NOBLESVILLE, IND. — Lancaster Pollard has arranged a $19.9 million HUD-insured loan to fund the construction of Heritage Woods of Noblesville, a 124-unit affordable assisted living facility in Noblesville, a suburb of Indianapolis. Completion is slated for January 2019. The borrowers are Gardant Management Solutions and Horve Builders. The loan features a fixed interest rate and 40-year term. Brett Murphy led the transaction for Lancaster Pollard.
CHICAGO — American Street Capital (ASC) has arranged a $10.7 million loan for the refinancing of the Ivy Boutique Hotel in Chicago’s Magnificent Mile district. The 63-room hotel was formerly an office building. The 15-story property features a rooftop deck, two banquet halls and spa services. Igor Zhizhin of ASC arranged the loan, which was provided by a debt fund. The borrower was not disclosed.
PHOENIX — LevRose Commercial Real Estate/TCN Worldwide has arranged the acquisition of Bell Park Plaza, a shopping center located at the northeast corner of 43rd Avenue and Bell Road in Phoenix. Canada-based Triumph Real Estate Investment Fund from Hanley V Properties purchased the retail property for $7.2 million. At the time of closing, the 33,480-square-foot property was 93 percent occupied. Tenants include Subway, Hobby Bench, Banner Health Urgent Care and Papa John’s Pizza. Jon Rosenberg and Keri Davies of LevRose represented the buyer, while Greg Abbot of CBRE represented the undisclosed seller in the deal.
MILFORD, MICH. — Battery Solutions has signed a 94,000-square-foot industrial lease in Milford, about 40 miles northwest of Detroit. The property, located at 2950 Holtz Drive, will serve as the battery recycling company’s North American headquarters. Jim Montgomery of Signature Associates represented both the tenant and the landlord, Holtz Drive SW.
LONDON, OHIO — Marcus & Millichap has brokered the $1.1 million sale of a 6,790-square-foot property net leased to Advance Auto Parts in London, about 25 miles southwest of Columbus. The property is located at 246 Lafayette St. The tenant recently exercised an early lease extension. Nathan Coe and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was not disclosed.
ALLEN, TEXAS — A partnership between two Dallas-based firms, Provident Realty Advisors Inc. and Glaser Retail Partners, is scheduled to break ground this week on Stacy Green, a 73-acre mixed-use project in Allen, a northern suburb of Dallas. According to the Allen City Council, the project will include an undetermined amount of retail and restaurant space, urban residential and townhome units and a mixed-use area at the center of the development. The Dallas Morning News reports that the first buildings are slated to become available for occupancy in 2019. The news of the groundbreaking comes of the heels of Howard Hughes Corp.’s announcement of a 270-acre mixed-use development in Allen, zoning of which is scheduled to begin this year.
TYLER, TEXAS — Marcus & Millichap has brokered the sale of The Reserve Apartments, a 324-bed student housing asset in Tyler, about 100 miles east of Dallas. The property is located approximately one mile from the University of Texas at Tyler and features amenities such as a pool, fitness center and study rooms. Evan Burke, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, an out-of-state private investor, in the transaction. The trio also procured the buyer, an undisclosed higher education system.
DALLAS — Karr Self-Storage, a division of Marcus & Millichap, has arranged the sale of Oak Cliff Bargain Storage, a 297-unit facility in South Dallas. The property was built in 1973 and underwent renovations in 2015. Features include an on-site manager’s residence, modern office and showroom, perimeter fencing, gated entry and 16 surveillance cameras. Brandon Karr and Danny Cunningham of Karr Self-Storage represented the seller, a national operator headquartered in the Pacific Northwest. The duo also procured the buyer, a private investor.
HOUSTON — Lee & Associates has negotiated the sale of a 113,000-square-foot industrial property located at 13827 W. Hardy Road on Houston’s north side. The two-building, crane-served property was built in 1981 and includes roughly 5,700 square feet of office space between the two buildings. Mike Spears and Robert McGee of Lee & Associates represented the undisclosed seller in the transaction. Clay Pritchett of NAI Partners represented the buyer, Houston-based Quasar GP LLC.
HOUSTON — NAI Partners has closed the sale of an 89,914-square-foot manufacturing facility located at 6100 Cunningham Road in northwest Houston. An affiliate of United Equities Inc., a Bellaire, Texas-based real estate development and management firm, purchased the facility for an undisclosed price. The buyer will lease the space back to the seller, engineering firm KMEC. Travis Land and Michael Keegan of NAI Partners brokered the deal.