LAS VEGAS — A partnership between Cambridge Companies and Diamond Rock Partners has announced plans to build a 1-million-square-foot industrial project in Las Vegas. The project will be constructed on about 50 acres of land in North Las Vegas. It will target end-users seeking larger facilities. Cambridge Companies has developed projects and invested in land in Las Vegas for more than 20 years. Diamond Rock Partners LLC is a privately held real estate owner and investment company that advises and invests alongside high-net-worth and institutional clients in a broad range of commercial and residential real estate, including property acquisitions, development, construction and repositioning.
SPARKS, NEV. – Monsoon Pacific has expanded at the Spice Islands Industrial Center in Sparks. The company has absorbed an additional 20,400 square feet at the center, which is located at 945 Spice Island Drive, just east of Reno. Michael Nevis, Dave Simonsen, J. Michael Hoeck and Steve Kucera of the NAI Alliance Industrial Properties Group represented both the tenant and unnamed landlord in this transaction.
HOUSTON — Marcus & Millichap has brokered the sale of a two-building, 109-room Holiday Inn Express Hotel & Suites in Houston. Terms of the sale were not released. Jake Gaddy and Steve Swenholt of Marcus & Millichap’s Austin office represented the seller, a Houston-based developer. Chris Gomes of the firm’s Dallas office and Allan Miller of the San Antonio office represented the buyer, a private client. The three-story hotel was built in 1999 and was converted into a Holiday Inn Express & Suites in early 2012. The hotel is located at 125 Airtex Drive and is five miles away from George Bush Intercontinental Airport. Amenities include an outdoor pool, gym, guest laundry, business center and meeting room.
LANCASTER, TEXAS — Stream Realty Partners has arranged the sale of an industrial property located at 3334 N. I-35 in Lancaster. The 55,000-square-foot building is located on three acres and was purchased by an investor. Todd Noonan and Hanes Chatham of Stream Realty Partners handled the sale. The property includes 5,000 square feet of office space and additional land for expansion, parking or outside storage.
DENVER – Security Properties has acquired the 120-unit Dayton Meadows Apartments in Denver for an undisclosed sum. The affordable housing community is located at 1479 S. Dayton Street. The company recently secured an allocation of Low Income Housing Tax Credits from Colorado Housing and Finance Authority that will allow it to rehabilitate the community. Construction is slated to begin in December and wrap in June 2015.
SAN FRANCISCO – Smashburger has opened two new restaurants in the San Francisco Bay Area. The outposts are located at 1151 40th Street in Emeryville and 925 Blossom Hill Road, within the Westfield Oakridge shopping center in San Jose. Smashburger also recently opened stores at the Rivermark Village in Santa Clara and at Cherry Orchard Shopping Center in Sunnyvale. The quick-service restaurant was represented by Laura Tinetti of SRS Real Estate Partners. Federal Realty Investment Trust, the Emeryville landlord, was represented by AJ Schrader of Retail West. Westfield, the San Jose landlord, was represented by Daryn Gallaway of Westfield LLC.
NEW YORK CITY — SL Green Realty Corp. has acquired additional ownership interest in the 674,000-square-foot office condominium at 1745 Broadway in New York City. The condominium is leased entirely to Random House. SL Green originally acquired a 32.26 percent stake in the property in 2007 and is now increasing its ownership to 56.88 percent as a result of recent transactions. The majority of the interests, consisting of general partnership and limited partnership interests, where purchased from The Witkoff Group in exchange for SL Green Operating Partnership units. By acquiring these interest, the company has consolidated management of the property. Designed by Skidmore, Owings & Merrill, the 50-story office building was completed in 2003.
NEW YORK CITY — Chicago-based Acuity Capital Partners has purchased a six-building portfolio in Upper Manhattan for $30 million. The portfolio consists of 102 apartment units and 21 retail spaces. The buildings include 1697-1701 Amsterdam Ave. in Hamilton Heights, 2500-2504 Adam Clayton Powell Blvd. in Harlem and 2090-2093 Amsterdam Ave. in Washington Heights. The portfolio sold for 12.88 times its current rent roll. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented the buyer and seller, a local real estate investor, in the deal.
NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has brokered a 10,000-square-foot lease for United Yoram, a 40-year-old national medical supply distributor. The company will relocate from a warehouse in Gowanus to 933 Stanley Ave. in Brooklyn. The new space offers two drive-in doors and finished office space. Allison Chambers of KDA represented the tenant, while Hillel Galosher of S&Z represented the landlord, Casella Food.
LAUDERHILL, FLA. — Forest City Enterprises Inc. has completed the $18.5 million sale of Forest Trace, a 322-unit independent living seniors apartment community in Lauderhill. Forest Trace, which includes 40 assisted living beds, was purchased by Pacifica Lauderhill LLC. The buyer also assumed the existing mortgage on the property. The property was originally developed in 1989 and was acquired by a subsidiary of Forest City in 2000.