Property Type

Marcus & Millichap Brokers $2.2M Sale of Rally’s-Occupied Restaurant Space in Rialto, California

by Amy Works May 13, 2021

RIALTO, CALIF. — Marcus & Millichap has brokered the sale of a restaurant property located at 466 E. Foothill Blvd. in Rialto. A limited liability company sold the asset to an undisclosed buyer for $2.2 million. Rally’s occupies the 1,086-square-foot property, which was built in 2020, under a new 15-year absolute triple-net lease. The property features double drive-thru lanes. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Matthew Luchs of Marcus & Millichap’s Ontario, Calif., office served as broker of record in the transaction.

May 13, 2021

Development Hospitality Multifamily Texas

Partnership Begins Leasing 331-Unit Sienna at The Thompson Apartments in Downtown Austin

by Taylor Williams May 13, 2021

AUSTIN, TEXAS — A partnership between Chicago-based Magellan Development Group, BLG Capital Advisors, Geolo Capital and Wanxiang America Real Estate Group has begun leasing Sienna at The Thompson, a 331-unit apartment complex in Austin. The residences will be located on floors 15 through 31 of the 212-room Thompson Hotel building that is under construction in downtown Austin. Units will feature studio, one- and two-bedroom floor plans and will be furnished with quartz countertops and backsplashes, stainless steel appliances and kitchen islands. Residents will have access to indoor and outdoor amenities that will be shared with hotel guests, including a pool, fitness center, business lounge, rooftop deck, 24-hour concierge services and a dog run. The building will also house multiple food and beverage concepts and a four-story underground parking garage. The average rent is $2,636 per month, and move-ins are expected to begin in late summer.

May 13, 2021

Acquisitions Affordable Housing Multifamily Seniors Housing Texas

SLIB Negotiates Sale of 170-Unit Lakeland Hills Senior Living Community in Dallas

by Taylor Williams May 13, 2021

DALLAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lakeland Hills Senior Living, a 170-unit community in Dallas. The asset was originally constructed as an independent living community. An assisted living wing was added along with cosmetic renovations in 2013. However, the assisted living units were subsequently de-licensed, and the entire building was again operated as independent living. The seller, Valstone, purchased the asset in November 2020. Valstone then elected to sell it to an out-of-industry buyer that plans to convert the property to affordable housing for seniors. The sales price was not disclosed. Bradley Clousing and Matt Alley handled the transaction for SLIB.

May 13, 2021

Acquisitions Multifamily Texas

Rastegar Property Acquires 70-Unit Velo Flats Apartments in East Austin

by Taylor Williams May 13, 2021

AUSTIN, TEXAS — Locally based investment firm Rastegar Property Co. has acquired Velo Flats, a 70-unit apartment complex in the Windsor Park neighborhood of East Austin. The 56,780-square-foot property was built on three acres in 1972. The new ownership is underway on a capital improvement program. The seller and sales price were not disclosed. With this acquisition, Rastegar now owns four properties totaling more than 200 units in the Windsor Park area.

May 13, 2021

Industrial Leasing Activity Texas

McWane Inc. Signs 66,961 SF Industrial Lease in Grand Prairie, Texas

by Taylor Williams May 13, 2021

GRAND PRAIRIE, TEXAS — McWane Inc., an Alabama-based manufacturer of iron water works and plumbing products, has signed a 66,961-square-foot industrial lease at 1201 Avenue S in the central metroplex city of Grand Prairie. According to LoopNet Inc., the property was built on 5.4 acres in 1997, totals approximately 116,000 square feet and features 24-foot clear heights. Art Leichner and Andrew Crites of Newmark represented the tenant in the lease negotiations. CBRE represented the landlord, an entity doing business as TAF Dallas Industrial Portfolio LP.

