IRVING, TEXAS — New York City-based Ready Capital has closed a $43.2 million loan for the acquisition, renovation and stabilization of a 416-unit multifamily property in Irving. The undisclosed sponsor plans to implement a capital improvement program to upgrade unit interiors and enhance curb appeal. The nonrecourse loan was structured with a 36-month term, floating interest rate, two extension options and a flexible prepayment schedule. The names of the property and seller were not disclosed.
CORSICANA, TEXAS — NAI Robert Lynn has negotiated an 87,235-square-foot retail lease at 3301 Corsicana Crossing Blvd. in Corsicana, about 60 miles south of Dallas. Matt Elliott and Tom Heraty of NAI Robert Lynn represented the undisclosed landlord in the lease negotiations. John Jinks of Formation Real Estate LLC represented the tenant, Fun Town RV.
SAN ANTONIO — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of Glennwood Apartments, a 100-unit complex situated on a 6.3-acre site on the north side of San Antonio. According to Apartments.com, the property was built in 1970 and offers one-, two- and three-bedroom units. Chris Siemasko and Bryce Smith of TMG represented the seller and buyer, both of which requested anonymity, in the transaction. The 12-building complex was fully occupied at the time of sale.
HOUSTON — A fund backed by BV Capital and Archway Properties has acquired a 79,684-square-foot showroom and warehouse in Houston that is triple-net leased to home improvement merchandiser Floor & Décor. The property is located within Park Air 59, Archway’s mixed-use development near George Bush Intercontinental Airport that was completed in late 2019. The fund will continue to target single-tenant, triple-net-leased assets in Texas.
HOUSTON — Commando Pressure Control Inc., a provider of pressure solutions for the hydraulic fracturing industry, has signed a 14,100-square-foot industrial lease renewal within Four Seasons Business Park in northwest Houston. Jack Gaffney and John Buckley of Houston-based Finial Group represented the undisclosed landlord in the lease negotiations. The representative of the tenant was not disclosed.
WEST CHICAGO, ILL. — Marcus & Millichap has brokered the sale of Aspen Ridge in West Chicago for an undisclosed price. The 253-unit multifamily asset is situated in a wooded area near DuPage County Forest Preserve. Built in 1967 on 12 acres, the property features an Olympic-size pool, fitness center and playground. There are 77 one-bedroom units and 176 two-bedroom units. Ryan Engle, Andrean Angelov and Zack Mahoney of Marcus & Millichap represented the seller and procured the buyer. Both parties were private investors.
AURORA, ILL. — Dalfen Industrial has acquired a 174,300-square-foot industrial facility located at 1103 Butterfield Road in Aurora. Built in 2004, the property is known as Butterfield Logistics Center and offers convenient access to I-88. Brendan Sheahan and Nick Krejci of Darwin Realty/CORFAC International represented Dalfen in the transaction and will lead marketing efforts for the building. Seller information and the purchase price were undisclosed. A Dallas-based industrial owner and operator, Dalfen focuses on urban infill warehouses and distribution buildings.
OMAHA, NEB. — Omaha National Insurance Group has signed a 53,274-square-foot office lease at Embassy Plaza in Omaha. The insurance group will occupy space within Suite 300 of the property, which is located at 9110 W. Dodge Road. Connor Lund and Spencer Secor of Cushman & Wakefield | Lund Co. represented the landlord, Horse CF-Embassy LLC. Marc Siemers and Eric Renner of OMNE Partners represented the tenant, which is moving from another location.
MADISON, WIS. — Ready Capital has closed a $9.2 million loan for the acquisition, renovation and deconversion of a 152-unit fractured condominium property in Madison. The undisclosed borrower plans to acquire 84 of the Class B property’s units and implement a capital improvement plan. Planned upgrades include landscaping, amenity and common area improvements and painting. The floating-rate loan features a 36-month term and includes a facility to provide future funding for capital expenditures and additional unit buyouts.
SOUTHFIELD, MICH. — Dominion Real Estate Advisors has arranged the sale of a 9,744-square-foot office building in Southfield for an undisclosed price. Located at 17251 W. Twelve Mile Road, the property will become the new home of Grand and Grand PLLC, a law firm engaged in debt collection and landlord/tenant representation. Eric Banks of Dominion represented the buyer, Carpco Development LLC. Kevin Jappaya of KJ Commercial represented the seller, SS&A Property Management LLC.