SOUTH PLAINFIELD, N.J. — Bussel Realty Corp. has arranged the sale of 121 Corporate Blvd., a 36,000-square-foot industrial building in South Plainfield. The price was undisclosed. Herb Zimmerman of Bussel Realty represented the buyer, Touch Dynamic, in the transaction. The seller was Adler Development. Touch Dynamic, a maker of touch-screen computers and monitors, will utilize the facility for the manufacturing, servicing, testing, shipping and distribution of its products. The property is fully air-conditioned and includes three loading docks, one drive-in door and 19-foot ceiling heights.
HOUSTON — A partnership led by NewQuest Properties has sold Westlake Shopping Center, a 71,107-square-foot retail center located near the Houston-Katy line on the city’s west side. NewQuest has owned the property, which is anchored by a 24 Hour Fitness, since 2005. Brad Elmore of NewQuest represented the seller of record in the transaction. Matt Berry and Robbie Kilcrease of CBRE represented the buyer, Rising Sale Westlake LLC, in the transaction. The center was 95 percent leased at the time of sale.
SOUTHLAKE, TEXAS — Marcus & Millichap has negotiated the sale of a 10,750-square-foot healthcare asset located in Southlake, a northern suburb of Fort Worth. The property is net-leased to Healthcare Associates of Texas. Zach Ryan and Ron Hebert of Marcus & Millichap represented the seller, a Southlake-based private investor, in the transaction. Mark Allen of Marcus & Millichap procured the buyer, also a Southlake-based investor. Both parties requested anonymity.
TEXARKANA, TEXAS — TexAmericas Center (TAC), a Texas-based redevelopment authority specializing in the revitalization of former military industrial product, will rehabilitate part of the former Lone Star Army Ammunition Plant in Texarkana. The project will add approximately 270,000 square feet of sub-dividable, move-in-ready industrial space to the property, which is located on the company’s East Campus. Retrofit plans will include the installation of three-phase electricity, office space, bathrooms and fire suppression systems. TAC expects the new space to become available for occupancy by early November.
EDMOND, OKLA. AND CANYON, TEXAS — New York-based Harborview Capital has closed agency financing for two multifamily properties in Texas and Oklahoma. The company arranged a $4.9 million Freddie Mac loan for the refinancing of a 98-unit community in Edmond, a northern suburb of Oklahoma City, and a roughly $1 million Fannie Mae loan for the refinancing of a 23-unit community in the West Texas city of Canyon. Jeffrey Fuchs of Harborview arranged the non-recourse loans, which feature fixed interest rates and 30-year amortization schedules. The names of the properties and borrowers were not disclosed.
CORPUS CHRISTI, TEXAS — Cravey Real Estate Services Inc. has brokered the sale of a 6,372-square-foot flex property located at 229 S. Padre Island Drive in Corpus Christi. Built in 1991, the property is zoned for light industrial uses and consists of 5,272 square feet of office space and 1,100 square feet of warehouse space. Matt Cravey of Cravey Real Estate Services represented the seller, Charan Investments Ltd. Scott Fauver, also with Cravey Real Estate Services, represented the buyer, Koetter Fire Protection, a Dallas-based provider of fire protection systems.
CRYSTAL LAKE, ILL. — Greystone Real Estate Advisors has brokered the $16 million sale of Darlington Court Apartments, a multifamily property in Crystal Lake that includes 209 apartments and 26 privately owned condominiums. Situated 45 miles northwest of Chicago and built in the 1970s, Darlington Court Apartments features one- and two-bedroom units ranging in size from 681 to 942 square feet, as well as laundry facilities, a children’s play area, swimming pool and storage units. The undisclosed buyer plans to convert the condo units into rental apartments. The buyer also plans to renovate the interiors of the apartment units and the common areas across the complex. Bill Montana and Chris Sackley of Greystone brokered the transaction on behalf of the seller, Darlington Properties LLC.
HOWELL, MICH. — Capital One has provided a $13.2 million, fixed-rate HUD loan to refinance an 88-bed skilled nursing facility in Howell, approximately 50 miles northwest of Detroit. The unnamed facility has earned a five-star rating from Medicare, and was 98.9 percent occupied at the time of refinancing. The name of the facility and borrower were not disclosed. Joshua Rosen of Capital One originated the loan. The transaction enabled the borrower to replace bank debt with long-term financing and to recoup capital expenditures. “The substantial additional cash flow that this transaction frees up illustrates the benefits of HUD’s 232/223(f) program,” says Rosen. “The borrowers are benefiting from both a lower rate and an extended amortization period, which in the case of this loan is 35 years.”
ROLLING MEADOWS, ILL. — Krusinski Construction Co. has broken ground on a 112,505-square-foot flex facility for School Health Corp. at 5600 Apollo Drive in Rolling Meadows. School Health is a national, full-service provider of health supplies, services and solutions. Construction on the distribution, shop and office facility began May 1. Ware Malcomb is the project architect and the Trammell Crow Co. is serving as project consultant. When completed, the new structure will include a two-story, 24,700-square-foot office space, plus a state-of-the-art warehouse with a dozen dock doors, a clear height of 32 feet, LED lighting and modern material handling equipment to service more than 100,000 customer orders per year. The new LEED-certified building will be centrally located among various retail restaurants and shopping centers, with close proximity to I-290 and I-90 situated directly north. The project is scheduled for completion this fall.
AUGUSTA, MICHIGAN — CBRE|Martin has arranged the $950,000 sale of Brook Lodge, a 66,603-square-foot hotel and conference center in Augusta, about 15 miles east of Kalamazoo. Situated on 82.6 acres, the property consists of eight cottages totaling 48 guestrooms. CBRE|Martin represented the seller, Michigan State University (MSU), which acquired the property in 2000, in the transaction. The buyer was not disclosed. Prior to MSU’s acquisition of Brook Lodge, the property served as a conference center for employees of Upjohn Co., a pharmaceutical manufacturing firm that was established in Kalamazoo in the late 19th century. In the early 2000s, pharmaceutical giant Pfizer acquired Upjohn, which had previously merged with Sweden-based Pharmacia in 1995.