SANTA ANA, CALIF. — Marcus & Millichap has brokered the sale of The Legion Building, a retail property located at 313 N. Birch St. in Santa Ana. An undisclosed buyer acquired the property for $2.4 million, or $155.63 per square foot. At the time of sale, the 15,742-square-foot property was vacant. Joseph Lising of Marcus & Millichap brokered the transaction. The name of the seller was not released.
BEAUMONT, TEXAS — The LeClaire Group, a division of Marcus & Millichap, has brokered the sale of a portfolio of Lisotta’s Self Storage properties in southeast Texas. The seven facilities were constructed in the 1970s and 1980s and total 389,386 net rentable square feet across 2,627 units. Two of the properties are located in Beaumont and two are located in Nederland, with the other facilities located in Groves, Bridge City and Orange. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, an individual/personal trust. An undisclosed limited liability company purchased the portfolio.
LUBBOCK, TEXAS — Transwestern has arranged the sale of a three-property, 1,154-unit multifamily portfolio in the West Texas city of Lubbock. The properties include The Park, a 528-unit asset that includes townhomes and single-level apartments with yards; Ashton Pointe, a 366-unit community that offers a fitness center and racquetball court; and Dominion Apartments, a 260-unit property that features a pool and fitness center. James Roberts, Philip Wiegand and Taylor Snoddy of Transwestern represented the seller, Lubbock-based McDougal Cos. A Colorado-based investment firm purchased the portfolio for an undisclosed price.
SCHERTZ, TEXAS — San Marcos-based EVO Entertainment Group will open a 73,000-square-foot entertainment center within The Wiederstein Ranch shopping center in Schertz, a northeastern suburb of San Antonio. The venue will feature a 10-screen movie theater, 16 bowling lanes, more than 100 arcade games, laser tag, a full restaurant and bar and private event space. Construction is scheduled to begin soon and the opening is slated for February 2019. The Schertz venue will be the company’s fifth location overall in the greater San Antonio area.
MCKINNEY, TEXAS — Strategic Growth Storage Trust Inc., a REIT sponsored by California-based SmartStop Asset Management LLC, has acquired Custer Storage & Business Center, a 730-unit self-storage facility in the northern Dallas metro of McKinney. Built in 2015, the 95,000-square-foot property includes 10 single-story buildings with approximately 230 drive-up units and 500 first-floor units that are climate-controlled. The seller and sales price were not disclosed. With this acquisition, Strategic Growth Storage Trust’s portfolio consists of 26 self-storage properties totaling roughly 17,300 units and 1.9 million net rentable square feet across 10 states.
WAXAHACHIE, TEXAS — Love Funding has provided $26.3 million in construction and permanent financing for Garden Valley Apartments, a 213-unit market-rate apartment project being developed in the southern Dallas suburb of Waxahachie. The property will feature one- and two-bedroom units and amenities such as a pool and attached garages. Love Funding secured the loan through HUD’s 221(d)(4) program. Cross Architects will design the property and Brownstone Construction Ltd. will serve as general contractor.
AUSTELL, GA. — Atlanta-based Core5 Industrial Partners has unveiled plans to construct a 601,350-square-foot build-to-suit facility for Empire Distributors at 685 Hartman Road in Austell, roughly 18 miles west of Atlanta. Total project costs are estimated at more than $52 million. Upon completion of the property in the fourth quarter, the beverage distributor will relocate to the new facility from its current 300,000-square-foot location at Atlanta Industrial Park. The new climate-controlled facility will house Empire’s corporate headquarters and regional distribution operations, and will include 80,000 square feet of two-story office space. Empire will move more than 440 employees to the new facility, with anticipated growth to more than 510 employees within 10 years. Randall Paulson Architects and Southeast Engineering Inc. are designing the building, Plateau Excavating is the site work contractor, and KBDG Inc. is the general contractor. Bilijack Bell of Wilson, Hull & Real Estate represented Core5 in the land acquisition, and Blaine Kelley of CBRE represented Empire in the acquisition of the facility.
RALEIGH, N.C. — KDC has started construction on a new regional office building for Credit Suisse in Raleigh’s Research Triangle Park. The 205,000-square-foot, four-story building will be located at 6933 Louis Stephens Drive, adjacent to the existing Credit Suisse office building that KDC developed in 2007. Upon completion of the new facility in June 2019, KDC will begin renovations of the existing building. More than 3,000 Credit Suisse employees will occupy the campus after the project is complete. The investment banking and financial services company is headquartered in Zürich and has regional offices across the U.S. The 62-acre site will feature outdoor workspaces, a new food service cafeteria, internet cafés, conference center and a pedestrian trail. In addition, KDC will add new entrance and exit points and a pedestrian bridge to connect the two buildings. The developer plans to seek LEED certification for the project. Architecture firm Gensler, general contractor Brasfield & Gorrie and engineer Crenshaw make up the rest of the project team.
HOOVER, ALA. AND WILMINGTON, N.C. — KeyBank Real Estate Capital has provided $37.4 million in financing for two multifamily properties in Hoover and Wilmington. In Hoover, KeyBank provided a $16.3 million Fannie Mae loan for the acquisition of Hawthorne at Wisteria, a 200-unit community. The property was built in 1978 and renovated in 2015. In Wilmington, KeyBank provided a $21.1 million Freddie Mac loan for the refinancing of Hawthorne at New Centre, a 301-unit apartment community that was constructed in 1998 and renovated in 2014. Tim DeWispelaere of KeyBank originated both 10-year loans with 30-year amortization schedules on behalf of the undisclosed borrowers.
ROSWELL, GA. — Marcus & Millichap has arranged the $19.4 million sale of Space Shop Self Storage, a 1,174-unit self-storage property in Roswell, located roughly 23 miles north of Atlanta. Stacey Gorman of Marcus & Millichap arranged the transaction on behalf of the seller, Stein Investment Group, and procured the buyer, a regional self-storage operator. Space Shop Self Storage was constructed in 1995 and was recently renovated and expanded. The property is situated on six acres along Alpharetta Highway.