BEL AIR, MD. — A joint venture affiliated with Rappaport has purchased Festival at Bel Air, a 433,720-square-foot shopping center in the Harford County community of Bel Air. The seller and sales price were not disclosed. The shopping center was 94 percent occupied at the time of sale by 60 retailers, including anchor Klein’s ShopRite. Klein’s ShopRite has been at the center since its opening in 1990. Other tenants at the property include Kohl’s, Burlington, Marshalls, Petco and The Tile Shop.
OXFORD, MISS. — Greysteel has secured the refinancing for Wellington Place, a 154-bed student housing property in Oxford. Griffin Papaila and Daniel Hartnett of Greysteel secured a 10-year fixed-rate, non-recourse Freddie Mac loan at 70 percent loan-to-value (LTV). The loan amount and borrower were not disclosed. Wellington Place is a 44-unit student housing property that serves the students at the University of Mississippi. Built in 2019, the off-campus property offers three-bed and four-bed floorplans. Unit features include screened back porches, front patios, second-floor balconies, fenced backyards, hardwood flooring, marble countertops, stainless steel appliances and finishes. Community amenities include a lake with a large dock, pool, hot tub, arcade, convenience store and a 10,000-square-foot clubhouse and amenity center. The property was fully occupied at the time of sale. Located at 157 Stricklin Lake Drive, Wellington Place is situated three miles from the Ole Miss campus and 3.2 miles from the University-Oxford Airport.
DURHAM, N.C. — Asia Capital Real Estate (ACRE) has acquired Aven Apartments, a 144-unit multifamily property in Durham. Magma Equities sold the property for an undisclosed price. Aven Apartments offers one- and two-bedroom floorplans. Community amenities include a newly upgraded clubhouse and fitness center, swimming pool with sundeck, walking and bike trails, dog park, playground and onsite management with 24-hour maintenance. ACRE plans to launch a $3 million capital improvements and investment strategy at the property. In-unit renovations will include stainless steel appliances, new cabinets and hardware, tile backsplash, granite countertops in both kitchens and bathrooms and in-unit washers and dryers. Exterior improvements will include new siding, shutters, doors, pavement, lighting and other miscellaneous aesthetic additions. ACRE plans to also repurpose existing tennis courts into a courtyard area featuring grills, fire pit and a playground.
FORT WORTH, TEXAS — An affiliate of Lightbulb Capital Group, the family office of Los Angeles-based investor Jay Schuminsky, has acquired The Cooper, a 390-unit apartment community in Fort Worth’s Near Southside Medical District. Built in 2021, the property features studio, one-, two- and three-bedroom units with keyless entry systems, individual washers and dryers and private balconies/patios, as well as townhomes. Amenities include a pool, fitness center, outdoor grilling and dining areas, business center, fitness center, coworking lounge, media room and a pet lounge and wash area. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Lang Partners, in the transaction. The team also procured Lightbulb Capital as the buyer.
ELGIN, ILL. — Developer Scannell Properties has selected Peak Construction Corp. to build a new 477,115-square-foot speculative warehouse in Elgin. Slated for completion in late December, the project will feature a clear height of 36 feet, 40 dock doors, four drive-in doors, trailer storage and parking for 372 cars. Harris Architects Inc. and Haeger Engineering make up the project team.
FORT LAUDERDALE, FLA. — CBRE has arranged the sale of Cypress Creek Business Park, two office and flex buildings totaling 55,825 square feet in Fort Lauderdale. Adler Development Acquisitions LLC purchased the property for $5.6 million. Tom O’Loughlin, Larry Genet and Michael Oretsky of CBRE represented the seller, Mississippi-based EastGroup Properties, in the transaction. Located at 6555 Powerline Road, the two buildings have multiple suites ranging from 2,000 square feet to 4,000 square feet. Constructed in 1985, the property received recent capital upgrades, including new roofs, landscaping, renovated suites, exterior LED lighting and striped and sealed parking lots. The property is situated close to Interstate 95 and the Florida Turnpike (State Road 91).
TERRE HAUTE, IND. — Sansone Group has sold Towne South Plaza, a 163,293-square-foot shopping center in the western Indiana city of Terre Haute. Wild Moose Ventures purchased the property for an undisclosed price. Sansone has managed and leased the property since 2002 and acquired the asset in 2015. The property has maintained strong occupancy over the years and underwent a major roof renovation. Some of the tenants include Ross Dress for Less, TJ Maxx, Dollar Tree and Best Buy. Grant Mechlin of Sansone, along with Ben Wineman and Rick Drogosz of Mid-America Real Estate Corp., brokered the transaction.
CHICAGO — American Street Capital (ASC) has arranged two loans totaling $9.4 million for the refinancing of a light industrial portfolio in Chicago. The first transaction was a $6.1 million loan for a 102,850-square-foot building. The second was a $3.3 million loan for a 90,975-square-foot, two-building property. Igor Zhizhin of ASC structured both loans with five-year terms and 25-year amortization schedules. A bank provided both loans.
SAN ANTONIO — Texas-based developer SWBC Real Estate has acquired 14.4 acres at the northeast quadrant of Highway 151 and Loop 1604 in San Antonio for the development of The Royalton at Westover Hills, a 365-unit apartment community. The site is adjacent to the new Methodist Healthcare campus that is currently under construction. Designed by Cross Architects, The Royalton at Westover Hills will feature one-, two- and three-bedroom units with an average size of 875 square feet. Residences will be furnished with stainless steel appliances, granite countertops and washer/dryer hook ups. Amenities will include outdoor grilling, dining and lounge areas, as well as a pool, fitness center and a dog park. Construction is slated to begin in the first quarter of 2023 and to last about 26 months.
CHICAGO — Cawley Chicago has arranged the sale of a 16,350-square-foot office building on the northern border of Chicago’s Fulton Market district for $2.8 million. The two-story brick, steel and timber building is located at 451 N. Racine Ave. Zach Pruitt and Nicholas Schaefer of Cawley represented the seller, an entity doing business as 1005 N California LLC. Marco Federow of MK Asset Management represented the buyer, advertising agency The Times.