COTULLA, TEXAS — Marcus & Millichap has arranged the sale of Cowboy Inn Cotulla, a 60-room hotel locate at 145 FM 468 West in Cotulla, about 90 miles southwest of San Antonio. Andrew Frosch, Chris Gomes, Robert Arzola and Allan Miller of Marcus & Millichap marketed the property on behalf of the seller. Leilani Tedeski of Marcus & Millichap procured the buyer. Both parties were limited liability companies.
AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 25,505-square-foot industrial lease at 5910 Techni Center Drive in Austin. Ryan Wilson and Matt Fain of ECR represented the undisclosed landlord in the lease negotiations. Davis Bass of HPI represented the tenant, Kasita Operations LLC, a producer of tiny, prefabricated homes.
GRAND PRAIRIE, TEXAS — Cintas Corp., a Cincinnati-based provider of uniforms and other customized products, has leased 22,622 square feet at Trinity 161 Trade Center, an office/warehouse property located at 3100 N. State Highway 161 in Grand Prairie. John Leinbaugh, Michael Stanzel and Patrick Embry of NAI Robert Lynn represented the undisclosed landlord in the lease negotiations.
ANNAPOLIS JUNCTION, MD. — Somerset Construction Co. and Armada Hoffler Properties, the developers behind Annapolis Junction Town Center, have opened the development’s multifamily component, The Residences at Annapolis Junction. The five-story, 416-unit apartment community includes a mix of studio, one- and two-bedroom units ranging in size from 520 square feet to 1,629 square feet. The LEED Gold-certified property features energy-efficient heating, ventilating and air-conditioning and central hot water systems, low-flow plumbing fixtures and Energy Star-rated appliances. Community amenities include a fitness center, media center, community kitchen, business center, pet spa and a saltwater swimming pool with cabanas, grills and gazebos. S.L. Nusbaum Realty Co. will manage the property. Annapolis Junction Town Center is a 19-acre mixed-use, transit-oriented development and is situated adjacent to the Savage Maryland Rail Commuter Rail Station roughly halfway between Baltimore and Washington, D.C. The property is approximately 25 miles northwest of the United States Naval Academy. St. John Properties is partnering with Somerset Construction to develop the office and retail space within Annapolis Junction Town Center.
KISSIMMEE, FLA. — CBRE has brokered the $49.5 million sale of Lake Tivoli Apartments, a 384-unit multifamily property located at 851 Lake Tivoli Blvd. in Kissimmee, roughly 22 miles south of Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Lake Tivoli Apartments LLC. Newport News, Va.-based Chandler Residential acquired the asset. The property comprises 36 two- and three-story buildings. Community amenities include a lakeside sundeck, pool, tennis, racquetball and basketball courts, clubhouse, fitness center and a spa. Lake Tivoli Apartments was 97 percent occupied at the time of sale.
SAVAGE AND ELKRIDGE, MD. — Terreno Realty Corp. has sold two industrial properties in metro Baltimore for $40.5 million. The portfolio includes a 99,000-square-foot industrial building situated on roughly 12.6 acres at 8730 Bollman Place in Savage, roughly 18 miles southwest of Baltimore, and two industrial buildings totaling 349,000 square feet that are situated on approximately 17.9 acres at 6675 Amberton Drive and 6660 Santa Barbara Road in Elkridge, roughly 11 miles southwest of Baltimore. Both properties were 100 percent leased at the time of sale. The buyer was not disclosed.
NAPLES, FLA. — KeyBank Real Estate Capital has provided a $50 million bridge loan for the acquisition of Alvista at Laguna Bay Apartments, a 426-unit multifamily community in Naples. Alan Isenstadt of KeyBank originated the 90-day loan on behalf of the borrower, Axonic Properties LLC, a New York City-based real estate private equity firm. KeyBank plans to refinance the bridge loan through agency permanent financing. Constructed in 1990, Alvista at Laguna Bay Apartments is situated on 38 acres and comprises 28 two-story buildings. Community amenities include two pools, a fitness center, lighted tennis courts, dog park and an outdoor grilling area.
ATLANTA — Cushman & Wakefield has secured a 58,558-square-foot lease renewal and 18,339-square-foot lease expansion with Resurgens Orthopaedics at Doctors Center I-III located on the Emory Saint Joseph’s Hospital campus in Atlanta. George Olmstead of Cushman & Wakefield represented the landlord, Lillibridge Heathcare Services, a wholly owned subsidiary of Ventas Inc., in the lease transaction. Michael Lipton and Andrew Walker of Colliers International represented Resurgens Orthopaedics. In addition to the lease expansion and renewal, Cushman & Wakefield arranged a 17,068-square-foot lease with an affiliated surgery center entity at Doctors Center. In conjunction with the transactions, Lillibridge has plans for a multimillion-dollar renovation of the healthcare property that will begin in the second half of the year. The landlord expects to complete the renovation by early 2019.
KING OF PRUSSIA, PA. — Phillips Realty Capital has arranged $31.3 million in equity financing for Woodfield Investments. The company provided the joint venture equity investment toward the acquisition and development of Woodfield Valley Forge, an apartment community in King of Prussia. Adam Bieber of Phillips Realty structured the equity financing. Woodfield Valley Forge will be a 320-unit apartment community located in The Valley at Valley Forge, a 122-acre, mixed-use development. The property will feature a 493-space parking garage, a pool, fitness center, spin/class studio, flex work space, pet spa and sky lounge. The site plan for the development was approved in March 2017.
PHILADELPHIA — Newmark Knight Frank (NKF) has arranged the sale of a two-building property located at 421 N. Seventh St. in Philadelphia. Arts & Crafts Holdings acquired the property from Callowhill Center Associates for $20.1 million. Situated on 2.4 acres, the property features 188,167 square feet and is the long-term home of The Electric Factory, an iconic 50-year-old concert promotion company. At the time of sale, the property was 38.2 percent occupied with small tenants and The Electric Factory. Mike Margolis, Dave Dolan, Dave Garonzik, Jeff Tertel and Jim Egan of NKF represented the seller in the transaction.