MIDLOTHIAN, TEXAS — Adolfson & Peterson Construction has begun a $53 million expansion project at Heritage High School, part of the Independent School District of Midlothian. Located about 30 miles south of Dallas, the project will add a second-level classroom wing, two gymnasiums, a fine arts complex, an expanded cafeteria and four new athletic facilities. Existing academic and athletic spaces will also be renovated. VLK Architects is handling design of the project, which is expected to be complete in summer 2022.
HURST, TEXAS — Marcus & Millichap has arranged the sale of Arbor Park, a 78-unit multifamily complex in Hurst, located northeast of Fort Worth. According to Apartments.com, Arbor Park offers one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor
NEWTON, MASS. — Service Properties Trust (NASDAQ: SVC), a hospitality management firm based in metro Boston, has terminated its management agreements with Marriott International (NYSE: MAR) for 122 hotels. Pursuant to its agreement with Marriott, Service Properties Trust is selling 24 of the 122 Marriott-branded hotels, including eight TownePlace Suites hotels totaling 834 rooms; 13 Courtyard by Marriott hotels totaling 1,813 rooms; and three Residence Inn hotels totaling 342 rooms. The eight TownePlace hotels are scattered across four states and will be sold for $45.3 million, and the 16 Courtyard and Residence Inn hotels feature locations across nine states and will be sold for $107.8 million. The majority (89) of the other hotels will be transferred to Sonesta on January 31, 2021 and operated under Sonesta’s various brands moving forward.
ANN ARBOR, MICH. — Domino’s Pizza Inc. (NYSE: DPZ) reported that its U.S. same-store sales grew 17.5 percent in the third quarter compared with the same period last year. The Ann Arbor-based pizza chain says it was positively impacted by customers ordering more takeout during the COVID-19 pandemic. Global retail sales increased 14.4 percent in the third quarter to more than $3.7 billion. Revenues increased $146.9 million or 17.9 percent, while net income increased $12.8 million or 14.8 percent. As of Oct. 5, Domino’s estimates that fewer than 300 international stores are temporarily shuttered. There are more than 17,200 Domino’s stores in over 90 markets.
BETHALTO, ILL. — Berkadia has provided an $18.3 million Fannie Mae loan for the refinancing of Metro Apartments at Bethalto, a 351-unit multifamily complex in Bethalto, northeast of St. Louis. The garden-style asset is located at 190 Rue Sans Souci. It features one-, two- and three-bedroom floor plans along with a basketball court, playground, baseball field and outdoor grilling areas. John Schorgl of Berkadia originated the loan on behalf of the borrower, Missouri-based KH Properties. The 12-year loan features a fixed interest rate at low-3 percent with two years of interest-only payments, a 75 percent loan-to-value ratio and a 30-year amortization schedule.
COLUMBUS, OHIO — True Food Kitchen has opened its first Ohio restaurant at Easton Town Center in Columbus. The restaurant brand was founded in 2008 by Sam Fox and Dr. Andrew Weil, creator of the anti-inflammatory diet, which involves selecting foods that help fight chronic inflammation. True Food Kitchen serves a variety of vegetarian, vegan and gluten-free options. As a result of COVID-19, the restaurant is currently offering family to-go meals and carryout cocktails. The dining room includes 27 tables that are spaced six feet apart. The restaurant also includes an outdoor patio. There are 34 True Food Kitchen locations in 15 states.
KENOSHA, WIS. — Marcus & Millichap has arranged the $2.8 million sale of a Value Inn hotel in Kenosha, about 35 miles south of Milwaukee. The 112-room property, built in 1988, will be converted into a Rodway Inn by Choice Hotels. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap secured and represented the buyer, a private investor. Seller information was not disclosed.
DEFOREST, WIS. — Lee & Associates has brokered the $1.1 million sale of a 16,000-square-foot industrial building in DeForest, just north of Madison. The property is located at 4159 Reardon Road. Blake George of Lee & Associates represented the seller, CHEEE Holdings LLC. The buyer, CAH CO DeForest LLC, will use the property as a vehicle maintenance facility for Hooper Corp.
BOSTON — Rockport Mortgage Corp. has arranged an $81.8 million loan for the refinancing of South Cove Plaza, a 231-unit seniors housing community in Boston. South Cove Plaza consists of a 142-unit building on Stuart Street and an 89-unit building on Tremont Street in the city’s Back Bay area. The buildings feature 193 one-bedroom units and 38 two-bedroom units, as well as a combined 10,200 square feet of ground-floor commercial space. The borrower, Weston Associates, will use some of the proceeds to renovate unit interiors, mechanical systems and amenity spaces.
QUINCY, MASS. — ORIX Real Estate Capital has provided a $19.9 million FHA-insured loan for the refinancing of Fenno House, a 152-unit affordable housing community located in the southern Boston suburb of Quincy. The property was built in 1973. Hampden Park Capital arranged the loan on behalf of the borrower, Wollaston Lutheran Housing Corp., which will use a portion of the funds to rehabilitate and preserve the affordability of the property. Curtis Construction Co. is the general contractor for the renovation project.