PHOENIX — Jevan Capital has acquired the 301-unit La Reserve at Forty-Fifth apartment complex in Phoenix for $12.7 million. The community is located at 2627 N. 45th Ave. It was built in 1972. La Reserve offers one- to three-bedroom units. Amenities include three swimming pools, basketball court, three laundry facilities and two picnic areas. Brett Polachek and Jim Crews of Cushman & Wakefield Phoenix represented the seller, CEGOP-PHX 1 LLC, in this transaction.
ROSAMOND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant retail property located at 2938 Rosamond Blvd. in Rosamond. Newmar LLC acquired the property from a private partnership for $7.6 million. Rite Aid occupies the 17,277-square-foot property, which was built in 2016. Bill Asher of Hanley Investment Group represented the seller, while Jim Halferty of Lee & Associates represented the buyer in the deal.
ONTARIO, CALIF. — NewMark Merrill Cos. has received $5.2 million in refinancing for The Marketplace on Grove, a 270,000-square-foot shopping center located in Ontario. A 165,643-square-foot Lowe’s Home Improvement Warehouse, which was built in 2007, anchors the center. Additional tenants are Chipotle Mexican Grill, El Pollo Loco, Jersey Mike’s Subs, McDonalds, Panda Express, US Bank and Pizza Pirates. William McPadden, Jeffrey Packard, Tom Treacy and Chris Bingham of John Hancock arranged the financing, which is NewMark’s third completed refinance with John Hancock Life Insurance. Kostas Kavayiotidis of Pacific Southwest Realty helped facilitate the transaction.
PACIFIC BEACH, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the lease of 1,300 square feet of restaurant space at 1038 Garnet Ave. in Pacific Beach. Square Bar Café signed a five-year lease for the space from Dayani Partners. Ashley Tiefel and Steve Avoyer of Flocke & Avoyer represented the landlord, while the tenant was self-represented in the transaction.
DALLAS — The Siegel Group Nevada Inc. has purchased the former Regency Hotel, a four-building, 153,000-square-foot hospitality property located on the LBJ Freeway in northeast Dallas, for approximately $5 million. Originally constructed as a Holiday Inn in 1977, the property features a bar and restaurant, theater, fitness center, pool and banquet areas. As part of the property’s repurposing, the company plans to demolish the building that houses the bar, restaurant and banquet areas and construct a stand-alone retail property in its place.
LEON VALLEY, TEXAS — Love Funding has secured $18.5 million in construction and permanent financing for Valencia Lofts, a 192-unit apartment community in the San Antonio metro of Leon Valley. The garden-style community will feature one-, two- and three-bedroom units across 14 buildings. Love Funding secured the 40-year HUD loan on behalf of a joint venture between Davila Construction and Loft Concepts.
DRIPPING SPRINGS, TEXAS — JLL has negotiated the sale-leaseback of an 18,313-square-foot post-acute rehabilitation facility situated on 10.6 acres at 3035 W. Highway 290 in the Austin suburb of Dripping Springs. Arizona-based STORE Capital purchased the five-building property from Mentis Neuro Health, which will leaseback 100 percent of the space for 15 years. Rudy Hubbard, Kevin McConn and Rick Goings led the JLL team in the transaction.
AMARILLO, TEXAS — Shinall Group will develop a 14,000-square-foot retail center at the former Hastings Entertainment location along Gem Lake Road in Amarillo. Branded The Forum at Gem Lake, the property is surrounded by multiple grocery stores and a Walmart store. The center will lease up to seven tenants, with the earliest move-ins scheduled for late July.
NEW YORK CITY — Meridian Capital Group has arranged $60 million in refinancing for The York, a multifamily property located at 435 E. 79th St. on the Upper East Side of Manhattan. BLDG Management is the borrower. The 10-year loan, provided by a life insurance company, features a fixed-rate and full-term interest-only payments. Carol Shelby of Meridian secured the financing for the borrower. The 13-story property features 233 apartments, ground-floor retail space, a fitness center, 24-hour doorman, on-site laundry facilities and a live-in superintendent.
SARATOGA SPRING, N.Y. — Homewood Suites by Hilton has opened Homewood Suites by Hilton Saratoga Springs, located at 3368 S. Broadway in Saratoga Springs. Developed by Turf Pioneer Broadway, a joint venture between Turf Hotels Inc. and Pioneer Cos., the hotel features 113 suites in studio, one- and two-bedroom layouts with fully equipped kitchens and separate living and sleeping areas. On-site amenities include complimentary hot breakfast, WiFi, an indoor pool and hot tub, 480 square feet of flexible meeting space and an outdoor patio with fire pit and sports court.
