LOS ANGELES — RCG Ventures has expanded to the West Coast by opening a new office in Los Angeles. The company promoted Scott Tarbet to senior vice president and director of acquisitions – western region. In this role, Tarbet will oversee the new office. RCG Ventures currently owns 90 shopping centers, totaling 10 million square feet in 20 states. The company plans to acquire $250 million in value-add shopping centers.
EL PASO, TEXAS — The Meyers Group has acquired the historic Camino Real Hotel in El Paso. The 356-room property is located at 101 S. El Paso St. in the city’s downtown district. The Meyers Group plans to completely renovate the property, which was named to the National Register of Historic Places in 1979. After the completion of the 18-month renovation project, the hotel will reopen under its historic name, Hotel Paso del Norte. The historic 10th-floor ballroom and terrace, currently being used for mechanical purposes, will be restored and will feature a full-service spa, gym, pool and pool deck.
HOUSTON — Carroll Organization, a privately held real estate company, has completed the sale of Carroll at Shadow Creek Ranch in Houston. The 360-unit community was originally purchased in February 2012 and was the last remaining property in the firm’s first investment vehicle, Carroll Co-Invest Fund I LP. Carroll at Shadow Creek Ranch is a Class A property built in 2010. The community is located in the Shadow Creek Ranch neighborhood and features one- and two-car garages with individual driveways, private patios, nine-foot ceilings with crown molding, full-size washers and dryers and a pool.
EDMOND, OKLA. — CBRE has brokered the sale of Tealridge Assisted Living and Memory Care, a 52,283-square-foot seniors housing facility in Edmond. MOC Assisted Living sold the property for $6.8 million to a nonprofit private investor that is looking to establish a presence in the Oklahoma market. Tealridge Assisted Living and Memory Care is located at 2200 N.W. 140th St. at the intersection of East Memorial Road and North Eastern Avenue. The facility was constructed in 2010 and includes 65 units. Daniel Morris of CBRE’s Oklahoma City office represented the buyer in the transaction.
HOUSTON — Marcus & Millichap has negotiated the sale of Inwood Forest Shopping Center, a 77,553-square-foot, Foodarama-anchored retail property at the northeast corner of Antoine and Victory drives in Houston. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, Brixmor Property Group. Goldstein also represented the buyer, a limited liability company. The grocery-anchored shopping center was built in 1985 and is 96 percent leased to tenants including UT Physicians Clinic, City Gear and Wingstop. Inwood Forest Shopping Center is located at 7320-7372 Antoine Drive.
CARROLLTON, TEXAS — The Vitorino Group has arranged the sale of Christian Brothers Automotive, a 4,790-square-foot auto mechanic located in Carrollton. James Mangum of The Vitorino Group marketed the property on behalf of the seller, a private investor from Colorado. The buyer, a Texas-based investor, was represented by an outside broker and bought the asset to fulfill a 1031 tax-deferred exchange.
EDINA, MINN. — Carlyle Realty Partners V LP has sold Centennial Shops in Edina to Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust for $32 million. The sale of the shopping center, located along France Avenue at 3825 Gallagher Drive, is the largest transaction by dollar amount for a retail property in the Minneapolis-St. Paul market so far this year. The 85,200-square-foot lifestyle center was 100 percent leased at the time of sale and includes tenants such as West Elm and the Container Store. George Good, executive vice president in CBRE’s Chicago office, and Jim Leary, senior vice president in Minneapolis, marketed the property for sale.
CINCINNATI AND COLUMBUS, OHIO AND FORT WAYNE, IND. — Walker & Dunlop has closed a $15.5 million loan for the acquisition of four extended-stay properties in Ohio and Indiana by Sandpiper Hospitality. The financing is a three-year, interest-only bridge loan to allow Sandpiper to complete the acquisition while the properties are stabilized. Walker & Dunlop’s Stephen Farnsworth and Geoff Smith led the lending team. Two of the properties were recently constructed and have not yet achieved stabilization, and three of the four will undergo a rebranding from a Value Place to a WoodSpring Suites this quarter. The Value Place franchise is currently in the process of rebranding all of its properties to the new WoodSpring Suites. Extended-stay properties within the portfolio include WoodSpring Suites Easton and Value Place Worthington in Columbus, Value Place Fairfield in Cincinnati, and Value Place Fort Wayne in Fort Wayne.
CLARKSBURG, MD. — Simon has opened Clarksburg Premium Outlets, a 392,000-square-foot outlet mall located at 22705 Clarksburg Road in Clarksburg, about 30 miles north of Washington, D.C. Simon developed the property in a joint venture arrangement with New England Properties and Streetscape. Retailers operating at Clarksburg Premium Outlets include a Nike Factory Store, Under Armour, Ann Taylor Factory, Banana Republic Factory, Gap Outlet, Armani Outlet, Kate Spade New York, Michael Kors, Saks Fifth Avenue OFF 5th, All Saints and Tory Burch. The property is the country’s first two-story outdoor outlet shopping center and Simon’s second LEED-certified Premium Outlet center.
ATLANTA — Novare Group and Batson-Cook Development Co. plan to open Atlantic House, a 32-story high-rise apartment tower in Midtown Atlanta, in mid-November. Located on the corner of 14th and West Peachtree streets, Atlantic House will feature 407 residences, two rooftop pools, a 24-hour fitness center, clubroom, outdoor kitchen, laundry service, 24-hour concierge services, business center and outdoor patio space, as well as a grilling area, tennis court and dog park on top of the attached parking garage. All residences will feature private balconies. The project also features more than 13,000 square feet of ground-floor retail space fronting 14th and West Peachtree streets, with Einstein’s, Caribou and McCray’s Tavern scheduled to open in early 2017. Residents have started to move into their units ahead of the Nov. 17 grand opening.