FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Lowden Terrace, a 40-unit apartment complex in Fort Worth. Located at 2200 W. Lowden St., the four-building property is in close proximity to Texas Christian University. Lowden Terrace offers one- and two-bedroom floorplans as well as a communal laundry facility. Boyan Radic, Mason Green and Doug Banerjee of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, Clarus Investment 4 LLC, and also secured the buyer, a Fort Worth-based limited liability company.
FORT WORTH, TEXAS — Hillwood Development company has selected architectural firm BOKA Powell to design the first Class A office building at Alliance Town Center, part of the larger AllianceTexas development. The speculative property, which will total 157,000 square feet over three stories, is slated for completion in mid 2014. Green design elements to be implemented include low-emissivity coated glass, exterior passive sun-shading devices and high-albedo roofing and paving to reflect light. Rogers-O’Brien Construction will serve as general contractor on the project.
GEORGETOWN AND KELLER, TEXAS — PinPoint Commercial LP and Thrive Senior Living have completed construction of two assisted living and memory care facilities in Texas. The Legacy at Georgetown is a 158-bed, 63,000-square-foot property in Georgetown, located about 28 miles north of Austin. The Legacy at Bear Creek is a 116-bed, 55,000-square-foot property in Keller, located about 20 miles north of Fort Worth. The former is situated adjacent to Scott and White Georgetown Clinic, allowing for convenient medical care, while the latter is near Keller Town Center, a master-planned, mixed-use development. PinPoint acted as developer on the projects, and Thrive will manage the properties.
SAN FRANCISCO – The University of California, San Francisco (UCSF) has announced its plans to establish a state-of-the-art clinical and translational research unit focused on endocrinology in Mission Bay. The 30,000-square-foot space will be located at 499 Illinois Street in the San Francisco submarket. The facility is in close proximity to UCSF'S research campus and three new hospitals. The university has signed a 15-year lease at the property. Illumina also recently nabbed office and laboratory space at this 222,780-square-foot waterfront project. About 82 percent of the building is now leased or under negotiation. The building is owned by Alexandria Real Estate Equities.
PUYALLUP, WASH. – The 225-unit Glenbrooke Apartments in Puyallup has received a $13.6-million refinance. The affordable housing complex is located at 701 43rd Ave. The property had a complex ownership structure with multiple partners. The transaction facilitated a refinance for a limited partner buy-out. Financing was based on a 10-year term and a 30-year amortization period with three years interest-only. It was arranged by Ron Peterson of NorthMarq Capital’s Seattle regional office through the firm’s seller-servicer relationship with Freddie Mac.
DENVER — JMIR Acquisitions, LLC has purchased the 451-room Hyatt Regency Denver Tech Center for an undisclosed sum. The hotel is located at 7800 E. Tufts Ave. in Denver. The property also features a newly renovated lobby, the new Root 25 Taphouse & Kitchen, and 30,000 square feet of function space, including an 11,000-square-foot ballroom. The seller was Hyatt Equities, (Den) LLC. HREC Investment Advisors served as the exclusive investment banking agent for Hyatt Hotel Corporation. The property will be managed by Davidson Hotels & Resorts.
SEATTLE — GLL Real Estate Partners has purchased a 130,530-square-foot, Class A office building in Seattle’s South Lake Union neighborhood for a reported $97 million. The six-story building is located at 202 Westlake. It is fully leased, with Amazon being the main tenant. The building is only three blocks away from the company’s high-rise headquarters development, which will contain 2.2 million square feet at Sixth and Blanchard. This is GLL’s first purchase in Seattle.
LOS ANGELES – The State Bar of Californiawill soon occupy the top four floors of a 111,000-square-foot office building in Downtown Los Angeles. The building is located at 845 South Figueroa Street. The space is undergoing a $14-million interior renovation before the State Bar takes up residency this December. Smart & Final recently opened on the building’s ground floor.The renovation will be carried out by Driver SPG, a construction affiliate of C.W. Driver. LeanArchwill serve as the project’s architect. The five-story building also underwent a full-base renovation last year before the State Bar purchased the property from L&R Companies. The State Bar will be relocating from the AT&T Center once the renovations are complete.
PHOENIX – Omninet Capital has purchased the Midtown Phoenix Bank of America Tower for $14.8 million. The 189,000-square-foot building is located at 3030 N. Central Ave. The tower is currently 87 percent leased to tenants like Bank of America, Dignity Health, Xerox, AVESIS, Teach for America and Barrow Neurological Institute. Omninet plans to invest more than $2 million to renovate the building. The company also plans to invest an additional $200 million in the Phoenix market over the next two years. Omninet represented itself in this transaction. The seller, a partnership between Morrison Street Capital and Ronald Realty Group, was represented by Michael Crystal of Cushman & Wakefield of Arizona and Jim Palmer of The Palmer Group.
ALEXANDRIA, VA. — The Bozzuto Group, a Greenbelt, Md.-based real estate services company, and MGL Partners, a Denver-based development firm, have broken ground on The Frasier, a $75 million apartment community in Alexandria. The 249-unit development will be located across the Potomac River from Washington, D.C. Bank of America and RBS Citizens provided construction financing, and The Bozzuto Group and MGL Partners provided equity. Bozzuto Construction Co. commenced construction on the development, which is slated for completion in spring 2015. The transit-oriented community will be located within walking distance of the Potomac Yard Metro Station, which is expected to open in 2016 or 2017. The Frasier's amenities will include an outdoor kitchen, lounge area with a fire pit and waterfall, a swimming pool, 2,200-square-foot fitness center, game room and library.