CONNERSVILLE, IND. — Marcus & Millichap has arranged the $5.6 million sale of Turtle Creek Apartments in Connersville, about 65 miles east of Indianapolis. The 129-unit apartment property is located at 3600 Western Ave. and recently received capital improvements such as a new roof, parking lot, common area upgrades and several unit renovations. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented the seller, a local limited liability company. The duo also secured and represented the buyer, an out-of-state limited liability company.
GRAND RAPIDS, MICH. — KPOT Korean BBQ & Hot Pot has signed a long-term lease for the 6,400-square-foot former Old Chicago restaurant space at 3333 28th St. SE in Grand Rapids. The restaurant anticipates opening this fall. Bob Lotzar of NAI Wisinski of West Michigan represented the undisclosed landlord. The lease marks the first West Michigan location for KPOT.
POMPANO BEACH, FLA. — Topgolf is underway on the construction of a three-level venue located at the intersection of Powerline Boulevard and Race Track Road in Pompano Beach, roughly 35 miles north of Miami. Scheduled to open late this year, the new location will anchor Live! Pompano Beach, a 223-acre, mixed-use project currently being developed by The Cordish Cos. and Caesars Entertainment. The new Topgolf will feature 102 climate-controlled hitting bays, a full-service restaurant, rooftop terrace, outdoor patio, music, private event space and family-friendly programs year-round.
ROCK HILL, S.C. — JLL Capital Markets has arranged the sale of Phase I of Rock Hill Commerce Center in Rock Hill, roughly 30 miles southwest of Charlotte. A MetLife Investment Management client acquired the 792,081-square-foot property, which comprises two industrial buildings, for an undisclosed price. Patrick Nally, Pete Pittroff, Dave Andrews and Michael Scarnato of JLL represented the seller, Strategic Capital Partners, in the transaction. Completed earlier this year, Phase I of Rock Hill Commerce Center was fully leased at the time of sale to Power Technique North America and Logistics Plus. Buildings A and B comprise 294,092 square feet and 497,989 square feet, respectively.
NASHVILLE, TENN. — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged a $21 million bridge loan for the acquisition of Nashville Christian Towers, an affordable seniors housing development in Nashville. Located at 101 Foothill Court, the property comprises 175 units. BWE secured the loan, which carries a 12-month term and an available 12-month extension, on behalf of the borrower, Envolve Communities. Envolve plans to redevelop the property with proceeds from a 4 percent LIHTC execution and tax-exempt bonds.
PALO ALTO, CALIF. — BentallGreenOak and Grey Matter by Graymark Capital have started construction on Bayshore Bio, a 100,000-square-foot life sciences campus in Palo Alto. The project is a three-phase conversion of existing office and R&D buildings into lab space. The initial phase includes a two-story, 36,000-square-foot life sciences facility at 2225 E. Bayshore Road. The first phase will convert an existing office building into market-ready lab spaces across two floors with upgraded electrical capacity, new mechanical systems, office space, amenities and dedicated parking. The first building is slated for completion by the end of third-quarter 2023. The project will incorporate indoor/outdoor amenity spaces within the private courtyard and on each floor for collaboration in and out of lab spaces. The second and third phases include single-story R&D buildings at 2197 Bayshore Road and 1050 E. Meadow Circle. BGO and Gray Matter initially acquired the Bayshore Bio campus in June 2021. The three former office and R&D buildings will be converted into modern lab space with a 60/40 lab-to-office ratio for biological research and development. The spaces are designed for early-stage, venture-capital-backed life science companies.
OVIEDO, FLA. — Legacy Realty Group Advisors has arranged the $6.5 million sale of Lockwood Village, a shopping center located at 1021 Lockwood Blvd. in Oviedo, approximately 20 miles northeast of Orlando. Winn-Dixie anchors the 54,372-square-foot property. Jacob Baruch and Daniel Baruch of Legacy represented the buyer and seller, both of which were not disclosed, in the transaction.
SIMI VALLEY, CALIF. — Ziegler has arranged $29 million in bond financing for Ensō Verde, a seniors housing community currently under development in Simi Valley. The borrower is Kendal Corp., which began developing the continuing care retirement community in 2022. Located on 21 acres, plans call for 237 independent living units, 24 assisted living units, 24 memory care units and related amenities and common areas. The California Public Finance Authority issued the unrated bonds, which are a mix of tax-exempt and taxable. The bonds will be used to purchase the development site, fund preconstruction development and marketing costs and pay certain costs of issuance. The project is scheduled to open later this year.
SAN BERNARDINO, CALIF. — Colliers has arranged the sale of Gifford Business Park, a seven-building industrial business park in the Inland Empire submarket of San Bernardino. MIG acquired the asset from Positive Investments for $26 million. Christopher Smith and Andrey Mindirgasov of Colliers represented the buyer, while Alan Pekarcik of Kidder Mathews represented the seller in the deal. Located at 750-760 E. Central Ave. and 765-791 S. Gifford Ave., Gifford Business Park features 156,717 square feet of industrial space. The park offers 78 units, ranging from 910 square feet to 19,302 square feet, across seven buildings.
SAN JACINTO, CALIF. — Progressive Real Estate Partners has arranged the sale of Farmer’s Corner, a farmhouse-style indoor retail center in San Jacinto. An Orange County-based private investor sold the value-add asset to a San Diego-based private investor for $3 million. Located at 2500 S. San Jacinto Ave., the 77,000-square-foot property was 40 percent vacant at the time of sale. Built in 1980, the center is currently home to a variety of service-based tenants, including a breakfast eatery, jeweler, barber, party supply company and professional offices. The vacancy includes a 9,000-square-foot, fully equipped restaurant space, ground-floor retail space and second-story office space. Farmer’s Corner’s indoor concourse features 20-foot clear heights, exposed beams, landscaping and a water feature. The buyer plans to upgrade the property, including replacing the roof and implementing an aggressive marketing effort to lease up the asset. Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the buyer and seller in the deal.