RYE, N.Y. — The City of Rye has sold 1037 Boston Post Road, a 9,850-square-foot retail building in Rye, a southern suburb of White Plains, for $5.6 million, or $568 per square foot. A Long Island investor purchased the property, which is fully leased to Lester’s, a New York clothing retailer. The property was built in 1951 and includes a 42-vehicle parking lot and full walkout basement. Gene Pride and William Cuddy of CBRE’s Stamford, Conn. office represented the seller in the transaction.
NEW YORK CITY — Behavioral Ideas Lab Inc., a nonprofit research organization, has signed a 9,155-square-foot lease at 80 Broad St. in New York City. The organization will occupy the entire 30th floor for a 10-year term. Savanna, a New York-based real estate private equity firm, is the landlord of the property. Adam Baruch and James Emden of Colliers International represented the tenant in the transaction.
ST. PAUL, MINN. — St. Paul-based Oak Grove Capital has closed a $259 million Fannie Mae DUS credit facility for Brookdale Senior Living. The 10-year, variable-rate facility will be used to refinance existing mortgage debt on facilities around the U.S., including Texas. Brookdale will use the financing to refinance loans on 23 assisted living, independent living and memory care facilities totaling 1,781 units. The properties are located in 10 states, including Florida, New York, Kansas and Pennsylvania.
AUSTIN, TEXAS — The Beck Group has completed construction of the W.H. and Elaine McCarty South Tower at Dell Children's Medical Center of Central Texas in Austin. The Beck Group, community leaders and executives from Dell Children's Medical Center and Seton Healthcare celebrated the $48 million tower's opening at a ribbon cutting ceremony. The three-story, 75,000-square-foot tower features 72 beds, the center's first inpatient rehabilitation unit and expanded services for children with epilepsy. The six-bed rehabilitation unit is the first of its kind in the Austin area for hospitalized children. The facility is projected to receive the nation's first LEED Platinum certification under the new LEED for Healthcare rating system. The Beck Group finished construction of the tower in 15 months, which was two months ahead of schedule.
HOUSTON — ConocoPhillips, the world's largest energy exploration and production company, has signed an 850,000-square-foot, long-term lease encompassing two new office buildings in Houston's Energy Corridor. The company will fully occupy the 550,000-square-foot Energy Center Three, which is currently under construction, by the second quarter of 2015. Additionally, in 2016 the firm will lease an additional 300,000 square feet in Energy Center Four, a planned 600,000-square-foot office building slated to commence construction later this year. The facilities will serve as the consolidated location for ConocoPhillips' Lower 48 Business unit, which is focused on exploration and production operations throughout the lower 48 states. The Energy Center campus will include an active greenspace to provide common outdoor areas for activities, and Energy Center Three and Energy Center Four will include energy-efficient features to help achieve LEED Gold certification. A joint venture between Trammell Crow Co. and Principal Real Estate Investors (PREI) is developing the office campus. Aaron Thielhorn, Kevin Schmok and Brandon Houston of Trammell Crow, along with Joe Wanninger of PREI, will lead the development team. Cody Armbrister and Steve Rocher of CBRE's Houston office represented the joint venture in the transaction with ConocoPhillips.
KATY, TEXAS — Co-developers PinPoint Commercial LP and Thrive Senior Living LLC have selected Cadence McShane Construction Co. to construct Legacy at Falcon Point. The new 82-unit assisted living and memory care center will be built on a seven-acre site at 1520 Katy Gap Road in Katy. The two-story, 64,281-square-foot facility will consist of 22 memory care units and 60 assisted living units, as well as feature panel wall and steel construction with an accented natural stone and stucco exterior. The development will incorporate the “Main Street and Neighborhood” concept, whereby each neighborhood will have its own unique theme and the Main Street portion will include a movie theater, spa, restaurant, gym, store and sports bar. Three Square Design Group is providing comprehensive architectural services for the community.
HOUSTON AND AUSTIN, TEXAS — Berkadia Commercial Mortgage LLC's Austin office has closed several loans totaling $37 million for four multifamily properties in the metropolitan areas of Austin and Houston. Andy Hill of Berkadia originated an $8.1 million refinancing for the 593-unit Lodge Apartments and a $7 million refinancing for the 635-unit Waterfall Park, both located in Houston. Hill originated the loans on behalf of the borrower, JAW Equity Management. C-III Commercial Mortgage funded the 10-year, CMBS loans. Hill also arranged $15.4 million in acquisition financing for the 835-unit Creekstone Apartments, formerly known as Palms at Walnut Creek, in Austin on behalf of the borrower, AHC Creekstone Owner LLC. Hill arranged the floating-rate loan with a sub-3 percent interest rate and 30-year amortization schedule through Berkadia's Freddie Mac program. Lastly, Hill arranged a $6.4 million acquisition loan for The Preserve at Cypress Creek, an 811-unit apartment community formerly known as The Blenheim Apartments, in Houston. Hill arranged the 10-year, fixed 4.09 percent interest rate loan through Freddie Mac on behalf of the borrower, AHC Cypress Creek LP, which is planning to upgrade the community's interiors and common areas.
LOS ANGELES – The 14.56 acres that sit under the Midtown Shopping Center in Los Angeles have sold to Midtown Shopping Center Associates (MTSCA) for $42.5 million. The 185,000-square-foot center is located at 4725 W. Venice Blvd. in Mid-City. The land acquisition also includes the 3.5 acres under two properties adjacent to the shopping center. MTSCA includes Young Management Company and its partners, James Young and Courtland Young. Young Management will manage the property and oversee the center’s leasing and redevelopment efforts. Young Management is the center’s original developer and negotiated the ground lease with its original owner, Southern Pacific. Notable tenants at the center include Ralph's, CVS, Orchard Supply Hardware and Bank of America.
PORTLAND, ORE. — Phase I of The Residences at Yacht Harbor, a Class A waterfront apartment development in Portland, has received $38.9 million in construction financing. The 373-unit community will be located at 11505 North Yacht Harbor Drive along the Salpare Bay Marina. Construction is expected to commence within the next 30 days. The loan was arranged by Malcolm Davies, Peter Kleinberg and Drew Sandler of George Smith Partners on behalf of Salpare Bay, LLC.
CHATSWORTH, CALIF. – A 24,150-square-foot industrial property in Chatsworth has sold to Nordhoff SSA for $3 million. It is located at 20433-20439 Nordhoff Street. Timothy P. Foutz of NAI Capital’s Encino office represented both the buyer and the seller, LEC Properties, in this transaction.
