BARSTOW, CALIF. — Marcus & Millichap has arranged the sale of Comfort Suites Barstow, a hotel in the Mojave Desert city of Barstow. A limited liability company sold the asset to an individual trust for $11.5 million. Located at 2571 Fisher Blvd., Comfort Suites Barstow offers 83 guest rooms. Andy Patel and Gordon Allred of Marcus & Millichap represented the seller and procured the buyer in the transaction.
DENVER — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 1335 N. Gaylord St. in Denver. The asset traded for $3.9 million, or $227,941 per unit. The 9,936-square-foot property features 17 apartments. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the undisclosed seller, while Greg Johnson and Conner Pieretti of NorthPeak Commercial Advisors represented the undisclosed buyer in the deal.
TORRANCE, CALIF. — PSRS has arranged $9.6 million in refinancing for Southwood Village, a retail property in Torrance. Trevor Blood of PSRS originated a non-recourse, five-year loan with a 30-year amortization and two years of interest only through a life insurance company. The borrower was not disclosed. Built in the 1950s and renovated in 2003, Southwood Village offers 67,302 square feet of multi-tenant retail space. Current tenants include Ace Hardware, Goodwill, Dollar Tree and Embroidme.
NEW YORK CITY — Vornado Realty Trust has completed the Plaza33 project in Midtown Manhattan. Plaza33 is the centerpiece of a $65 million development by Vornado to make the streetscape around Penn Station greener and more pedestrian friendly. The project introduced 16,000 square feet of reclaimed public space, replete with new landscaping, seating and transit mechanisms, as well as spaces for new food-and-beverage operators.
BIRMINGHAM, MICH. — Mid-States Advisors Inc. has signed a five-year lease to open an office at 260 E. Brown St. in downtown Birmingham. Detroit-based Broder Sachse Real Estate owns the property. The tenant is a family-owned boutique financial and business advisory firm specializing in assisting middle-market businesses with mergers and acquisitions, debt placement and fractional CFO services.
MERIDEN, CONN. — Bob’s Stores is closing all locations and liquidating its inventory as part of the Chapter 11 bankruptcy restructuring petition filed on June 18. The Meriden-based clothing retailer, which is a subsidiary of GoDigital Media Group, was unable to secure the financing needed to maintain operations. Bob’s began going-out-of-business sales in stores on June 28 with discounts of 30 to 70 percent off merchandise. Hilco Merchant Resources, in a joint venture with Gordon Brothers, is managing the liquidation event that includes all 21 remaining stores throughout Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island. Shoppers will find discounts on workwear, footwear, team wear and everyday clothing. Select store fixtures, furniture and equipment will also be available for sale. All sales are final, and the event runs through July 14. “We regret that our financial position necessitated the liquidation of Bob’s Stores,” says Dave Barton, president. “Bob’s has been a stalwart of our local communities for nearly 70 years.” Bob’s began as a single-store surplus outlet in Connecticut in 1954. The chain grew to roughly three dozen locations at its peak. CNBC reports that Bob’s entered a period of financial turmoil at the beginning of this century that eventually amounted …
MIAMI — Dwight Mortgage Trust, the affiliate REIT of Miami-based Dwight Capital, has provided a $142 million bridge acquisition loan for a portfolio of 10 skilled nursing facilities in urban areas surrounding Atlanta, Memphis, Mobile, Ala., and Shreveport, La. The properties include Bell Minor Home in Gainesville, Ga.; Cambridge Post Acute Care Center in Snellville, Ga.; Nurse Care of Buckhead in Atlanta; Riverside Health Care Center in Covington, Ga.; Rockdale Healthcare Center in Conyers, Ga.; Westminster Commons in Atlanta; Millington Healthcare Center in Millington, Tenn.; Parkway Health and Rehabilitation Center in Memphis; Kensington Health and Rehabilitation in Mobile; and Highland Place Rehabilitation and Nursing in Shreveport. Collectively, these facilities total 1,371 beds. Adam Offman and Sheldon Frankel originated the loan. Details on the buyer and seller were not disclosed.
SAN ANTONIO — The Dallas-based data center development arm of Stream Realty Partners has broken ground on a 135-acre hyperscale campus in San Antonio. The site is located near the junction of West Military Drive and Loop 1604 on the city’s west side and can support the development of up to five buildings totaling more than 1.5 million square feet. At full build-out, the facility will have a 200-megawatt capacity. Construction of the first 300,000-square-foot building is underway and is expected to be available for occupancy in the second quarter of next year. Multiple tenants that have requested anonymity have already committed to the project.
FORT WORTH, TEXAS — Wilks Development is underway on the redevelopment of the historic Fort Worth Public Market. Located just outside the downtown area, the property was originally built in 1930 and has been vacant since 2002. The redevelopment includes fire, water and asbestos remediation; removal of nonoriginal architectural elements such as gutters, lighting and roofing tiles; foundation, plumbing and masonry upgrades; and improvements or replacements of windows, elevators and utility systems. The development team, which includes architecture firm BOKA Powell and historical preservation consultant Nancy McCoy, expects to complete the project by next August, bringing more than 15,000 square feet of leasable space to market. The new marketplace will also connect via a courtyard to The Harden, a 199-unit, age-restricted seniors housing complex that is under construction behind the site. Wilks has partnered with The Woodmont Co. to lease the renovated space.
FORT WORTH, TEXAS — Vanguard Real Estate Advisors (VREA), a Dallas-based brokerage firm, has arranged the sale of CoHo Apartments, a 54-unit multifamily building in Fort Worth’s Near Southside neighborhood. CoHo Apartments exclusively offers studio apartments. Amenities include a rooftop deck, resident lounge, dog run and a gaming lounge. Jordan Cortez, Mason John, Haley Birmingham, and Will Droese of VREA represented the seller, Watermark Cos., in the transaction. The buyer and sales price were not disclosed.
