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.
BAKER CITY, ORE. — Faris Lee Investments has arranged the $7.3 million sale of a single-tenant, 48,239-square-foot retail property in Baker City. Albertsons, the tenant, has approximately 15 years remaining on its absolute triple-net lease. Chris DePierro, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the Orange County-based seller in the transaction. The buyer was not disclosed. The Albertsons grocery store is located adjacent to Interstate 84. Other national tenants in this area include McDonald’s, Safeway, Rite Aid, Bi-Mart, Shell and Subway.
CONROE, TEXAS — Colliers Mortgage has provided a $5.8 million Fannie Mae loan for the refinancing of Bellshire Apartments, a 311-unit affordable housing property located in the northern Houston suburb of Conroe. The community was originally built between 1974 and 1978 and renovated between 2017 and 2019. Colliers Mortgage originated the 10-year loan on behalf of the borrower, an entity doing business as Merced-Bellshire LLC.
PHOENIX — Ready Capital has closed $9.8 million in financing for the acquisition, renovation and stabilization of an 84-unit, Class B apartment community located in the Central Mesa submarket of Phoenix. Upon purchase, the undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors and upgrade the property exteriors and amenities to help drive the property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan with a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.
NEW YORK CITY — Locally based investment firm Severn Realty Partners has sold 576 Fifth Avenue, a 78,564-square-foot office and retail building in Midtown Manhattan, for $101 million. The building is located adjacent to Rockefeller Center in the Diamond District and consists of three levels of retail space totaling 6,247 square feet and 10 floors of office space. Paul Massey, Zach Redding, Dylan Kane, Daniel O’Mahony and Christian Kane of B6 Real Estate Advisors represented Severn Realty Partners in the transaction. Daniel Chun and Adelaide Polsinelli of Compass, along with Sharon Kim Robinson of Silver & Oak Realty, represented the buyer, a Delaware-based limited liability company.