MESQUITE, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Pioneer Plaza, a 51,390-square-foot retail center in Mesquite, an eastern suburb of Dallas. The property was 85 percent occupied at the time of sale to mix of national, regional and local tenants. The seller was a group of investors based in California and Canada, and the buyer was a Texas-based investor.
GARLAND, TEXAS — TIG Real Estate Services Inc. has negotiated the sale of a 15,000-square-foot industrial building located at 3640 Marquis Drive in Garland, a northeastern suburb of Dallas. The Class B property was built in 1972 and includes eight drive-in doors. Matt Spellman of TIG represented the buyer in the transaction. Other terms of sale were not disclosed.
WARRENVILLE, ILL. — McShane Construction Co. has been selected by developer Interforum Holdings to construct a new apartment community called Canterra Residences in Warrenville, about 30 miles west of Chicago. The 364-unit complex will be built around a central parking garage. Amenities will include a health club, yoga studio, business center, pool and dog wash station. Construction will be done in phases with the entire development slated for completion in late 2020. Baranyk Associates LTD is providing architectural services. Interforum is a privately held real estate development and investment firm based in Northfield, Ill.
HODGKINS, ILL. — PCCP and Midwest Industrial Funds have acquired a vacant, 490,000-square-foot warehouse in Hodgkins, about 20 miles southwest of Chicago. The purchase price was not disclosed. The buyers plan to renovate the property and rename it as Hodgkins Center of Commerce. The venture plans to tear down part of the building in order to modernize it with 45 additional exterior docks, new office space, ESFR fire system, new roof and HVAC systems. Upon completion, the property will include 408,000 square feet with 62 dock doors and a clear height of 26 feet. The seller was not disclosed.
FRANKLIN PARK, ILL. — Matthews Real Estate Investment Services has brokered the sale of an 87,464-square-foot industrial building in Franklin Park for $11.6 million. DHL occupies the property. Neither the buyer nor the seller was disclosed. Maxx Bauman of Matthews brokered the transaction. The sales price represented a sub-6 percent capitalization rate.
PORTAGE, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $10.6 million HUD 223(f) loan for the refinancing of Timberwood Crossing in Portage, just south of Kalamazoo. The multifamily property includes 254 units. The fixed-rate loan, which features a 35-year term, will refinance the original short-term loan Cohen secured for the acquisition of the property. Trillium Investments was the borrower.
SAMMAMISH, WASH. — Newmark has secured $42 million in permanent financing for the Village at Sammamish Town Center, a 107,000-square-foot mixed-use property located in Sammamish. The property features 37,000 square feet of medical office space, a 35,000-square-foot Metropolitan Market and 35,000 square feet of retail space. The newly completed property is the only new commercial development on the Sammamish plateau in more than 20 years, according to Newmark. Michael Taylor, Skip Slavin and Patrick Taylor of Newmark’s Seattle office arranged the non-recourse financing on behalf of the property owner. The 14-year term, 30-year amortization loan was placed with one of Newmark’s correspondent lenders, and Newmark will service the loan.
CHANDLER, ARIZ. — SRS Real Estate Partners has brokered the purchase of Laguna Village, a neighborhood shopping center located at 5965 W. Ray Road in Chandler. Sean Thomas of SRS’ Phoenix office represented a private investor in the $14.7 million acquisition. Scottsdale, Ariz.-based BernsteinMurphy represented the seller, a private investment group, in the deal. Built in 1988, the 102,033-square-foot property was 90 percent occupied at the time of sale. Christ’s Church of the Valley is the anchor tenant of the property, which is situated on 17 acres.
RIPON AND PARADISE, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sale of two newly constructed, single-tenant retail properties in two separate transactions in Northern California. In the first transaction, Bill Asher and Jeff Lefko of Hanley Investment Group represented a Glendale, Calif.-based private developer in the disposition of a 1,550-square-foot drive-thru property located at 338 E. Main St. in Ripon. A Northern California-based private investor acquired the property for $2.7 million, or $1,773 per square foot. Starbucks Coffee occupies the property, which was built in 2018. Steve Zakula of Pacific Union International in San Francisco represented the buyer in the deal. In the second transaction, a Los Angeles-based private investor sold a 2,482-square-foot drive-thru property, located at 6344 Skyway Road in Paradise, to a Sonoma, Calif.-based private investor for $2.7 million, or $1,091 per square foot. Starbucks Coffee occupies the property, which was constructed in 2018. Asher and Lefko of Hanley Investment Group represented the seller, while Harry Dematatis of CBRE represented the buyer in the transaction.
CARLSBAD, CALIF. — CJ3 has completed the sale of a fully occupied industrial property located at 2721 Loker Ave. West in Carlsbad. A private investor acquired the property for $3.5 million. The freestanding building features 20,329 square feet, with 50 percent of the space dedicated to office use and 50 percent dedicated to warehouse space. The office space includes a mix of window-lined private offices, multiple conference/meeting areas and large open collaborative spaces. Dennis Visser and Chris Baumgart of Cushman & Wakefield’s San Diego office represented the seller, while Baugmart also represented the buyer in the deal.
