OAK FOREST, ILL. — American Street Capital (ASC) has arranged a $5.3 million bridge loan for a 72-unit multifamily complex in Oak Forest, about 24 miles south of Chicago. The garden-style property is comprised of two buildings and 98 parking spaces situated on 2.1 acres. Floor plans average 850 square feet. Igor Zhizhin of ASC arranged the 12-month, nonrecourse loan with an agency lender.
SOLON, OHIO — Chase Properties has purchased a 55,000-square-foot cold storage warehouse and distribution center in Solon, about 20 miles southeast of Cleveland. The purchase price was not disclosed. The property, situated at 6575 Davis Industrial Parkway, is Chase Properties’ first industrial acquisition.
DELAWARE, OHIO — Marcus & Millichap has brokered the sale of a 14,490-square-foot property net leased to Walgreens for $2.7 million. The building is situated on 1.7 acres at 19 London Road in Delaware, about 30 miles north of Columbus. The property was built in 2001. Walgreens recently extended its lease through 2026. Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Brandon Hanna of Encore Real Estate Investment Services secured and represented the buyer, a private investor.
MCKINNEY, TEXAS — Cinemark Holdings Inc. (NYSE: CNK) has opened a 14-screen theater at the intersection of U.S. Highway 380 and Hardin Boulevard in the northern Dallas suburb of McKinney. The freestanding venue features wall-to-wall screens, oversized recliners with footrests, an arcade and a variety of food and beverage options. The theater is Cinemark’s 27th in the metroplex.
SAN ANTONIO — HFF has negotiated the sale of The Children’s Hospital of San Antonio Health Pavilion, a newly built, 57,250-square-foot hospital and medical office building located in the Stone Oak area of San Antonio. The property, which is situated adjacent to the 242-bed Methodist Stone Oak Hospital, was fully leased at the time of sale. Evan Kovac, Ben Appel, Andrew Milne, Matt DiCesare, Maria Poyer and John Taylor of HFF represented the seller, New York-based Seavest Healthcare Properties LLC, and procured the buyer, Chicago-based Harrison Street. John Chun of HFF arranged an undisclosed amount of debt for the acquisition.
HOUSTON — Marcus & Millichap has arranged the sale of a 34,000-square-foot industrial asset located at 11500 S. Sam Houston Parkway West in Houston. According to crexi.com, the property was built in 2001 and is triple net-leased to a single tenant. David Luther and Morgan Hansen of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was an out-of-state exchange investor. The asset had a list price of $3.95 million.
HOUSTON — Extended Stay America Inc. (NASDAQ: STAY) has opened Extended Stay America Houston IAH Airport, a 115-room hotel in Houston and the first franchise conversion in the brand’s history. The three-story property offers a business center, laundry facilities and in-suite kitchens and work desks. An affiliate of Dallas-based Provident Realty Advisors Inc., which recently purchased 16 Extended Stay America hotels, owns the all-suite property.
GALVESTON, TEXAS — Houston-based River Oaks Equity Partners has brokered the sale of Oasis Apartments, a 30-unit, Class C property in Galveston. Clint Roberts of River Oaks represented the seller and the buyer, both of which requested anonymity, in the transaction.
CARSON, CALIF. — Developer MBK Rental Living and general contractor Snyder Langston have broken ground on Evolve South Bay, a multifamily complex at 20330 S. Main St. in Carson. Situated on 11.8 acres, the 300-unit Evolve South Bay will feature three-story stacked flats with top-floor lofts in a mix of one-, two- and three-bedroom layouts with private garages. The units will feature modern cabinetry, quartz countertops, stainless steel appliances and wood-style flooring. Community amenities will include a fitness center, resort-style pool and spa, barbecue area, outdoor fireplaces, outdoor fitness equipment, dog park, walking path, co-working space, business center, social lounge and California Room, an open-air transition space. Snyder Langston has completed more than 50 percent of the vertical and horizontal utility improvements and land stabilization work for Evolve South Bay. The property is slated to begin pre-leasing in early 2020.
SAN FRANCISO — Clarion Partners and LPC West have acquired 215 Fremont, an office building in San Francisco’s financial district for an undisclosed price. Constructed in 1927 and renovated in 2001, the eight-story office building features 360,000 square feet of office space with 45,000-square-foot floor plates and multiple roof decks. Additional building amenities include terraces, bicycle parking, shower facilities, on-site parking and 19,000 square feet of ground-floor retail space. JLL and Eastdil Secured assisted in the transaction.
