HAINES CITY, FLA. — Marcus & Millichap has arranged the $11 million sale of Heart of Florida Shopping Center in Haines City. The 131,500-square-foot shopping center is located at 35874-35938 Highway 27, about 40 miles southwest of downtown Orlando. The shopping center was originally built in 1984. At the time of sale, 82 percent of the center’s tenant lineup was national retailers including Dollar General, Tractor Supply and Big Lots. The buyer was a Florida investor in a 1031 tax-deferred exchange. Tim Giambrone of Marcus & Millichap represented the seller, a New York investor, in the transaction.
KANSAS CITY, MO. — Berkadia has arranged a $32.9 million loan for the conversion of the former Commerce Bank executive office building in Kansas City into apartments. Known as Flashcube Apartments, the property will include 184 units. Construction began in January and is expected to take 12 to 18 months to complete. Community amenities will include a game room, basketball court, fitness center, pickleball court, lounge, dog run and bike storage. John Schorgl of Berkadia arranged the 2.5-year loan provided by Boston-based UC Funds. Missouri-based WI Flashcube LLC was the borrower. The developer plans to reserve 40 units for affordable housing. These units will rent for an average of $1,187 per month, according to CityScene KC. The building is nicknamed “flashcube” because of its reflective glass exterior. It has been vacant for more than a decade.
PEWAUKEE, WIS. — The Barry Co. has brokered the $15 million sale-leaseback of Harken Inc.’s headquarters in Pewaukee. The 170,000-square-foot industrial building features 30,000 square feet of second-floor office space. The facility was constructed in 2012 as a build-to-suit for Harken, which is a manufacturer and marketer of marine hardware and accessories used in events such as America’s Cup and the Olympics. David Buckley of Barry brokered the transaction. HRKN LLC, a private real estate group not affiliated with Harken, purchased the property.
ORLAND PARK, ILL. — The Boulder Group has brokered the sale of a single-tenant property net leased to Walgreens in Orland Park for $6.6 million. The 14,820-square-foot building is located at 11981 W. 143rd St. Walgreens has 15 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private partnership. An individual investor purchased the asset.
SAN ANTONIO — Hines will develop Corner Ridge Crossing, a 577,000-square-foot industrial park that will be situated on 45 acres in northeast San Antonio. Located about a mile from Interstate 10, the development will consist of two rear-load buildings totaling 198,000 square feet, one 127,000-square-foot front-load building and one 252,000-square-foot cross dock building. Building characteristics will include 28- to 32-foot clear heights, ample car and trailer parking and two points of ingress/egress. The groundbreaking is scheduled for July, and the first spaces are expected to be available for occupancy in the first quarter of 2020. JLL will handle leasing of the new spaces, which will be able to accommodate users ranging in size from 19,000 to 252,000 square feet.
FORT WORTH, TEXAS — Local investment firm M2G Ventures has purchased 55 acres in Fort Worth’s Alliance Corridor for the development of a 630,000-square-foot industrial project. The property will be situated on approximately 41 acres, with the remaining land to be reserved for future development. Construction is expected to begin during the first quarter of 2020 and to be complete by 2021. Stream Realty Partners will manage the property upon completion.
PERU, ILL. — Marcus & Millichap has negotiated the $2.5 million sale of a 61-room Super 8 hotel in Peru, which is located in central Illinois. The property is situated at 1851 May Road. Ebrahim Valliani, Michael Klar and Chris Gomes of Marcus & Millichap brokered the transaction on behalf of the undisclosed buyer and seller. The hotel caters to leisure and business clientele.
TUCSON, ARIZ. — Nelson Partners has acquired Wildcat Canyon Village, a 128-bed student housing community located two blocks from the University of Arizona campus in Tucson, for an undisclosed price. The name of the seller was not released. The value-add property offers one- and two-bedroom units with shared amenities including a swimming pool with a sun deck, clubhouse, basketball court, coffee bar, study lounge and game room. The community is set to undergo interior and exterior renovations, to include the installation of hot tubs and the addition of new countertops, lighting, appliances and fixtures to unit interiors.
MISSOURI CITY, TEXAS — Houston-based Williamsburg Enterprises has broken ground on the latest phase of Sienna Crossing, a project in the southwestern Houston suburb of Missouri City that will deliver 60,000 square feet of retail space. Williamsburg acquired the 35-acre tract in 2014, and the property now houses retailers such as Academy Sports + Outdoors, IHOP and Chick-fil-A. This phase of the project, which is expected to be complete in the first quarter of 2020, is preleased to retailers such as 24-Hour Fitness and Spec’s Wine, Spirits & Finer Foods.
CHICO, CALIF. — CBRE has arranged $24.5 million in financing for Westmont Living. The funds will refinance existing debt on The Inn at the Terraces of Chico, an 80-unit assisted living property located 90 miles north of Sacramento in Chico. The average housing value within a one-mile radius of the property is $514,032, while average household income sits at $103,847. Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the Freddie Mac financing. The 10-year, fixed-rate, cash-out loan features 72 months of interest-only payments. CBRE also financed the first phase of the development via agency debt in 2016.