NEPTUNE, N.J. — Cushman & Wakefield has arranged the $7 million sale of a 162-unit apartment portfolio at 300-400 Neptune Blvd. and 1819 Bangs Ave. in Neptune. The portfolio includes Neptune Gardens, Stratford Gardens and Harlee Gardens. The properties are located three miles from the Garden State Parkway. Brian Whitmer, Andrew Merin and Donald Eisen of Cushman & Wakefield represented the seller in the transaction.
AUSTIN — San Antonio-based Lynd and Austin-based Endeavor Real Estate Group has commenced construction on The Bowie, a 36-story, 358-unit luxury apartment building located at 311 Bowie St. in downtown Austin. Dallas-based L&B Realty Advisors is advising the institutional investor that is providing equity for the project. Lynd and L&B Realty have collaborated on one other high-rise in the past — the EnV in Chicago. The Bowie is located within the Market District along the planned expansion of the Hike and Bike Trail and across the street from Whole Foods Market headquarters and flagship store. Dallas-based HKS Architects is designing the project and Houston-based Harvey-Cleary Builders is the general contractor. The Bowie will include 4,000 square feet of ground-level retail, a 463-space parking garage on floors 1 through 7, 41,000 square feet of office space on floors 8 and 9 and residences on floors 10 through 35. The top story will house a swimming pool and fitness center. Amenities will include concierge services, a conference room and a landscaped deck on the 10th floor, as well as a clubroom and outdoor deck on the 31st floor that features an overhead trellis, fire pit and grilling area. The first residential units …
MOORE, OKLA. — UCR Investment Sales has arranged the $102.75 million sale of two shopping centers located in Oklahoma and New Jersey totaling 777,053 square feet. The Oklahoma shopping center, The Shops at Moore, is a 259,996-square-foot power center located in Moore. Anchor tenants include Ross Dress for Less, Best Buy, Bed Bath & Beyond, Office Depot and Hobby Lobby. David Disney of UCR represented the seller, an affiliate of Burk Collins & Co., in the Oklahoma transaction. Disney also represented the seller, an affiliate of Cypress Equities Real Estate Investment Management and Sarofim Realty Advisors, in the sale of the 517,057-square-foot Deptford Landing in Deptford, N.J.
HOUSTON — Griffin-American Healthcare REIT II, co-sponsored by American Healthcare Investors and Griffin Capital Corp., has acquired the 161,000-square-foot Bellaire Medical Center, a long-term acute care center and behavioral rehabilitation hospital located in Houston's Bellaire neighborhood. The hospital takes up an entire city block and is located four miles west of the 45 million-square-foot Texas Medical Center, the world's largest medical campus. Bellaire Medical Center has undergone $6 million worth of capital improvements since 2008, and $6.8 million is slated to be invested to further expand the facility. The medical center is fully leased to Cornerstone Healthcare Group and Ascent Health Corp. Griffin-American acquired the medical center directly from 5314 Dashwood, a subsidiary of PinPoint Commercial. Griffin-American financed the acquisition using $23.5 million from its unsecured line of credit from Bank of America and the remaining with cash on hand.
GROVE, OKLA. — Virginia Beach, Va.-based Wheeler Real Estate Investment Trust has purchased a 31,705-square-foot, freestanding retail property in Grove for $4.55 million. The property is fully leased to Harps Food Stores. The initial term of Harps' lease is 20 years and expires in June 2032. This acquisition brings Wheeler's portfolio to nine properties in four states.
SAN ANTONIO — Dougherty Mortgage has closed a $9.26 million acquisition loan for the 276-unit Sierra Vista, a multifamily community located in San Antonio. Dougherty's Minneapolis office secured the 10-year loan on behalf of the borrower, San Antonio M3-06, LLC.
CORONA, CALIF. – The 312-unit Parcwood Apartment Homes in Corona has sold to Western National Group for $42.2 million. The community is located at 1700 Via Pacifica. The seller, Essex Property Trust, was represented by Joe Leon and Javier Rivera of Jones Lang LaSalle’s Capital Markets.
PALM SPRINGS, CALIF. — A 51,572-square-foot portion of the Washington Square retail center in Bermuda Dunes, a submarket of Palm Springs, has sold to 42 Washington Square LP for $9.5 million. The sold portion of the 136,314-square-foot center is located at 42-100, 42-200 and 42-400 Washington Street. It was 97 percent occupied at the time of sale. A 30,000-square-foot HomeGoods store was part of the transaction. Dennis Vaccaro of Faris Lee Investments represented both the buyer and the seller, Washington Square S.C., LLC, in this transaction. Matt Mousavi, also of Faris Lee, assisted Vaccaro with the buyer.
FULLERTON, CALIF. — B/E Aerospace has signed a 10-year lease for a 91,116-square-foot building in Fullerton. The expansion lease is valued at $5.1 million. The facility is located at 1400 S. Manhattan Ave. The new space will allow the company to build 20,000 square feet of new office and engineering space. B/E Aerospace was represented by Jeff Bethel of Lee & Associates’ City of Industry office. The landlord, 1400 Manhattan Properties, LLC, was represented by Clyde Stauff of Colliers.
LOS ANGELES — Kilroy Realty Corporation has completed its disposition of the firm’s entire industrial portfolio and two small office projects. In total, Kilroy shed 3.7 million square feet as part of its capital recycling strategy. All of the assets were located in California, with the majority residing in the Orange Countyregions of Anaheim, Brea, Costa Mesa, Garden Grove, Santa Ana, Tustin and Irvine.The dispositionnetted about $355 million. The firm plans to use these funds to expand its West Coast office development program. The 44 properties were sold in two tranches to two institutional buyers, TIAA-CREF and LBA REIT. The buyers were represented by David Phelps of Paul Hasting's Los Angeles office, and Andrew Shiner and Tim Farahnik of Seyfarth Shaw's Los Angeles office, respectively. Kilroy was advised by Allen Matkins’ Tony Natsis, Peter Roth, Crystal Lofing and Elizabeth Wilgenburg.
