SAN ANTONIO — Zachry Construction & Materials has signed a 55,718-square-foot headquarters lease at Walker Ranch Business Park, a 150,000-square-foot office development in San Antonio by locally based developer Worth & Associates. The tenant will relocate about 190 employees to Walker Ranch Business Park Building II, which is under construction and scheduled to be complete in August, beginning Nov. 1. Mark Krenger of JLL represented Zachry Construction in the lease negotiations. Following this transaction, Building II is 82 percent preleased.
INDIANA — Mortgage banking company Merchants Capital, along with Merchants Bank of Indiana (MBI), have secured $262 million in financing for 15 workforce housing properties through a Freddie Mac-sponsored Q-Series transaction. The Freddie Mac program provides increased liquidity to enable financial institutions to continue to support affordable and workforce housing. This transaction marks only the 15th deal completed under the Q platform. MBI will retain the equity and the interest-only securities from the transaction, and Merchants Capital will continue to sub-service the loans in the pool. Of the portfolio of properties, 99.5 percent have units restricted to 80 percent of area median income (AMI), 70.5 percent of units are under 60 percent AMI and 42.3 percent of units are under 50 percent AMI. The 15 loans came from across the country but were concentrated around Indiana and the Midwest.
ILLINOIS — The Boulder Group has arranged the sale of nine single-tenant properties net leased to First Midwest Bank throughout Illinois for approximately $46 million. Approximately 10 years remain on each location’s lease. Buyer and seller information was undisclosed.
OMAHA, NEB. — Investors Realty has brokered the sale of two office buildings in Omaha for $21.9 million. The single-tenant, Class A properties are located at 17605 and 17645 Wright St. The buildings serve as the headquarters for Orion Advisors Solutions, which maintains approximately 1,000 employees. Ember Grummons of Investors Realty represented the seller, an affiliate of Lockwood Development. Grummons also procured the buyer, Sentinel Net Lease.
CHICAGO — NewMark Merrill Cos. Inc., a shopping center owner based in Woodland Hills, Calif., has acquired Bricktown Square in Chicago for an undisclosed price. The 292,309-square-foot retail center is home to Ross Dress for Less, Harbor Freight Tools, Aldi, XSport Fitness, DD’s Discounts and Farmer’s Best Fresh Market. NewMark Merrill plans to enhance the asset with investments in deferred maintenance and updates such as new signage. Bonnie Investment Group was the seller. ReCap, the real estate subsidiary of RGA Real Insurance Group of America, provided acquisition financing. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison represented NewMark Merrill on an internal basis. NewMark Merrill currently owns and operates three other retail properties in the Chicagoland area, including Stony Island Plaza in Chicago, Stratford Crossing in Bloomingdale and Winston Plaza in Melrose Park.
BEAUMONT, TEXAS — Marcus & Millichap has brokered the sale of the 53-room Econo Lodge Inn & Suites Beaumont hotel. The property was listed for $3.3 million. Andrew Frosch, Louis Dan, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was an undisclosed, California-based private investor.
ROCHESTER, MINN. — Colliers Mortgage has provided a $4.3 million HUD 223(f) loan for the refinancing of Harvestview Place in Rochester. The 60-unit affordable housing community was constructed in 2019 using 9 percent low-income housing tax credit syndication proceeds. All units are restricted to residents who earn at or below 50 percent of the area median income. Harvestview Place LP was the borrower for the 35-year loan, which is fully amortized. Velair Property Management LLC manages the property.
BOSTON — Maryland-based Phillips Realty Capital has arranged two loans totaling $96.2 million for the refinancing and renovation of a pair of multifamily assets totaling 279 units in Boston. In the first transaction, Voya Commercial Mortgage LLC provided funds for Atrium on the Commonwealth, a 187-unit community near Boston University that was originally built in the 1920s as an assembly plant and dealership for Packard Motors. In the second deal, Hingham Institution for Savings provided financing for the 92-unit Longfellow Apartments near Harvard University in Cambridge. That property was originally built in 1917 and features studio, one-, two- and three-bedroom floor plans. Adam Bieber of Phillips Realty Capital led the debt placement efforts in conjunction with Harmon Handorf, Emily Beeler and Bill Wrench. The borrower was full-service real estate firm The Hamilton Co.
FAIRFIELD, CONN. — Atlanta-based home improvement retailer Floor & Décor will open its 100,000-square-foot warehouse store and design center in Fairfield, located in the southern-coastal part of the state, on Monday, June 21. About 50 full- and part-time associates will work at the store, which is located at 300 Tunxis Hill Road. Brian Katz of retail brokerage firm Katz & Associates represented the retailer in its site selection and negotiations for the new store, which is one of two Floor & Décor outlets set to come on line in Connecticut this year.
EAST ORANGE, N.J. — Locally based developer Blue Onyx Cos. has broken ground on 14 Summit, a 78-unit apartment project located in the Northern New Jersey community of East Orange. Designed by Inglese Architecture & Engineering, the five-story property will comprise eight studio apartments, 51 one-bedroom units and 19 two-bedroom units. Amenities will include a coworking space, fitness center, pet washing station, community lounge, two rooftop terraces and bike storage rooms. Completion is slated for early 2023.