ROYAL OAK, MICH. — Bernard Financial Group has secured a $15 million loan for the refinancing of a 73,000-square-foot office building in Royal Oak. The multi-tenant building was completed this summer. The loan, provided by RGA Recap, will be used to refinance a construction loan. Dennis Bernard arranged the loan on behalf of the borrower, Innovo Royal Oak LLC.
BLOOMINGTON, MINN. AND MILFORD, OHIO — Four Springs Capital Trust (FSCT) has acquired two automotive service centers for an undisclosed price. One of the properties is a collision repair center leased to ABRA Auto Body & Glass in Bloomington, Minn. The other is a tire and service center occupied by AAA in Milford, Ohio. Sellers of the properties were not disclosed. New Jersey-based FSCT is an internally managed, private real estate investment trust focused on acquiring a portfolio of net leased retail, industrial and healthcare properties.
CLAYTON, MO. — Pinnacle Real Estate Advisors LLC has arranged the sale of a 3,600-square-foot property occupied by Qdoba, a fast-casual Mexican restaurant, in Clayton for $1.8 million. The single-tenant building is located at 6701 Clayton Road across the street from a Schnuck’s grocery store. Qdoba has operated at the location since 2016. Zach Wright, Rob Edwards and Tom Ethington of Pinnacle represented the buyer, a Texas-based investor. A local real estate company was the seller.
AUSTIN, TEXAS — Philadelphia-based Brandywine Realty Trust (NYSE: BDN) will develop 405 Colorado, a 200,000-square-foot office tower in downtown Austin. The 25-story, Class A building will include 3,665 square feet of ground-floor retail space and a 12,500-square-foot sky lounge on the 14th floor. The sky lounge will offer a café, conference areas and a fitness center. Construction is scheduled to begin in January 2019 and wrap up in December 2020. CBRE will handle leasing and marketing of the property.
TYLER, TEXAS — HFF has arranged a $105 million loan for the refinancing of The Village at Cumberland Park, a nearly 650,000-square-foot retail power center in Tyler, about 100 miles east of Dallas. The property, construction of which began in 2014, comprises 14 buildings leased to tenants such as Nike, Bed Bath & Beyond, Burlington and Old Navy. Jim Curtin of HFF, along with Joseph Monteleone of Q10 | Triad Capital Advisors, secured the 36-month, floating-rate loan through Bank of America on behalf of the borrower, The Retail Connection.
DALLAS — Berkadia has brokered the sale of The Montage Apartments and The Hub Apartments, two multifamily assets totaling 624 units in Dallas. Both properties offer one-, two- and three-bedroom floorplans and swimming pools. Jeff Rowerdink, Joe Leon and Jay Gunn of Berkadia represented the seller, Texas-based Firestone MLP, in the transaction. Jackson Cloak, Ed Kim and Collin Downey of Berkadia secured two acquisition loans through Utah-based Bridge Investment Group for the buyer, California-based Greenlaw Partners. Each loan featured an adjustable 4.79 percent interest rate.
HOUSTON — Local investment firm Tarantino Properties has acquired Ascension on the Bayou, a 280-unit multifamily community in Houston. The property was completed in 2017 and features a mix of one- and two-bedroom units. Amenities include a pool, outdoor grilling area, fitness plaza with ping pong tables, indoor fitness center, entertainment lounge, business center and a dog park. Cortney Cole and Sterling Curry of HFF arranged a 10-year acquisition loan on behalf of Tarantino for the transaction. The seller was not disclosed.
UVALDE, TEXAS — Hobby Lobby will open a 50,000-square-foot store at Uvalde Plaza Shopping Center in Uvalde, a city with a population of about 17,000 located roughly 80 miles west of San Antonio. Other tenants at the center include Hibbett Sports, Spectrum Communications and Rent-A-Center. Paul Burkhart and Ron White of Concordia Equity represented Hobby Lobby in the lease negotiations. Rob Holliday of Holliday Interests represented the landlord.
SAN FRANCISCO — The San Francisco Giants has selected Tishman Speyer as its joint venture partner to develop Mission Rock, a waterfront mixed-use neighborhood near AT&T Park in San Francisco. The development is a public-private partnership with the Port of San Francisco and the City and County of San Francisco. Serving as the centerpiece of the emerging Central Waterfront neighborhood, Mission Rock will span 28 acres and feature approximately 1,400 residential rental units, with 40 percent affordable to low- and moderate-income families; eight acres of parks and open space, including a waterfront park; up to 1.4 million square feet of office space; 250,000 square feet of retail and local manufacturing space; a parking structure to serve ballpark and neighborhood needs; rehabilitation of the historic Pier 48; and public waterfront access and improvements, including a segment of the Blue Greenway trail connection from Embarcadero to Hunters Point.
PHOENIX — Mayo Clinic has announced plans to double the size of its Phoenix medical campus with a $648 million expansion over the next five years. Dubbed the Arizona Forward Project, the plan will add 1.4 million square feet of building space to the existing 1.7 million square feet, with expanded clinical capacity, support services and infrastructure near Loop 101 and 56th Street in North Phoenix. Highlights of the expansion include a six-story patient tower; three-floor addition to the existing four-story Mayo Clinic Building; three-story building to house an expanded Emergency Department, Laboratory Medicine, Radiology and Pharmacy departments; 1,000-space underground patient parking garage; 1,600-space multi-level staff parking garage; and new infrastructure space. New patient areas are projected to open as early as June 2020, with the final phase opening in April 2023. The expansion plan increases the number of inpatient beds from 280 to 374 by 2023 and creates close to 2,000 new jobs, including nearly 200 physicians by 2029.