NORWOOD, MASS. — Chestnut Hill Realty has completed a new Resident Activity Center at Norwood Gardens, a 344-unit apartment community in Norwood. The new 12,600-square-foot clubhouse features an Internet cafe, fitness center, resident lounge, conference room, movie theater and activity room. Lowe Associates-Architects designed the project, which is part of an ongoing $12 million improvement program that began five years ago. Chestnut Hill Realty was the general contractor in the project.
DALLAS — Cadence McShane Construction Co. has completed the construction of the 98,228-square-foot Adelfa Botello Callejo Elementary School, located at 7817 Military Parkway in Dallas. The school will serve 810 students from pre-kindergarten through fifth grade. HKS Architects designed the school in compliance with the Dallas Independent School District sustainable design board policy and the City of Dallas Green Building Ordinance. The sustainable features include a geothermal heating/cooling system, reflective roof, water-efficient plumbing and use of natural daylight. The new school will feature 36 classrooms, a visual arts area, two computer labs, a gymnasium, cafeteria and administrative office space.
DESOTO — Griffin-American Healthcare REIT II has acquired the 30,000-square-foot DeSoto Medical Office Building, located in DeSoto. The property is fully leased to four tenants, the largest of which is Texas Health Resources. The REIT purchased the property from Caddis Partners, using $5.5 million in borrowings through Bank of America and cash on hand. The transaction was part of a $59.6 million portfolio purchase that included healthcare properties in Tennessee.
AUSTIN — Marcus & Millichap has arranged the sale of the 112-unit Spanish Palms, a multifamily property located at 1007 E. Rundberg Lane in Austin. Kent Myers and Joe James of Marcus & Millichap's Austin office represented the seller in the transaction and procured the buyer, a private investor.
GRAPEVINE — GCC Project Owner has purchased the 33,995-square-foot Capital Center I & II, an office property located at 1235 and 1245 S. Main St. in Grapevine. David Glasscock and Wade Smith of Colliers International represented the seller, OneWest Bank, in the transaction.
NEWARK, CALIF. — American Realty Advisors (ARA) and McShane Development Company have formed a joint venture to redevelop the 29-acre Cherry Logistics Center into a 575,000-square-foot distribution facility. The property is located at 38811 Cherry Street in Newark, a submarket of San Francisco’s East Bay. The eco-friendly facility will be built by McShane Construction Company in conjunction with HPA. It is scheduled to open in the fourth quarter of 2013.
THOUSAND OAKS, CALIF. — Conejo Valley Plaza II, a 90,855-square-foot retail center in Thousand Oaks, has received $14.75 million in first-mortgage refinancing. Notable tenants at the center include Ralphs, Jo-Ann Fabric and Bank of America. Financing was based on a 20-year term and a 20-year amortization schedule. The loan was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a life insurance company lender.
SEATTLE — Resmark Apartment Living and Intracorp have formed a joint venture to develop two urban apartment communities in Seattle’s northeast region. This will include a 161-unit community in the University District at 4545 8th Ave. and a 112-unit community at 1020 Northeast 63rd Street. Construction is expected to begin on both apartments in the first quarter of 2013.
COLORADO SPRINGS, COLO. – The 114-unit Fillmore Ridge apartment community in Colorado Springs has sold to LocalConstruct for $6.05 million. The community was constructed in 1965 and recently renovated, upgrading the property from a C Class to a B Class. It was 91 percent occupied at the time of closing. The seller, Seagate Properties, was represented by ARA’s Kevin McKenna and Ken Greene.
ROSEVILLE, CALIF. – Roseville Storage Center, a 574-unit, 78,648-square-foot storage facility in Roseville, has sold to Trojan Self Storage for $4.3 million. The property was listed by Paul D. Frank of PDF Commercial. The seller, Wells Fargo Bank, was represented by Brett Henry of Andasol Brokerage.
