DENTON AND ADDISON, TEXAS — Venture Commercial has executed two restaurant leases totaling 11,225 square feet in North Texas. The Lion & Crown, an English-style pub, will occupy 9,700 square feet at 101 W. Hickory St. in Denton, and 3 Natives Juice Bar has signed a 1,525-square-foot lease at 5100 Belt Line Road in Addison. In the first transaction, Greg Blandford of Venture Commercial represented the tenant, and Alex Payne of Axis Realty Group of Denton Inc. represented the landlord. In the second deal, Tim Henson of Venture Commercial represented the tenant and Amanda Throckmorton and Easley Waggoner, also with Venture Commercial, represented the landlord.
STONINGTON, CONN. — KeyBank Real Estate Capital has provided a $23 million construction loan for the development of Harbor Heights Apartments, a multifamily property in Stonington. Once completed, the property will include 121 units in a four-story building. Jeff Rodman of KeyBank secured the fixed-rate financing with a 40-year amortization schedule on behalf of the undisclosed borrower.
MANCHESTER, CONN. — Cornerstone Realty Capital has arranged a $4.8 million loan to refinance Manchester Green, a 72-unit apartment complex in Manchester. Located approximately nine miles east of Hartford, the property consists of four buildings with a mix of one- and two-bedroom units. All units feature hardwood floors, modern kitchen and bathroom finishes as well as basement storage. Paul Natalizio of Cornerstone secured financing on behalf of the undisclosed borrower. A local bank provided the loan.
NEWARK, N.J. — Marcus & Millichap has negotiated the $4.2 million sale of a mixed-use property in Newark. Located at 569 and 571-577 Broad St., the 22,575-square-foot property consists of ground-floor retail as well as office space and two apartment units on the second floor. Alan Cafiero, Ben Sgambati, David Cafiero and Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
NAPA, VALLEJO, HERCULES, ANTIOCH, DUBLIN AND HAYWARD, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of a seven-property multifamily portfolio located in the Bay Area. San Francisco-based Reliant Group Management purchased the portfolio from an undisclosed private company for $116 million. Totaling 478,345 square feet, the portfolio features 603 apartments. The buyer plans to convert four of the properties, totaling 369 units, to affordable housing with the use of bonds and low-income housing tax credits. Three of the property (234 units) will continue to be maintained as workforce housing. Additionally, the buyer plans to renovate all apartments, investing approximately $40,000 per unit. Richard Knutson, Anthony Pappageorge, Zach LeBeouf, Will Thomas and Kathy Knutson of NKF represented the seller in the transaction.
VISTA, CALIF. — Ohio-based SITE Centers (formerly DDR) has completed the disposition of Vista Village, an entertainment-focused neighborhood shopping center in Vista. Las Vegas-based CFT Vista acquired the property for an undisclosed price. Built in 2003, the 195,009-square-foot property is occupied by Frazier Farms, Cinepolis, Wave Waterpark (not a part of the sale), Pets Plus and Crunch Fitness, among others. Jimmy Slusher, Eric Shain, Philip Voorhees and Reg Kobzi of CBRE represented the seller and buyer in the transaction.
DESERT HOT SPRINGS, CALIF., AND LAS VEGAS — Treehouse Real Estate Investment Trust has completed the purchase of two retail properties for a combined total of $33.5 million. Terms of the sales were not released. The properties are a retail storefront development on Highland Drive in Las Vegas and a 45,000-square-foot Dutch greenhouse in Desert Hot Springs.
PHOENIX — Simone Bell Tower LLC has completed the sale of Bell Tower Apartments, a value-add multifamily community located at 17216 N. 33rd Ave. in North Phoenix. KA Capital acquired the property for $26.3 million. Completed in 1986, Bell Tower Apartments features 224 units. Brad Goff, Brett Polachek and Chris Center of Newmark Knight Frank represented the seller in the deal.
REDMOND, ORE. — Compass Commercial Real Estate Services has arranged the sale of an industrial property in Redmond. Located at 2050 SW Deerhound Ave., the property features 13,602 square feet of industrial space. Bruce Churchill of Compass Commercial Real Estate Services represented the undisclosed buyer and seller in the deal.
CHICAGO — Meijer continues to roll out its “shop & scan” mobile shopping checkout program, announcing 23 stores in Chicago and northwest Indiana following success in Michigan test markets. The technology is available through the Meijer mobile app. Users can scan bar codes on items as they shop. A running total of items is calculated and shoppers can scan their phones at a self-checkout lane to pay. The Meijer mobile app has been downloaded more than 1.1 million times since the pilot launch at 54 Michigan stores last year, according to Gerald Melville, regional vice president. More than 80 percent of Meijer customers have repeatedly used the app. Grand Rapids, Mich.-based Meijer will continue to roll out the program at stores throughout 2019. The grocer operates more than 240 stores throughout Michigan, Ohio, Indiana, Illinois, Kentucky and Wisconsin.