HOUSTON — Wood Partners has begun construction on Alta Westheimer, a 133-unit, 119,000-square-foot apartment building located at 9235 Westheimer Road in Houston. Leasing is expected to begin in April 2014. Good, Fulton & Farrell designed the project. The complex will house 15 studio units, 84 one-bedroom units and 34 two-bedroom units with 188 parking spaces. Select floor plans will include garages. The building will be close to Terry Hershey Park and several major local employers, including Phillips 66, Chevron, Halliburton, BP, Shell and ExxonMobil. Westplan Investors is the project’s equity partner, and Westheimer Builders LLC is the general contractor.
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THE WOODLANDS, TEXAS — Jones Jazzy Java and Dr. Alfred’s Hotdog Stand have recently leased two separate concession stands with The Woodlands Development Co. (TWDC) at Waterway Square along the Woodlands Waterway in The Woodlands Town Center. Jones Jazzy Java is owned by Shawn and Tricia Jones and offers New Orleans’ style cuisine. V.VJ Enterprise, owned by Dr. Alfred Limani and Viosa Berisha, offers Chicago-style hot dogs and ice cream at Dr. Alfred’s Hotdog Stand.
GRAPEVINE, TEXAS — Automotive Rentals Inc. (ARI) has leased an additional 10,830 square feet at The Offices @ Grapevine Parkway, an office complex located at 2550 S.W. Grapevine Parkway in Grapevine. ARI, a member of Mount Laurel, N.J.-based Holman Auto Group, has grown its leased space at the property to more than 50,000 square feet. Jim Poynter and Dennis Scifres of Tenant Realty Advisors LLC represented the landlord, One Grapevine Parkway Ltd. Steven Greenfield of ARI represented the tenant in-house.
DALLAS — UC Funding LLC has provided a $4 million bridge loan for the acquisition and predevelopment of three contiguous vacant buildings totaling 47,100 square feet. The buildings are located on Elm Street in downtown Dallas. The proposed development will include 24 loft-style residential units with 17,600 square feet of ground floor and basement restaurant and retail space.
LOS ANGELES – A seven-property multifamily portfolio that spans throughout Northern and Southern California has received $174.3 million in financing. The portfolio contains a total of 1,561 units consisting of manufactured housing communities and apartment complexes. Three of these properties are located in Northern California, while four are in Southern California. Six of the properties were financed with full-term, interest-only loans. One was structured with a five-year, interest-only loan. Financing was arranged by Andrew Tapley of Walker & Dunlop.
SAN DIEGO — Hawthorne Crossings, a 141,288-square-foot community shopping center in the San Diego submarket of Kearny Mesa, has sold to Retail Opportunity Investments Corp. for $41.5 million. The grocery-anchored center is located at 4200-4380 Kearny Mesa Road & 8055 Armour Street. Notable tenants at the center include Ross Dress for Less, Staples, Mitsuwa Marketplace, Dollar Tree, Sleep Train and Starbucks Coffee. Pete Bethea, Glenn Rudy and John Jennings of Cushman & Wakefield’s Capital Markets Group represented both the buyer and the seller, American Fund US Investments LP, in this transaction.
PRESCOTT VALLEY, ARIZ. — The Terraces at Glassford Hill Apartments, a 226-unit luxury community in Prescott Valley, has sold to Bascom Arizona Ventures for $22.3 million. The community is located at 5700 Market Street. This is Bascom’s 11th acquisition in Arizona over the past 12 months. The firm plans to recapitalize the property. Financing was arranged by CBRE’s Brian Eisendrath and Brandon Smith. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and the unnamed seller in this off-market transaction.
LOS ANGELES – The 67-unit Universal Lofts in the Los Angeles submarket of Studio City has received $37.2 million in bridge and mezzanine debt. The live-work loft condominium community is located at 450 Cahuenga Blvd. W. The senior debt was funded by East West Bank and the mezzanine portion was funded by Pembrook Capital.The loans carry three-year terms and will allow the borrower to market and sell the units as condominiums. Financing was arranged by Dekel Capital.
TUSTIN, CALIF. – A 126,761-square-foot neighborhood shopping center in Tustin has received $34.5 million in permanent financing. The grocery-anchored center is located on a 13.6-acre site at Jamboree Road and Irvine Boulevard. The center is fully leased to tenants like Ralphs and Rite-Aid. The non-recourse loan has a 15-year term with an initial interest-only period, after which it amortizes on a 30-year schedule. It was provided by Prudential Mortgage Capital Corporation and arranged by Richard Caterina of Johnson Capital’s San Diego office.
BOTHELL, WASH. — Nexus Canyon Park Research Center, a 152,050-square-foot biotech and data center facility in the Seattle submarket of Bothell, has received a $21-million refinance. The facility is located within the Canyon Park Business Center. It is 97 percent leased to tenants like T-Mobile, Epoch Pharmaceuticals and Acucela. The interest-only, fixed-rate loan was arranged by HFF’s Tim Wright and Zack Holderman on behalf of Nexus Properties.