TUCSON, ARIZ. — ORION Investment Real Estate has arranged the sale of a retail building located at the northeast corner of Swan and Grant roads in Tucson. Vans Tucson Golf Properties sold the asset to PALZ Properties for $2.7 million, or $228 per square foot. The asset features 12,049 square feet of multi-tenant retail space. Nick Miner of ORION represented the seller, while Robert Nolan of Oxford Realty Advisors represented the buyer in the deal.
HOUSTON, PEARLAND AND CONROE, TEXAS — Berkadia has provided a Fannie Mae loan of an undisclosed amount for the refinancing of three multifamily properties totaling 901 units in the Houston area. Parkland at West Oaks totals 323 units and is located on the city’s west side. Radius at Shadow Creek comprises 350 units and is located in the southern suburb of Pearland, and West Creek consists of 228 units and is located in the northern suburb of Conroe. The properties are part of Wisconsin-based MLG Capital’s Southstar Sun Belt Multifamily Portfolio, which also includes a 214-unit community in Lake Worth, Florida. John Koeijmans and Austin Blankenship of Berkadia originated the financing.
PALESTINE, TEXAS — Marcus & Millichap has brokered the sale of Security Storage of Palestine, a two-property, 839-unit portfolio located about 120 miles southeast of Dallas. The main facility was built in phases between 1980 and 2014 and spans 97,370 net rentable square feet of space across 30 climate-controlled units and 631 non-climate-controlled units, as well as 12 outdoor parking spaces. The second facility comprises 156 non-climate-controlled units totaling 20,000 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, an unnamed private investor, in the transaction and procured the buyer, a Dallas-based 1031 exchange investor.
AUSTIN, TEXAS — Sarasota, Fla.-based Floridays Development will build a 276-room hotel in East Austin. Designed by FK Architecture, the project will include a pool and an 89,123-square-foot parking garage. Other project partners include landscape architect Blacksmith Collaborative, civil engineer WPI Inc. and structural engineer SCA Consulting. A tentative construction completion date was not released, but demolition work on the site’s existing structures is underway. The hotel operator was also not disclosed.
KATY, TEXAS — Los Angeles-based BH Properties has purchased Mason Creek II, a 127,955-square-foot vacant office building in the western Houston suburb of Katy. Jeff Hollinden of JLL represented the undisclosed seller in the transaction. The three-story building was developed in 2015 as the second piece of a speculative project. The first building of that development, a 136,000-square-foot structure, is fully leased to GEICO Insurance. BH Properties has tapped Moody Rambin to lease Mason Creek II.
CARROLL, IOWA — Provender Partners, a real estate investor in food-related industrial buildings, has acquired a 469,673-square-foot distribution portfolio that serves as the Midwest supply chain for Core-Mark for roughly $24 million. The portfolio comprises a 435,968-square-foot warehouse and distribution center in the central Iowa city of Carroll as well as six support facilities ranging in size from 2,500 to 4,000 square feet in Iowa, South Dakota and Minnesota. Core-Mark, a wholesale distributor to the convenience retail industry, occupies all of the facilities. Dick Powell of CBRE represented the undisclosed seller. Matt Bear of Bear Real Estate Advisors represented Provender.
NEW ALBANY, IND. — Rosewood Realty Group has arranged the $22.2 million sale of Stonecrest Apartments in New Albany, about five miles northwest of Louisville, Ky. The six-building, garden-style apartment community is located at 4719 Grant Line Road along the Ohio River and includes 144 units. The first building was completed in 2017 and the sixth building was constructed in 2021. Aaron Jungreis and David Wildes of Rosewood represented the seller, a local developer. The duo also represented the metro New York City-based buyer, which plans to add a new pool and clubhouse to the property.
FOSTORIA, OHIO — Matthews Real Estate Investment Services has brokered the $14.5 million sale of a 488,000-square-foot industrial property in Fostoria, about 40 miles south of Toledo. Global consumer brand Arm & Hammer occupies the building, which is located at 110 E. Jones Road. Alexander Harrold of Matthews represented the institutional seller. The transaction closed above the final list price.
SOUTH BARRINGTON, ILL. — Star Cinema Grill has signed a 15-year lease to open a 38,000-square-foot location at The Arboretum of South Barrington in the northwest Chicago suburb of South Barrington. Star Cinema Grill is opening in space previously occupied by IPIC Theaters. Slated to open this spring, the movie theater will offer an extensive menu and full-service bar. Mike Zucker, managing partner of Peak Properties LLC, was named receiver of the 480,000-square-foot shopping center in late 2020. Madeline Wheeler of JLL represented Peak, while Kristen Barker of Wulfe & Co. represented Star Cinema Grill. Cory Born of JLL serves as the general manager of the shopping center.
GREENFIELD, WIS. — Mid-America Real Estate Group has negotiated the $9.3 million sale of 84South Small Shops in Greenfield, a southern suburb of Milwaukee. Built in 2018, the 17,805-square-foot retail center is located along Layton Avenue. Tenants include Men’s Hair House, Hand & Stone Massage and Facial Spa, MOD Pizza, FedEx Office and Café Zupas. Dan Rosenfeld of Mid-America Real Estate Wisconsin LLC represented the seller, Cobalt Partners. E&K Land LLC was the buyer.