May 13, 2021

Leasing Activity Restaurant Retail Texas

EDGE Realty Negotiates Two Restaurant Leases Totaling 4,913 SF in Metro Houston

by Taylor Williams May 13, 2021

HUMBLE AND SPRING, TEXAS — EDGE Realty Partners has negotiated two restaurant leases totaling 4,913 square feet on the northern outskirts of Houston. Dave’s Hot Chicken signed a lease to open a 2,995-square-foot restaurant at Spring Town Center in Spring, and Teriyaki Madness inked a deal for a 1,918-square-foot space at West Lake Crossing in Humble. In the first transaction, Debbie Adams of EDGE Realty represented Dave’s Hot Chicken, and Kevin Sims of NewQuest Properties represented the unnamed landlord. In the second deal, Kathy King of EDGE represented Teriyaki Madness, and Brett Strake of NewQuest Properties represented the undisclosed landlord.

May 13, 2021

Acquisitions Florida Multifamily Seniors Housing Southeast

JLL Brokers $64M Sale of Seniors Housing Portfolio in South Florida

by Julia Sanders May 13, 2021

ORLANDO, FLA. — JLL Capital Markets has brokered the $64 million sale of a five-property seniors housing portfolio in South Florida. Mike Garbers and Cody Tremper of JLL represented the undisclosed seller in the portfolio sale. Allison Holland of JLL also arranged acquisition financing for the buyer, an affiliate of Fortress Investment Group LLC. Florida-based Sonata Senior Living, which has operated the communities for more than three years, is being retained to manage the properties going forward. The seniors housing portfolio includes five Sonata properties totaling 444 units. The locations of the properties include Delray Beach, Boynton Beach, Boca Raton, Coconut Creek and Vero Beach. The previous owner spent over $13 million in capital investments over the past four years, including exterior building improvements, furnishing upgrades, new flooring, roof repair, conversions from assisted living to memory care and new generators to comply with Florida regulations.

May 13, 2021

Development Loans Maryland Multifamily Southeast

Phillips Realty Capital Secures $58M Construction Financing for Apartment Project in Upper Marlboro, Maryland

by Julia Sanders May 13, 2021

UPPER MARLBORO, MD. — Phillips Realty Capital has secured $58 million in debt and equity financing for the construction of St. Joseph Apartments, a four-story, 268-unit multifamily project in Upper Marlboro. Mark Remington and Alec Jenkins of Phillips Realty arranged a $45.1 million construction loan through United Bank on behalf of the borrower, Varsity Investment Group. Additionally, Remington and Jenkins sourced a $12.8 million preferred equity investment by FCP. St. Joseph Apartments will be located one mile from the Largo Metro Station and near Woodmore Town Center, which has a Wegmans, Costco and Best Buy. Phillips Realty Capital is Bethesda, Md.-based commercial real estate finance firm. Varsity Investment Group is a commercial real estate development company specializing in student housing, market-rate, mixed-use and retail development. United Bank is a community bank and subsidiary of United Bankshares Inc.

May 13, 2021

Acquisitions Florida Office Southeast

Forefront Collier Venture Purchases Office, Flex Property in Naples, Florida for $13.1M

by Julia Sanders May 13, 2021

NAPLES, FLA. — Forefront Collier Venture LLC has purchased an approximately 75,875-square-foot office, warehouse and flex property located at 1030, 1035 and 1040 Collier Center Way in Naples. The sellers were Star Investments Inc., Collier Center Way Development Inc. and Business Lane Development Inc. David Stevens of Investment Properties Corp. and Clay Winfield of WBDC Inc. represented the sellers in the transaction. Brock Rasmussen of Lee & Associates represented the buyer.

May 13, 2021

Acquisitions Georgia Retail Southeast

Skyline Seven Arranges $12.4M Sale of Rivermont Square Shopping Center in Alpharetta, Georgia

by Julia Sanders May 13, 2021

ALPHARETTA, GA. — Skyline Seven Real Estate has arranged the $12.4 million sale of Rivermont Square, a 102,800-square-foot, Goodwill-anchored shopping center in the northern Atlanta suburb of Alpharetta. Kenny Holzer, Elliott Kyle and Chase Murphy of Atlanta-based Skyline Seven represented the undisclosed seller in the transaction. Wes Allen with Pinnacle Leasing & Management LLC represented the undisclosed buyer. Rivermont Square includes a freestanding Starbucks, as well as a vacant outparcel previously occupied by Verizon Wireless. The 12-plus acre property is located at 8560 and 8514 Holcomb Bridge Road and is shadow-anchored by Kroger.

May 13, 2021

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