronic conditions, will occupy part of Building 4 in the larger 10-building mixed-use complex, located on 77 acres overlooking Lake Woodlands and in close proximity to The Woodlands Mall and Interstate 45.Lindsey McKean of J. Beard represented Conversio in the negotiations. James Warmack of Warmack Investments represented the Research Forest Lakeside.
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SPRING, TEXAS — Newcor Commercial Real Estate has arranged a 8,700-square-foot office lease for James Construction Group in the Houston suburb of Spring. The single-tenant property is located on 1.35 acres at 21755 Interstate 45 North, in close proximity to the interchange of I-45 and Grand Parkway, as well as the new Exxon Mobil campus. Rob Banzhaf of Newcor represented the landlord, Jefferson Bank Trust, and also negotiated a lease termination on behalf of the existing tenant, Terminix. Joe Gallini of the Gallini Group represented the James Construction Group.
LAS VEGAS — Griffis Residential has acquired The Wellington, a 332-unit luxury apartment community in Las Vegas, for $43 million. The Class A community is located at 9550 W. Sahara Ave. It was built in 1998 and renovated in 2012. ARA’s Christopher Bentley and Melissa Salas represented the seller, The Picerne Group, in this transaction. ARA also assisted Griffis.
SCOTTSDALE, ARIZ. — An entity formed by Jerry Simms has purchased Shea Scottsdale, a 160,228-square-foot retail center, for $44.5 million. The center was built in 1994 at 10653 N. Scottsdale Road in Scottsdale. It was 95 percent occupied at the time of closing. Shea Scottsdale is anchored by Safeway and CVS Pharmacy. Additional tenants include Wells Fargo, McDonalds, MidFirst Bank, Jason’s Deli and Arby’s. Simms was represented by Marty DeRito of DeRito Partners. Michael Hackett and Ryan Schubert of Cassidy Turley Capital Markets Group represented the seller, Karlin Real Estate, in this transaction. Karlin purchased Shea Scottsdale, along with the adjacent retail center Shea Scottsdale East, in October 2011 for $50.3 million. The company has retained ownership of Shea Scottsdale East.
LAS VEGAS – A 46,691-square-foot industrial building in Las Vegas has sold to Roberts Ranch Venture, LP for $4.5 million. The building is located at 6425 Montessouri Street. Cathy Jones of Sun Commercial Real Estate represented the seller, CPI TWO, LLC, along with three partners, in this transaction.
DENVER – A pair of 17-unit apartment buildings in Denver has sold to High Street Apartments, LLC and Elizabeth Street Apartments, LLC, for $4.4 million. The communities are located at 1345 High Street and 1443 Elizabeth near City Park. Both were recently renovated. The Calame | Lewallen Team at Pinnacle Real Estate Advisors, LLC represented both the buyer and the seller, Boutique Apartments, in this transaction.
PHOENIX — Creative Touch Interiors (CTI) has signed a three-year lease for 36,540 square feet of office space in Phoenix. The new space is located at 1002 E. University Drive. The 73,080-square-foot building is also leased to two other tenants. It is part of a three-building project that totals 177,000 square feet. CTI will be relocating from its facility near Sky Harbor International Airport. The tenant was represented by Pat Feeney of CBRE and Chris Gadrix of CBRE Atlanta Global Corporate Services Inc. Jackie Orcutt, John Grady and Jim Wilson of Cushman & Wakefield assisted with the transaction. The landlord is EastGroup Properties.
KISSIMMEE, FLA. — Boca Raton, Fla.-based Southern Management and Development LP (SMD) has arranged the sale of Dorado Apartments, a 367-unit multifamily community in Kissimmee. The community, located near Orlando International Airport and Disney World at 1400 W. Donegan Ave., sold for approximately $16.8 million. A group of Florida-based investors purchased the 93 percent occupied community from Dorado Apatments JV Ltd.
ATLANTA, GAINESVILLE AND CARROLLTON, GA. — The Aspen Cos., an affordable housing acquisition and management firm based in Teaneck, N.J., has acquired three HUD multifamily communities in Georgia for approximately $9.2 million. The properties include the 176-unit Paradise East in Atlanta, the 100-unit Linwood Apartments in Gainesville and the 50-unit Paradise Carrollton in Carrollton. The Aspen Cos. purchased the properties from the original developer, a partnership with HJ Russell & Co. Andrew Daitch of Marcus & Millichap brokered the transaction.
COLUMBIA, S.C. — Marcus & Millichap has arranged the $3 million sale of Shandon Crossing, a 152-unit apartment community at 504 S. Beltline Blvd. in Columbia. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap's Charleston, S.C., office represented the seller, a bank/financial institution, in the transaction.