DALLAS — Holt Lunsford Commercial has negotiated a 30,041-square-foot industrial lease renewal at 4949 Sharp St. in Dallas. Canon Shoults of Holt Lunsford represented the landlord, TA Associates, in the lease negotiations. The representative of the tenant, Music & Arts Center, was not disclosed.
CHANDLER, ARIZ. — Boardman Enterprises has completed the disposition of Chandler Heights Marketplace, a grocery-anchored neighborhood shopping center in Chandler. Sita Enterprises acquired the 124,822-square-foot asset for $30.8 million. Situated on 18 acres at 4940 S. Gilbert Road, the property was more than 69 percent occupied at the time of sale. Current tenants include Bashas’, Ace Hardware, Leslie’s Pool Supplies, Starbucks Coffee, Orangetheory Fitness, Pizza Hut, H&R Block and Edward Jones. Shane Jimenez of Lee & Associates of Idaho, along with Jan Fincham and Andrew Lundahl of Lee & Associates Arizona, represented the seller, while Nathan Cardon of Cardon Commercial represented the buyer in the deal.
LOS ANGELES — Parkview Financial has funded a $16.5 million construction loan to Los Angeles-based 5050 Pico LLC for the development of Kentish Town, a mixed-use project in Los Angeles. Located at 5050 W. Pico Blvd., the 60,110-square-foot property will feature 79 residential units and 2,121 square feet of ground-floor retail space. Additionally, the asset will include one grade-level parking area and one subterranean parking level, totaling 67 spaces. Community amenities will include two rooftop decks, a bike room with storage and a residential lounge. Apartments are available in a mix of studio and one-bedroom floorplans, averaging 601 square feet. Units will feature engineered hardwood/vinyl flooring, a full kitchen with stainless steel appliances and an in-unit washer/dryer, as well as balconies on the majority of the apartments. Eight of the units will offer below-market-rate rents.
KOKOMO, IND. — The Annex Group LLC, a student housing and affordable housing developer, has unveiled plans to develop a 50-unit affordable housing property at 918 N. Washington St. in Kokomo. The developer plans to break ground this month with completion slated for summer 2020. Known as Union at Washington, the property will include amenities such as a fitness center, playground, computer center and outdoor grilling area. River Hills Bank provided construction financing of approximately $6.5 million. Cinnaire provided $7 million in tax credit equity. Annex also worked in collaboration with the Kokomo Community Development Corp. and Indiana Housing and Community Development Authority. T&H Investment Properties LLC is serving as co-developer and co-owner of the project.
HOLLAND, MICH. AND BRYAN, OHIO — Industrial Commercial Properties LLC (ICP) has acquired two industrial properties totaling 470,000 square feet in Holland, Mich. and Bryan, Ohio. ICP purchased the buildings from Adient, an automotive seat manufacturer. Both properties are fully leased to Yanfeng Automotive Interiors, a global supplier of interior equipment for the automotive industry headquartered in Shanghai, China. The Holland facility is 148,000 square feet while the Bryan facility is 320,500 square feet.
GARDEN GROVE, CALIF. — CBRE has arranged $15.5 million in financing for Garden Grove Hotel LLC, a private buyer, for the development of a Home2Suites hotel in Garden Grove. Bruce Francis, Dana Summers, Doug Birrell, Bob Ybarra, Shaun Moothart and David Stinebaugh of CBRE facilitated the loan. The financing features an 18-month floating-rate period during construction that will convert into a fixed-rate loan for 36 months with two one-year extension options. The lending amount represents 73.5 percent of total project costs. Located at 13650 Harbor Blvd., the 124-unit hotel is currently under construction, with completion slated for late 2020.
CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a multi-tenant retail building in Chicago for $2.9 million. The 19,289-square-foot property is located at 5101-5149 S. Cicero Ave. The asset is fully leased. Some of the tenants include Dollar Tree, Boost Mobile and Cricket Wireless. Chad Firsel of Quantum brokered the transaction. A Charlotte, N.C.-based private investor purchased the property from a Chicago-based acquisition and development company.
LANSING, MICH. — Marcus & Millichap has negotiated the sale of a CubeSmart Self Storage facility in Lansing. The sales price was not disclosed. The 67,500-square-foot property is located at 4724 S. Creyts Road. The facility includes 89 climate-controlled units and 444 standard drive-up units for a total of 533 units. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company.
FLINT, MICH. — SRS Real Estate Partners has arranged the ground lease sale of a 7,163-square-foot property occupied by Texas Roadhouse in Flint for $1.7 million. Constructed in 2015, the building is located at 4140 Miller Road. The triple net lease has approximately 13 years remaining on the initial term. Dan Elliot and Sean Lutz of SRS represented the seller, JSNT Real Estate LLC. Richmond Properties IV LLC purchased the property. The cap rate was 5 percent.
MOORPARK, CALIF. — Orange County, Calif.-based MCA Realty has completed the sale of an industrial building, located at 14401 Princeton Ave. in Moorpark. Big Brand Tires acquired the asset for $10.2 million. The buyer plans to fully occupy the 69,914-square-foot property. MCA purchased the property in November 2017, as part of a 137,465-square-foot, two-building industrial acquisition for $7.5 million. Renovations included the removal of approximately 20,000 square feet of mezzanine space to create more functional space. Additionally, the seller added an expansion truck court and large loading dock with a canopy. Bennett Robinson of CBRE, along with Robert Griffin and Rick Sheckter of Newmark Knight Frank, represented the seller, while John Ochoa of Lee & Associates represented the buyer in the transaction.