MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of an 82-room Wyndham-branded hotel in the West Texas city of Midland. The Microtel Inn & Suites by Wyndham Midland is a three-story building that was developed between 2013 and 2014 and offers amenities such as a fitness center, business center and a guest laundry facility. Matt Omansky of Marcus & Millichap represented the seller in the transaction. Chris Gomes, also with Marcus & Millichap, procured the buyer. Both parties were private investors that requested anonymity. Allan Miller of Marcus & Millichap assisted in closing the deal as the supporting broker.
FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 19,780-square-foot office lease renewal at One Ridgmar Centre in Fort Worth. The 10-story, 177,199-square-foot building will soon undergo a capital improvement program that will upgrade the tenant lounge, lobby, conference rooms and common corridors. Jake Neal, Matt Carthey and Vic Meyer of Holt Lunsford represented the landlord, Frontier Equity, in the lease negotiations. The representative of the tenant, Nine Energy Services, was not disclosed.
HOUSTON — Khaadi, a women’s apparel retailer based in Pakistan, has opened a 4,700-square-foot store at Houston’s Galleria Mall. The store will be the second in the United States for the brand, with the other being located in Tysons, Va. Eric Lestin and Michael Burgower of Cushman & Wakefield represented Khaadi, which is also in talks to open stores in the New York City and Chicago areas, in lease negotiations. Simon Property Group owns the mall.
JERSEY CITY, N.J. — West Side Square Development Fund, which is a partnership between LanTree Developments, Altree Developments Inc., Lanterra Developments Inc. and Westdale Properties, has received a $169 million construction loan for a 477-unit multifamily project in Jersey City. Bravo Property Trust provided the debt. West Side Square will be located in the Journal Square area and will house studio, one- and two-bedroom units, as well as 9,841 square feet of retail space. Amenities will include an outdoor deck with a pool and grilling stations, fitness center, coworking space, a community room and a dog run. Marchetto Higgins Stieve is the project architect, with Childs Dreyfus Group handling interior design. Construction began last December, and completion is slated for 2026.
PORTLAND, ORE. — PCCP has provided a $45 million senior loan to a joint venture between Alamo Manhattan and MetLife Investment Management for the refinancing of The Dylan, an apartment property in Portland. Located at 3883 S. Moody Ave., The Dylan offers 232 apartments and 6,154 square feet of ground-floor retail space. Built in 2022, The Dylan features 19 studios, 185 one-bedroom and 28 two-bedroom units, with an average size of 724 square feet. The units feature nine-foot ceilings, stainless steel appliances, quartz countertops with designer backsplashes, plank flooring and washers/dryers. Select units include a kitchen island, separate shower, walk-in closet and private balcony. Community amenities include communal workspaces, a fitness center, top-floor resident lounge, dog wash station, private courtyard with fireplaces and barbecues, and a rooftop terrace with views of downtown Portland, as well as one floor of subterranean parking. Charles Halladay and Charlie Watson of JLL Capital Markets Debt Advisory arranged the non-recourse loan.
HUNTINGTON BEACH, CALIF. — Los Angeles-based Dunleer has acquired a two-building industrial business park at 7602 Talbert Ave. in Huntington Beach, southeast of Los Angeles. A local private owner, a family member of the original developer, sold the asset for $5.8 million in an off-market transaction. Built in 1978 on 1.15 acres, the 22,382-square-foot park features 16 industrial units, eight small office units, 15 ground-level doors, 12-foot ceiling heights and 33 parking spaces. At the time of sale, the property was fully occupied by 19 tenants. Alexander Harrold of Matthews Real Estate Investment Services represented the buyer and seller in the deal.
LONGMONT, COLO. — JLL Capital Markets has arranged $11.9 million in acquisition financing for Eastglen Apartments in Longmont, a suburb north of Denver. The borrower is a joint venture between Two Arrows Group and LEM Capital. Tony Nargi and Brock Yaffe of JLL Capital Markets Debt Advisory arranged the five-year, fixed-rate loan through its Freddie Mac Targeted Affordable Housing team. Jones Lang LaSalle Multifamily, a Freddie Mac Optigo lender, will service the loan. Located at 630 Lashley St., Eastglen Apartments features 102 apartments, laundry facilities, a community swimming pool, courtyard, on-site surface parking lot and access to parks and trails.
WALNUT, CALIF. — Majestic Realty Co. Capital Markets has completed the refinancing of two shopping centers in Walnut, located between Los Angeles and the Inland Empire. PGIM Real Estate provided a $12.6 million first trust deed loan on Snow Creek Village West Shopping Center and retired the existing debt on Snow Creek Village East Shopping Center. Both assets are located at the intersection of Valley Boulevard and Grand Avenue. Developed by Majestic Realty Co. affiliates, the properties offer a total of 128,922 square feet of retail space. Current tenants include TJ Maxx, HomeGoods, Aldi, Panera Bread, McDonalds, Starbucks Coffee and Applebee’s Grill + Bar.
PLACERVILLE, CALIF. — Marcus & Millichap has arranged the sale of a mixed-use property at 414-434 Main St. in Placerville, approximately 45 miles northeast of Sacramento. A private investor sold the asset to another private investor for $1.7 million. Constructed in the 1920s as a movie theatre, the 13,827-square-foot property has been converted into five ground-floor retail spaces and three top-floor residential units. Edward Nelson, Wyatt Figueroa and William Graves Jr. represented the seller, while Nelson procured the buyer in the deal.
GROSSE POINTE WOODS, MICH. — Bernard Financial Group (BFG) has arranged a $30.5 million CMBS loan for the refinancing of a 272,312-square-foot mixed-use property in Grosse Pointe Woods, a northeast suburb of Detroit. The asset features office, retail and medical space. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Pointe Plaza Development LLC.