DALLAS — A joint venture between California-based KBS Realty Advisors and Tennessee-based Southern Land Co. has broken ground on a 309-unit multifamily tower in the Highland Park area of Dallas. The 19-story, Class A tower will feature amenities such as a fitness center, pool, resident lounge, private park and a 465-space parking garage. A timeline for completion has not yet been established.
HOUSTON — Davis Commercial Real Estate has arranged the sale of a 56,000-square-foot shopping center located at 1315 S. Dairy Ashford Road in west Houston. Lee Harwood and Ashley Casterlin of Davis Commercial represented the buyer, Dasford LLC, in the transaction. The seller, Grace Point Church, purchased the property in the 1980s and will remain its primary occupant, along with Marco’s Pizza and Kingdom Kids Daycare.
ENNIS, TEXAS — Price Distributing Co., a distributor of alcoholic beverages, will relocate from its current headquarters at 1212 Clay St. in the southern Dallas metro of Ennis to a new, 70,000-square-foot property, also in Ennis. St. Louis-based HDA Architects is designing the new property, which will serve as both Price’s primary office space and distribution center. A timetable for construction has not yet been established.
BEE CAVE, TEXAS — HFF has brokered the sale of Park Manor at Bee Cave, a 140-bed acute-care skilled nursing facility in the western Austin suburb of Bee Cave. Built in 2014, the property’s location near the 106-bed Baylor Scott & White Medical Center makes it the only skilled nursing facility within a four-mile radius. David Fasano, Ryan Maconachy and Chad Lavender of HFF represented the seller, Dallas-based Meridian Realty Advisors, in the transaction.
LEWISVILLE, TEXAS — A partnership between Baltimore-based Alex. Brown Realty Inc. and Dallas-based TCOR Hotel Partners has acquired the 188-room TownePlace Suites by Marriott hotel in Lewisville, a northern suburb of Dallas. The hotel recently underwent a $1 million renovation, which included upgrades to the lobby and guestrooms. Dallas-based Inwood National Bank provided financing for the acquisition. The seller and sales price were not disclosed.
CINCINNATI — Rainier Realty Investments LP, along with a fund managed by Continuum Investments Limited and local operator Stark Enterprises, have acquired 32 East in Cincinnati for $29.1 million. The 192,000-square-foot shopping center is 100 percent leased to tenants such as HomeGoods, Burlington, Michaels and Ulta. Florida-based PEBB Enterprises sold the asset. Rainier and Continuum established a joint venture to acquire retail properties throughout the central and southern United States. Cleveland-based Stark Enterprises is a full-service real estate development company with more than 7 million square feet of retail, office, apartment and hotel properties in its portfolio.
ST. LOUIS — NorthMarq Capital has arranged a $13.2 million loan for the acquisition of the Westview office building in St. Louis. The 125,645-square-foot property is located at 12312 Olive Blvd. near Highway 270. David Garfinkel of NorthMarq arranged the loan on behalf of the borrower, Diamond Income Fund Investors. A life insurance company provided the loan.
BAY CITY, MICH. — Berkeley Point Capital has provided an $8.9 million HUD loan for the refinancing of Sheffield Bay Assisted Living & Memory Care in Bay City in Mid-Michigan. Built in 1999, the 66-unit seniors housing community features a mix of 37 assisted living units and 29 memory care units. Services include gourmet meals, housekeeping, laundry, medication management and transportation. Mickey Rist of Berkeley Point originated the FHA 232/223(f) loan, which is fully amortized over 35 years. The borrower was not disclosed.
CHICAGO — Marcus & Millichap has brokered the sale of a four-story loft office building in Chicago’s Lincoln Park neighborhood for $4.5 million. The 24,000-square-foot property is located at 1525 W. Homer St. Built in 1990 and renovated in 2017, the building is situated within the North Branch Industrial Corridor. Six tenants fully occupied the property at the time of sale. Stephen Lieberman and Kyle Stengle of Marcus & Millichap represented the seller, a local developer. A private Chicago-based investor was the buyer.
VALLEY PARK, MO. AND LAKEWOOD, OHIO — Hanley Investment Group Real Estate Advisors has arranged the sale of three properties occupied by 7-Eleven for $4.2 million. One of the properties, a 2,193-square-foot building and gas station located in Valley Park, Mo., sold for $1.9 million. The property was built in 1998. Jeremy McChesney of Hanley represented the seller, Equitas Investments. Matt Lemon and Suheil Sahouria of The Trafton Group represented the buyer, a private investor. Built in 1975, the second building features 2,410 square feet and is located in Lakewood, Ohio. The property sold for $885,000. McChesney again represented the seller, Equitas Investments. Matt Waterman of Pegasus Investments represented the buyer, a private investor based in California. The sales transaction also included a third property located in Florida.
