HOUSTON — NAI Partners has negotiated a 101,460-square-foot industrial lease at 971 N. Sam Houston Parkway E. in Houston on behalf of Air General Inc., an air and water cargo handling firm. John Ferruzzo and Nick Peterson of NAI Partners represented the tenant in the lease negotiations. Blake Warren and Justin Robinson of Stream Realty Partners represented the landlord, Teachers Insurance and Annuity Association of America.
SAN ANTONIO — CBRE has arranged the sale of an 80,000-square-foot medical building located at 5109 Medical Drive in San Antonio. Built in 2008, the property is located on the CHRISTUS Santa Rosa medical center campus on the city’s northwestern side. The facility includes 38 semi-private rooms for 100 patient beds, a clinical lab and a pharmacy. Scott Herbold of CBRE represented the seller, Stream Realty Partners, in the transaction. PPH Real Estate LLC, a partnership of local physicians and investors, purchased the asset for an undisclosed price.
MIDLAND, TEXAS — NorthMarq Capital has arranged a $15.8 million refinancing of The Azure, a 156-unit affordable housing property in the West Texas city of Midland. The property offers amenities such as a business center, resident clubhouse, pool and fitness center. Carl Pankratz of NorthMarq Capital secured the 10-year Freddie Mac loan, which features a 30-year amortization schedule. The borrower was not disclosed.
AUSTIN, TEXAS — Peloton Commercial Real Estate LP has secured a 5,631-square-foot office lease at 3918 N. Lamar Blvd. in north Austin on behalf of Austin-based restaurant operator K&N Management. The site will serve as the new location for Rudy’s Country Store and Bar-B-Q. Tom Rhea and Brian Liverman of Peloton represented the tenant in the lease negotiations. Jack Burton of Crockett Partners represented the landlord.
URBANDALE, IOWA — CBRE has arranged the sale of the Interstate Distribution Center in Urbandale, about eight miles northwest of Des Moines, for $16.7 million. The 518,161-square-foot distribution center is fully occupied by two undisclosed tenants. Built in 1968, the property is situated on a 42-acre parcel near the junction of I-35, I-80 and I-235. Judd Welliver, Ryan Watts, Sonja Dusil, Tom Holtz and Chris Pendroy of CBRE represented the seller, Investors Real Estate Trust. Bell Avenue Properties Inc. purchased the property.
ELGIN, ROCKFORD AND DIXON, ILL. — Interra Realty has brokered the sale of a three-property multifamily portfolio in Illinois for $4 million. James Clough of Interra represented the buyer, Vijulima LLC, and the undisclosed seller. The historic buildings include: Center City Apartments in Elgin; Old City Hall in Rockford; and Nachusa House in Dixon. Located at 156 Division St., Center City Apartments consists of 45 units designated for seniors. Built in 1925 as the Douglas Hotel, the property was later abandoned and left vacant in 1982. It was saved from demolition when the property was redeveloped as senior housing in 1993. Old City Hall in Rockford consists of 31 apartment units. Built in 1904 as Rockford’s City Hall, the property later housed the Rockford Police Department and two jails and was redeveloped in 1994. Nachusa House is a 36-unit affordable seniors housing property. Built in 1853, the property was continuously operated as a hotel until 1988 and later redeveloped in 1998. Throughout its history, the hotel hosted notable guests such as Abraham Lincoln, Ulysses S. Grant, William Howard Taft and Theodore Roosevelt.
HOLT, MICH. — Greystone has provided a $2.3 million Freddie Mac loan for the refinancing of Whispering Pines in Holt, 10 miles south of Lansing. The property features 104 apartment units. Cary Belovicz, Austin Hull and John Marr of Greystone originated the 10-year loan, which features a fixed rate.
POYNETTE, WIS. — Marcus & Millichap has arranged the sale of a 17,873-square-foot retail property net leased to Piggly Wiggly in Poynette, about 27 miles north of Madison, for $2 million. The property, located along Highway 51, was built in 1998 as a build-to-suit for Piggly Wiggly. The grocery store’s lease was recently extended for 10 years through February 2028. Jeff Rowlette of Marcus & Millichap marketed the property on behalf of the seller and secured the buyer. Both were limited liability companies.
MILWAUKEE — Homewood Suites by Hilton has opened in downtown Milwaukee. The 94-suite hotel is located at 500 N. Water St. The hotel occupies a completely renovated historic building in downtown Milwaukee close to area attractions and convention space, the Wisconsin Center and the BMO Harris Bradley Center. Developed and owned by Button Block Holdings LLC and managed by Kinseth Hospitality Cos., the hotel features complimentary breakfast, Wi-Fi, a fitness center and indoor pool.
THORNTON, COLO. — Pathfinder Partners has acquired the 140-unit Quail Ridge Apartments in Thornton for $22 million. The community is located at 501 E. 102nd Ave. Pathfinder plans to renovate and rebrand the community, as well as upgrade its amenity package. Built in 1985, Quail Ridge is situated on 6.2 acres. The community includes a one-story leasing office and clubhouse, along with a variety of amenities, including covered parking, swimming pool, spa, business center, basketball court and fitness center. Shane Ozment and Terrance Hunt of ARA Newmark brokered the transaction. Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets arranged debt financing.
