COLLEGE STATION, TEXAS — Texas A&M University has chosen Satterfield & Pontikes Construction for the $6.4 million renovation of Francis Hall on the College Station campus. The project, which will transform the building into the new home of the university’s construction science department, will include demolition of the building’s current interior; installation of new mechanical, electrical, plumbing, fire alarm and communication systems; and the construction of an auditorium, exhibit hall, student lounge and conference room. Completion is expected in November 2014. The three-story Francis Hall was originally constructed in 1918.
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PHOENIX — CNL Healthcare Properties has purchased six medical facilities throughout the U.S. for $59.5 million. Four of these facilities are located out West. They include the John C. Lincoln Medical Plaza I and II and North Mountain Medical Plaza in Phoenix, as well as Escondido Medical Arts Center in the San Diego submarket of Escondido. The Phoenix properties contain a total of 73,666 square feet. They are leased to multiple tenants, including John C. Lincoln/Scottsdale Health, which occupies about 45 percent of the buildings. The 49,302-square-foot Escondido Medical Arts Center in Escondido is an outpatient medical office building that is leased to tenants like Graybill Medical Group. The Phoenix properties will be managed and leased by Holladay Properties’ healthcare division. The San Diego facility will be managed by Lincoln Harris CSG, an affiliate of Lincoln Property Company. The remaining properties are located in Ohio and Kansas. The portfolio contains a total of 181,890 square feet throughout a mix of single- and multi-tenant buildings.
BELMONT, CALIF. — Grosvenor Americas has purchased the 195-unit Carlmont Woods Apartments in Belmont for an undisclosed sum. The community is located at 2515 Carlmont Drive just northwest of Silicon Valley. Grosvenor plans to renovate the unit’s interiors and common-area amenities. Carlmont Woods is the firm’s first apartment acquisition in the Bay Area. The property was marketed by Kara Wiard of Eastdil Secured.
LAS VEGAS – FPA has purchased the 210-unit Indigo Creek in the Las Vegas submarket of Summerlin for $19.6 million. The community is located at 2200 Club Pacific Way. FPA was represented by David Baird and Brandon Baird of Sperry Van Ness’ Las Vegas office. The seller, Tomanek, was represented by Michael Miyagishima of the firm’s San Francisco office.
SCOTTSDALE, ARIZ. — Kierland One, a 175,441-square-foot, Class A office building in Scottsdale, has sold to Hines and joint venture equity partner Pacific Coast Capital Partners for an undisclosed sum. The building is located at 16430 N. Scottsdale Road in the Scottsdale Airpark submarket. The building was vacant at the time of sale. The seller, Cornerstone Real Estate Advisers LLC, acted on behalf of an institutional investor. It was represented by Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office. The JV represented itself in this transaction.
CERRITOS, CALIF. — Cerritos Corporate Center, a 460,356-square-foot industrial business park, has sold to Angelo Gordon for $42.5 million. Gordon worked in partnership with Crowsnest Properties. The center is located at 13810-13950 Cerritos Corporate Drive in Cerritos. The institutional-quality business park is composed of seven free-standing buildings on three parcels. It is currently 95 percent leased. The seller, The Abbey Company, was represented by CBRE’s Kevin Shannon, Darla Longo, Barbara Emmons, Scott Schumacher, Rick McGeaghand John Biven.
PORTLAND, ORE. – The 165-unit Cathedral Apartments development in Portland has received $21.4 million in construction/permanent financing. The community will be located at 8680 North Ivanhoe Street. The 42-year loan features a 4.76 percent fixed rate. It was arranged by HFF’s Thomas Wilson on behalf of St. Johns Ivanhoe LLC. Financing was provided by Greystone, an FHA multifamily lender. The project is hoping to achieve LEED-Platinum certification. If successful, Cathedral Apartments will be the first LEED-Platinum-certified construction project in the nation that was completed by HUD. The project is being developed by W&K Development.
KEY WEST, FLA. — LaSalle Hotel Properties has acquired the 260-room Southernmost Hotel Collection in Key West for $184.5 million. The acquisition includes the Southernmost on the Beach, Southernmost Hotel in the USA and La Mer Hotel & Dewey House properties. LaSalle funded the transaction with borrowings from its senior unsecured credit facility. The hotel property is located on the southern end of Duval Street, which runs through Key West's Old Town, home to bars, restaurants, shops and historic sites. The hotel includes 3,128 square feet of meeting space and 2,488 square feet of outdoor space. About $13.8 million has been invested in the hotel's upkeep in the last three years. Highgate Hotels will operate the Southernmost Hotel Collection.
ORLANDO, FLA. — Stiles Realty, in partnership with Orlando-based Divaris Real Estate, has arranged the $8.6 million sale of Baldwin Park I and II, two Class A office buildings totaling 64,695 square feet in Orlando. The office properties are located at 4750 and 4776 New Broad St., three miles from downtown Orlando. Stiles and Divaris represented the seller in the transaction. Orlando-based MDS Baldwin Park LLC, a private investor, was the buyer.
SPARTANBURG, S.C. — Chambers Street Properties has acquired a 156,800-square-foot industrial property, located at 1200 Woods Chapel Road near Spartanburg. The property is located one mile from Interstate 85 and two miles from the Greenville-Spartanburg Airport. The project sits on a 32.5-acre parcel and is expandable to 273,000 square feet. With this purchase, Chambers Street now owns more than 2.1 million square feet of warehouse/distribution space in the Spartanburg area. Chambers Street purchased the property through its affiliate, RT Woods Chapel LLC. Virginia Wright of Atlanta-based Bull Realty represented the buyer in the transaction. Dick Merritt of Greenville, S.C.-based Merritt and Co. represented the seller, ACPS LLC. Lear Operations Corp, a supplier of plastic automotive components, occupies the plant.