DALLAS — Marcus & Millichap has arranged the sale of the 208-unit Hidden Oaks multifamily community in Dallas after fielding 15 offers in the three weeks that the property was marketed. Al Silva of M&M’s Fort Worth office both represented the seller, DCP Hidden Oaks LLC, and secured the buyer, a Texas investment group. The property, located at 9236 Church Road in the Lake Highlands submarket, was 92 percent occupied at the time of sale. The buyer plans renovations in addition to the $1.5 million in capital improvements recently made under previous ownership.
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DUNCANVILLE, TEXAS — Colliers International has brokered the sale of the Shops at Waterview Park, a four-building, 62,279-square-foot portfolio in Duncanville that currently houses service-oriented tenants including medical offices, financial services firms and restaurants. Colliers will also retain the leasing assignment for the property, which is located at the west intersection of Main Street and Highway 67, approximately 13 miles southwest of Dallas. Kevin Brookmole and Wade Smith of Colliers’ North Texas office, along with Tom Lagos and El Warner of the firm’s Los Angeles office, represented the seller, Duncanville Villages Retail Ltd. Buyer Interra Management Co. did not have a representative.
HOUSTON — Developer Moody Rambin plans to break ground this September on Town Centre One, a 270,000-square-foot office building in Houston’s Town & Country Village development. Designed by Kirksey Architecture, the complex will also include a second office building of 100,000 square feet known as Town Centre Two, an eight-level parking garage and a 20,000-square-foot community theater. The location just east of Houston’s Energy Corridor will provide both views of downtown and pedestrian access from the adjacent CityCentre mixed-use development. The projected construction completion date is December 2014.
REDMOND, WASH. – Redmond Town Center, a 695,000-square-foot, mixed-use urban shopping center, has sold to a fund managed by DRA Advisors LLC and JSH Properties for an undisclosed sum. It is located at 7525 166th Ave NE in Redmond. The open-air center is set to undergo a series of upgrades to make it more pedestrian-friendly. Notable tenants at the center include Ann Taylor, REI, Bed Bath & Beyond, Macy’s, Chico’s, The Gap, The MAC Store, Victoria Secret and Cost Plus World Market. Charming Charlies, 24 Hour Fitness and Jersey Mikes are set to open at the center this fall.
LOS ANGELES — Whole Foods Market has announced plans to open a 42,000-square-foot flagship location on the ground floor of a new 700-unit apartment complex in Downtown Los Angeles. The complex will be located at 770 S. Grand Ave. It is being developed by Carmel Partners (Carmel Partners Investment Fund IV) and is expected to open in 2015.
LOS ANGELES – A 14,655-square-foot office building in Los Angeles has sold to Park View Dream LLC for $2 million. It is located at 2351 West 3rd Street. The buyer plans to relocate its real estate investment and management business to the building. It will lease out the remaining space. The seller, Building Industry Credit Association, was represented by David Fults and Brian McLoughlin of Voit Real Estate Services’ Los Angeles office.
FOUNTAIN VALLEY, CALIF. — MemorialCare Health System has agreed to buy Fountain Valley City Center, a 300,000-square-foot health system property, for an undisclosed sum. The site is located near Brookhurst and the 405 Freeway in Fountain Valley.The center is already home to MemorialCare Health System and its shared services, which fully occupy one of the three modular buildings on the property.MemorialCare is also in the process of acquiring an adjacent property for additional parking. MemorialCare was represented by Tim Helgeson of Newmark Grubb Knight Frank in this transaction.
SACRAMENTO, CALIF. – A 170,000-square-foot office building in downtown Sacramento has sold to an institutional investor for $29.4 million. The acquisition was made as an investment through a separate account managed by CenterSquare Investment Management, the real estate manager for BNY Mellon. The Class A building is located at 770 L Street. The seller was 770 L Street Investment Group Inc.
SALT LAKE CITY — South Temple Tower, a 216,976-square-foot, high-rise tower in Salt Lake City, has sold to Maier Siebel Baber (MSB) for an undisclosed sum. The tower is located at 136 East South Temple in the city’s Central Business District. MSB plans to retrofit, renovate and refurbish the office building. These improvements will be carried out by Architecture Design. The seller was represented by Craig Thomas, Eric Gustafson and Eric Smith of CBRE’s Salt Lake City office. CBRE will continue to manage and lease the asset.
OWINGS MILLS, MD. — Owings Mill-based Chesapeake Realty Partners and Washington, D.C.-based Bernstein Management Corp. have begun developing six new apartment communities totaling 1,250 units in Maryland, Virginia and Washington, D.C. The investment totals $250 million. Construction has commenced on four of the communities. The apartment communities include 2251 Wisconsin Avenue in the Glover Park neighborhood of Washington, D.C.; Paragon at Columbia Gateway in Columbia, Md.; 2 East Wells Street in south Baltimore; The Winthrop in Towson, Md.; 900 Thayer Ave. in downtown Silver Spring, Md.; and Accotink Village Fort Belvior in southeast Fairfax County, Va.