SAN JOSE, CALIF. — Barry Slatt Mortgage Co. has arranged a $27 million loan to refinance Sunrise Plaza, a 112,805-square-foot shopping center in San Jose. Behzad Boroumand arranged the 10-year, fixed-rate CMBS loan with full-term, interest-only payments on behalf of the undisclosed borrower. Dick’s Sporting Goods anchors the center.
PHOENIX — MIG Real Estate has purchased the 176-unit Bayside Apartments in Phoenix for an undisclosed sum. The community is located at 20245 N. 32nd Drive. Bayside Apartments was built in 1999. The complex features nine-foot ceilings, walk-in closets, private balconies and patios, dishwashers, and full-size washer and dryer units. The gated community also offers an outdoor resort-style swimming pool, spa and covered picnic areas with barbeque grills. Complimentary WiFi is provided in the office and pool lounge areas. Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller. Bayside Apartments will undergo enhancements as MIG repositions the asset.
YUMA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 151-unit assisted living community in Yuma for $3.1 million. The name of the community was not disclosed. The property was originally built as a limited-service hotel before the nonprofit owner began converting it to assisted living. The owner ran into financial trouble and was unable to complete the conversion. Blueprint was tasked with the sale by a court-appointed receiver and positioned the community as a turnaround opportunity. A Phoenix-based investor purchased the property, marking its first entry into the seniors housing space. Jacob Gehl, Amy Sitzman, and Giancarlo Riso of Blueprint were the lead advisors on the transaction.
SHERMAN, TEXAS — Finisar, a California-based manufacturer of optical communications components used in Apple products, will open a 700,000-square-foot, previously shuttered manufacturing plant in Sherman. Funding for the project stems from a $390 million grant provided by Apple Inc. The awarding of the grant will enable Finisar, which already operates a plant in Allen, to increase its research and development spending and up its production of vertical-cavity surface-emitting lasers (VCSELs), which power Apple products like Face ID and Animoji. Approximately 500 new jobs will be created as a result of Apple’s grant. Holmes Davis of Binswanger represented the seller of Finisar’s new facility, SunEdison. Finisar expects the Sherman facility to begin shipping new VCSELs by the second half of 2018.
DALLAS — Square Mile Capital Management LLC has originated a $118 million loan for Renaissance Tower, a 56-story office tower comprising more than 1.7 million square feet of space in downtown Dallas. The loan, a portion of which was sold to Bank of the Ozarks, will be used to repay existing CMBS debt and bridge the property through stabilization. The borrower was a joint venture between two New York-based firms: SMA Equities and The Moinian Group. Whitaker Johnson and Steve Heldenfels of HFF arranged the financing.
GRAND PRAIRIE, TEXAS — Swedish furniture retailer IKEA has opened a 290,000-square-foot store in Grand Prairie. The store is the company’s fourth location in Texas, with plans to open stores in the San Antonio and Fort Worth areas in 2019 underway. Construction of the store created about 500 new jobs, with an additional 250 workers joining the IKEA team as it became operational.
IRVING, TEXAS — Coldwell Banker Commercial Advisors (CBCA) has brokered the sale of a 136,000-square-foot, Tier IV-designed data center facility located at 6001 Campus Circle W. in Irving. The two-story property underwent an expansion in the 1980s that delivered an additional 94,000 square feet of space and five back-up generators totaling more than 8,100 kilowatts of power. The facility is currently configured to have a 74,500-square-foot data-raised floor, 34,000 square feet of office space and 27,500 square feet of infrastructure space. Ryan Crabtree of CBCA represented the buyer, Skywalker Property Partners, in the sale.
SPRING, TEXAS — Hunington Properties Inc. (HPI) has brokered the sale of Postwood Shopping Center, a 42,232-square-foot retail center located at 5639 Treaschwig Road in the northern Houston metro of Spring. The property, which is shadow-anchored by Kroger, was built in 1985 and renovated in 2009. Current tenants include Chase Bank, State Farm Insurance, Boost Mobile and Anytime Fitness. Rafael Melara of HPI represented the seller in the transaction. Gary Smith of RCR Realty represented the buyer, a local investor.
LOUISVILLE, KY. — KeyBank Real Estate Capital has arranged a $73.3 million Freddie Mac loan for the acquisition of Mallard Crossing, a 600-unit multifamily property located at 400 Mallard Creek Road in Louisville. Louisville Business First reports Lifestyle Communities acquired the asset from M.F. Mallard Crossing KY LLC, an affiliate of Blackstone Group, in November. Tim Migchelbrink of KeyBank arranged the adjustable-rate loan with four years of interest-only payments on behalf of the borrower. Mallard Crossing was constructed in two phases starting in 1991, and includes 51 two- and three-story garden-style apartment buildings. Community amenities include indoor and outdoor basketball courts, a theater room, two swimming pools, grilling deck, sauna, two dog parks and tennis courts.
WEST PALM BEACH, FLA. — Crane Capital Group Inc., in partnership with Westmont Hospitality Group, has received an $18.7 million construction loan for the conversion of a vacant office tower in West Palm Beach into a 191-room hotel. Scott Wadler and Wesley Hightower of HFF arranged the three-year, fixed-rate loan through Woodforest National Bank on behalf of the joint venture, which acquired the vacant Forum Office tower earlier this year. The redeveloped 10-story hotel, located roughly five miles from the new $150 million Houston Astros Spring Training facility, will serve the public, as well as the Houston Astros players, staff and family. The hotel will feature a restaurant, pool and a gym. Westmont Hospitality Group will manage the property, which is expected to open mid-year 2018.