ALHAMBRA, CALIF. — Manhattan Beach-based Calbay Development has purchased the fee interest in a freestanding retail building along Valley Boulevard in Alhambra. Terms of the transaction were not released. Situated on 1.5 acres, Office Depot formerly occupied the 26,000-square-foot asset. The property also offers 98 parking stalls and prominent visibility and signage on Valley Boulevard. Calbay acquired the property as a value-add opportunity and is in late-stage negotiations with a national retailer to lease the entire space. Bill Asher and Jeff Lefko of Hanley Investment Group brokered the transaction.
JUSTICE, ILL. — Cawley Chicago has brokered the sale of a 45,000-square-foot medical office building in Justice, a southern suburb of Chicago. The sales price was undisclosed. Willow Springs Surgery Center anchors the two-story facility, which is located at 9050 W. 81st St. Rawly Lantz and Justin Harris of Cawley Chicago represented the seller, First Step Holdings, and will retain the leasing assignment moving forward. A private local investor was the buyer.
CLEVELAND — Bloomfield Capital has provided a $4 million senior bridge loan for a 100,000-square-foot industrial property in Cleveland. The undisclosed borrower has owned the building for several years and plans to utilize the loan to finalize interior renovations and upgrades to the property, which is more than 90 percent leased to retail and food processing tenants. The borrower plans to refinance the bridge loan with a conventional loan in 12 months.
MCDONOUGH, GA. — Ready Capital has closed on a $16.6 million acquisition loan for a 132-unit, two-property multifamily portfolio in McDonough, a southern suburb of Atlanta in Henry County. Upon acquisition, the unnamed sponsor will implement a capital improvement plan that includes renovating unit interiors, improving curb appeal and community amenities and addressing deferred maintenance. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option and flexible prepayment.
DALLAS — A joint venture between Dallas-based investment firm ATCAP Partners and global asset manager Brookfield has acquired a national portfolio of 51 industrial properties totaling approximately 3.5 million square feet. The exact locations of the properties were not disclosed, but the portfolio includes infill building in markets such as Dallas, Houston, Austin, Denver and Oklahoma City. The seller and sales price were also undisclosed. The portfolio was 94 percent leased at the time of sale. Eastdil Secured represented ATCAP in the deal.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Broadstone Knox District, a 333-unit apartment community in the Knox-Henderson area of Dallas. Built on 5.5 acres in 2021, the property features one- and two-bedroom units with an average size of 886 square feet. Amenities include a pool, fitness center, dog park, business lounge, demonstration kitchen, golf simulator, outdoor gaming area and a rooftop lounge. Michael Ware, Drew Kile, Joey Tumminello, Taylor Hill, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, a partnership between Arizona-based Alliance Residential Co. and Goldman Sachs Asset Management, in the transaction. The buyer was an undisclosed institutional investor.
LUBBOCK, TEXAS — Seniors housing developer LifeCare Properties and New Orleans-based investment group ERG Enterprises have unveiled plans for The Blake at Lubbock, a seniors housing community in West Texas. The number of units was not disclosed. The property will offer assisted living and memory care units. Blake Management Group will operate the property upon completion, which is slated for 2023.
HOUSTON — New York City-based Ready Capital has closed a $41.3 million loan for the acquisition, renovation and stabilization of an unnamed, 449-unit apartment community in Houston’s Clear Lake submarket. The nonrecourse, interest-only loan carried a 36-month term, floating interest rate, two extension options and a facility to fund capital improvements. The name of the sponsor was not disclosed.
AUSTIN, TEXAS — AutoZone has signed a lease to open a 33,000-square-foot “mega hub store” at Southbridge Plaza in South Austin. The automotive retailer will operate its store, which will feature an expanded selection of parts and accessories, out of a 46,000-square-foot space that formerly housed an H-E-B grocery store. The remaining 13,000 square feet is leased to Hispanic grocer Casa Grande Supermercado. Cam Longmire and Gabe Sanchez of Weitzman represented the undisclosed landlord in the lease negotiations. Austin-based broker Edwin Williams represented AutoZone. Other tenants at Southbridge Plaza include Dollar Tree, Sherwin-Williams, Taco Bell, McDonald’s and Wingstop.
BLAUVELT, N.Y. — Global logistics operator Realterm has acquired two warehouses totaling 307,275 square feet within Hudson Crossing Industrial Park in Blauvelt, about 30 miles north of Manhattan. The building at 200-400 Oritani Road sits on 21.8 acres and totals 175,775 square feet, and the building at 100 Oritani Road spans 131,500 square feet and is situated on 10.2 acres. Both warehouses feature a combination of drive-in and dock-high loading positions. Brian Fiumara of CBRE brokered the deal on behalf of the undisclosed seller. The sales price was also not disclosed.