SAN CLEMENTE, CALIF. — Stos Partners has acquired a vacant, 4,000-square-foot retail and restaurant property in the Orange County submarket of San Clemente in an off-market transaction. The sales price was $1.9 million. Stos Partners secured a long-term lease on the entire building with The Alchemists, a restaurant group operated by Leonard Chan. The new restaurant concept, Mura, will be an upcoming dining destination that offers Japanese grilled barbecue, a tiki bar and a Japanese speakeasy bar. Prior to opening, Stos Partners plans to complete extensive interior and exterior renovations in addition to making several building upgrades, including a new roof, mechanical systems and grease traps. Coastal Commercial represented Stos Partners in the transaction.
MESQUITE, TEXAS — Elements Sleep, a provider of mattresses and bedding, has signed a 177,473-square-foot industrial lease at Building 1 at Urban District 30, an 80-acre development in the eastern Dallas suburb of Mesquite. Matt Dornak and Blake Kendrick with Stream Realty Partners represented the landlord, Urban Logistics Realty, in the lease negotiations. CBRE represented the tenant.
TOMBALL, TEXAS — A joint venture between locally based full-service real estate firm The J. Beard Real Estate Co. and Outlier Capital LLC has purchased Tomball Town Center, a 141,450-square-foot shopping center located in the northern outskirts of Houston. Kroger anchors the center, which was built on 14.1 acres in 2004. David Disney and Adam Crockett with Dallas-based Disney Investment Group represented the sellers, Illinois-based shopping center REIT InvenTrust Properties and a fund advised by Crow Holdings Capital, in the transaction. Morgan Stanley provided acquisition financing. Tomball Town Center was 98 percent leased at the time of sale.
ALEXANDRIA, VA. — JLL has brokered the sale of Oakville Self Storage, a 934-unit self-storage facility in Alexandria, about 8.3 miles north of Washington, D.C. The sales price was not disclosed. An entity doing business as Potomac Yard Mini U Storage LLC in partnership with Elevation Fund 8 LLC has bought the facility. Brian Somoza, Steve Mellon, Bruce Strasburg and Craig Childs of JLL represented the seller, an institutional investor. Built in 1949, Oakville Self Storage is a three-story building that was converted to a self-storage facility in 1989. The property is now operating under the Mini U Storage brand. The property features non-climate-controlled interior units, dock-high drive-up units and elevator access to upper floors. The facility is roughly 79 percent leased with over 675 tenants. Located at 405 Swann Ave., Oakville Self Storage is situated in the center of Oakville Triangle, a master-planned, 1 million-square-foot mixed-use redevelopment comprising Class A multifamily, townhomes, retail and healthcare properties. The self-storage facility will undergo exterior and interior renovations, including a complete exterior upgrade and the addition of a new office space and climate-controlled units. The facility will remain open throughout construction. BWD Architects is the design firm for the renovation project.
MISSOURI CITY, TEXAS — KM Realty Investment Trust Inc., a locally based private investment firm, has unveiled plans for the redevelopment of Township Square, a 67,000-square-foot shopping center located in the southwestern Houston suburb of Missouri City. Houston-based Identity Architects is designing the project, which will upgrade the façade and landscaping of the 1980s-era property. The redevelopment is scheduled to begin in late fall and, tentatively, to be complete in the first quarter of next year. Tenants, which include Old Hickory Inn BBQ, Codemark Financial and Sugar’s Cajun Cuisine & Bar, will remain open during construction.
NEW ROCHELLE, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $40 million Fannie Mae loan for the refinancing of The Millennia, a 110-unit apartment complex located north of New York City in New Rochelle. The newly built property, which includes 11 units that are reserved for renters earning 80 percent or less of the area median income, features amenities such as a fitness center, private office space, rooftop terrace, outdoor grilling areas and a putting green. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing, which carried a fixed interest rate of 2.88 percent for 10 years with interest-only payments for the entirety of the term, through PGIM Real Estate. The borrower was an entity doing business as Millennia Apartments NR LLC.
ALBANY AND TROY, N.Y. — Jacobson Properties and Pyramid Brokerage Co. have negotiated the sale of a four-building, 119,602-square-foot medical office portfolio in Upstate New York. Three of the buildings are located in Albany, and the other is located in Troy, a suburb of the state capital. A national healthcare REIT purchased the portfolio, which was fully occupied at the time of sale, for an undisclosed price. Lisa Menin of Jacobson Properties and Leo Jones of Pyramid Brokerage negotiated the deal.
NEW YORK CITY — B6 Real Estate Advisors has brokered the $25 million sale of a 66,000-square-foot industrial building that consists of 63,000 square feet of warehouse space and 3,000 square feet of office space and is located in the Ridgewood area of Queens. The sale included 61,000 square feet of air rights. Thomas Donovan and Robert Rappa of B6 Real Estate represented the seller, Jason Richard Realty LLC, in the transaction. Brian Jaffe of Jaffe Realty LLC represented the buyer, an entity doing business as MySales LLC.
MAPLE SHADE, N.J. — Boston-based industrial investment firm NorthBridge Partners has purchased the 72,625-square-foot Macy’s Furniture Gallery store in Maple Shade, a suburb of Philadelphia, for $9.8 million. The retail building sits on 9.4 acres and was originally built in 1991. Macy’s has occupied the building since 2001 and recently signed a 10-year lease extension. A Cushman & Wakefield team of Andy Merin, David Bernhaut, Andrew Schwartz, Karen Iman, Jordan Sobel, Keith Braccia and Andre Balthazard represented the undisclosed seller and NorthBridge Partners in the transaction.
WINDSOR, N.J. — Elecnor Hawkeye, an underground utilities construction firm, has signed a 13,640-square-foot industrial lease renewal at 92 Main St. in Windsor, a suburb of Trenton. Marc Shein of NAI DiLeo-Bram represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.