Property Type

CADENCE MCSHANE COMPLETES $13.7M ELEMENTARY SCHOOL

by admin March 1, 2012

HOUSTON — Cadence McShane Construction Co. has delivered the $13.7 million, 98,724-square-foot Patterson Elementary School, located at 5302 Allendale Road in Houston. The two-story school features 50 classrooms, a library, a kitchen, a cafeteria and a basketball pavilion. The new school is certified LEED Silver and features environmentally friendly building materials, energy-efficient heating, air conditioning, refrigeration, lighting control and domestic hot water systems, as well as a construction waste recycling program. Sustaita Architects designed the school, which is part of the Houston Independent School District.

March 1, 2012

CULPEPPER FAMILY TO BUILD THE STACK

by admin March 1, 2012

COLLEGE STATION — The Culpepper Family LP has plans to develop the 400-bed The Stack, a five-story student housing facility located at the intersection of South College Avenue and University Drive in College Station near Texas A&M University. The student housing facility is Phase I of Legacy Point, a mixed-use development featuring commercial and residential properties. The Stack will feature two underground levels of parking, a fitness center, in-unit washers and dryers and a central courtyard pool area. Legacy Point will be constructed on the site where the vacant Albertson's building currently sits. Irving-based Collegiate Cos. will serve as the project's program manager. The property is expected to break ground this summer and be delivered in 2013.

March 1, 2012

Office Texas

KELLER WILLIAMS TO RELOCATE

by admin March 1, 2012

HOUSTON — Keller Williams Realty Metropolitan has plans to relocate its Houston corporate office to the entire second floor — approximately 19,000 square feet — of 5050 Westheimer Road, a 71,000-square-foot Class A office property in Houston's Galleria/Uptown District. More than 300 real estate agent will be based in the property, which will serve as a training facility. The relocation is slated for June 2012. Kyle Drake and Matt Moake of Houston-based Drake Realty Group, a member of KW Commercial, represented the tenant in the transaction. The landlord is Black Forest Ventures.

March 1, 2012

Multifamily Western

RAINTREE PARTNERS BUYS TWO CONDO PROPERTIES FOR $24M

by admin March 1, 2012

LOS ANGELES — Raintree Partners has purchased the Vista Paradiso and Villa Sofia condominiums for $24.2 million. The two luxury properties total 63 units and reside within the San Fernando Valley. Both are currently vacant condo projects that Raintree plans to hold and manage as rental units. The 24-unit Vista Paradiso is located at 11805 Laurelwood Drive in Studio City. The 39-unit Villa Sofia is located at 4470 Woodman Ave. in Sherman Oaks. Raintree was represented by Hirsch Sherman and Jared Levine of KW Commercial. Daron Campbell, also of KW, represented the seller.

March 1, 2012

Retail Western

FOUR RITE AIDS IN CENTRAL VALLEY SELL FOR $23M

by admin March 1, 2012

CENTRAL VALLEY, CALIF. – A portfolio sale that includes four Rite Aids in the Central Valley has sold to a private investor for $23 million. The properties total 69,088 square feet throughout Shafter, Fresno, Selma and Delano. The buyer was represented by Craig Tomlinson of Stan Johnson and Associates. The seller, Halferty Wilson Nicholas Properties, LLC, was represented by Christopher E. Maling and David Maling of Colliers’ Downtown Los Angeles office.

March 1, 2012

Industrial Western

ENTERPRISE PARK RECEIVES $23M

by admin March 1, 2012

DENVER — Enterprise Park, a three-building industrial park in Denver, has received $23 million in financing. The industrial park totals 458,397 square feet and was constructed in 2008. Financing was provided by Steve Bye and Dan Lucchesi of NorthMarq Capital’s Denver office for the borrower, an affiliate of Etkin Johnson Group.

March 1, 2012

Multifamily Western

THE MEADOWS SELLS FOR $14M

by admin March 1, 2012

CITRUS HEIGHTS, CALIF. — The Meadows, a 256-unit apartment community in Citrus Heights, has sold to Xchange Solutions for $14 million. The property is located at 7677 Greenback Lane. The seller was First American Exchange Company, LLC, which acted as qualified intermediary for Meadow Gardens I, LLC; First American Exchange Company, LLC, which acted as qualified intermediary for Meadow Gardens II, LLC. The transaction was negotiated by Steven A. Nelson and Al R. Inouye of Hendricks & Partners’ Sacramento, Calif., office.

March 1, 2012

Multifamily Southeast

JV TO BUILD $30M WHITEHALL PARC

by admin February 29, 2012

CHARLOTTE, N.C. — A joint venture between between Global Growth Trust and Woodfield Investments has purchased 13 acres of land, located at the intersection of Interstate 485 and Arrowood Road in Charlotte, to build the $30 million, 298-unit Whitehall Parc. The Class A, garden-style development will include amenities such as a club room, cyber cafe, fitness center and resort-style pool.

February 29, 2012

Office Southeast

OFFICE BUILDING SELLS FOR $10.8M

by admin February 29, 2012

FORT LAUDERDALE, FLA. — Nipro Diagnostics has purchased a 78,339-square-foot office property, located at 220 W. Cypress Creek Rd. in Fort Lauderdale, from Cypress Creek Holding for $10.8 million. The buyer will occupy the entire building as its corporate headquarters. Kimberly Barbar of Fort Lauderdale-based Stiles Realty represented the seller in the transaction. Steve Wasserman of Jones Lang LaSalle's Fort Lauderdale office represented the buyer.

February 29, 2012

Multifamily Southeast

BEECH STREET PROVIDES $9.5M LOAN

by admin February 29, 2012

MIAMI — Beech Street Capital has closed a $9.5 million Fannie Mae conventional loan for the acquisition of the 369-unit Oak Grove Apartments, located at 15401 NE 6th Ave. in Miami. David Hayum of Meridian Capital Group's New York City office arranged the 5-year loan with a 30-year amortization schedule.

February 29, 2012

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