SAN ANTONIO — Berkadia has provided a $24 million construction loan for Brookwood Senior Apartments, a 197-unit community being developed in northwest San Antonio. Chad Bedwell, Franklin Brown and Lloyd Griffin of Berkadia secured the loan, which has a 4 percent fixed interest rate and a 40-year amortization schedule, through HUD’s 221(d)(4) program. The property will feature one- and two-bedroom units and amenities such as a pool, fitness center and a business center.
HOUSTON — Full-service real estate firm United Equities Inc. will develop a two-building, 83,500-square-foot industrial project in Houston. Built on a speculative basis, the project will be situated on a seven-acre tract within the 115-acre Satsuma Station Industrial Park in northwest Houston. Travis Land of NAI Partners represented United Equities in its acquisition of the land from an affiliate of Pinpoint Commercial, which developed the park.
KATY, TEXAS — Tampa-based investment firm Carter Validus Mission Critical REIT has purchased Oceans Behavioral Hospital of Katy, a 34,296-square-foot healthcare property located in the western Houston metro of Katy. The single-tenant hospital was built in 2015 and offers 69 surface parking spaces. The tenant, which provides mental health education, group therapy and medication management services, currently has about 12 years remaining on the lease.
SIMI VALLEY, CALIF. — HFF has arranged the sale of Mountaingate Plaza, a value-add shopping center located in Simi Valley. A joint venture between Investcorp International Realty and ScanlanKemperBard sold the property to Merlone Geier Partners for $51.1 million. Situated on 24.8 acres at 1197-1301 E. Los Angeles Ave. and 2022-2090 First St., the property comprises eight buildings and outparcel pads. Tenants at the center include Valley Marketplace, Rite Aid, 99 Cents Only, dd’s Discounts, Black Bear Diner, Smash Burger, El Pollo Loco, Jersey Mike’s Subs, Starbucks Coffee, U.S. Armed Forces and Ventura County Health Care Agency. Gleb Lvovich, Bryan Ley and Daniel Tyner of HFF represented the seller in the transaction.
COACHELLA, CALIF. — George Smith Partners has arranged $32.4 million in financing for the ground-up development of a IHG Hotel Indigo in Coachella. The borrower and developer is Glenroy Coachella. Steven Bram, David Pascale and Huber Bongolan Jr. of George Smith Partners arranged a $24.4 million senior construction loan and $8 million PACE funding for the hotel. The hotel will be the first new construction hotel project financed by PACE in California. The PACE equity, essentially an energy loan, finances the energy-efficient HVAC, lighting, windows, water systems and seismic strengthening. Situated on 35 acres, the casitas-style resort hotel will feature 250 guest rooms with private entrances and en-suite bathrooms; 13,000-square-foot convention center; 10,000-square-foot salt water pool with a summer cooling system and a DJ booth/catwalk; and an 11-acre playground to host music-related events, wellness retreats and corporate/private events. Many of the guest rooms are located in two-, four- and six-bedrooms casitas with living rooms and social areas for entertaining. Additionally, the hotel will feature a restaurant, spa, gym and yoga/Pilates studio. A timeline for construction was not disclosed.
ALEXANDRIA, VA. — A joint venture between Novare Group, Mulberry Development Group and Mill Green Partners has broken ground on Cameron Park, a 302-unit apartment community located adjacent to the Van Dorn Metro Station in Alexandria, roughly eight miles south of Washington, D.C. The community will offer a mix of studio to three-bedroom units. Amenities at Cameron Park will include a pool with sundeck, grilling stations, outdoor cabanas, fitness center, separate yoga room, clubroom, game room, cyber café, business center and private offices. KTGY is the project architect, and Fortune-Johnson is the general contractor. Preferred Apartment Communities (PAC) and Citizens Bank are providing construction financing for the project. PAC provides mezzanine loans to development projects and also enters into purchase options to acquire the projects once stabilized. Construction on Cameron Park is scheduled to take 24 months, with the first move-ins expected in the first quarter of 2020.
RICHMOND, VA. — Becknell Industrial has acquired a 60-acre parcel of land along Laburnum Avenue and Seven Hills Boulevard in Richmond with plans to construct a four-building industrial campus. The 805,190-square-foot development, located roughly two miles from Richmond International Airport, will be known as Airport Logistics Center. The first phase of the project will include a 246,760-square-foot concrete building with 32-foot clear heights, LED lighting with motion sensors, an ESFR sprinkler system, multiple drive-in doors, trailer parking with 135-foot court depths and a 60-foot loading bay. Becknell expects to wrap up construction on the first building in spring 2019. Cliff Porter of Porter Realty Co. will manage the industrial park and handle the property’s leasing assignment.
ONTARIO, CALIF. — NKF Capital Markets has brokered the sale of Empire Towers V, a five-story office building located at 3990 Concours St. in Ontario. TA Associates sold the property to MGR Realty for $29.9 million. Kevin Shannon, Ken White and Michael Moore of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Built in 2007, the 124,529-square-foot property is situated on 4.4 acres and within walking distance to various amenities, including restaurants, hotels, Ontario Mills Mall, Citizens Business Bank Arena and the Ontario Convention Center. At the time of sale, the property was 100 percent occupied by 11 tenants, including United Health Care Services, Chapman University and CEMEX.
PLANT CITY, FLA. — HFF has brokered the $29 million sale of Lake Walden Square, a 244,529-square-foot shopping center in the Tampa Bay community of Plant City. Eric Williams, Daniel Finkle and Luis Castillo of HFF arranged the transaction on behalf of the seller, Retail Value Inc. JBL Asset Management acquired the property. Winn-Dixie anchors Lake Walden Square, which was 93.3 percent leased at the time of sale. Additional tenants include Ross Dress for Less, Marshalls, Michaels, PetSmart, Ulta Beauty, Five Below, Famous Footwear, Continuecare Medical, Amscot Financial, Cricket Wireless, Queen Nails and Firehouse Subs.
FLORENCE, KY. — The Kroger Co. plans to invest $17 million to expand its newly built distribution center on Mt. Zion Road in Florence, a city in northern Kentucky’s Boone County. The 674,000-square-foot facility, which opened in fall 2017 after Kroger’s $60 million investment, currently employs 80 associates. The expansion project will ramp up production at the facility and create 250 new jobs, the majority of which will be full-time positions. The project is supported by a Kentucky Business Investment incentive of up to $1 million over 10 years. The company’s annual eligibility for the performance-based tax credit is linked to investment, job creation and retention and average hourly wage targets. Kroger will start to expand its team for the distribution facility in September. The grocer currently employs more than 21,000 people in Kentucky.
