TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Bellevue Winstel Apartments, an apartment building located at 3737 E. Bellevue St. in Tucson. Gould Family Properties VIII LLC sold the property to 3737 E. Bellevue Street LLC for $2.1 million. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield|PICOR handled the transaction.
GRAPEVINE, TEXAS — HFF has secured approximately $23.3 million in acquisition financing for two hotels in Grapevine, a suburb of Dallas located near Dallas-Fort Worth (DFW) International Airport. The 94-room Hampton Inn & Suites Dallas-DFW Airport North-Grapevine was built in 2000 and the 96-room Comfort Suites DFW Airport North Grapevine was completed in 2005. Both hotels feature a business center, fitness center, meeting rooms and a pool. Pete Felhman of HFF led the debt placement team on behalf of the borrower, Dallas-based Atlantic Hotels Group. The loan features a three-year term, a fixed interest rate and two one-year extensions.
ALLEN AND CARROLLTON, TEXAS — Disney Investment Group (DIG) has brokered the sale of two shopping centers totaling 57,135 square feet in metro Dallas for a combined $17.1 million. The sold assets include McDermott Towne Crossing, a 42,651-square-foot, Kroger-anchored shopping center in Allen, and Carrollton Retail Center, a 14,484-square-foot center in Carrollton. David Disney and Adam Crockett of DIG represented the seller, Los Angeles-based Westwood Financial Corp., in the transaction. The duo also procured the buyer of both centers, a Texas-based private investor.
EL PASO, TEXAS — CBRE has negotiated a 56,400-square-foot industrial lease at 19 Butterfield Trail in El Paso on behalf of furniture producer South Shore USA Inc. The deal will provide a short-term warehouse lease to bridge the storage gap as the tenant constructs its own facility. Bill Caparis of CBRE represented South Shore USA in the lease negotiations. Chad McCleskey, also with CBRE, represented the landlord, Sealy SW Properties LP.
LUFKIN, TEXAS — Marcus & Millichap has closed the sale of Lufkin Plaza, a 5,943-square-foot retail center in Lufkin, roughly halfway between Houston and Shreveport, La. Philip Levy of Marcus & Millichap represented the buyer, a Texas-based investor that acquired the property via a 1031 exchange. A West Coast-based investor sold the center, which was 100 percent leased at the time of closing.
ATLANTA — Atlanta-based Core5 Industrial Partners has signed Saddle Creek Logistics Services to a 1.2 million-square-foot lease at Southwest 85 Logistics Center, an industrial building under construction in southwest Atlanta. Saddle Creek, a provider of supply chain solutions for retailers, manufacturers and e-commerce companies, will use the new space to provide distribution services on behalf of a home improvement retailer for its Southeast locations. Core5 expects to wrap up construction on the facility this summer. Ladson Montgomery of Newmark Grubb Phoenix Realty Group and Dave Watson of Newmark Knight Frank represented Saddle Creek in the lease negotiations. The transaction marks the largest industrial lease signed to date in the Atlanta region, according to Core5. Southwest 85 Logistics Center will feature 40-foot clear heights, more than 590 trailer spaces and 200 auto parking spaces.
BATON ROUGE, LA. AND DAYTONA BEACH, FLA. — KeyBank Real Estate Capital has provided $37.5 million in Freddie Mac loans for the refinancing of two student housing properties located in Baton Rouge and Daytona Beach. Trevor Ritter of KeyBank originated a $21.7 million, floating-rate loan for Oakbrook Apartments, a 240-unit student housing community near Louisiana State University in Baton Rouge. The community was constructed in 1983 and renovated in 2017. In Daytona Beach, Ritter originated a $15.8 million, floating-rate loan for the first phase of Eagle Landing Apartments. The 144-unit community serves students attending Bethune Cookman University, Daytona State College and Embry-Riddle Aeronautical University. The community is the first phase of a three-phase development and was built in 2015. The property’s second phase was built in 2016. The third phase is currently under construction, and is expected to be completed in time for the fall 2018 semester. The names of the borrowers were not disclosed.
MIAMI — Aztec Group Inc. has arranged a $21.3 million construction loan for the development of the AC Marriott Hotel in Midtown Miami. Boaz Ashbel of Aztec Group arranged the loan through Florida Community Bank NA on behalf of the project developer, Midtown Lodging 2 LLC. The 153-room hotel will be located at the corner of N.E. 34th Street and Biscayne Boulevard and will feature a modern glass façade. Hotel amenities will include a restaurant and bar/lounge, business center, fitness center, meeting space, swimming pool, guess laundry and valet parking. 3H Hospitality will manage the AC Marriott Hotel upon opening in mid-2019.
VIRGINIA BEACH, VA. — Mercer Street Partners has acquired Corporate Center V, a 71,000-square-foot office building in Virginia Beach, for $9.9 million. Amerigroup Corp., a health insurance provider and wholly owned subsidiary of Anthem Inc., is headquartered at the building. Canal Capital Management arranged the transaction on behalf of Mercer Street Partners. Cushman & Wakefield | Thalhimer represented the undisclosed seller. Located at 4425 Corporation Lane within Corporate Center office park, the building is located within walking distance to Pembroke Mall and Town Center of Virginia Beach. The $608 million Town Center is home to more than 800,000 square feet of office space, 19 restaurants, apartment units, hotel rooms and more than 30 shopping and entertainment venues.
LAKE CHARLES, LA. — Doster Construction Co. has delivered Springs at Country Club, a 252-unit multifamily community located in the southwest Louisiana city of Lake Charles. Continental Properties developed the community, which includes a mix of studio, one-, two- and three-bedroom units. Community amenities include a resort-style pool, clubhouse, complimentary coffee bar, 24-hour fitness center, dog park and a pet spa area.