SAN FRANCISCO — Shorenstein Co. has purchased an 89,904-square-foot creative office building in the San Francisco submarket of North Waterfront-Jackson Square for an undisclosed sum. The building is located at 901 Battery St. The Swig Company and Medley Partners purchased the asset in December 2012. The JV immediately executed a capital investment program designed to reposition the four-story building as an institutional-quality asset in a submarket growing in popularity with creative tenants. The team recently completed lobby and façade renovations, and upgrades to each tenant floor. The renovated building features large, open floorplates, natural light and high ceilings. NKF’s Kyle Kovac, Michael Taquino, Daniel Cressman and Mandy Lee represented the sellers in this transaction.
DALLAS — Lee & Associates has brokered the sale of a 1,750-square-foot industrial facility located at 2029 E. Levee St. in Dallas’ Design District. The seller, Arte de Arquitectura de Mexico, will be moving from the facility into space at 3414 Doug Drive in Dallas in January 2018. Stephen Williamson of Lee & Associates’ Dallas/Fort Worth office represented the seller in the transaction. Hanes Chatman of Stream Realty Partners represented the buyer, Myrtle Faye Investments LLC.
CONROE, TEXAS —Sherwin Williams has signed a 4,700-square-foot lease at The Shops at 336, a shopping center located along S. Loop 336 near Interstate 45 in Conroe, about 40 miles north of Houston. Stephen Phaigaru and Sandy Aron of Hunington Properties Inc. (HPI) represented the landlord in the lease negotiations. Other terms of the transaction were not disclosed.
HOUSTON — NAI Partners has arranged the sale of an 8,000-square-foot office/warehouse property located at 8715 Fallbrook Drive in Houston. Built in 2006, the property features 20-foot clear heights and 1.13 parking spaces per 1,000 square feet. Trey Martin of NAI represented the buyer, HCM Development LLC, in the transaction. Steve Adkisson of Adkisson Group represented the seller, 8715 Fallbrook LLC.
KINGSVILLE, TEXAS — JLL has brokered the sale of Barcelona Apartments, a 64-unit multifamily community located along the Interstate 69 corridor in Kingsville, about 40 miles southwest of Corpus Christi. Scott LaMontagne and Zar Haro of JLL represented the seller, Coastal Barcelona LLC. Canopy Apartments LLC purchased the property for an undisclosed price. The new ownership will implement major renovations and improvements in the near future.
PFLUGERVILLE, TEXAS — NewQuest Properties has sold two adjacent land tracts at its Stone Hill Town Center development in Pflugerville to two different hospitality franchisees. The undisclosed buyers plan to develop an 86-room Holiday Inn Express and a Tru by Hilton hotel. Construction is slated to begin in early 2018. Josh Friedlander and Rebecca Le of NewQuest represented the seller internally. Situated on 196 acres roughly 12 miles north of Austin at 500 Limestone Commercial Drive, Stone Hill Town Center features 1 million square feet of retail space, including a Super Target, as well as the 400-unit Mansions at Stone Hill apartment community. In addition to the hotels in the pipeline, NewQuest Properties is currently courting restaurant concepts to join Stone Hill Town Center.
MONTGOMERY, ALA. — Love Funding, a subsidiary of Effingham, Ill.-based Midland States Bank Inc., has provided an $11.8 million loan for the conversion of an historic office building in downtown Montgomery into Historic Bell Lofts. The apartment community will offer 88 one- and two-bedroom units, as well as 4,478 square feet of commercial space. Constructed in 1907, the 12-story tower, formerly known as the Bell Building, is on the National Register of Historic Places. Holly Bray of Love Funding secured the funding through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program, which is HUD’s flagship product for financing the construction and/or redevelopment of market-rate and affordable housing communities. The transaction was supported by federal historic tax credit equity from National Trust Community Investment Corp. and state historic tax credits purchased by First Partners Bank. Red Leaf Development LLC and MAL LP, in conjunction with WDG Construction and Development Services, are developing the property. Rosemann & Associates is designing the community.
TALLAHASSEE, FLA. — Arrimus Capital has purchased Forum at Tallahassee, a 264-unit student housing property located at 2525 W. Tennessee St. in Tallahassee, roughly one mile from Florida State University. Newport Beach, Calif.-based Arrimus Capital acquired the asset from Parkland Development for an undisclosed price. The transaction is Arrimus Capital’s second purchase from the Boca Raton, Fla.-based company. Constructed in 2014, Forum at Tallahassee offers fully furnished units with granite countertops, stainless steel appliances, wood plank flooring and in-unit washers and dryers. Community amenities include a clubhouse, two-story fitness center, business center, study lounges, swimming pool and an outdoor grilling station. The property qualifies as a certified green property through Fannie Mae’s Green Globes program. At the time of sale, the property was 99 percent occupied.
DULUTH, GA. — Forge Capital Partners has sold Duluth Station, a 94,966-square-foot shopping center located in the Atlanta suburb of Duluth, for $9.8 million. Publix anchors the center, which is 81 percent leased to tenants including Kumon Math & Reading, Great Clips, H&R Block, St. Vincent de Paul, Panda Garden and Grand Tire. Jim Hamilton, Richard Reid, Mike Allison and Brad Buchanan of HFF marketed the property on behalf of Forge Capital. Slate Retail REIT purchased the asset.
CANTON, GA. — Preferred Apartment Communities Inc. has acquired Woodmont Village, an 85,639-square-foot shopping center located 40 miles north of Atlanta in Canton. The Kroger-anchored asset was acquired through the company’s wholly owned subsidiary New Market Properties LLC, which used a non-recourse first mortgage acquisition loan from Protective Life Insurance Co. The seller and terms of the transaction were not disclosed.