Property Type

Midwest Retailer Art Van Furniture to Close All Stores

by Kristin Harlow March 5, 2020

WARREN, MICH. — AVF Holdings Inc. has unveiled that it will cease operations and begin liquidation sales at all 141 of its company-owned stores in Michigan, Illinois, Indiana, Missouri and Ohio. The Warren-based company operates under the brands Art Van Furniture, Art Van PureSleep and Scott Shuptrine Interiors. Levin & Wolf Furniture in Ohio and Pennsylvania will be sold to Robert Levin, pending court approval. Eight Wolf Furniture stores in Maryland and Virginia will also be liquidated. Art Van Elslander opened his first furniture store in metro Detroit in 1959. The liquidation sales will begin Friday, March 6.

March 5, 2020

Development Industrial Texas

City of Plainview, Hale County Near Completion of 150-Acre Industrial Project in West Texas

by Taylor Williams March 5, 2020

PLAINVIEW, TEXAS — The City of Plainview and Hale County are nearing completion of Hale County Business Park, a 150-acre industrial development in West Texas. The site is located along the Interstate 27 corridor in Plainview, roughly midway between Amarillo and Lubbock. The park is also situated on the BNSF Rail Line, which runs adjacent to the southern boundary. An official ribbon-cutting ceremony will be held on Tuesday, March 24. Western Equipment, a provider of John Deere tractors and parts, has signed a 45,000-square-foot lease as the park’s first tenant.

March 5, 2020

Acquisitions Multifamily Oklahoma Texas

GMF, Vesta Capital Acquire 398-Unit Sycamore Farms Apartments in Oklahoma City

by Taylor Williams March 5, 2020

OKLAHOMA CITY — A partnership between investment firm GMF Capital and Oklahoma-based Vesta Capital has acquired Sycamore Farms, a 398-unit apartment community in Oklahoma City. Built in 1998, the property offers one-, two- and three-bedroom units ranging in size from 692 to 1,300 square feet. Amenities include two pools, a 24-hour fitness center, outdoor grilling and picnic areas, a business center and a dog park. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia secured a $33.8 million Freddie Mac acquisition loan for the deal on behalf of the buyer. That loan carried a 10-year term, a fixed interest rate and five years of interest-only payments.

March 5, 2020

Acquisitions Multifamily Texas

IPA Brokers Sale of 225-Unit Julian at South Pointe Apartments Near Fort Worth

by Taylor Williams March 5, 2020

MANSFIELD, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the sale of The Julian at South Pointe, a 225-unit apartment community located in the Fort Worth suburb of Mansfield. The property was built on 9.7 acres in 2019 and features one- and two-bedroom units with stainless steel appliances, granite countertops, tile backsplashes and washer and dryer hook-ups. Amenities include a pool, fitness center, clubhouse, outdoor grilling area and a pet park. Drew Kile, Will Balthrope and Joey Tumminello of IPA represented the seller, a partnership between Carleton Cos. and M.R. Development Corp., in the transaction. The trio also procured the buyer, Short Real Estate.

March 5, 2020

Hospitality Loans Texas

Sonnenblick-Eichner Arranges CMBS Loan for Refinancing of 123-Room Hotel in Austin

by Taylor Williams March 5, 2020

AUSTIN, TEXAS — Sonnenblick-Eichner Co., a California-based investment banking firm, has arranged a CMBS loan for the refinancing of Lone Star Court, a 123-room hotel in Austin. Designed to resemble old-fashioned motor courts, the property is located within the 303-acre Domain mixed-use development on the city’s north side. Amenities include an onsite bar and restaurant called Water Trough, 1,933 square feet of meeting space, 3,341 square feet of outdoor event space, a fitness center, pool and 154 parking spaces. An undisclosed Wall Street lender provided the loan, which was structured with a 3.49 percent interest rate. The loan features interest-only payments for the entire 10-year term. The borrower and loan amount were not disclosed.

