PHOENIX — Canyon North Properties has acquired the 50-unit Canyon North apartments in Phoenix for $3.2 million. The community is located at 2339 W. Northern Ave. It was originally built in 1964 and renovated in 2016. Canyon North contains one- and two-bedroom units. The property also has access to I-17 and Valley Metro light rail. CBRE’s Brian Smuckler and Jeff Seaman represented both the buyer and seller, South Sunshine Coast, in this transaction.
BAKERSFIELD, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.7 million sale of a 1,850-square-foot Starbucks Coffee location in Bakersfield. Bill Asher and Jeff Lefko of Hanley represented the seller, Evergreen Development. Joe Bolognese of Major Properties Real Estate represented the buyer, a Los Angeles-based private investor.
PLANO, TEXAS — Developer KDC and general contractor Balfour Beatty have topped off Liberty Mutual Insurance’s new, 1.1 million-square-foot office campus at the Legacy West development in Plano. The $325 million, 19-story property will feature amenities such as a medical center with physical therapy services, a full-service cafeteria, coffee bar, rooftop gardens and more than 4,000 covered parking spaces. The complex will house approximately 4,000 Liberty Mutual employees who will move in during December.
WEATHERFORD, TEXAS — Gunn Automotive Group, a San Antonio-based car dealer, has purchased a 10.4-acre tract in western Fort Worth suburb of Weatherford for the development of a Honda dealership. The $10 million project, which includes a 30,000-square-foot building and showroom, will break ground in June. Colton Wallis and Nick Talley of Bradford Commercial represented the sellers, two private investors, in the transaction. Jack Huff of Transwestern represented the undisclosed buyer.
HOUSTON — CBRE has arranged the sale of Bellaire Atrium I and II, two six-story office buildings located at 5909 and 5959 W. Loop South near the Texas Medical Center in Bellaire, a neighborhood in west Houston. SLS Properties, a Houston-based development and management firm, purchased both buildings, which total 152,304 square feet and were 91 percent occupied at the time of sale. Todd Casper and Michael Hassler of CBRE represented the seller, 5909-5959 Realty Ltd., in the transaction.
DALLAS — Marcus & Millichap has closed the sale of Paradise Manor, a 16-unit apartment complex in Dallas. The Class B property is located at 5317 Junius St. across from Munger Park in the Old East Dallas submarket. Stephen Crittenden of Marcus & Millichap represented the seller, a private investor, in the transaction. An outside broker procured the undisclosed buyer.
DALLAS — Mote & Associates Inc. has brokered the sale of a 5,262-square-foot retail center located at 11525 Jupiter Road in east Dallas. Justin Clark of Mote represented the buyer, BFI Jupiter LLC, in the transaction. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the seller, SSN Group LLC. The property was 100 percent occupied at the time of sale.
ATLANTA — PMZ Realty Capital has closed an $82.5 million loan for Embassy Suites by Hilton Atlanta at Centennial Park, a 321-room hotel located at 267 Marietta St. in downtown Atlanta. Situated near Centennial Olympic Park in Atlanta’s Luckie-Marietta district, the hotel features 16,000 square feet of meeting space and an outdoor pool and spa. The borrower, Legacy Property Group, is using the floating-rate financing to retire existing debt on the hotel, which has recently undergone a $10 million facelift. This is the fourth loan that PMZ Realty Capital has closed for Legacy.
BIRMINGHAM, ALA. — Capital One Multifamily has arranged a $27.1 million Fannie Mae loan for 4700 Colonnade, a 215-unit apartment community located in Birmingham. Built in May 2016, 4700 Colonnade was 97 percent occupied at closing. Chad Thomas Hagwood of Capital One Multifamily originated the 10-year, fixed-rate loan with two years of interest-only payments followed by a 30-year amortization schedule. The borrower, an affiliate of Kore LLC, is using the financing to retire construction debt and return proceeds.
MIAMI — PGT Innovations Inc., an impact window and door manufacturer, plans to open a new 330,000-square-foot manufacturing facility in Miami. The company currently operates an 182,000-square-foot office and manufacturing property roughly 12 miles from the new facility. PGT Innovations will manufacturer its CGI branded products at the new location, as well as other commercial and PGT aluminum products. The new building space will accommodate a multi-brand showroom, offices, production and distribution capabilities. The new space is slated to be complete near the end of 2017 and is expected to be operational by January 2018.
