IRVING, TEXAS — Sonnenblick-Eichner Co., a California-based financial intermediary, has arranged a $19.5 million loan for the refinancing of the Texican Court Hotel in Irving. The 152-room hotel was built in 2019 in the Las Colinas district and offers amenities such as a pool, fitness center, indoor and outdoor event space and an onsite restaurant. Sonnenblick-Eichner arranged the nonrecourse, five-year loan, which featured a 7.74 percent interest rate, through an undisclosed investment bank. The borrower was Valencia Hotel Group.
LAKELAND, FLA. — A joint venture between BBX Logistics Properties and FRP Development Corp. plans to develop BBX Park at Lakeland, a 213,500-square-foot logistics park in Lakeland. The 22.5-acre project will be located at 8255 State Road 33 N, which is directly north of I-4 and within 50 miles of both Tampa and Orlando. BBX and FRP plan to break ground on the park in the fourth quarter, with delivery and occupancy slated for 2025. The joint venture has tapped Kris Courier of CBRE’s Tampa office to market BBX Park at Lakeland for lease.
BELMONT, N.C. — Orlando-based Foundry Commercial has purchased Shopton Square, a 24,250-square-foot, unanchored retail center in Belmont, a southern suburb of Charlotte. The center was fully leased to 13 tenants at the time of sale. The seller and sales price were not disclosed. Shopton Square was originally developed and leased by the real estate arm of grocer Food Lion. The acquisition of Shopton Square marks the first for Foundry Commercial’s Retail Investment Platform, which was launched last year and prioritizes necessity-based retail properties.
MONTGOMERY, TEXAS — Versal, a self-storage brokerage firm with offices in Austin and Los Angeles, has negotiated the sale of a 64-unit facility in Montgomery, about 50 miles north of Houston. The facility, known as Spartan Storage, spans 19,998 net rentable square feet. Versal represented the buyer, Houston-based Lakewood Realty Investments, in the transaction. Ryan Dooley of CRD Realty represented the seller, a Texas-based limited liability company.
ATLANTA — Construction Resources, a distributor of home improvement products, plans to open a new design center at Westside Paper, a mixed-use development located at 950 W. Marietta St. in Atlanta’s West Midtown district. The center, which is set to open early next year, will be the first location to feature all of Construction Resources’ products in a single location. Westbridge and FCP co-developed and own Westside Paper, which is an adaptive reuse of a 70-year-old paper mill. Brad Pope of JLL represented Construction Resources in the lease transaction, and Shelbi Bodner with Bridger Properties represented the landlord. Other tenants at Westside Paper include El Santo Gallo, Pancake Social, Elsewhere Greenhouse, Bar Driver, Northern China Eatery, Ancestral Bottle Shop & Market and King of Pops.
HOUSTON AND CARROLLTON, TEXAS — Shoo Loong Kan has signed two leases in Texas, marking the first locations in the state for the Chinese hotpot concept. Plans include a 6,213-square-foot restaurant at West on West in Houston, as well as a 6,330-square-foot restaurant in the northern Dallas metro of Carrollton. Michael Pittman II, Michael Burgower and Rachel Granstrom of Cushman & Wakefield represented the tenant in the lease negotiations.
HAYMARKET, VA. — Three new tenants have signed leases to join Haymarket Village Center, a 256,856-square-foot retail center situated about 38 miles west of Washington, D.C. Red Bank, N.J.-based First National Realty Partners (FNRP) is the landlord. The leasing deals with Cin Dental (1,824 square feet), Nova Patient Care (1,600 square feet), and BeBop (1,575 square feet) will bring the retail center to full occupancy. FNRP has also secured lease renewals with six existing tenants, including Divine Nail Spa, Jersey Mike’s Subs, Starbucks Coffee, Smoothie King, Sports Clips and Verizon Wireless. FNRP purchased Haymarket Village Center in 2018 for $34.5 million.
GOODYEAR, ARIZ. — Phoenix-based Stevens-Leinweber Construction (SLC), on behalf of Brookfield Properties, has started construction of Camelback 303 Logistics Center in the Phoenix suburb of Goodyear. The two-building industrial development will offer 616,100 square feet of Class A industrial space, Class A amenities, and trailer and outdoor storage. Situated at 16395 and 16565 W. Camelback Road, Camelback 303 Logistics will include a 303,500-square-foot Building A and 312,000-square-foot Building B. Each building will feature 36-foot clear heights, LED lighting, 79 dock-high and four drive-in doors and 3,000 amps of power. Additionally, Buildings A and B will also offer 185-foot to 370-foot secured concrete truck courts, parking for 309 to 329 cars and 212 to 214 trailers, and electric vehicle charging stations. Completion is slated for fourth-quarter 2024. The property is located within PV303, a 1,600-acre, master-planned industrial park by Merit Partners. SLC is serving as general contractor and Butler Design Group is serving as project architect. Pat Feeney, Danny Calihan and Tyler Vowels of CBRE are handling leasing for the project.
LOS ANGELES — Colliers has arranged the sale of an affordable apartment community located at 349 S. La Fayette Place in the La Fayette Park neighborhood of Los Angeles. The asset traded for $43.4 million, or $362,000 per unit. Kitty Wallace and Kalli Knight of Colliers represented the buyer and seller in the transaction. Situated on a 43,000-square-foot lot, the three-story property features 120 affordable apartments. The buyer paid cash to preserve the right to create and maintain affordable housing, and purchased the property with the intent of promoting and advancing workforce and affordable housing initiatives. Built in 1971 and extensively remodeled in 2017, the property features 120 subterranean parking spots with third-party billing for electric vehicle charging stations. Currently, 85 percent of the units are fully renovated. The units feature stainless steel appliances, in-suite washers/dryers, hardwood floors with carpeting in the bedrooms and mini-split air conditioners and heaters. Community amenities include a new roof, updated plumbing and boiler, a resurfaced and modernized pool, built-in barbecue area, redesigned fitness center, electric vehicle charging stations and elevator modernizations. All units also include 100-amp electrical panels and new plumbing to accommodate the installation of in-unit washers and dryers.
MESA, ARIZ. — Indicap, in partnership with AECOM-Canyon Partners, has completed Phase I of the Eastmark Center of Industry in Mesa. The newly opened buildings offer 978,837 rentable square feet of Class A industrial space within a 65-acre industrial park in Mesa’s Gateway Airport submarket. The first phase includes five mid-bay and cross-dock buildings, ranging from 83,347 square feet to 426,569 square feet, with 30-foot to 36-foot clear heights and a parking ratio of 1.28 per 1,000 rentable square feet. Indicap acquired the project site in April 2022 for $48 million, marking the company’s entry into the Phoenix metro. The land purchase included 53 acres for a second phase of development. The project team includes Layton Construction, Kimley-Horn, Deustch Architecture and JLL.