LONDON, OHIO — Marcus & Millichap has brokered the $1.1 million sale of a 6,790-square-foot property net leased to Advance Auto Parts in London, about 25 miles southwest of Columbus. The property is located at 246 Lafayette St. The tenant recently exercised an early lease extension. Nathan Coe and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was not disclosed.
ALLEN, TEXAS — A partnership between two Dallas-based firms, Provident Realty Advisors Inc. and Glaser Retail Partners, is scheduled to break ground this week on Stacy Green, a 73-acre mixed-use project in Allen, a northern suburb of Dallas. According to the Allen City Council, the project will include an undetermined amount of retail and restaurant space, urban residential and townhome units and a mixed-use area at the center of the development. The Dallas Morning News reports that the first buildings are slated to become available for occupancy in 2019. The news of the groundbreaking comes of the heels of Howard Hughes Corp.’s announcement of a 270-acre mixed-use development in Allen, zoning of which is scheduled to begin this year.
TYLER, TEXAS — Marcus & Millichap has brokered the sale of The Reserve Apartments, a 324-bed student housing asset in Tyler, about 100 miles east of Dallas. The property is located approximately one mile from the University of Texas at Tyler and features amenities such as a pool, fitness center and study rooms. Evan Burke, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, an out-of-state private investor, in the transaction. The trio also procured the buyer, an undisclosed higher education system.
DALLAS — Karr Self-Storage, a division of Marcus & Millichap, has arranged the sale of Oak Cliff Bargain Storage, a 297-unit facility in South Dallas. The property was built in 1973 and underwent renovations in 2015. Features include an on-site manager’s residence, modern office and showroom, perimeter fencing, gated entry and 16 surveillance cameras. Brandon Karr and Danny Cunningham of Karr Self-Storage represented the seller, a national operator headquartered in the Pacific Northwest. The duo also procured the buyer, a private investor.
HOUSTON — Lee & Associates has negotiated the sale of a 113,000-square-foot industrial property located at 13827 W. Hardy Road on Houston’s north side. The two-building, crane-served property was built in 1981 and includes roughly 5,700 square feet of office space between the two buildings. Mike Spears and Robert McGee of Lee & Associates represented the undisclosed seller in the transaction. Clay Pritchett of NAI Partners represented the buyer, Houston-based Quasar GP LLC.
HOUSTON — NAI Partners has closed the sale of an 89,914-square-foot manufacturing facility located at 6100 Cunningham Road in northwest Houston. An affiliate of United Equities Inc., a Bellaire, Texas-based real estate development and management firm, purchased the facility for an undisclosed price. The buyer will lease the space back to the seller, engineering firm KMEC. Travis Land and Michael Keegan of NAI Partners brokered the deal.
REXBURG, IDAHO — Marcus & Millichap has arranged the sale of an eight-property student housing portfolio located in Rexburg. A Seattle-based firm sold the 1,546-bed portfolio to a Utah-based company for an undisclosed price. The portfolio includes the 288-bed Somerset; the 252-unit Alpine Chalet; the 146-bed Brookside Village; the 238-unit Rockland; the 120-bed Autumn Winds; the 72-bed Georgetown; the 24-bed Birchwood; and the 406-bed Birch Plaza. Although the affiliated school was not named, the small city of Rexburg is home to Brigham Young University Idaho. Danny Shin and Brock Zylstra of Marcus & Millichap represented the seller and procured the buyer in the deal.
STOCKTON, SONORA AND JAMESTOWN, CALIF., HICKORY, N.C., AND SHREVEPORT, LA. — Uniondale, N.Y.-based Arbor Realty Trust has funded five loans totaling $19.7 million under the Fannie Mae DUS Multifamily Affordable Housing product line for properties across the United States. The borrower was Apartment Corp., a privately held real estate investment firm with a portfolio exceeding 20,000 units. Apartment Corp. is using the loans for both refinancing and acquisition purposes. Alexander Kaushansky of Arbor Realty Trust arranged the financing. The transactions involved are: $3 million in refinancing for Pacific Pointe, an 80-unit Low-Income Housing Tax Credit (LIHTC) property in Stockton. $3.7 million in refinancing for Granite Ridge, an 80-unit LIHTC property in Stockton. $3.7 million in acquisition financing for Silver Spring Terrace, a 100-unit LIHTC property in Hickory. $2.7 million in acquisition funding for Yorkshire & Windsor Village, a 132-unit LIHTC property in Shreveport. $6.7 million in refinancing for the Sonora Portfolio, a three-property, 220-unit LIHTC portfolio in Sonora and Jamestown.
CENTENNIAL, COLO. — Newmark Knight Frank has arranged the sale of a retail building located at 10472 E. Easter Ave. in Centennial. New Horizon Real Estate Development – Colorado purchased the property from BMJ & Associates for $1.7 million. The building features 11,000 square feet of retail space. Michael Lindermann and Carolyn Martinez of NKF represented the buyer in the deal. Fidelity National Title Co., Key Real Estate Group and CBRE also participated in the transaction.
CHANDLER, ARIZ. — The Silver Group has brokered the sale of a single-tenant retail property located at 4314 E. Chandler Blvd. in Chandler. A local buyer acquired the property from a West Coast-based seller for an undisclosed price. The property consists of a freestanding, 6,500-square-foot building, which O’Reilly Auto Parts occupies. CSK Auto developed and occupied the property, which the undisclosed seller acquired in 2000. O’Reilly Auto later acquired CSK, forming the nation’s third largest auto parts retailer operating 5,000 locations in 47 states. The Silver Group represented the buyer and seller in the deal.
