Real Deals: Civitas plans senior care facility in Roanoke

CIVITAS PLANS SENIOR CARE

FACILITY IN ROANOKE

Civitas Senior Living, a senior living management company based in Fort Worth, and LKP Ventures, a real estate development company, plan to bring Harvest Senior Living, a luxury assisted-living and memory-care community, to Roanoke.

The 67,000-square-foot facility will be situated on 5.25 acres along State Highway 114 in Roanoke. It will offer 67 assisted-living and 16 memory-care apartments. Groundbreaking is planned for the spring.

“We are thrilled to be partnering with LKP Ventures on this new community,” said Wayne Powell, founder and CEO of Civitas Senior Living. “We share a passion for next-level hospitality and great development, and I look forward to working together to bring the Roanoke area’s seniors the high level of accommodations, services and support they deserve.”

This is the first senior living project for LKP Ventures. “We think the unique combination of Roanoke’s small-town feel and all the modern conveniences that come with an up-and-coming area are a perfect fit for the senior living market,” said Narayan Patel of LKP Ventures.

According to Patel, the expansion into the senior living market is a natural move. “Harvest Senior Living represents a continuation of our efforts to provide our signature high degree of hospitality in new ways.” The community’s name was chosen in part to honor his late grandfather’s legacy. “My grandfather began his career in India as a farmer and planted the seeds of this company’s entrepreneurial spirit by selling his crops door to door,” Patel said. “It was that business that sparked his interest in entrepreneurship, which led him to the hospitality industry.”

The project also involves Arrive Architects and interior design firm Senior By Design.

WEWORK GOES SUBURBAN

AT LAS COLINAS TOWERS

WeWork is leasing 77,000 square feet of space on three floors in the central tower at The Towers at Williams Square in Las Colinas Urban Center with plans to open co-working spaces in the fall.

New York-based WeWork provides shared workspaces designed for technology startups, small businesses and large enterprises.

In Fort Worth, it has a site in the Clearfork development and is planning to open two locations downtown. Las Colinas will be its first suburban location in North Texas.

“There’s a great deal of interest in space at The Towers at Williams Square from innovative companies such as WeWork because of the building’s legacy, it’s strategic location and the city’s business-friendly environment,” said Bill Brokaw, senior vice president with Hillwood. “As the City of Irving continues working with residents and surrounding businesses on redesigning the plaza and augmenting the existing amenities, we’re confident we will remain a preferred corporate location.”

Brokaw, the property manager for The Towers, represented the Williams Square ownership team, which is composed of Apollo Global Real Estate, Vanderbilt Partners and Hillwood Urban.

The Towers at Williams Square is composed of a 26-story center tower flanked by two 14-story towers and an adjacent five-story tower.

SALES

Westmount at Colonnade, a 192-unit apartment complex in Grand Prairie, has been sold. The seller, Westmount Realty Capital, was represented by Will Balthrope, executive director of Institutional Property Advisors; Drew Kile, IPA senior director; Al Silva, Marcus & Millichap senior managing director investments; Joey Tumminello, IPA director; and Giuseppe Thum of IPA. They also procured the buyer, MBP Capital Inc.

A three-property portfolio of Childcare Network locations, two in Fort Worth and one in Burleson, has been sold to a real estate investor from Chicago. All three have long-term corporate net leases. Chadd Bossow of STRIVE represented the seller, a local real estate investor from Fort Worth. STRIVE’s Kyle Rozell also sourced the buyer.

Victory Shops @ Riverside II in Irving has been sold. The retail strip was built in 2017 and is 100-percent occupied with a mix of tenants on triple net leases. STRIVE represented the seller, a local Dallas investor, and cooperated with an outside broker to secure the buyer.

QuestCare Medical Clinic at 3051 South Center St. in Arlington has been sold to Moss Group. The 6,400-square-foot building was built in 2018 and is net-leased to a single-tenant that serves as a primary care wellness clinic. Marc Mandel, Steve Schrenk and Michael George with HFF represented the seller, Todd Interests, and procured the buyer.

A former Sam’s Club facility at 7500 Baker Blvd. in Richland Hills was sold by Contin Baker Blvd. LLC to Lin Ron Properties LTD. The 128,000-square-foot building was 100 percent occupied with five tenants. Gary Vasseur of Vasseur Commercial Real Estate Inc. represented the buyer.

A 5,000-square-foot building on 18,000 square feet of land at 1116 Glade Road in Colleyville has been sold by Eckert Trust to Mercer Family Properties LLC. George Curry and Blake Rodgers of JLL represented the buyer and Nathan Vasseur of Vasseur Commercial Real Estate represented the seller.

LEASES

Sonepar signed a 44,639-square-foot lease in Tindall Center at 630 N. Freeway in Fort Worth. Chris Hillman and Rory Murray of Cushman & Wakefield represented the tenant. Todd Hubbard of NAI Robert Lynn represented the landlord, Tindall Properties Ltd.

Trinity Forge & Machine has renewed a lease for 26,639 square feet of industrial space at 947 Trinity Drive in Mansfield. Josh Meraz of Bradford Commercial Real Estate Services represented the landlord, RFF Family Ltd.

Elevate Health & Fitness has leased 15,452 square feet of space at College Park in Weatherford. Taylor Marks of Woodcrest Capital represented the landlord.

Southern Eatz has leased 3,765 square feet of space at Cooper Street Market in Weatherford. Taylor Stinnett represented Woodcrest Capital, the landlord.