CANONSBURG, PA. — Monticello Asset Management LLC has provided $9 million in first lien debt financing to Greenery Realty Group LLC, which will use the capital to acquire and renovate a skilled nursing facility in the Pittsburgh suburb of Canonsburg. The financing is a bridge-to-HUD loan for Greenery, a skilled nursing operator. The 140-bed facility was built in 1985 and renovated in 1995. Upon closing, the borrower implemented an initial construction project of $1.2 million and is currently in the process of making more capital expenditures. The property consists of a 52,909-square-foot, single-story skilled nursing building, a 1,700-square-foot maintenance building and a 4,000-square-foot, two-story medical office building.
MEDWAY, MASS. — R.W. Holmes Realty has brokered the sale of an industrial and warehouse building located at 7 Industrial Park Road in Medway. Industrial Park Realty acquired the building from Riverside Properties for $4.6 million. MicroGroup, a medical device component manufacturer, occupies the entire 77,253-square-foot building. John Eysenbach of R.W. Holmes represented the buyer and seller in the deal.
FORT WORTH, TEXAS — IKEA has submitted a proposal to the City of Fort Worth for the development of IKEA Fort Worth on 27 acres at the southwest corner of Interstate 35 and North Tarrant Parkway in Fort Worth. Pending necessary approvals and agreement, construction of the retail location could begin in spring 2018, with an opening of summer 2019. The 289,000-square-foot store would offer 900 parking spaces and create more than 250 jobs upon opening. This location would be the third in the Dallas-Fort Worth area and the sixth in the state of Texas.
DALLAS — Pierson Retail Advisors and Vitorino Group have entered a definitive agreement to merge and combine operations. The merged companies will operate as Strive, a new full-service retail real estate brokerage firm headquartered in Dallas. Combined the two firms have sold close to $3 billion in commercial real estate. The merger will be complete by the summer, with plans to unveil the new branding and image by then. Jennifer Pierson leads Pierson Retail Advisors, and Jason Vitorino leads Vitorino Group.
AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has arranged the sale of an office building located on Bee Cave Road in Austin. An undisclosed buyer acquired the 53,164-square-foot building. Matt Fain of ECR represented the buyer. The name of the seller and the acquisition price were not released.
OKLAHOMA CITY — CBRE has arranged four industrial leases in Oklahoma City totaling 97,392 square feet. In the first lease, Mick’s Vault Works leased 6,000 square feet of industrial space at 13915 N. Harvey Ave. from HUDICO. In the second lease, Terra Pilot MWD Tools renewed a lease for 5,030 square feet of industrial space at 5 N. Cooley Drive from TIC – 485 Fall Creek LLC & Desert Mountain Investments. In the third deal, CentiMark Corp. leased 5,936 square feet of space at 14800 Bristol Park from Pinnacle Investments. Jason Hammock, Caitlin Mazaheri and John Lenochan of CBRE represented the landlords in all three deals. In the final transaction, Biagi Warehouse leased 80,426 square feet of industrial space at 6001 SW 36th St. from GIJV OKC 1. David Portman of CBRE represented the landlord in the deal.
EL PASO, TEXAS — Retail Solutions has opened an office in El Paso. With offices in Austin, Houston, Dallas, San Antonio, McAllen and Midland, Texas, the commercial real estate company handles the leasing and sale of approximately 750 commercial spaces across Texas and Louisiana. Additionally, the company represents more than 250 retail and restaurant brands in the two states and across the country. Chris Duncan is Retail Solutions’ market leader at the new El Paso location.
FORT LAUDERDALE, FLA. — Blackhawk Properties & Investments LLC plans to begin construction in May on the 550 Building, a seven-story office property located at 550 S. Andrews Ave. in downtown Fort Lauderdale. Demolition has begun on the site, which formerly housed the 30,734-square-foot Justice Building. Blackhawk purchased the site in 2013 for $3.6 million. Situated across from the new Broward County Judicial Complex, the 86,257-square-foot 550 Building will feature 7,500 square feet of ground-level retail and patio space and six floors of offices. The property will also feature an attached 663-space parking garage with 14,000 square feet of retail and restaurant space on the ground floor known as The SOLO Shoppes. The project team includes Kate Murphy of Collins Capital Partners, Thomas McDonald of Craven Thompson & Associates, William Murphy of Douglas Management and architect Falkanger, Snyder, Martineau and Yates. Blackhawk has hired Berger Commercial Realty/CORFAC International to market the 550 Building, which is slated for a spring 2018 delivery.
WASHINGTON, D.C. — Rock Creek Property Group has broken ground on the repositioning of the historic Takoma Theatre located at 6833 4th St. N.W. in Washington, D.C.’s Takoma neighborhood. Situated two blocks from the Red Line’s Takoma Metro station, the theater opened in the 1920s and was one of the first theaters in the area to feature talking movies. Since its opening, the venue has hosted several performances and events, including an HBO comedy special by Chris Rock in 1996. Rock Creek plans to convert the asset into 23,000 square feet of office and retail space with 15- to 20-foot ceilings. The design team, including Cunningham | Quill Architects and Eichberg Construction, will open the new project this summer. Washington, D.C.-based Rock Creek has more than $100 million of ongoing projects in all stages of the development cycle.
JACKSONVILLE, FLA. — Colliers International has brokered the $26.5 million sale of Canopy at Belfort Park, a 192-unit, Class A apartment community located at 7750 Belfort Parkway in Jacksonville. Built in 2013, the property was 93 percent occupied at the time of sale. Community amenities include a clubhouse, pool and private lake, and units range in size from 844 square feet to 1,434 square feet. Bradley Coe, Douglas Blair and Morgan Williams of Colliers International’s Jacksonville office brokered the transaction between the private buyer, Mid-Atlantic-based TC Belfort Park LLC, and the seller, Canopy at Belfort Park Apartments LLC.