UNIONTOWN, PA. — Marcus & Millichap has negotiated the $1.4 million sale of a net-leased retail property occupied by Olive Garden in Uniontown. Located at 517 W. Main St., the 7,500-square-foot property is situated in a corridor with nearby retailers that include Home Depot and Target. Michael Lombardi and Steven Schiavello of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.
LODI, N.J. — NAI James E. Hanson has arranged the sale of a 73,373-square-foot industrial facility in Lodi for an undisclosed price. Scott Perkins, Andrew Somple, Greg James, Christopher Todd and Justin Allessio of NAI James E. Hanson represented the seller, AEW, in the transaction. The buyer was Mood Fabrics. Located at 39 Robinson Road, the facility features 29-foot clear heights in 16,447 square feet of the building and 14-foot clear heights through the remaining 56,896 square feet. The facility also includes three tailgates and three drive-in doors.
LIVE OAK, TEXAS — Mason Joseph Co. Inc. has provided a $28.5 million loan for the construction and permanent financing of Aspire at Live Oak, a 240-unit, market-rate apartment community in Live Oak, about 16 miles northeast of San Antonio. Mason Joseph closed the loan on behalf of the privately held developers, Covenant Development and San Antonio Commercial Property Investments. The HUD financing will feature a fixed interest rate for the 20-month construction period and the subsequent 40-year term. The project team includes general contractor Galaxy Building and property manager Capstone Real Estate Services. The developers anticipate Aspire’s rental rates to range from $1,000 to $1,600 per month.
SAN ANTONIO — JLL Capital Markets has brokered the sale of Cordoba Apartment Homes, a 260-unit multifamily community located at 7810 Callaghan Road in northwest San Antonio. Moses Siller and Zar Haro of JLL represented the seller, Leuven Group, in the transaction. The buyer, GVA Pro LLC, purchased the asset for an undisclosed price. According to Apartments.com, Cordoba’s monthly rental rates range from $644 for a studio apartment to $979 for a two-bedroom unit. Built in 1980 and renovated this year, the apartment community features two swimming pools, a tennis court, 24-hour laundry rooms and bilingual management.
FORT WORTH, TEXAS — Amegy Bank, a Texas bank with $13 billion in assets and about 1,600 employees, is set to open its first Fort Worth office in the city’s Sundance Square district downtown. The bank will occupy 8,091 square feet of space in The Westbrook, a Class A office building located at 425 Houston St. Jamie Galati of JLL represented Amegy Bank in the lease negotiations. Robert Gamblin represented the landlord, Sundance Square, internally. In addition to the new office space, Amegy Bank plans to open its first full-service banking center in Fort Worth in mid-November at 2718 Hulen St.
HUMBLE, TEXAS — Marcus & Millichap has arranged the sale of The Centre at Eagle’s Nest, a 23,511-square-foot retail property located at 5324 Atascocita Road in Humble, about 19 miles northeast of Houston. Nate Newman and Logan Kelly of Marcus & Millichap’s The Woodlands office represented the seller, a limited liability company, in the transaction. Newman also secured and represented the buyer, another limited liability company. The sales price was undisclosed. Built in 2005, The Centre at Eagle’s Nest was fully leased at the time of sale to tenants that Kelly describes as “Amazon-proof.”
FRISCO, TEXAS — Greysteel has arranged the sale and financing for Preston Trace, a 40-unit apartment community located at 8660 Preston Trace Blvd. in Frisco. Built in 1976, the garden-style property’s units are reserved for renters earning 50 percent or less of the area median income (AMI). Doug Banerjee, Boyan Radic, John Marshall Doss, Andrew Mueller, Andrew Hanson, Scott Simon and Jack Stone of Greysteel represented the undisclosed seller in the transaction. The Greysteel team also originated a Fannie Mae acquisition loan on behalf of the undisclosed buyer.
CORAL SPRINGS, FLA. — Tiktin Real Estate Investment Services (TREIS) has brokered the $43 million sale of the Heron Bay Office and Retail Portfolio in Coral Springs. The Broward County portfolio includes Waterway Shoppes, a 40,258-square-foot retail center; Heron Bay III, a 45,344-square-foot, Class A office building; and Heron Bay IV, a 45,383-square-foot, Class A office building. Adam Tiktin and Alejandro Snyder of TREIS arranged the transaction on behalf of the sellers, RM-NA HB Three Office Building LLC, RM-NA HB Four Office Building LLC and RM-NA HB Waterway Shoppes LLC. Asuman 57th Street LLC acquired the assets. The sellers constructed the three buildings in 2006 and 2008. The portfolio is fully occupied by a mix of national, regional and local tenants.
SACRAMENTO, CALIF. — Ridge Capital Investors and Contrarian Capital Management have acquired two apartment communities in metro Sacramento. JCM Partners sold the properties in two separate transactions totaling $39.5 million. The properties are La Rivera Commons, built in 1975 and located at 8719 Woodwan Way, and Antelope Woods, built in 1986 and located at 6413 Tupelo Drive. Both properties are Class B apartment communities and feature a total of 268 units. The ownership group plans to execute a renovation program across the two-property portfolio that will include substantial improvements to unit interiors and exteriors, as well as upgrades to property amenities, branding and signage. Upon completion, the properties will compete with comparable Class B+ and A- properties, according to the new owners. Marc Ross of CBRE represented the seller on the La Rivera Commons transaction. Steve Nelson, Dusty Haeling, Phil Saglimbeni, Sal Saglimbeni and Ken Blomsterberg of Marcus & Millichap/IPA represented the seller in the Antelope Woods deal.
TEMPE, ARIZ. — NorthMarq Multifamily has arranged the sale of Nines Apartments, located at Baseline and Rural roads in Tempe. Los Angeles-based Tides Equities LLC acquired the property from 3rd Ave Investments for $38.5 million. Built in 1974, Nines Apartments features 244 units in a mix of studio, one-, two- and three-bedroom layouts. The buyer plans to implement interior and exterior improvements to the property. Bill Hahn, Trevor Koskovich and Jesse Hudson of NorthMarq Multifamily represented the buyer and seller in the transaction.