ATHENS, TEXAS — Dallas-based Profectus Multifamily Capital has purchased a vacant Quality Inn & Suites hotel in Athens, located southeast of Dallas, with plans to convert the property into a 122-unit apartment community. The complex will offer a fitness center, business center, dog park, outdoor recreational areas and a restaurant or coffee shop. Greg Miller of locally based brokerage firm The Multifamily Group represented Profectus in its acquisition of the property, which was originally built in 1981 on a 14-acre site that can support additional future development.
SAN ANTONIO — JLL has negotiated the sale of Shops at Potranco, an 18,344-square-foot retail center in San Antonio. Tim Allen of JLL represented the seller, CSW Development, in the transaction. C.W. Sheehan and Matt Ctvrtlik, also with JLL, arranged a seven-year, fixed-rate acquisition loan through Bank of Austin on behalf of the buyer, an affiliate of Austin-based Door Capital Partners. The property was built in 2019 and was fully leased at the time of sale to tenants such as Orangetheory Fitness, Jersey Mike’s, Buffalo Wild Wings and Supercuts.
BURLINGTON, MASS. — Newmark has arranged the sale of a 157,229-square-foot office building located at 1 Van de Graaff Drive in Burlington, a northern suburb of Boston. The property offers proximity to Interstate 95/Route 128 and amenities such as a cafeteria and a fitness center. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the undisclosed seller and procured the buyer, commercial owner-operator FoxRock Properties, in the transaction.
BENSALEM, PA. — A partnership between Pennsylvania-based developer Endurance Real Estate Group and ASB Real Estate Investments has sold a 430,373-square-foot industrial building in Bensalem, located in Bucks County, for $41.9 million. The property was originally built in 1973 within Expressway 95 Business Park. Brad Ruppel, Mike Hines, Brian Fiumara and Lauren Dawicki of CBRE represented the partnership and procured the buyer, global owner-operator EQT Exeter, in the transaction.
WELLESLEY, MASS. — SVN | Parsons Commercial Group | Boston has brokered the $6 million sale of an 8,900-square-foot retail center in Wellesley, a western suburb of Boston. Marilyn Santiago of SVN represented the seller, an entity doing business as STMC LLC, in the transaction. Arlon Brown, also with SVN, represented the buyer, AlpCentral LLC. The property was 83 percent leased at the time of sale.
PORTLAND, ORE. — PCCP has provided a $51 million senior loan to ColRich Multifamily for the purchase of Twenty Twenty, a seven-story apartment community located at 2020 N.E. Multnomah St. in Portland. Built in 2019, the property features 162 apartments in a mix of 18 studio units, 90 one-bedroom units and 53 two-bedroom units with a variety of den, penthouse and garden floorplans. Unit finishes include quartz countertops, hardwood flooring, stainless steel appliances, gas cooktops, custom cabinetry, in-unit washers/dryers and fireplaces and balconies in select units. Community amenities include two decks with grills, firepits and a Zen garden; a fitness center; bike lounge with repair station; pet lounge; and individual lockers. Additionally, the property sits above a two-level, subterranean parking garage. At the time of sale, the property was 67 percent leased. The asset was originally built as for-sale condominiums but was repositioned as a multifamily property.
SEATTLE — CBRE Senior Housing has arranged $10 million in financing for Emerald City Senior Living, a 119-unit assisted living and memory care community in Seattle. The community sits six miles north of downtown Seattle within the Maple Leaf neighborhood, a burgeoning and affluent residential area of Seattle. Built in 2006 by a seniors housing architect, the community features high-end amenities. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing, arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living is the operator. The two-year, $10 million, floating-rate bridge loan features full-term interest-only payments and extension options through CBRE’s multifamily bridge lending program, MF1 Capital LLC.
CONCORD, CALIF. — The Levin Johnston Group of Marcus & Millichap has arranged the sale of Bloomfield Apartments in Concord. The property traded for $5.5 million. Located at 1655 Bloomfield Lane, the property features 15 apartments and is located less than one mile from the Concord BART station. Adam Levin and Robert Johnston handled the transaction.
JACKSONVILLE, FLA. — Newtown Square, Penn.-based Graham Capital has acquired three fully leased warehouse buildings in Jacksonville’s Westside submarket. Mark Scott of Foundry Commercial represented Graham Capital in the transactions. The sales price and seller were not disclosed. The first warehouse property spans 216,000 square feet and is located at 1550 N Ellis Road. The other two properties are located at 7051 Stuart Ave. and 6982 Highway Ave. and total 153,625 square feet. All three buildings are located close to Interstate 10 and Interstate 295.
MONTGOMERY, ALA. — SRS Real Estate Partners’ National Net Lease Group has arranged the $4.7 million sale of a 43,441-square-foot, single-tenant retail property occupied by Conn’s HomePlus in Montgomery. Conn’s Inc., a Texas-based furniture, mattress, electronics and appliance retailer, has eight years left on its lease at the Montgomery location. Located at 2424 Eastern Blvd., the store was built in 1997 and renovated in 2019. The property is situated on 5.3 acres within the Promenade Montgomery and Promenade Montgomery North community centers, which feature more than 270,000 square feet of retail space. Retailers at these centers include The Home Depot, Harbor Freight Tools, Winn-Dixie and Dollar Tree. Matthew Mousavi, Patrick Luther, Kyle Stonis and Pierce Mayson of SRS represented the seller, a Southeast-based shopping center owner and operator, as well as the buyer, a California-based private investor.