YPSILANTI, MICH. — Pet Supplies Plus has signed a lease for 6,800 square feet at Paint Creek Plaza, a Kroger-anchored shopping center in Ypsilanti. The retailer plans to open the new store later this year. Tjader Gerdom & Larry Siedell of Gerdom Realty & Investment represented Pet Supplies Plus in the lease transaction. Grenadier Properties owns and manages Paint Creek Plaza, which is located on Whittaker Road.
SAN ANTONIO — Los Angeles-based investment firm BH Properties has acquired the Navarro Building and Garage, a 10-story commercial property in San Antonio’s RiverWalk area that consists of 100,000 square feet of office space above a 605-space parking structure. The building was originally constructed in 1968 to provide parking for the San Antonio World’s Fair and was vacant at the time of sale. BH Properties is planning a capital improvement program to completely transform the office component into institutional quality Class A space designed either for multi- or single-tenant uses. Planned improvements include refurbishing of balconies, redesigning of public spaces such as lobbies and restrooms and installing of new lighting throughout. BH also plans to modernize the parking systems in the garage with new access controls and EV charging stations.
FRISCO, TEXAS — Locally based hospitality developer NewcrestImage has sold the 132-room Hyatt House hotel in Frisco. The pet-friendly hotel offers amenities such as a fitness center, pool, business center, meeting rooms and a complimentary breakfast. NewcrestImage sold the property, which it completed in 2016, to an undisclosed hospitality group based in the Northeast.
SAN ANTONIO — HPI Real Estate has purchased a 775-unit self-storage facility that is situated on a 2.4-acre tract at 5611 Lone Star Parkway in San Antonio. The facility, which is operated by Extra Space Storage, opened in 2017 and spans 93,050 net rentable square feet. Zack Urow and Ryan Clark of Tampa-based SkyView Advisors represented the undisclosed seller in the transaction.
HOUSTON — New York City-based Ariel Property Advisors has arranged a $14 million acquisition loan for a 140,000-square-foot office building in the Clear Lake submarket of Houston. Eli Weisblum of Ariel Property Advisors placed the loan five-year loan, which was structured with a 4.25 percent interest rate and a 30-year amortization schedule, through an undisclosed lender. The property was fully leased at the time of the loan closing. The borrower was also not disclosed.
KERRVILLE, TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of Villagio of Kerrville, a 36-unit seniors housing community in Kerrville, approximately 65 miles northwest of San Antonio. The community is located near Kerrville’s primary retail corridor and less than three miles from two large hospitals — Peterson Regional Medical Center and the Kerrville State Hospital. New Haven Assisted Living & Memory Care, a regional Texas-based operator, was the buyer. The seller and price were not disclosed.
ALBUQUERQUE — NorthMarq has arranged the sale of a three-property apartment portfolio located in Northeast Albuquerque. Orange County, Calif.-based Laguna Point acquired the assets from Portland, Ore.-based PacifiCap Properties Group for an undisclosed price. Totaling 735 apartments, the portfolio includes Jefferson Crossing, Aztec Village and Arioso. The acquisition is the buyer’s seventh purchase in the market. Cynthia Meister of NorthMarq’s Albuquerque office and Trevor Koskovich, Bill Hahn, Jesse Hudson of NorthMarq’s Phoenix office brokered the sale. Brandon Harrington, Bryan Mummaw and Tyler Woodard of NorthMarq’s Phoenix debt/equity team financed each acquisition for the buyer with Freddie Mac loans.
ENGLEWOOD, COLO., COMPTON AND STOCKTON, CALIF., AND PHOENIX — CBRE has secured a $46.7 million loan on behalf of San Diego-based Westcore Properties for the acquisition of a four-property industrial portfolio in Colorado, California and Arizona. Totaling 704,065 square feet, the assets are 14101 E. Otero Avenue in Englewood, 19515 S. Susana Road in Compton, 1551 S. Fresno Avenue in Stockton and 4455 W. Camelback Road in Phoenix. The properties have a combined vacancy rate of more than 50 percent, providing a value-add opportunity to reposition the space for new tenants. Mark McGovern, Brian Cruz and Colby Matzke of CBRE’s Debt and Structured Finance team in San Diego arranged the loan for the buyer.
NORTH LAS VEGAS — SunCap Property Group, along with Diamond Realty Investments, has closed on a 39-acre land parcel in North Las Vegas for the development of SunPoint West, a speculative industrial project. Bounded by West Cheyenne and Brooks avenues and Coleman and Clayton streets, the six-building property will offer buildings ranging in size from 55,473 square feet to 238,057 square feet for single or multi-tenant users. Site work is slated to begin in April, with the first building shell scheduled for delivery by the end of the year. Chris Lane, Jerry Doty, Paul Sweetland and Dan Doherty of Colliers International’s Doherty Industrial Team represented the buyers in the land acquisition.
SAN DIEGO — JPI, a Texas-based multifamily investment and development firm, has received a $69.7 million loan for the refinancing of Jefferson Pacific Beach, a recently constructed apartment community in San Diego’s Pacific Beach neighborhood. Located at 4275 Mission Bay Drive, Jefferson Pacific Beach features 169,571 square feet of residential space, including 172 apartments, and 14,000 square feet of commercial space. On-site amenities include a business center, resort-style saltwater pool and spa, fitness center and surfboard repair station. Additionally, the bayfront community is adjacent to Interstate 5 and less than three miles from the Pacific Beach Pier. Troy Tegeler, Scott Peterson, Bill Chiles and Trevor Breaux of CBRE’s debt and structured finance team in San Diego arranged the loan for the borrower.