HOWARD, S.D. — The Boulder Group has negotiated the sale of a 9,026-square-foot property net leased to Dollar General in Howard, approximately 70 miles northwest of Sioux Falls, S.D., for $1.1 million. The newly constructed property is located at 23300 435th Ave. along Highway 34. Randy Blankstein and Asher Wenig of The Boulder Group represented both parties in the transaction. A Northeast-based private investor purchased the property from a Midwest-based developer. Dollar General has over 14 years remaining on its lease.
ATLANTA — Arby’s Restaurant Group Inc. has completed its $2.9 billion acquisition of Buffalo Wild Wings Inc. As part of the transaction, the company launched a new restaurant company known as Inspire Brands Inc. The company will oversee the growth of Arby’s, Buffalo Wild Wings and an emerging brand, R Taco. More than 4,600 company-owned and franchised restaurants across 15 countries are within Inspire’s portfolio. The combined global sales of its restaurants in 2017 exceeded $7.6 billion. “We believe the time is right to create a different kind of restaurant company — one with a broad portfolio of distinct brands across a full spectrum of restaurant occasions,” says Paul Brown, CEO of Inspire Brands. “Our goal is to build an organization that leverages the benefits of scale, not only to save cost, but also to enable outsized investments in long-term growth initiatives.” Inspire is designed to enable each individual brand to benefit from and build off the strengths of the others. Brown of Arby’s and Neal Aronson of Roark Capital Group, a private equity firm, co-founded Inspire. The company’s headquarters will be based in Atlanta with a support center in Minneapolis. Founded in 1964, Atlanta-based Arby’s is a sandwich restaurant …
BELLAIRE, TEXAS — Houston-based investment firm Norvin Healthcare Properties has acquired the 505,000-square-foot Pin Oak medical office complex in the Houston metro of Bellaire. The five-building property is located roughly 3.5 miles from the Texas Medical Center and is leased to healthcare tenants such as Memorial Hermann, Kindred Healthcare and Texas Children’s Hospital. Norvin intends to make capital upgrades to the property’s mechanical systems, parking garages and tenant amenities.
PORT ARTHUR, TEXAS — First Advisors Inc. has broken ground on The Reserve at Pinewood Village, an apartment project that will be located along State Highway 365 in Port Arthur, about 90 miles east of Houston. The first phase of the project, which is slated for a late fall completion, will deliver 190 units. Construction of all units is scheduled for completion by summer 2019. Amenities will include a clubhouse, fitness center, pool, dog park and nature trails. Houston-based Davis-Penn Mortgage Co. provided construction and permanent financing for the project.
EL PASO — Dallas-based Topgolf has opened a 65,000-square-foot, three-level venue in the Mesa Hills neighborhood on El Paso’s north side. The El Paso venue is the company’s 10th in Texas and its 52nd in the country, including facilities opening soon in markets such as Albuquerque, Columbus, Miami, Pittsburgh and St. Louis. More than 500 full- and part-time employees were hired in advance of the opening.
HOUSTON — LMI Capital has closed a $37 million loan to refinance an 800-unit apartment complex in the Galleria area of Houston. The loan features a 10-year term, fixed interest rate and three years of interest-only payments. Brandon Brown of LMI Capital placed the loan through one of the firm’s agency relationships. The borrower and property name were not disclosed.
DALLAS — Minneapolis-based Dougherty Mortgage LLC has arranged a $5.1 million Fannie Mae loan for the acquisition of Wynnewood Gardens, a 106-unit multifamily asset in south Dallas. The pet-friendly property offers a pool, clubroom and picnic and grilling areas. Dougherty secured the 12-year loan through a partnership with Old Capital Lending on behalf of the borrowers, E.J. Wynnewood LLC and PLB Wynnewood LLC.
KEANSBURG, CLEMENTON, KEARNY, AMBOY AND WESTVILLE, N.J. — Hunt Mortgage Group has provided refinancing for a five-property multifamily portfolio in New Jersey. The borrower, Norse Holdings, received five Freddie Mac Small Balance loans totaling $15.2 million. The refinancing loans include: – $4.6 million for the 44-unit Beachview Gardens located at 544-560 Beachway Ave. in Keansburg – $4.4 million for the 56-unit Clementon Norse Apartments located at 222 White Horse Pike in Clementon – $1 million for the nine-unit 165 Quincy Ave Apartments in Kearny – $1.3 million for the 12-unit property at 388 Smith St. in Amboy – $3.8 million for the 48-unit Woodbine Apartments located at 300 Broadway in Westville Steven Cox and Kris Molloy of Hunt Mortgage Group secured the financing for the borrower.
PHILADELPHIA — Colliers International has brokered the sale of the former Red Bell Brewery site, located at 1500 N. 31st St. in Philadelphia. MM Partners LLC purchased the site for $4.1 million. The buyer plans to redevelop the property into residential apartment units with ground-floor retail space. Situated on 2.2 acres, the vacant building consists of three sections that total 204,276 square feet of interior building space. Red Bell Brewery was constructed in the 1890s for the F.A. Poth & Sons Brewing Co. Later it was owned by Abe L. Brewery LP. The property has been vacant for 20 years. Michael Barmash of Colliers International/Philadelphia brokered the transaction.
HEMPSTEAD, N.Y. — A joint venture between Alpha Equity Group and Vasco Ventures has purchased The Clinton Pavilion, a multi-tenanted office building located at 50 Clinton St. in Hempstead. The acquisition price was not released. The buyers have a $3 million renovation planned for the 150,000-square-foot building. The renovation includes a complete makeover of the parking structure, a redesigned lobby, updated common areas, a newly landscaped building plaza, HVAC updates and a new facade design. The name of the seller was not disclosed.