Property Type

WOODRIDGE TO CONSTRUCT STUDENT HOUSING PROPERTY

by admin October 16, 2012

COLLEGE STATION — Woodridge College Station I LLC has plans to construct a student housing development in two phases at the northwest corner of University Drive and Texas Avenue in College Station. The location once was home to the 17-story Plaza Hotel, which was imploded in May 2012 to make way for the new student housing property. Phase I of the development will include 928 beds and approximately 53,000 square feet of retail, restaurants and public space. Phase I is slated for a fall 2014 delivery. Phase II will include the addition of 1,000 beds and is slated for a fall 2015 delivery. Woodridge College Station is an affiliate of Los Angeles-based Woodridge Capital Partners. Woodridge College Station is developing the student housing property in partnership with funds managed by Oaktree Capital Management and in collaboration with Capstone Collegiate Communities. Construction is slated to begin in spring 2013.

October 16, 2012

WESTMOUNT REALTY ACQUIRES BEVERLY PALMS APTS.

by admin October 16, 2012

HOUSTON — Dallas-based Westmount Realty Equities has provided joint venture equity to ParaWest Group to acquire the 360-unit Beverly Palms Apartments, located near the Galleria Shopping Mall in Houston. The apartment community is currently 98 percent occupied and is slated to undergo a planned $1 million renovation.

October 16, 2012

Multifamily Texas

IPA SECURES SALE OF MULTIFAMILY PORTFOLIO

by admin October 16, 2012

DALLAS — Institutional Property Advisors (IPA), the multifamily brokerage division of Marcus & Millichap, has brokered the sale of a two-property apartment portfolio totaling 560 units in Dallas. The properties include the 328-unit Pace's Cove Apartment Homes, located at 13100 Pandora Drive, and the 232-unit Brookfield Apartment Homes, located at 4060 Preferred Road. Will Balthrope and Drew Kile of IPA represented the seller, Landmark Residential, in the transaction. Balthrope and Kile also represented the buyer, Peak Capital Partners.

October 16, 2012

Retail Texas

FORMER MOVIE THEATER AND SYMPHONY HALL TO HOUSE H&M

by admin October 16, 2012

MIAMI BEACH, FLA. — Miami Beach-based Savitar Realty Advisors has converted South Beach’s Lincoln Theatre from a historic movie theater and symphony hall into a 35,000-square-foot retail property. It is scheduled to open in November and will house Swedish retailer H&M’s 30,000-square-foot flagship store as well as smaller tenants like Swatch; Sabon; 4D Gelato; and 100 Montaditos, a Spanish tapas and sandwich style restaurant. Savitar Realty Advisors and a group of investors acquired Lincoln Theatre for $21.5 million in February 2010. The historic building was designed and built in 1935 by cinema architect Thomas Lamb in classic art deco style.

October 16, 2012

Office Texas

JLL ARRANGES SALE OF IMPERIAL SQUARE OFFICE BUILDING

by admin October 16, 2012

IRVING — Jones Lang LaSalle has brokered the sale of the 129,321-square-foot Imperial Square, a one-story office building located at 2401-2477 Gateway Drive in Irving. Bo Bond and Larry McCorkle of Jones Lang LaSalle represented the seller, Rushmore Imperial Square LP, in the transaction. The buyer was Red River Imperial Square LLC.

October 16, 2012

Retail Texas

UCR BROKERS SALE OF REO SHOPPING CENTER

by admin October 16, 2012

HOUSTON — UCR Investment Sales has arranged the sale of The Shops at Copper Crossing, a 19,949-square-foot REO shopping center located at FM 529 and Highway 6 in west Houston. The property is shadow-anchored by a Hobby Lobby and Walmart Supercenter. Cooper Crossing is fully leased to tenants such as Payless Shoes, Ace Cash Express, Cricket Wireless and Home Smart. Tommy Tucker of UCR represented the seller in the transaction.

October 16, 2012

Retail Western

CVS PROPERTY IN CHULA VISTA SELLS FOR $6.7M

by admin October 16, 2012

CHULA VISTA, CALIF. — A 15,000-square-foot retail property in Chula Vista that is occupied by CVS has sold to JWCI Chula Vista, LLC for $6.7 million. It is located at 16 3rd Ave. Extension. The buyer was represented by Cushman & Wakefield. The seller, Butte Properties, was represented by Ryan Litrich of Lee & Associates’ North San Diego County office.

October 16, 2012

Multifamily Western

MONEM BUYS TWO LA APARTMENT BUILDINGS FOR $5M

by admin October 16, 2012

LOS ANGELES — Monem Corporation has purchased two apartment buildings in Los Angeles for more than $5 million. The acquisitions include an 18-unit community at 1114 N. Clark Street in West Hollywood for $3.25 million and a 12-unit community at 2001 N. Beachwood Drive in Los Angeles for $1.78 million. Prosser Stevens represented both Monem and the seller, P&M Murrieta Silverado LLC, in the first transaction. Hanes Investment Realty represented both parties, including the private trust seller, in the latter transaction.

October 16, 2012

Industrial Western

MIRAMAR MANUFACTURING BUILDING SELLS FOR $2.1M

by admin October 16, 2012

SAN DIEGO – A 17,210-square-foot industrial manufacturing building in the San Diego submarket of Miramar has sold to 7505 Trade Street, LLC, dba United Auto Body, for $2.1 million. It is located at 7505 Trade Street. Arnie Friedman and Evan McDonald of Colliers International represented both the buyer and the seller, G. E. Capital, in this transaction.

October 16, 2012

Multifamily Western

MILLER JUNCTION IN BURIEN SELLS FOR $2.6M

by admin October 16, 2012

BURIEN, WASH. — The 46-unit Miller Junction apartment building in Burien has sold to a limited liability company for $2.6 million. It is located at 215 South 162nd Street. The buyer was secured and represented by George Miller of Marcus & Millichap’s Seattle office.

October 16, 2012

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