SAULT STE. MARIE, MICH. — Bernard Financial Group has arranged a $9 million acquisition loan for a 266,439-square-foot retail shopping center in Sault Ste. Marie in the Upper Peninsula of Michigan. Cascade Crossing is located at 4500 I-75 Business Spur. Tenants include T.J. Maxx, Dollar Tree and Kohl’s, among others. David Dismondy of Bernard Financial Group originated the loan. Cascade X LLC was the borrowing entity.
FRISCO, TEXAS — Venture Commercial Real Estate has arranged the sale of a single-tenant, net-leased LA Fitness in Frisco. The 38,000-square-foot gym anchors the Frisco Market Center, a 100-acre mixed-use development located at Main Street and Dallas North Tollway. John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller of Venture Commercial represented the seller, Hermansen Land Development Inc., in the sale. The name of the buyer and the acquisition price were not released.
MCKINNEY, TEXAS — Lee & Associates has arranged a 63,000-square-foot lease expansion and extension for Popular Ink at 2040 Redbud Drive in McKinney. Popular Ink offers custom flexible packaging printing for a variety of products, including sleeves, boxes, pouches and labels. Brett Lewis, George Tanghongs and Adam Graham of Lee & Associates represented the landlord, Dalfen, while Carey Cox Co. represented the tenant in the transaction.
DALLAS — Stream Energy has relocated to 55,226 square feet of office space located at 14675 Dallas Parkway in Dallas. Stream Energy is a leading company in energy, connected life services and direct selling. Jon Silberman with NAI Partners, along with Van Power and David Schrock of NAI Robert Lynn, represented the tenant, while the landlord, Cawley Partners, was represented internally by Jeremy Duggins.
LOUISVILLE, KY. — Kindred Healthcare Inc. (NYSE: KND) plans to buy the 36 skilled nursing facilities it currently operates for Ventas for $700 million. The move is the latest step in Kindred’s plan to fully exit the skilled nursing business. The company will presumably try to sell the facilities that it will now both own and operate. Kindred announced its plan to leave skilled nursing last week on its third-quarter earnings call, which revealed a quarterly loss of $671.3 million. The company will focus instead on home healthcare and post-acute care hospitals. Ventas (NYSE: VTR), one of the largest healthcare REITs in the country, sent out its own statement the next day, noting that Kindred could not sell or lease the 36 Ventas-owned facilities without Ventas’ consent. By buying those 36 facilities, Kindred is now free to sell or lease the properties. As part of the deal, Ventas has extended its lease with Kindred for all the Ventas-owned acute-care hospitals in Kindred’s operational portfolio. The leases were set to expire between 2018 and 2020, but have all been extended to 2025. Ventas itself is attempting to exit the skilled nursing business as well. The company created a separate spinoff company …
The Orlando office market is strong and continues to grow stronger. Vacancy rates are declining, rents are increasing and new developments are in the works. While many large office markets around the country seem to have reached or are approaching the peak of this real estate cycle, the market in the Orlando area still has great potential for expansion. According to the Orlando Economic Development Commission (EDC), there is currently an unprecedented level of office, multifamily and mixed-use development planned for downtown Orlando. This is largely thanks to Tremont Plaza, a 28-story mixed-use development being built by Lincoln Property Co. and Tremont Realty Capital. The $81 million development will have seven floors of office space totaling over 200,000 square feet, along with a 180-room hotel, making it the first large-scale Class A office project for Orlando in 10 years. With several other major multi-use commercial projects on the drawing board, the EDC calculates that more than 1 million additional square feet of construction is planned for Orlando’s downtown business district. There are several factors contributing to the office market’s prosperity, including Florida’s improving economy and business-friendly atmosphere. The state offers a favorable business tax structure, pro-business legislature and access to …
ARLINGTON, TEXAS — Younger Partners has brokered the sale of a three-building light industrial property located at 801-805 E. Avenue H in Arlington. C&L Partnership Ltd. acquired the 80,199-square-foot property from Avenue H Partners LLC for an undisclosed price. At the time of sale, the multi-tenant property was 97 percent occupied. Hahn Franklin-Mitchell of Younger Partners, along with Zane Marcell and Dustin Volz of JLL, represented the seller in the deal.
BAYTOWN, TEXAS — Newmark Grubb Knight Frank (NGKF) has brokered the sale of an industrial land site located at 850 Independence Parkway N. in Baytown. Avera Cos. acquired the 41.7-acre site at the entry of the Houston Ship Channel for an undisclosed price. The U.S. Army Corps of Engineers has permitted the land for four distinct lease areas, including the Barge Terminal and Fleeting Army, dredge material placement area, potential reclaimed land, and future fuel and deep-water terminal distribution facility. The land provides a deep-water terminal space with prominent pipeline corridor access. Doug Nicholson and Rob Stillwell of NGKF represented the undisclosed seller in the deal.
OKARCHE, OKLA. — CBRE has arranged the acquisition of an industrial property located at 7180 NW Expressway in Okarche. Baptist General Convention of the State of Oklahoma purchased the 16,456-square-foot building from Felix OK Holdings LLC for $1.3 million. Randy Lacey of CBRE’s Oklahoma City office represented the buyer, while Scott Wieczorek of GBR Properties represented the seller in the transaction.
DALLAS, CEDAR HILL, FORT WORTH AND WAXAHACHIE — NAI Robert Lynn has arranged the sales of four properties totaling 120,722 square feet in Texas. In the first transaction, Taxco Produce acquired an 111,263-square-foot building located at 4202 Dan Morton Drive in Dallas. Matt Elliot of NAI Robert Lynn represented the tenant in the deal. In the second transaction, Tom Heraty of NAI Robert Lynn represented U Need Nails & Tan LLC in the acquisition of a 3,559-square-foot building located at 101 E. Belt Line Road in Cedar Hill. In the third deal, Colt Power of NAI Robert Lynn represented CAP Software in the purchase of a 3,200-square-foot building located at 7250 W. Vickery Blvd. in Fort Worth. Eric Walsh of HGC Commercial represented the undisclosed seller in the transaction. In the final transaction, Tom Heraty of NAI Robert Lynn represented the Rocksteady LLC in the acquisition of a 2,700-square-foot building located at 503 N. Highway 77 in Waxahachie. Sandia Properties represented the undisclosed seller in the deal.