Property Type

NEWNAN, GA. — Atlanta-based Bull Realty has arranged the $14.8 million sale of 1825 Summit, a 100,000-square-foot office building in Newnan. Delta Community Credit Union sold the building, which was 56 percent leased at the time of sale. The financial community will continue to operate within the asset. MBRE acquired the property for $147.50 per square foot. 1825 Summit is located 37 miles southwest of downtown Atlanta and immediately adjacent to Summit Family YMCA and Georgia Bone & Joint medical office building.

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MIAMI BEACH, FLA. — Integra Investments and Constellation Group have purchased a 31,270-square-foot office building located at 1674 Meridian Ave. in Miami Beach for $10.1 million. The asset also includes 5,500 square feet of ground-level retail space. The partnership will market the office space to small- and medium-sized tenants. New ownership is planning a multimillion-dollar renovation that includes upgrading the lobby and common areas, as well as adding a new roof and floor-to-ceiling windows. Ivy MBT Realty was the seller.

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HANAHAN, S.C. — Avison Young has negotiated a 101,823-square-foot industrial lease on behalf of W.W. Williams Co. at 5801 N. Rhett Ave. in Hanahan. W.W. Williams specializes in fleet management and logistics services. Situated about 11 miles from Port of Charleston, 5801 N. Rhett Ave. is a 300,000-square-foot building that features 18 dock doors. Alan Bolduc, Courtney Marous and Kathleen Isola of Avison Young represented the tenant in the lease transaction. Charleston-based Bridge Commercial represented the landlord, CenterPoint Properties Trust.

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HOUSTON — Los Angeles-based investment firm Regent Properties has acquired Park Towers, a 545,242-square-foot office complex in Uptown Houston, for $89.5 million. Built in the 1970s, redeveloped in 2000 and renovated in 2017, Park Towers comprises two 18-story towers over a shared parking structure at the northeast corner of Interstate 610/West Loop and Post Oak Boulevard. Amenities include a fitness center and a conference center. The seller was not disclosed.

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AUSTIN, TEXAS — A partnership between Starwood Capital Group and Vanderbilt Partners has purchased the Campus at Arboretum, a 319,000-square-foot office property in northwest Austin. The campus offers proximity to The Domain, one of Austin’s premier shopping and dining destinations, as well as picnic areas, a volleyball court and a basketball court.

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RICHMOND, TEXAS — CBRE has arranged a $34.1 million loan to refinance The Delaney at Parkway Lakes, a 207-unit independent living, assisted living and memory care community in Richmond, approximately 25 miles southwest of downtown Houston. The borrower was a joint venture between Blue Moon Capital Partners and LCS Real Estate. The community is situated on more than 10 acres and construction was recently completed. Aron Will and Austin Sacco of CBRE National Senior Housing arranged the five-year, floating-rate loan with 36 months of interest-only payments. A national bank provided the funds.

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BELLAIRE, TEXAS — Jacob White Construction has broken ground on Bissonnet Medical Plaza, a 52,000-square-foot healthcare project in Bellaire, a southwestern suburb of Houston. Building features will include a patient drop-off area, gurney-sized elevators and both surface level and garage parking. Completion is slated for the fourth quarter of 2020. JLL will handle leasing of the property.

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INDIANA, MICHIGAN, OHIO AND WEST VIRGINIA — Albanese Cormier Holdings has acquired nine shopping centers totaling 758,983 square feet in Indiana, Michigan, Ohio and West Virginia. The purchase prices were undisclosed. ShopOne Centers REIT was the seller. Representatives from May Real Estate, Cooper Commercial Investment Group, Marcus & Millichap and JLL brokered the sales. The average occupancy of the properties is 92 percent. The properties include: Pine Lake Shopping Center (147,017 square feet) in LaPorte, Ind.; Forest Park Plaza (104,231 square feet) in Brazil, Ind.; Phoenix Square (47,415 square feet) in South Haven, Mich.; Amberwood Center (34,553 square feet ) in Ashland, Ohio; Barberton Shopping Center (105,313 square feet ) in Barberton, Ohio; DeVeaux Village Shopping Center (72,050 square feet) in West Toledo, Ohio; Perrysburg Marketplace (101,859 square feet ) in Perrysburg, Ohio; Reynolds Plaza (110,479 square feet ) in South Toledo, Ohio; and Huntington Mall (36,066 square feet ) in Barboursville, W.Va.

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HOUSTON — Lee & Associates has negotiated a 46,950-square-foot industrial lease at 8700 Clay Road in Houston for Imperial Wholesale Inc., a provider of ceramic and tile products. According to LoopNet Inc., the property was built in 1980 and totals 160,275 square feet. Jim Autenreith and Sam Rayburn of Moody Rambin represented the building owner in the lease negotiations. Preston Yaggi of Lee & Associates represented Imperial Wholesale.

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DEARBORN, MICH. — Mag Mile Capital has arranged a $22.5 million loan for the refinancing of two hotels in Dearborn. The first is a 107-room Holiday Inn Express located at 24041 Michigan Ave. and the second is a 102-room Staybridge Suites located at 24105 Michigan Ave. The borrower, Malik Abdulnoor of Stellar Hospitality, opened both hotels less than three years ago. Francisco Nacorda of Mag Mile Capital arranged the 10-year, nonrecourse loan with a fixed interest rate of 3.9 percent and a 25-year amortization schedule. An undisclosed investment bank provided the loan.

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