TYLER AND LONGVIEW, TEXAS — Marcus & Millichap has arranged the sale of a portfolio of four self-storage properties totaling 1,835 units across 20.8 acres in East Texas. Two of the properties are located in Tyler, and two are located in Longview, cities that are about 100 and 120 miles east of Dallas, respectively. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a California-based private investor, in the transaction. The buyer was Colorado-based Spartan Investment Group.
DECATUR, TEXAS — Denver-based Argus Self-Storage Advsiors has brokered the sale of a 101,000-square-foot self-storage facility in Decatur, located northwest of Fort Worth. The property was 76 percent occupied at the time of sale and consists of 30,000 square feet of self-storage space and 71,000 square feet of boat and RV storage space. Chad Snyder and Tyler Trahant of Argus represented the undisclosed seller in the transaction. The buyer was also not disclosed
LAKEWOOD, COLO. — Bellwether Enterprise Real Estate Capital has arranged $47.6 million in bond financing for the construction of The Notable, an affordable multifamily property in Lakewood. Anthea Martin of Bellwether Enterprise’s Denver office originated the loan on behalf of the borrower, Zocalo Development. Jim Gillespie and Ilya Weinstein of Bellwether Enterprise’s New York office led the private placement. Located at 730 Simms St., The Notable is a proposed five-story, 218-unit adaptive reuse multifamily community situated on more than six acres. Currently, the site consists of a four-story commercial office building, which has been fully gutted in anticipation of the rehabilitation. Once complete, The Notable will feature 10 studio units, 165 one-bedroom units and 43 two-bedroom units. The majority of the apartments — 208 units — will be available to residents earning up to 60 percent of the area median income (AMI). The remaining 10 units will be available at or below 50 percent AMI. Community amenities will include on-site laundry facilities, a fitness center, art studio, performance studio, rooftop deck, dog washing station, central courtyard, bike storage and leasing office. RBC Community was the equity syndicator and Colorado Housing and Finance Authority was the bond issuer for the deal.
HOUSTON — Dallas-based Provident Realty Advisors has opened the 75-room Extended Stay America-Houston-Kingwood hotel on the city’s north side. Guestrooms feature fully equipped kitchens with refrigerators and stovetops, as well as private workspaces. Amenities include a pool, fitness center and onsite laundry facilities.
SHERMAN, TEXAS — Colliers Mortgage has provided a $6.4 million Fannie Mae acquisition loan for Northridge Villas, a 101-unit multifamily asset located in the North Texas city of Sherman. The property was built in 1969 and renovated in 2019. Amenities include a pool, playground, pet park and onsite laundry facilities. Colliers originated the loan, which carried a 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, 3013 Northridge Villas LLC.
WEST HOLLYWOOD, CALIF. — Stepp Commercial has arranged the sale of a multifamily building located at 1237 N. Orange Grove in West Hollywood. Los Angeles-based Bold Partners acquired the asset from a Los Angeles-based private investor for $3 million. Built in 1926, the two-story, Spanish-style value-add property features eight one-bedroom/one-bath apartments. Each unit offers hardwood flooring, large windows with ample natural light, modernized kitchens and baths with custom tiles, recessed lighting and designer fixtures. On-site amenities include seven parking spaces, laundry facilities and a community courtyard patio with seating. Kimberly Stepp of Stepp Commercial represented the seller and buyer in the deal.
DALLAS — NexBank has signed a 27,733-square-foot office lease extension at Chateau Plaza, an 18-story office building located at 2515 McKinney Ave. in Uptown Dallas. Rhett Miller and Sara Terry of Stream Realty Partners represented the landlord, Chateau Plaza Holdings LP, in the lease negotiations. NexVest Realty Advisors represented the tenant.
VENTURA, CALIF. — County Schools Federal Credit Union (CSFCU) has purchased a retail property located at 3954 E. Main St. in Ventura. Terms of the off-market transaction were not released. CSFCU plans to renovate the site, which includes a 2,480-square-foot retail building, to serve as the company’s new headquarters, including a customer banking area, conference room and office space. The credit union is downsizing from its nearby 9,600-square-foot headquarters. Hayden Eaves, Kristen Sullivan and Matthew Spear of Avison Young represented the buyer, while Dustin Dammeyer of Dammeyer & Associates represented the seller, a Texas-based private investor, in the transaction.
NEW YORK CITY — Tiffany & Co. (NYSE: TIF) has filed a lawsuit in the Court of Chancery of the State of Delaware against LVMH Moët Hennessy-Louis Vuitton (LVMH) as part of an effort to force the French conglomerate to complete its $16.2 billion acquisition of the New York City-based jeweler. The lawsuit refutes LVMH’s suggestions that it can avoid completing the acquisition by claiming Tiffany has undergone a material adverse effect, meaning the jeweler had breached the terms of the merger agreement. Both CNBC and The Wall Street Journal have reported that LVMH is attempting to scrap the deal by claiming that Tiffany failed to follow certain management procedures during the pandemic, such as continuing to distribute dividends to shareholders despite declining profitability, thus misrepresenting its finances and nullifying the deal. As of late 2019, LVMH, based in Paris, owned more than 70 luxury brands in the clothing, cosmetics, jewelry and spirits industries, including Dom Pérignon champagne, Givenchy clothing and perfume and Christian Dior fashion and perfume. New York City-based Tiffany & Co., which was founded in 1837, operated about 300 stores worldwide and employed some 14,000 people as of late 2019.
EAST HANOVER, N.J. — Camber Real Estate Partners has acquired an 88,220-square-foot industrial facility situated on a 6.3-acre site at 601 Murray Road in East Hanover, about 30 miles west of New York City. The property features 24-foot clear heights, seven loading positions and a small office finish. Gary Gabriel and Kyle Schmidt of Cushman & Wakefield brokered the deal. Camber has since negotiated a lease renewal with the property’s largest tenant.