Property Type

STREETLIGHTS RESIDENTIAL, HUNT COS. BREAK GROUND ON APT. TOWER

by admin February 5, 2013

AUSTIN, TEXAS — Affiliates of StreetLights Residential and Hunt Cos. have formed a joint venture to break ground on a 300-unit, high-rise apartment tower, located at 214 Barton Springs Road in Austin. The project's ownership group consists of Hunt Development Group LLC and Hunt Barton Springs LLC (both affiliates of Hunt Cos.), along with SLR Residential at Barton Springs LLC, an affiliate of StreetLights Residential. Austin-based Rhode Partners designed the 19-story glass and brick tower. The interior of the property has been designed to emulate a boutique hotel with an expansive lobby, resort-style pool deck, fitness center and rooftop lounge. The high-rise will feature views of Lady Bird Lake, the downtown skyline, the State Capitol and the West Hills. The high-rise tower is scheduled to open by August 2014, with pre-leasing expected to begin in the summer of 2014.

February 5, 2013

CENCOR BEGINS DEVELOPMENT OF WEST PLANO VILLAGE

by admin February 5, 2013

PLANO, TEXAS — Cencor Realty Services is under way with the construction of West Plano Village, a mixed-use project located at the northeast corner of the Dallas North Tollway and Parker Road in Plano. The development will include 90,000 square feet of retail and restaurant space, 60,000 square feet of second-floor office space and 245 residential units. A 10,000-square-foot eatZi's Market & Bakery will anchor the retail portion of the development, along with the existing Cinemark West Plano and XD theater. AMLI Residential will develop the multifamily component of West Plano Village in a four-story configuration. Michelle Caplan and Earl Harris of The Weitzman Group are handling the leasing of the retail portion, while Chrystal Morgan of Weitzman is handling office leasing. The apartment community is slated for a summer 2014 opening, while the retail and office space will open in the fall of 2014. David Palmer of Cencor is directing the development of the mixed-use development, and Dallas-based Hodges & Associates is designing the retail and office components.

February 5, 2013

Multifamily Texas

LMI CAPITAL ARRANGES $29.2M IN MULTIFAMILY DEBT

by admin February 5, 2013

HOUSTON AND AUSTIN, TEXAS — Jamie Mullin of LMI Capital has arranged $29.2 million in debt across six multifamily properties for six different borrowers. The loans include: A 10-year, $7.2 million refinance loan for a 380-unit property in the Greenspoint area of Houston A 10-year, $4.8 million acquisition loan for a 258-unit multifamily community in southwest Houston A 10-year, $4.8 million refinance loan for a 240-unit property in southwest Houston A three-year, $3.6 million acquisition loan for a 216-unit distressed community in southwest Houston A 10-year, $6.6 million acquisition loan through Fannie Mae for a 192-unit community in north Austin A 10-year, $2.2 million acquisition loan for a 54-unit property in north Austin

February 5, 2013

Multifamily Texas

ARA BROKERS SALE OF THE BRIDGEMOOR AT KILLEEN APTS.

by admin February 5, 2013

KILLEEN, TEXAS — ARA has secured the sale of The Bridgemoor at Killeen Apartments, a 180-unit, Class A community located at 2710 Cunningham Road in Killeen. The community features a saltwater pool, spa, movie theater, billiards room, poker room, business center, fitness center, yoga studio and garages. The property is 96 percent occupied. Jeff Patterson and Kelly Witherspoon of ARA's Austin office represented the seller, an Oregon-based regional investor, in the transaction. A Chicago-based private investor purchased the property.

February 5, 2013

Multifamily Western

IRONWOOD AND FAIRWAY PALMS IN RANCHO CUCAMONGA SELLS FOR $100M

by admin February 5, 2013

RANCHO CUCAMONGA, CALIF. — Ironwood and Fairway Palms, a 496-unit apartment community in Rancho Cucamonga, has sold to Western National Realty Advisors for $100.8 million. The Class A property consists of two adjacent apartment communities that will now be operated and managed as one by Western National Property Management. This will be the final acquisition under the company’s Western National Realty Fund II, L.P., which was its second private equity fund. The seller, JP Morgan, was represented by Mike Murphy of Moran and Company.

February 5, 2013

Retail Western

CHASE BANK BUILDING IN RIVERSIDE SELLS FOR $5M

by admin February 5, 2013

RIVERSIDE, CALIF. – A 6,160-square-foot, single-tenant property that is occupied by Chase Bank in Riverside has sold to a private Los Angeles investor for $5 million. The property is located at 10355 Magnolia Ave. The buyer was represented by George Y. Ragheb of Entrance Homes. The seller, 665 Claremont LP, was represented by William B. Asher, Kevin T. Fryman and Edward B. Hanley of Hanley Investment Group Real Estate Advisors.

February 5, 2013

Retail Western

JACK IN THE BOX PROPERTY IN FERNDALE SELLS FOR $2M

by admin February 5, 2013

FERNDALE, WASH. – A 2,812-square-foot, net-leased building in Ferndale that is occupied by Jack in the Box has sold to an unnamed buyer for $2 million. The property is located at 1819 Main Street. The seller, a limited liability company, was represented by Aaron Hines of Marcus & Millichap’s Seattle office.

February 5, 2013

Industrial Western

LEAR INDUSTRIAL CENTER REACHES FULL OCCUPANCY

by admin February 5, 2013

RENO, NEV. – The Lear Industrial Center in Reno has reached full capacity. The Burrows Corporation and Bizchair were two of the last tenants to nab space at this 390,000-square-foot facility. Lear Industrial is owned by Panattoni. Miller Industrial Properties serves as the property’s leasing agent.

February 5, 2013

Industrial Western

EVOQ SHEDS THREE PROPERTIES IN LOS ANGELES

by admin February 4, 2013

LOS ANGELES — EVOQ Properties has disposed of three non-core assets in Downtown Los Angeles. The disposition includes a series of vacant lots and industrial buildings that are located at 915-949 S. Hill, in addition to industrial buildings located at 759 Ceres and 643 Gladys avenues. The sales’ gross proceeds totaled $19.5 million. Some of the proceeds were used to pay off about $15.3 million in secured principal debt and $1.7 million of contingent deferred interest.

February 4, 2013

Retail Western

LBG BUYS HOME DEPOT BUILDING IN HENDERSON FOR $13.5M

by admin February 4, 2013

HENDERSON, NEV. — LBG Realty Advisors has purchased a Home Depot building at the Sunset Plaza shopping center in Henderson for $13.5 million. Home Depot anchors the center. The acquisition also includes an undeveloped pad that could house an additional 6,000-square-foot building. LBG purchased the building in partnership with an affiliate of Aviva Investors North America. The seller was SMA Ltd.

February 4, 2013

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