SHAWNEE, KAN. — SparrowHawk Real Estate has purchased a 272,882-square-foot industrial building in Shawnee for an undisclosed price. The newly completed property is located within the Heartland Logistics Park at 24525 W. 43rd St. Building features include a clear height of 32 feet, 27 dock doors, parking for 249 cars, parking for 75 trailers and office space. John Stafford and Ed Elder of Colliers International represented the undisclosed seller. The duo will market the building for lease. The transaction marks the second property acquisition in the Kansas City market in the last 90 days for SparrowHawk.
MOORHEAD, MINN. — Greystone has originated an $11.2 million HUD 223(f) loan for the refinancing of South Shore Landing Apartments in the western Minnesota town of Moorhead. Constructed in two phases in 2016 and 2019, the 93-unit property consists of four buildings. Amenities include a clubhouse, fitness center, game room, pet park, heated parking garage and barbecue areas. Dan Sacks and Ilan Bassali of Greystone structured the 35-year loan, which is fully amortizing and features a fixed interest rate. Northridge Group was the borrower.
OVERLAND PARK, KAN. — CreativeOne is the newest tenant to join the Aspiria office campus in Overland Park. The financial services company will relocate to 25,000 square feet at the former Sprint campus. CreativeOne expects to take occupancy of its new space in January 2022. Bryan Johnson of Colliers International handled the lease transaction on behalf of the tenant. Amenities at Aspiria include a 68,000-square-foot fitness center, multiple dining rooms, conference centers, outdoor spaces and comprehensive security. Owner Occidental Management plans to develop the surrounding 60 acres with more than 1 million square feet of additional office space, 380,000 square feet of retail and restaurant space, a 120-room hotel and 600 multifamily units.
AURORA, ILL. — Colliers Mortgage has provided a $7.9 million Fannie Mae loan for the refinancing of Marywood Apartments in Aurora. The 116-unit apartment complex, constructed from 1967 to 1971, includes 10 garden-style buildings. Amenities include onsite laundry facilities and a playground. The 10-year loan is fully amortizing. Marywood Housing LLC was the borrower.
CORINTH AND FORT WORTH, TEXAS — Marcus & Millichap has brokered a portfolio sale comprising two self-storage facilities totaling 1,321 units in the Dallas-Fort Worth metroplex. The portfolio spans 162,960 net rentable square feet. The first property is a 557-unit facility in Corinth, located north of the metroplex, and the second property is a 764-unit facility in Fort Worth. Both properties were built in 2018 and are managed by Extra Space Storage. Brandon Karr of Marcus & Millichap represented the seller and buyer, both of which requested anonymity, in the transaction.
HOUSTON — MCR, a New York City-based hospitality owner-operator, has acquired the 132-room Courtyard by Marriott Houston I-10 West/Park Row hotel. The property features a convenience store, 24-hour fitness center, meeting and event space, an outdoor pool and a bistro that serves food, alcoholic beverages and Starbucks coffee. The seller and sales price were not disclosed. MCR acquired the property as part of a five-hotel portfolio deal that carried a price tag of $94 million.
TEMPE, ARIZ. — High Street Residential has broken ground on Smith & Rio, an apartment property located at 1979 E. Rio Salado Parkway in Tempe. Situated on 3.4 acres, the five-story development will feature 310 apartments in a mix of studio, one- and two-bedroom floor plans, including a selection of one-bedroom options with additional den/home office space. Residents will have access to amenities including a fifth-floor sky lounge; two outdoor courtyards; a dog park and pet lounge; a large work-from-home area with individual workspaces; pool; spa; fitness center; and water features throughout the outdoor spaces. Construction is slated for completion in 2023.
JLL Arranges $23M Loan for Crossroads Plaza Shopping Center Redevelopment in Pico Rivera, California
PICO RIVERA, CALIF. — JLL has secured a $23 million construction loan for Crossroads Plaza Shopping Center, a 140,198-square-foot retail center in Pico Rivera. Located at 9050-9200 Whittier Blvd., the center sits on a 10.4-acre site that is positioned 13 miles southeast of downtown Los Angeles. John Marshall of JLL worked on behalf of the borrower, an entity doing business as Crossroads Plaza LP, and its developer, TRF Pacific LLC, to secure the loan through a regional bank. Loan proceeds will be used to redevelop and renovate portions of the center and develop an additional 12,000 square feet of proposed shop space. Originally built in 1988, Crossroads Shopping Center is undergoing redevelopment to replace a 100,000-square-foot Home Depot that terminated its lease in 2019 after 30 years. The building has been leased to three unnamed national soft goods retailers. The center is shadow anchored by Superior Grocery, an independent grocery store chain based in Southern California.
TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the $10 million sale of a transitional care facility located in the Texas Panhandle region. The property name and location were not released. Mainstreet developed the 70-unit property, which is located within a larger medical park, but never opened it. A local investor acquired the property with the intent of opening it as a post-acute hospital and has structured a lease with a national healthcare system based in Southern California. The seller was undisclosed seller.
LOS ANGELES — MWest Holdings has completed the sale of Hollywood Tower, a landmark multifamily asset located in Los Angeles’ Hollywood neighborhood. A family partnership acquired the property for $20.1 million, or $386,538 per unit. Built in 1929 and extensively renovated in 2010, the eight-story Hollywood Tower features 51 apartment units in a mix of studio, one- and two-bedroom layouts with vintage French Norman architectural details and modern fixtures and finishes. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.