SIERRA VISTA, CALIF. — SVN Desert Commercial Advisors has brokered the sale of Shoppes at Sierra Vista, a shopping center located at 439/465 N. Highway 90 in Sierra Vista. Pennsylvania-based Kwang Lee of INU Real Estate Management acquired the property for $2.4 million. The seller was Barry Roth with Roth Partnership. At the time of sale, the property was 100 percent leased. Rommie Mojahed and Beau Flahart of SVN Desert Commercial represented the seller in the deal.
BIRMINGHAM, ALA. — Revere Capital has provided a $25 million refinancing loan for Brookwood Village, a 411,441-square-foot shopping center in Birmingham. The asset sits on 22 acres, about six miles south of downtown Birmingham. Tenants include Target, Verizon Wireless, DSW, Macy’s and The Fresh Market. The borrower was not disclosed, but the property is listed under management by CAPREF Manager, a subsidiary of Dallas-based Cypress Equities.
PENDERGRASS, GA. — Hillwood, a Dallas-based industrial owner and developer founded by Ross Perot Jr., has purchased Valentine 85 Logistics Center, a 1 million-square-foot distribution building in Pendergrass. Atlanta Business Chronicle reports the sales price was $44.9 million. The asset was recently delivered by a joint venture between San Antonio-based USAA Real Estate and Atlanta-based Seefried Industrial Partners. Valentine 85 features 40-foot clear heights, 50-foot-by-56-foot bays with 60-foot speed bays, 446 car parking spaces and 267 trailer parking spaces. The property is located at 117 Valentine Industrial Parkway near Interstate 85, about 28 miles north of Athens.
TAMPA, FLA. — SkyView Advisors has arranged the sale of Seminole & Heights Self Storage, a 65,224-square-foot facility in Tampa. Located on a 2.1-acre site at 1011 E. Dr. Martin Luther King Jr. Blvd., the property offers nine non-climate-controlled units and 625 climate-controlled units. The buyer and sales price were not disclosed. Ryan Clark of SkyView Advisors represented the undisclosed seller.
NEWNAN AND LAWRENCEVILLE, GA. — Anchor Health Properties has acquired two fully leased medical office buildings (MOBs) in metro Atlanta on behalf of the Chestnut Healthcare Fund, a discretionary equity fund focused on the acquisition and development of medical office assets across the United States. The first property, 721 Wellness Way in Lawrenceville, is occupied by Northeast Endoscopy, which provides services including gastroenterology, imaging and family medicine. The asset is adjacent to Gwinnett Medical Center, which recently announced a merger to become Northside Hospital, and about 30 miles northeast of downtown Atlanta. The second property is situated at 7110 Newnan Crossing Bypass in Newnan, about 35 miles southwest of downtown Atlanta. The Newnan property is adjacent to Piedmont Newnan Hospital and is occupied by Avail Dermatology. Colliers International represented the seller, an affiliate of Pace Lynch Realty, in the transaction. Synovus Bank provided acquisition financing on behalf of the buyer. The sales prices were not disclosed.
MIAMI — Ready Capital has provided an $8 million acquisition, renovation and lease-up loan for an 8,000-square-foot, vacant building in the Miami neighborhood of Wynwood. Ready Capital provided the nonrecourse, interest-only, floating-rate loan that features a 36-month term with two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. The undisclosed borrower will use the funds to redevelop the property into high-street storefronts with a food and beverage concept in the back.
GRAND PRAIRIE, TEXAS — Cherryman Industries, a manufacturer and distributor of office furniture, has signed an 189,200-square-foot industrial lease at Grand Lakes 4053 in Grand Prairie, located roughly midway between Dallas and Fort Worth. Duke Realty owns the front-load building, which features 32-foot clear heights, a 185-foot truck court, 112 automobile parking spaces and 44 trailer parking spaces. Krista Raymond and Dave Anderson of CBRE represented Cherryman Industries in the lease negotiations. Randy Wood represented Duke Realty on an internal basis.
PLANO, TEXAS — Chicago-based NXT Capital has provided a $29 million first mortgage loan for the acquisition of a 250-unit apartment community in Plano. The property is located within half a mile of U.S. Highway 75 and offers a pool, fitness center, outdoor grilling area, business center, tennis court, media room and an indoor basketball court. Jeremy Sain of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower.
AUSTIN, TEXAS — Atlanta-based NitNeil Partners will develop an 877-unit self-storage facility at 2021 Airport Blvd in Austin. The four-story, 100,000-square-foot facility will be developed within a Qualified Opportunity Zone on the city’s east side. The opening is currently scheduled for March 2020.
MESQUITE, TEXAS — Urban Air Adventure Park, an entertainment concept that centers on trampolines, will open a 30,706-square-foot venue in Mesquite, an eastern suburb of Dallas. The venue will be located within a freestanding building at 3777 Childress Ave. that was previously occupied by sporting goods retailer Gander Mountain, which filed for bankruptcy in 2017. David Zoller and Derek Schuster of Weitzman represented the landlord in the lease negotiations. Mike Stern and Josh Flores of EDGE Realty Partners represented Urban Air, which plans to open the venue late this summer.
