HOUSTON — McCann Realty Partners LLC has started construction on the 323-unit Retreat at Vintage Park Apartments in Houston's Champions submarket. The property will be located in the Vintage development adjacent to the 420,000-square-foot Vintage Park Lifestyle Center. The Class A community will feature attached and detached garages, a fitness center, resort-style swimming pool, cyber cafe and a gourmet kitchen. Pegasus Residential LLC will manage the community, which is slated to begin lease up in the first quarter of 2014. Wells Fargo Bank N.A. funded the construction loan, and McCann will act as its own general contractor for the project.
SAN ANTONIO AND AKRON, OHIO — Johnson Capital's Dallas office has arranged $18.6 million in joint venture equity financing for the construction of two new student housing developments in San Antonio and Akron. The NRP Group LLC (NRP), the borrower and developer of the communities, has broken ground on the projects and is expecting to wrap up construction before the fall 2014 semester. The San Antonio complex is called The Luxx, which will house students from the University of Texas at San Antonio. The 668-bed development costs approximately $32 million to build. The Akron facility is called The Depot, which will house students from the University of Akron. The 624-bed facility costs approximately $37 million to construct. A corporate investor provided the equity capital.
AUSTIN, TEXAS — A joint venture partnership between Austin-based Cielo Realty Partners and MIMCO Inc. recently purchased a 47,050-square-foot retail property at the intersection of Highway 71 and U.S. Highway 290 in Austin. The property is currently leased to Planet Fitness and Goodwill, and marketing for the remaining 13,050 square feet is underway.
HOUSTON — Cushman & Wakefield has arranged a 150,000-square-foot industrial lease transaction with Crane Worldwide Logistics at 6501 Navigation Blvd. in Houston. Jim Foreman and Beau Kaleel of Cushman & Wakefield's Houston office represented the owner, Levey Group, in the transaction. Ed Frantz and Kevin Kushner of CBRE represented Crane Worldwide.
PORTLAND, ORE. — Grant Park Village, a $60-million, mixed-use development in Portland, is scheduled to begin construction June 1. The new development will contain 211 units in five separate buildings. A 34,500-square-foot New Seasons Market will occupy ground-floor space. An additional 13,000 square feet of storefront retail space will also be developed. The site is located on NE Broadway. Grant Park is being developed by Capstone Partners LLC and PCCP, LLC. It will be built by Walsh Construction and designed by LRS Architects and Runberg Architecture Group.
GOODYEAR, ARIZ. – The 226-unit Broadstone Canyon Trails in Goodyear has sold to HSL Acquisitions, LLC for $23.6 million. The community is located at 16450 W. Van Buren Street. It was originally developed by Alliance Residential in 2008. The seller was Broadstone Canyon Trails, LLC. The transaction was executed by David Fogler and Steven Nicoluzakis of Cassidy Turley Arizona’s Multi-Family Group.
LOS ANGELES — Tryperion Partners, LLC recently closed its first fund, Tryperion RE Fund I, L.P., with $50 million of fully discretionary committed capital. The fund plans to pursue value-add acquisition and recapitalization opportunities. It will focus on existing assets in secondary markets throughout the West and Southwest that are positioned for economic growth. The fund plans to invest in and implement aggressive asset management strategies on office, retail, hospitality and multifamily properties. It is looking to acquire income-producing properties at a discount to both replacement cost and intrinsic value. Tryperion’s equity investments will be between $5 million and $15 million. Tryperion Partners was founded by Joseph Kessel, Eliot Bencuya and Jeffrey Karsh, former professionals at Canyon Capital Realty Advisors.
SCOTTSDALE, ARIZ. — Heckmann Corp. has signed a 10-year lease for 20,162 square feet at the Pinnacle in Kierland I in Scottsdale. The space is located at 14624 N. Scottsdale Road. The lease will commence in the third quarter of 2013. Heckmann Corp. was represented by CBRE’s Chuck Nixon. The landlord, Scottsdale Kierland Property LLC, was represented by Jim Watkins, Craig Coppola and Andrew Cheney of Lee & Associates.
NEWARK, CALIF. – The NewPark Mall in Newark has received a $71.5-million refinance. The mall is located at 2086 NewPark Mall. It contains nearly 1.2 million square feet of retail space and serves the tri-cities of Newark, Fremont and Union City in the East Bay area. The mall is anchored by Macy’s, jcpenney, Sears and Burlington Coat Factory. The non-recourse, floating-rate mortgage loan features an initial interest rate of 4.3 percent. The loan’s initial funding is $66.5 million. The remaining $5 million will be earned out once the mall achieves certain milestones, according to its owner, Rouse Properties. The bank loan has a four-year term and a one-year extension option.
EL SEGUNDO, CALIF. — A 200,000-square-foot office complex in El Segundo has sold to Rockwood Capital and Marshall Property & Development for about $25 million. The three-building complex is located at 2100 E. Grand Ave. It was previously occupied by Rhythm & Hues, an Academy Award-winning visual effects firm that filed for bankruptcy protection in February. That company was acquired last month by an affiliate of Prana Studios through a bankruptcy auction. The complex’s new owners plan to invest up to $20 million to redevelop the six-acre property into a creative office campus. The seller, 2100 Grand, LLC, was a related entity of Rhythm & Hues. The off-market, all-cash sale was arranged by Lucent Capital.