SAN ANTONIO — Two local retailers, San Antonio Bike Shop and Brown Coffee Co., have opened in the new 1800 Broadway Urban Residences, a 230-unit mixed-use property located at the intersection of Broadway and Grayson streets in San Antonio. The stores leased 1,500 square feet at the complex, which is already more than 80 percent occupied. Criterion Property Co. LP is the developer of the community.
HOUSTON AND LOS ANGELES — World Class Capital Group LLC closed on two major acquisitions this week: North Oaks Shopping Center, a 450,000-square-foot retail center in Houston, and Andrita Media Center, a 110,000-square-foot creative office and studio in Los Angeles. North Oaks Shopping Center was 92 percent occupied at the time of sale by retailers including T.J. Maxx, Ross Dress for Less, Hobby Lobby, Big Lots and Staples. The property, located at the intersection of FM 1960 and Veterans Memorial Drive, was purchased from a national retail REIT. Andrita Media Center was fully percent leased to an international entertainment conglomerate at the time of sale.
CLEBURNE, TEXAS — Caddis Partners LLC has announced the development of the first community under its new senior living brand, Heartis. Work began last week on the property, located on 15 acres at 902 Walter P. Holiday Drive in Cleburne, just outside of Fort Worth. The Class A community will contain 54 assisted living units, with 61 beds, and a dedicated 35-bed memory care unit. Caddis Partners will develop and own the project, and Good Neighbor Care will manage the new property. The development team includes architectural firm Katus, MAPP Construction and Amegy Bank. Heartis Cleburne is scheduled for completion next summer.
IRVING, TEXAS — Ryan Barr and Ryan Bennett of Lee & Associates’ North San Diego County office have negotiated the sale of a 45,000-square-foot free-standing LA Fitness facility located at 5550 N. MacArthur Blvd. in Irving for $12.2 million. The LA Fitness has approximately eight years remaining on the triple-net lease. Lee & Associates represented the buyer, a public REIT, and the seller in the transaction.
BELLEVUE, WASH. – A 58,000-square-foot development site located in Bellevue’s Central Business District has sold to NIU Enterprises for $31 million. It is located at 437-527 108th Avenue N.E. The sellers, Milt and Sue Walter, have owned the site for more than 30 years. It is currently occupied by two restaurants, Las Margaritas and Nibbana. The sellers were represented by Andy Miller, Jason Rosauer, Dave Speers and Rob Anderson of Kidder Mathews. NIU is a limited liability company that was formed by a group of Chinese investors and companies.
AURORA, COLO. – The 351-unit Del Arte Lofts & Flats in Aurora has sold to E2M Strategic Fund, LP for an undisclosed sum. The community is located at 151 S. Joliet Circle. E2M is E2M Partners’ fourth private equity fund. It teamed with Wood Partners on this particular fund. This is the seventh acquisition the fund has made, bringing its total assets under management to more than $160 million.
GARDEN GROVE, CALIF. – A 40,274-square-foot industrial building in Garden Grove has sold to ProPlas Technologies for $4.1 million. The building is located at 14321 Corporate Drive. The new owner plans to execute a major renovation at the building before it relocates from nearby Gardena. The plastic injection molding and contract manufacturing company was represented by Brandon Carrillo, Greg Gill and Dylan Espley of Lee & Associate’s Long Beach office. The seller, Serella Revocable Trust, was represented by Mike Bouma and Paul Caputo of Voit.
VISALIA, CALIF. – A 57,254-square-foot shopping center in Visalia has sold to a family trust for $4 million. It is located at 3230-3298 S. Mooney Blvd. The center was 60 percent occupied by tenants like King Buffet and Tuesday Morning at the time of sale. The seller, Trion Properties, acquired a non-performing note on the asset through an all-cash transaction from a regional bank. The bank needed to remove the center from its books by the end of the year. CBRE’s Nick Whitstone handled the note sale. The latest sale was executed by Mark Denholm of CORE Commercial.
DENVER – An urban infill apartment community in Denver has received $64.3 million in refinancing. The community was built in two phases. Phase I includes a 266-unit high-rise, Class A apartment community that was built in 2004. Phase II includes a 134-unit mid-rise, Class A apartment community that was built in 2012. The loans were originated under the Fannie Mae Delegated Underwriting and Servicing (DUS) program. The sponsor is a joint venture between a privately held real estate organization in Boston and a public pension fund. The loan was provided by Berkeley Point Capital LLC.
MESA, ARIZ. – An 18,928-square-foot medical office building in Mesa has sold to Campus Professional Plaza, LLC for $5.9 million. The Class B building is located at 1220 South Higley Road on the campus of Phoenix Children’s Specialty and Urgent Care East Valley Center. It was 92.7 percent leased at the time of sale. Campus was represented by Paul Christ of Newport Beach. The seller, Ensemble, LLC, was represented by Mike Coover and Thomas Weinhold of Cassidy Turley Arizona.
