Property Type

QUIKTRIP BEING BUILT IN RIVER OAKS

by admin September 7, 2012

RIVER OAKS — QuikTrip is developing a new Generation III store in River Oaks. The store will employ approximately 15 to 18 people and will feature a made-to-order barista, which serves specialty coffees, ice cream and smoothies. Construction of the QuikTrip includes demolishing the Caravan Inn, which is located on the site. The River Oaks Economic Development Corp. and River Oaks City Council recently approved a $300,000 incentive package for the new store, which is slated for a March 2013 opening.

September 7, 2012

HFF CLOSES SALE, FINANCING FOR HOUSTON OFFICE PORTFOLIO

by admin September 7, 2012

HOUSTON — HFF has arranged the sale of a three-building office portfolio totaling 566,308 square feet, located at the intersection of Interstate 10 and Dairy Ashford Road in Houston's Energy Corridor. The three eight-story office buildings are 93.6 percent leased. Robert Williamson and H. Dan Miller of HFF represented the sellers, Falcon Southwest and CarVal Investors, in the transaction. Susan Hill of HFF arranged the acquisition financing through JPMorgan Chase Bank on behalf of the buyer, Beacon Investment Properties.

September 7, 2012

Healthcare Texas

REIT PROVIDES $15M INVESTMENT FOR HOSPITAL REDEVELOPMENT

by admin September 7, 2012

DALLAS — Carter Validus Mission Critical REIT has closed a $15 million preferred equity investment to redevelop an existing medical office building in Dallas. The hospital will be renamed Walnut Hill Doctors Hospital, which will span 200,000 square feet and include 84 in-patient beds, 16 intensive care units and six operating rooms. The hospital will feature emergency, urgent care, diagnostic imaging, surgery, cardiology and general acute care capabilities. The REIT also has the option to acquire the property after completion of the renovations. The equity investment will be used along with a $34 million construction loan and a $21 million equity investment by a private development group.

September 7, 2012

Mixed-Use Texas

STRATFORD LAND PROVIDES $14M LOAN FOR DEVELOPMENT

by admin September 7, 2012

SAN ANTONIO — Stratford Land has funded a $14 million, non-recourse loan to Carlton Holdings for its development of the 182-acre Monterrey Village, a mixed-use development located at Interstate 410 and State Highway 151 in western San Antonio. Carlton Holdings has owned the land since 2006. The loan is Stratford Land's first in San Antonio.

September 7, 2012

Industrial Western

JCR ALLOCATES $25M FOR CAPROCK’S PURCHASE OF CA INDUSTRIAL PROPERTIES

by admin September 7, 2012

DENVER — JCR Capital (JCR) has allocated $25 million for CapRock Partners to purchase distressed assets and non-performing industrial loans throughout California. The capital was originated through JCR’s second fund, the JCR Commercial Real Estate Finance Fund II, L.P. (Fund II). This fund is open to new investors through the end of 2012. CapRock and the Denver-based real estate fund manager have already teamed up on three investments through this new joint venture, which totaled $10.2 million.

September 7, 2012

Multifamily Western

COLDWATER SPRINGS APARTMENTS IN AVONDALE SELLS FOR $27.2M

by admin September 7, 2012

AVONDALE, ARIZ. – The 301-unit Coldwater Springs Apartments in Avondale has sold to Bascom Arizona Ventures for $27.2 million. The Class A community was built in 2007. The acquisition’s financing was arranged by CBRE’s Brandon Smith and Brian Eisendrath. It was provided by Ares Management. On-site property management will be handled by Morrison, Ekre & Bart Management Services. Jim Crews of Cushman & Wakefield of Arizona represented both the buyer and the unnamed seller in this transaction.

September 7, 2012

Industrial Western

DCT TO PURCHASE A 563,000-SF PORTFOLIO OF CA, CHICAGO PROPERTIES

by admin September 7, 2012

LOS ANGELES — DCT Industrial Trust has agreed to purchase a four-property portfolio totaling 563,000 square feet for an undisclosed sum. The portfolio contains three properties within the Los Angeles International Airport submarket and one property within the Chicago O’Hare International Airport submarket. The Class A air freight buildings boast a 99.6 percent total occupancy rate. They are leased to eight tenants. The off-market transaction is anticipated to close in the fourth quarter of 2012.

September 7, 2012

Retail Western

TEJON RANCH, ROCKEFELLER GROUP TO DEVELOP THE OUTLETS AT TEJON RANCH

by admin September 7, 2012

TEJON RANCH, CALIF. — Tejon Ranch Company and The Rockefeller Group have partnered to develop The Outlets at Tejon Ranch. The outlet center will be located where Interstate 5 and Highway 99 meet, just south of Bakersfield. The site’s infrastructure work has already commenced. The outlet center is scheduled to open in spring 2014. EWB Development is handling the new project’s leasing.

September 7, 2012

Multifamily Southeast

GROUND BREAKS ON $30M MULTIFAMILY COMMUNITY

by admin September 6, 2012

CHATTANOOGA, TENN. — WholeLife has broken ground on the $30 million, 104-unit WholeLife Chattanooga, a multifamily development located at 1240 Mountain Creek Road in Chattanooga. Amenities will include a clubhouse, fitness center, swimming pool, billiards room and 24/7 concierge service. The development is the first of 100 WholeLife concepts planned for development nationwide during the next five to seven years. Full completion is slated for September 2014, with the first units expected to be available in May 2013.

September 6, 2012

Healthcare Southeast

MCCARTHY TO CONDUCT $25M MEDICAL CENTER RENOVATION

by admin September 6, 2012

JONESBORO, GA. — Kaiser Permanente has selected McCarthy Building Cos. for the $25 million renovation of the 70,563-square-foot Southwood Comprehensive Medical Center, located at 2400 Mount Zion Parkway in Jonesboro. The project will include increased parking, a new radiology addition and a two-story general addition totaling 65,000 square feet. Gresham, Smith and Partners is the architect of record. Construction is scheduled to begin this fall, with completion slated for January 2014.

September 6, 2012

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