March 5, 2020

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates $12.5M Sale of Seniors Housing Community in Arlington

by Taylor Williams March 5, 2020

ARLINGTON, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the $12.5 million sale of Greenfield Residences of Arlington, a 178-unit independent living community located in the center of the Dallas-Fort Worth metroplex. The property was built on 5.8 acres in 2002 and features 24 studio units, 130 one-bedrooms residences and 24 two-bedroom units. A publicly traded investor sold the property to a locally based owner-operator that will implement a value-add program. Matthew Alley and Patrick Burke of SLIB handled the transaction.

March 5, 2020

Arizona Development Industrial Western

Lincoln Property Co. Breaks Ground on First Phase of 4.5 MSF Industrial Park in Arizona

by Amy Works March 5, 2020

GLENDALE, ARIZ. — Lincoln Property Co. (LPC) has broken ground on Park303, an industrial master-planned development in Glendale. At full build out, the park will accommodate up to 4.5 million square feet of freeway-fronting, Class A industrial space. Situated on 71.5 acres between Loop 303 and Sarival Road, the $115 million Phase I will include two buildings totaling 705,531 square feet and 488,995 square feet. The facilities will feature 40-foot clear heights, steel moment frame shear bracing, efficient LED lighting and 142 large clerestory glass windows to maximize natural light. The gated site will offer full concrete truck courts, ample truck parking, private drives and fully amenitized outdoor spaces with covered canopies, seating and barbecue areas. Phase I is part of the larger Park303 master-planned industrial park that LPC is developing in conjunction with Roth Development and Scottsdale Investment Management. Totaling 265 acres, the project will offer freeway access and easy ingress and egress via two full-diamond Loop 303 interchanges at Bethany Home Road and Glendale Avenue. Butler Design Group is serving as project architect for Phase I, Hunter Engineering is serving as civil engineer and Willmeng Construction as general contractor. Completion of Park303 Phase I is slated for fourth-quarter …

March 5, 2020

Acquisitions Office Washington Western

Marcus & Millichap Brokers $23.6M Sale of Crestwood Corporate Plaza Office Building in Metro Seattle

by Amy Works March 5, 2020

BELLEVUE, WASH. — Marcus & Millichap has arranged the sale of Crestwood Corporate Plaza, an office building located in Bellevue. A West Coast-based private equity investor acquired the property from an undisclosed seller for $23.6 million, or $317 per square foot. Constructed in 2001, Crestwood Corporate Park offers 74,442 square feet of office space adjacent to the Interstate 90 light rail station. At the time of sale, a variety of technology companies and regional service offices had the property to 60 percent occupancy.

March 5, 2020

French-Valley-Marketplace-French-Valley-CA

California Development Lee & Associates Retail Western

United Development Starts Construction of French Valley Marketplace in California

by Amy Works March 5, 2020

FRENCH VALLEY, CALIF. — Southlake, Texas-based United Development Co., in partnership with Pasadena, Calif.-based Halferty Development Co., has started construction of French Valley Marketplace, a shopping center in French Valley, approximately seven miles northeast of Temecula. Situated on 22 acres, French Valley Marketplace will offer 132,500 square feet of leaseable space in 16 buildings, with 44,300 square feet of retail space still available, four drive-thru pads for ground lease or build-to-suit and 5,000 square feet of grocery store and planned pharmacy space. Pre-leased tenants include Grocery Outlet, LA Fitness, McDonald’s, 7-Eleven and AutoZone, all of which are slated to open later this year. Romspen provided the construction financing, which Dallas-based Metropolitan Capital Advisors sourced. Nick Wirick and Miranda Fifield of Lee & Associates are handling leasing for the property.

March 5, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

SLIB Negotiates Sale of 143-Bed Skilled Nursing Facility in Yuma, Arizona

by Amy Works March 5, 2020

YUMA, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a skilled nursing facility in Yuma. The property features 77 units totaling 143 licensed beds. It was built in 1964 with renovations in 2011 and 2018, totaling 44,076 square feet on 2.9 acres of land. The name of the facility was not disclosed. The seller is a national REIT looking to divest this asset due to it being a geographic outlier in its portfolio. The buyer is a regional operator with strong presence and track record in Arizona. The price was not disclosed. Jeff Binder, Jason Punzel and Brad Goodsell of SLIB handled the transaction.

March 5, 2020

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