HOUSTON — Dallas-based TIER REIT Inc. has sold Loop Central, a 575,000-square-foot office complex in west Houston, according to company filings. TIER REIT acquired the three-building property, which was built in 1985 and approximately 84 percent leased at the time of sale, in late 2007. The buyer was Griffin Partners, a Houston-based development and investment firm, according to realtynewsreport.com. HFF brokered the sale.
DALLAS — Home décor retailer At Home will open a 108,000-square-foot store at the corner of President George Bush Turnpike and Firewheel Parkway in northeast Dallas. Situated on 11.1 acres, the store is expected to open during the fourth quarter. Michael Meaden and Andrew Wiley of JLL, along with Rich Flaten of CBRE, represented the partnership that sold the future site of the store. Karla Smith of CBRE represented the buyer in the land sale. Plano, Texas-based At Home operates approximately 115 stores across the country.
GRAPEVINE, TEXAS — Marcus & Millichap has closed the sale of a 94-room Hampton Inn & Suites and a 96-room Comfort Suites, two hotels located in the Dallas metro of Grapevine. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Dallas-based Supreme Bright Grapevine II and IV LLC, in the transaction. The duo also procured the buyer. Other terms of sale were not disclosed.
MCALLEN, TEXAS — Dallas-based brokerage firm STRIVE has arranged the sale of a Walgreens-leased store located in the Rio Grande Valley (RGV) metro of McAllen. Will Merritt and Adam Gottschalk of STRIVE represented the seller, a New York-based investor. Merritt and Gottschalk also procured the buyer, a Michigan-based private investor that acquired the property via a 1031 exchange. At the time of sale, the property had 15 years remaining on its double net lease
ALPHARETTA, GA. — Cushman & Wakefield has brokered the sale of Juncture, a 560-unit apartment community in Alpharetta, a northern suburb of Atlanta. CoStar reports Dallas-based JLB Partners, which developed the property in 2016, sold the asset for $141.7 million. The sales price sets a record for the highest suburban apartment sale in metro Atlanta, according to Cushman & Wakefield. Chris Spain, Robert Stickel, Travis Presnell and Alex Brown of Cushman and Wakefield arranged the transaction on behalf of JLB Partners. Nashville-based Carter-Haston Real Estate Services Inc. acquired the asset. Residences at Juncture features granite and quartz countertops, stainless steel appliances, hardwood flooring and crown molding. Community amenities include a fitness center, pool and an entertainment lounge.
GAINESVILLE, FLA. — Ziegler, a specialty investment bank, has provided a $94.3 million HUD loan for the refinancing of The Village at Gainesville, a 639-unit independent living, assisted living and memory care community in Gainesville. The Florida-based borrower is SantaFe Senior Living, the not-for-profit operator of the community. The Village at Gainesville features 511 independent living units and 128 assisted living/memory care units. The property is located on 104 acres. The independent living units offer board and care services, allowing residents to maintain their “independent” status longer. The FHA-insured mortgage offers a 35-year fixed interest rate below 3.5 percent. The refinancing, which was arranged through FHA’s 232/223 (f) program, lowered the borrower’s debt service and recapitalized the facility. According to Ziegler, the loan is the largest refinance of a single-asset seniors housing community in HUD’s portfolio.
ARLINGTON, VA. — Mission Capital Advisors has arranged a $47 million bridge loan for the refinancing of Hyatt Place Arlington Courthouse Plaza, a 168-room hotel located at 2401 Wilson Blvd. in Arlington, roughly 5 miles southwest of Washington, D.C. The property is located adjacent to the Association of the United States Army (AUSA) Conference and Event Center. Jason Parker, Ari Hirt and Jamie Matheny of Mission Capital arranged the loan through EagleBank on behalf of the borrower, a partnership between The Schupp Cos. and LodgeWorks Partners. The eight-story hotel was constructed in 2016 and features a business center and indoor valet parking. In addition, the hotel is home to Verre Wine Bar on the ground level.
WINTER HAVEN, FLA. — The Shopping Center Group (TSCG) has arranged the $6 million sale of Chain O’Lakes Plaza, a 91,160-square-foot shopping center located at the intersection of U.S. Highway 17 and Avenue O S.W. in Winter Haven, a city in Central Florida roughly 45 miles south of Orlando. Anthony Blanco, Lenard Williams, Mallory Silva and Tyler Freeman of TSCG arranged the transaction on behalf of the seller, an affiliate of Kimco Realty Corp. An undisclosed, Tampa-based investor acquired the asset. At the time of sale, the property was 97 percent leased to tenants such as Big Lots, Family Dollar, Jo-Ann Fabrics, Rainbow Shops and Dunkin’ Donuts/Baskin Robbins. Save-A-Lot shadow-anchors the center, which also includes a one-acre, undeveloped outparcel along U.S. Highway 17.
MACON, GA. — Waypoint Residential has acquired The Lofts at College Hill, a 194-bed student housing community located one mile from Mercer University in Macon. Other terms of the transaction were not disclosed. The community was built in 2015 and is currently the only off-campus, purpose-built student housing property that serves the university. The Lofts at College Hill features a billiards room, grilling patio, rooftop terrace, fitness center, yoga studio and a coffee bar. In addition, the community features 12,000 square feet of ground-floor retail. The transaction marks Waypoint’s 13th student hosing acquisition since entering the sector in 2016.
INDIANAPOLIS — Buckingham Cos. has begun the $135 million second phase of the CityWay development in Indianapolis. Residential construction for Phase II at the mixed-use development includes two five-story buildings on the west side of Delaware Street and three four-story buildings along the Cultural Trail and Virginia Street. Upon completion in 2019, the CityWay neighborhood is slated to include more than 650 apartments and over 100,000 square feet of commercial space. Franciscan Health Systems will anchor a new 20,000-square-foot office building. Plans also call for a 13,000-square-foot pharmacy. The inaugural phase of CityWay opened in 2013.
