SCHAUMBURG, ILL. — Marcus & Millichap has arranged the sale of a 130,105-square-foot shopping center in Schaumburg for $11 million. The property is home to PGA Tour Superstore and XSport Fitness. It is located at 1317-1321 E. Golf Road. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the property on behalf of the seller, a trust. The team also secured and represented the buyer, a Chicago-based limited liability company completing a 1031 exchange.
ITASCA, ILL. — Costco-Innovel Solutions has signed a long-term lease to occupy 111,909 square feet of Building I at Bridge Point Itasca, a three-building, 741,162-square-foot industrial campus in Itasca. Costco will use the facility for last-mile distribution of consumer products. The company will begin occupying the space immediately while the developer, Bridge Development Partners, continues to build out the interior space. Bridge Point Itasca is now 65 percent leased. It was completed this summer. Chris Nelson and Jeffrey Janda of Lee & Associates represented Bridge in the lease transaction. Chris Lydon and Brian Pomorski of Avison Young represented Costco, which acquired logistics company Innovel Solutions earlier this year.
WILMINGTON, MASS. — CBRE has negotiated the $55 million sale of an industrial portfolio in Wilmington, located on the northern outskirts of Boston. The portfolio consists of four buildings totaling 255,678 square feet and was 88 percent leased at the time of sale to a tenant roster that includes Bimbo Bakeries, Aramark and Tesla. New Hampshire-based Carlisle Capital sold the portfolio to a joint venture between Boston-based Oliver Street Capital and Bain Capital Real Estate. Scott Dragos, Chris Skeffington, Doug Jacoby, Tim Mulhall, Tony Hayes, Roy Sandeman and Daniel Hines of CBRE represented both parties in the transaction.
FRAMINGHAM, MASS. — Locally based investment firm RK Centers has acquired an 80,000-square-foot grocery-anchored shopping center in the western Boston suburb of Framingham for $23 million. Stop & Shop is the grocer that anchors the property, which is located just off Exit 13 of the Massachusetts Turnpike. Geoffrey Millerd of Newmark represented the seller, a joint venture led by Florida-based shopping center REIT Regency Centers, in the transaction.
PLAINVIEW, N.Y. — G.S. Wilcox, an intermediary based in Northern New Jersey, has provided an $18 million loan for the refinancing of a 118,000-square-foot shopping center in the Long Island hamlet of Plainview. The loan was structured with a 15-year term and a 30-year amortization schedule. David Fryer of G.S. Wilcox arranged the loan through one of the firm’s correspondent lenders on behalf of the undisclosed borrower.
DEER PARK, TEXAS — Capital Senior Living Corp. (NYSE: CSU) has completed the operational transfer of its independent living community in the Houston suburb of Deer Park to Fannie Mae, the holder of the community’s nonrecourse debt. The Deer Park community is the first of 18 properties the company will transition to Fannie Mae under a cooperative process initiated in August 2020. A Dallas-based operator, CSU plans to enhance liquidity and improve operating cash flow by eliminating underperforming operations and focusing on its core owned and managed portfolio. CSU expects all 18 of the community transitions to be completed by the end of the first quarter of 2021, which the company estimates will reduce its debt load by $217.7 million and improve annual cash flow by $10 million. The Deer Park transfer alone will extinguish $19.4 million in debt for CSU.
HOUSTON — Blossom Holding Group is nearing completion of The Blossom Hotel, a 267-room hospitality property that will be located at 7118 Bertner Ave. near the Texas Medical Center in Houston. The 16-story hotel will feature a fitness center, lobby library, outdoor pool, karaoke room and multiple meeting and event spaces. Construction began in August 2018 and is expected to be complete during the first quarter of 2021.
NEW BRAUNFELS, TEXAS — A partnership between California-based Imprint Property Group and Atlanta-based Batson-Cook Development Co. has broken ground on Larkspur at Creekside, an active adult community in the San Antonio suburb of New Braunfels. The project is being developed within New Braunfels Town Center at Creekside, a 400-acre master-planned community, and will consist of 152 units and 32 cottages for adults age 55 and over. HEDK Architects is the architect for the project, and Godfrey Construction Co. is the general contractor. Completion is scheduled for early 2022.
HOUSTON, BEAUMONT AND LONGVIEW, TEXAS — Arkansas-based BSR REIT has sold four apartment communities in Texas as part of a five-property disposition that fetched a sales price of $86 million. The portfolio included Windsor Estates I and II, two apartment communities in Houston that were built in the early 2000s. Also included was The Pointe in Beaumont (built in 2004), and Willow Lake in Longview (built in 1977). The fifth property was located in Little Rock, Ark. The buyer and number of units at each community were not disclosed, but the total size of the portfolio was 890 units.
DALLAS — Marcus & Millichap has arranged the sale of a 61,406-square-foot industrial building located at 8888 Governors Row in the Brook Hollow area of Dallas. The property was built on 2.5 acres in 1963 and renovated in 1965. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.
