BOSTON — Suffolk Construction has broken ground on a $127 million residential tower, known as 120 Kingston Street, in Boston. The 293,000-square-foot tower will border the city's Chinatown neighborhood and the Rose Fitzgerald Kennedy Greenway. The 26-story tower will feature 240 apartments ranging from studios to three-bedroom units and 4,500 square feet of street-level retail space. The building will be triangular in shape and is scheduled for completion in 2014. The project teams include developers Forest City and Hudson Group North America, architect firms Elkus Manfredi Architects and Perkins Eastman for the exterior of the building and RODE architects for the interior spaces.
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NEW YORK CITY — Johnson Capital has arranged a $2.3 million loan for the 36,000-square-foot Spice Factory mixed-use property in Flemington. The property consists of a three-story, 32,000-square-foot office building and a two-story retail building. The property is a former spice factory built in 1930 and converted into office space in 2001. The borrower purchased a defaulted loan at a discount to the unpaid principal balance and simultaneously took title through a pre-negotiated agreement with the owner. The new 18-month loan accounts for 67 percent of the total project costs, including property acquisition, fees and transaction costs.
SAN ANTONIO — Nationwide Insurance has opened a 280,000-square-foot office campus, located near the intersection of Hyatt Resort Drive and State Road 151 in San Antonio. The office property is LEED certified and achieved the Institute for Business & Home Safety's FORTIFIED status, meaning it exceeds code to withstand natural disasters such as hurricanes, wildfires and windstorms. The office complex also features a high-tech cafe, onsite health services, landscaped courtyards, an outdoor sports court and a fitness center. The property will house nearly 1,500 Nationwide employees with the capacity to house 2,000 total employees.
CEDAR PARK — Austin-based TRISUN Healthcare, a subsidiary of Harden Healthcare, will open Cottonwood Creek Nursing and Rehabilitation Center, located at 1500 Cottonwood Creek Trail in Cedar Park. The 50,000-square-foot, 120-bed seniors community will include TRISUN's Enhanced Dining program, 24-hour nursing care, short- and long-term rehabilitation services and a rehab gym staffed by professional therapists. The center will staff approximately 140 full- and part-time employees when fully staffed.
WYLIE — Marcus & Millichap has arranged the sale of the 26-unit Village East, an apartment community located at 105 S. 5th St. in Wylie. Robert Denninger of Marcus & Millichap's Dallas office represented the seller, a local private trust, in the transaction. The buyer was a private investor.
SAN ANTONIO — Linsalata Realty Services has brokered the sale of a 10,845-square-foot shopping center, located at 8806-8826 Bandera Road in northwest San Antonio. The property is currently 85 percent leased. Joe Linsalata of Linsalata Realty Services represented the buyer, San Antonio-based Miura Investments, in the transaction. Brad Bailey of The Weitzman Group represented the seller.
LANCASTER, CALIF. — MG Properties Group (MGPG) has purchased a four-property, 1,190-unit multifamily portfolio in Lancaster for $91.75 million. The acquisition includes 416-unit Cordova Park, 320-unit Granada Villas, 314-unit Sienna Heights and 140-unit Woodlands West. The acquisitions were financed separately with a 10-year, fixed-rate loan of $75.60 million that was provided by Rob Prouty at KeyBank Real Estate Capital and Fannie Mae. MGPG plans to upgrade the properties’ exterior and common areas, as well as address any deferred maintenance issues. The firm represented itself in this transaction, while the private seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Smolen of Institutional Property Advisors.
SAN FRANCISCO – Jamestown has purchased 799 Market Street, a 142,902-square-foot, mixed-use property in Downtown San Francisco, for an undisclosed sum. The Class A retail and office building is located on the northeastern corner of Market and Fourth streets at the intersection of the city’s Union Square shopping district and South of Market (SOMA) tech corridor. The building’s 55,000 square feet of retail space is fully occupied by a Ross Dress for Less flagship store. The eight-story property also includes five floors of creative office space. It is currently 89 percent leased. The seller, a partnership between Urban Realty and Commonfund, was represented by Eastdil Secured, which also helped Jamestown secure financing.
BRENTWOOD, CALIF. — The Streets of Brentwood, a 305,428-square-foot lifestyle center in the West Los Angeles submarket of Brentwood, has sold to a partnership between DRA Advisors and RED Development for $72.1 million. It is located at 2565 Sand Creek Road. The acquisition also included a parcel of land approved for Phase II development and 110,000 square feet of additional retail space. Notable tenants at the center include REI, Banana Republic, DSW, Ulta Cosmetics, Ann Taylor and Jos. A. Bank. It is anchored by a 14-screen Rave Theater. Alfred Hackbarth of SRS Real Estate Partners represented both the buyer and the seller, Brentwood Specialty Center, LLC, in this transaction.
OCEANSIDE, CALIF. – A 45,000-square-foot industrial property in Oceanside has sold to Precision One Ventures for $3.9 million. The property is located at 3923 Oceanic Drive. Precision One will occupy about 70 percent of the building. A new tenant signed a lease for the balance of the property during the transaction. Precision One was represented by Greg Pieratt and David Howard of Lee & Associates’ North San Diego County office.