Property Type

Mortenson Sells 210-Key Hampton Inn & Suites in Downtown Phoenix for $44M

by Amy Works May 4, 2018

PHOENIX — Mortenson, a U.S.-based construction and real estate development company, has completed the construction of a Hampton Inn & Suites by Hilton in downtown Phoenix. Located at 77 E. Polk St., the 11-story hotel features 210 guest rooms. Apple Hospitality REIT acquired the newly completed hotel for $44 million, or $210,000 per key. The 123,900-square-foot property offers a bar and lounge, business center, meeting space, fitness center and breakfast room. North Central Group will manage the hotel, which is the first Hampton Inn & Suites hotel in downtown Phoenix. Mortenson served as developer and general contractor, PK Architects provided architectural services, Design Force served as interior designer, and PK Associates, Peterson Associates Consulting Inc. Dibble Engineering provided engineering services for the project.

May 4, 2018

Arizona Development Industrial Office Retail Western

Sigma Contracting Breaks Ground on 100,000 SF Furniture Warehouse in Mesa, Arizona

by Amy Works May 4, 2018

MESA, ARIZ. — Sigma Contracting has broken ground on a headquarters and warehouse facility for Potato Barn, a high-end furniture retailer. Situated on 8.4 acres at 7104 E. Ray Road in Mesa, the 100,000-square-foot property will feature 50,000 square feet of retail space, 30,000 square feet of warehouse space and a 20,000-square-foot outlet store. The $7.4 million facility is slated to open in January 2019. Perez McGree is providing architectural services for the project. The family-owned store plans to consolidate its operations into the new facility and close its locations at 4900 E. Power Road and 586 E. Germann Road in Gilbert, Ariz.

May 4, 2018

Acquisitions Arizona Hospitality Multifamily Western

Orion Investment Negotiates $3.3M Sale of Motel Property in Phoenix

by Amy Works May 4, 2018

PHOENIX — Orion Investment Real Estate has arranged the sale of a motel property located at 3547 E. Van Buren St. in Phoenix. Risi Cos. acquired the short-stay motel, formerly known as Best Inn Suites, from Rudra Investment for $3.3 million, or $50,000 per unit. The buyer plans to convert the 66-room motel into an apartment property. At the time of sale, the motel was 97 percent occupied under daily, weekly and monthly terms. Zach Mishkin of Orion represented the buyer, while Joseph Dietz and Bob Farrell of Orion represented the seller in the deal.

May 4, 2018

Acquisitions California Retail Western

Marcus & Millichap Brokers $2.4M Sale of Vacant Retail Property in Santa Ana, California

by Amy Works May 4, 2018

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.

May 4, 2018

Acquisitions Industrial Self-Storage Texas

LeClaire Group Brokers Sale of 2,627-Unit Self-Storage Portfolio in Southeast Texas

by Taylor Williams May 4, 2018

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.

May 4, 2018

Acquisitions Multifamily Texas

Transwestern Arranges Sale of 1,154-Unit Multifamily Portfolio in Lubbock

by Taylor Williams May 4, 2018

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.

May 4, 2018

Development Retail Texas

EVO Entertainment to Open 73,000 SF Entertainment Center in Schertz, Texas

by Taylor Williams May 4, 2018

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.

May 4, 2018

Custer-Storage-&-Business-Center-McKinney-Texas

Acquisitions Industrial Self-Storage Texas

Strategic Storage Growth Trust Acquires 730-Unit Facility in Metro Dallas

by Taylor Williams May 4, 2018

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.

May 4, 2018

Garden-Valley-Apartments-Waxahachie-Texas

Loans Multifamily Texas

Love Funding Provides $26.3M HUD Construction Loan for Apartment Project in Metro Dallas

by Taylor Williams May 4, 2018

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.

May 4, 2018

Development Georgia Industrial Southeast

Core5 to Build $52M Industrial Facility, Corporate Headquarters for Beverage Distributor in Metro Atlanta

by Camren Skelton May 4, 2018

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.

May 4, 2018

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