Westcore Properties has bought a three-building business park in Fremont, Calif. for $11.2 million. The three properties consist of 128,000 sq. ft. of office and research and development space located on a 7.7-acre parcel. San Diego-based Westcore, a private real estate investment firm, bought the business park from Mission Falls LLC. Westcore says two of the three buildings are vacant and will be renovated and divided into smaller offices.
The Hayman Co. has bought a 702-unit apartment portfolio in Austin, Texas from ITW Mortgage Investments III for $25 million. Occupancy throughout the four garden-style apartment building portfolio, which includes Quail Run, Coppermill, Gateways, and Woodstone, averages 95%. The Troy, Mich.-based firm purchased another Austin apartment complex known as the Woodmark Apartments in August last year.
Cinemark USA and Endeavor Real Estate Group have announced plans to build a 12-screen, stadium seating movie theater in their Cedar Park, Texas retail center. The movie theater will be built within the new retail center, both of which should open in October 2007. The mixed-use project will be anchored by a 177,531 sq. ft. Super Target, plus it will ultimately include nearly 1 million sq. ft. of retail and medical office space.