PLANO, TEXAS — SRS Investment Properties Group has brokered the $24.5 million sale of Creekwalk Village, a 174,484-square-foot shopping center in Plano. Chris Tramontano and John Redfield of SRS represented both the undisclosed seller and the buyer, a private investor based on the East Coast, in the transaction. The center is currently leased to tenants such as Bed Bath & Beyond, Old Navy and Barnes & Noble.
LEWISVILLE, TEXAS — Illinois-based ML Realty Partners will develop a 121,000-square-foot industrial facility in Lewisville. Branded 121 Riverview Crossing, the property will be situated along Business Highway 121 near both Legacy West in Plano and the $5 Billion Mile in Frisco. The facility will be available for lease in spring 2018. Henry S. Miller will handle leasing activity.
KATY, TEXAS — Marcus & Millichap has arranged the sale of Star Plaza, a 19,053-square-foot retail property located at 5803 N. Fry Road in Katy. Gus Lagos and Alex Bouchard of Marcus & Millichap represented the seller and procured the buyer, neither of which was disclosed. The asset had a list price of roughly $2.9 million.
ST. PAUL, MINN. — Dougherty Funding LLC has provided a $15.1 million loan for the construction of a Residence Inn by Marriott in St. Paul. The 102-room hotel will be located on Grand Avenue adjacent to the Children’s Hospital and Allina’s United Hospital, with close proximity to the St. Paul Convention Center and Xcel Energy Center. Included in the project is the preservation of a firehouse that is the City of St. Paul’s oldest remaining municipal building, constructed in 1871. Dougherty Funding served as lead lender and servicer for the loan. St. Paul Hotel Ventures LLC was the borrower.
CHICAGO — CIM Group has acquired two newly constructed buildings in Chicago’s Wicker Park for an undisclosed price. Built in 2016, 1643 N. Milwaukee Ave. is a mixed-use property comprising, residential, office and retail space. 1237 N. Milwaukee Ave., a mixed-use property consisting of residential and retail space, just received a certificate of occupancy. Together, the buildings include 96 apartment units, 23,000 square feet of street-level retail space and 17,400 square feet of office space.
CHICAGO — Essex Realty Group Inc. has arranged the sale of a 26-unit condominium building in Chicago’s Lincoln Park for $7.8 million. The property, located at 512 W. Belden Ave., includes a mix of one- and two-bedroom units. Steven Livaditis and Joe Scheck of Essex marketed the property for sale on behalf of the seller, 512 Belden Association. The team also represented the buyer, a local real estate investor.
CHICAGO — Marcus & Millichap has brokered the sale of Canal Street Self Storage in Chicago for an undisclosed amount. The 66,063-square-foot, 792-unit self-storage facility is located at 1601 S. Canal St. Canal Street Self Storage offers elevator access, 24-hour hour lockers, large truck and trailer access and two levels of docks for loading and unloading. The facility has a wide range of storage options such as eco-friendly storage containers, business documentation storage, climate-controlled units, uncovered boat/recreational vehicle parking spaces and wine storage. Sean Delaney and Michael Mele of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company based in the West.
SWANSEA, ILL. — BARBERMurphy Group has arranged the sale of a 108-unit apartment property in Swansea, about 15 miles east of St. Louis. The sales price was not disclosed. The building, located at Cantwell Lane and Old Collinsville Road, consists of 113,400 square feet. BARBERMurphy represented the seller, Dan L. Sheils LLC. Swansea Applegate Apartments LLC purchased the property.
CINCINNATI — Phillips Edison Grocery REIT I Inc. (OTC: PHLD) has entered into an agreement to acquire the real estate assets and third-party asset management business of its sponsor firm, Phillips Edison Limited Partnership (PELP), in a stock and cash transaction valued at roughly $1 billion. The transaction is expected to close during the fourth quarter. Upon closing, the transaction will create a non-traded shopping center REIT with a total enterprise value of approximately $4 billion. The new REIT will own 230 grocery-anchored shopping centers spanning roughly 25.5 million square feet across 32 states. Shareholders of Phillips Edison Grocery REIT I are expected to own approximately 80.2 percent of the new company, while PELP shareholders will own the remaining 19.8 percent. The company’s pro forma for the first quarter of 2017 suggests that funds from the transaction would have generated an 8 to 10 percent increase per share. At the end of that period, the REIT’s common stock was valued at $10.20 per share, based on third-party valuations. Under the terms of the deal, the REIT will refinance or assume approximately $501 million in outstanding debt. The new company is expected to have a total debt-to-enterprise value of 41.4 percent. …
WASHINGTON, D.C. — Citizens Bank has led the financing on two deals in the metropolitan Washington, D.C., area with The JBG Cos. totaling $90 million. The financing included the $49 million refinancing of Georgetown Center, two office buildings at 2115 and 2121 Wisconsin Ave. in D.C.’s Georgetown district, and a $41 million loan to finance the Old Centerville, a 171,631-square-foot, H-Mart-anchored shopping center on Braddock Road in Centerville, Va. Citizens was the administrative agent and sole lead arranger for both transactions.
