ARLINGTON, TEXAS — Michigan-based mortgage banking firm Bernard Financial Group has arranged an $11.7 million loan for the refinancing of a 145,323-square-foot office building in Arlington. Dennis Bernard of Bernard Financial Group placed the loan through Ameritas Life Insurance Co. on behalf of the borrower, Brookhollow II Holdings LP.
HOUSTON — NAI Partners has negotiated the sale of a 20,500-square-foot industrial property located at 4750 Windfern Road in Houston. According to LoopNet Inc., the property was built in 2008 and includes 110-foot truck court depths, 28 parking spaces and two grade-level overhead doors. Jake Wilkinson of NAI Partners represented the buyer, Himmel’s Architectural Door & Hardware, in the transaction.
WASHINGTON, D.C. — Aria Development Group has purchased a land parcel located at the corner of Florida Avenue and North Capitol Street N.E. in Washington, D.C., for an undisclosed price. The buyer is planning to develop a mixed-use building, including residential space, on the 25,000-square-foot site. The purchase represents the culmination of three years of assemblage activity to connect tree-lined P Street N.E. with Florida Avenue and North Capitol Street. Additional details of the transaction were not released. This acquisition represents Aria’s eighth multifamily or mixed-use investment in Washington, D.C.
MAULDIN, S.C. — Sunshine Retirement Living has broken ground on Maple Brook Terrace Retirement Community, a 133-unit seniors housing community in Mauldin, a suburb of Greenville in Upstate South Carolina. The three-story community will feature 150,000 square feet of living and communal space nearby to local shopping and entertainment centers. The project is scheduled for completion in late 2019. Based in Bend, Ore., Sunshine Retirement Living manages 21 retirement communities in 10 states, offering senior apartments, independent living, assisted living and memory care.
The Shopping Center Group Brokers $12.2M Sale of Grocery-Anchored Retail Center in Southwest Florida
FORT MYERS, FLA. — The Shopping Center Group has brokered the sale of Pelican Preserve, a grocery-anchored neighborhood center in Fort Myers. An affiliate of Baltimore-based Continental Real Estate purchased the property from an institutional seller for $12.2 million. Completed in 2007 and situated on 18.4 acres, Pelican Preserve features 69,500 square feet of retail space. At the time of sale, the property was 95.7 percent leased to a variety of tenants, including Winn-Dixie, H&R Block, Pizza Hut, Suncoast Credit Union and Great Expressions. Also included in the transaction is a city-approved plan for a second phase of the shopping center. Ready for immediate development, the plan includes two outparcels that can accommodate nearly 35,000 square feet of retail and restaurant space. Anthony Blanco and Lynn De Marco led The Shopping Center Group team that represented the seller in the deal.
ORLANDO, FLA. — Chicago-based Redwood Capital Group has completed the disposition of Reserve at Conway, an apartment community located at 3149 Landtree Place in Orlando. Virginia-based Chandler Residential acquired the property for an undisclosed price. Reserve at Conway features 220 garden-style apartments in a mix of one- and two-bedroom floor plans, averaging 748 square feet. At the time of sale, the property was 98.2 percent occupied. ARA Newmark brokered the transaction.
SANFORD, FLA. — Charles Wayne Properties has purchased Monroe CommerCenter South, a five-building industrial/flex campus located on 8.5 acres in Sanford, a Florida town in north Seminole County. Miami-based Monroe South RE LLC sold the asset for $9.6 million. Totaling 116,500 rentable square feet, the five buildings are located at 627-655 Progress Way, 663-691 Progress Way, 703-739 Progress Way, 4141-4186 Incubator Court and 4140 Flex Court. Built in 2013, Monroe CommerCenter South features office and warehouse space with grade-level roll-up doors. Ron Rogg and Chip Wooten of CBRE represented the seller in the deal. Charles Wayne Investment Management will handle asset and investment management functions for the property and its investors.
CHICAGO — Broughton Hotels has completed the renovation of its three historic boutique hotels in Chicago, including The Majestic Hotel, The Willows Hotel and City Suites Chicago. Initially built during the 1920s, each property now features new lobby furnishings, enhanced lighting, window treatments, linens, carpeting and artwork. City Suites also features new guestrooms. Anthony Laurino of California-based design firm ALD Designs created the concepts for each hotel’s renovation. The Majestic Hotel, which includes 52 rooms, features a baseball theme. The property is within walking distance of Wrigley Field. The Willows Hotel, which is home to 55 rooms, features a new lobby inspired by Lincoln Park Zoo. The 45-room City Suites Chicago features vibrant décor and urban art. The guestrooms are reminiscent of modern Chicago apartments.
KALAMAZOO, MICH. — Berkadia has arranged the sale of 700 SoHo near Western Michigan University in Kalamazoo for $19 million. The 488-bed student housing property, located at 700 S. Howard St., consists of four-bedroom units. Amenities include a resort-style pool and renovated clubhouse. Kevin Larimer and Greg Gonzalez of Berkadia brokered the sale. A Pittsburgh-based real estate company acquired the asset.
LAKE ZURICH, ILL. — Entre Commercial Realty has brokered the sale-leaseback of a 122,048-square-foot industrial facility in Lake Zurich. Brian Bocci of Entre represented the buyer, Exeter Property Group. Kris Keller of Keller Williams represented the seller, 1300 Rose Road LLC. The seller plans to lease back approximately 65 percent of the building on a long-term lease. The remaining portion of the property has another tenant in place. Built in 2005, the property features a clear height of 28 feet.