SAN ANTONIO — Marcus & Millichap has arranged the sale of Parc 410, a 344-unit apartment community in San Antonio. Located at 5827 NW Loop 410, the property features two pools, an on-site laundry facility and a business center. Will Balthrope and Jordan Featherston of Marcus & Millichap represented the seller and procured the buyer in the transaction.
MANSFIELD, TEXAS — Coldwell Banker Commercial Advisors (CBCA) has brokered the sale of nearly 41 acres of land slated for industrial development at U.S. Highway 287 and Commerce Drive in Mansfield. All Storage purchased 5.3 acres from LEJJ Realty LLC for the development of two climate-controlled self-storage facilities totaling 216,723 square feet. Premier Funding Group sold the adjacent 35.5-acre tract, which will be used for the development of an unbranded business park. Sales prices were not disclosed.
DALLAS — Lee & Associates has negotiated a 69,047-square-foot industrial lease at 11025-11035 Switzer Ave. in Dallas. Brett Lewis, Ken Wesson and George Tanghongs of Lee & Associates represented the landlord, Colony Northstar, in the lease negotiations. The name and representative of the tenant were not disclosed.
OVERLAND PARK, KAN. — KeyBank Real Estate Capital has arranged a $19 million Fannie Mae loan for the refinancing of Plaza at Overland Park in Kansas. The 202-unit multifamily property was built in 1999 and renovated in 2014. Chris Black of KeyBank arranged the 10-year loan, which includes a 30-year amortization schedule. The borrower was not disclosed.
MADISON, WIS. — Waterton will manage the Sheraton Madison Hotel following the company’s recent sale of the property. The hotel’s new owner, DeFoor Brothers Development, purchased the property from a joint venture of Waterton and Marcus Hotels & Resorts, its previous manager. Located at 706 John Nolen Drive, the eight-story Sheraton is 2.5 miles from the University of Wisconsin-Madison campus. Built in 1972, the Sheraton will undergo a multimillion-dollar renovation that will update both guestrooms and corridors. The initial phase is scheduled to begin in August, with completion slated for late 2017. A subsequent phase in early 2018 will update the lobby, restaurant and bar areas. Hotel amenities include an indoor pool and whirlpool/hot tub, fitness center, computer workstations and Sheraton Club Lounge.
DES PLAINES, ILL. — ML Realty Partners has leased a 77,450-square-foot industrial space for Gebrüder Weiss Inc. in Des Plaines, a suburb of Chicago. The European-based transportation and logistics company will occupy the warehouse space located at 251 Wille Road. The property features 30-foot clear heights and access to several major highways. Jack Brennan of CBRE represented Gebrüder Weiss in the lease transaction, while Tom Rodeno and Matthew Stauber of Colliers represented the landlord, ML Realty Partners.
CARY, ILL. — Midwest Industrial Funds has sold a 76,000-square-foot industrial building in Cary, about 45 miles northwest of Chicago. An affiliate of Illinois Lift Equipment purchased the property. Midwest Industrial acquired the vacant property in 2015, and repositioned and modernized it by demolishing over 60,000 square feet of office and warehouse mezzanine space. The firm also designed and built a new custom exterior entrance, painted the entire exterior, improved drainage as well as installed new larger dock doors, energy-efficient windows, HVAC, lighting and landscaping enhancements. Dan Jones, Dan Benassi and Mike DeSerto of Entre Commercial Realty represented Midwest Industrial in the transaction, while Steve Morken of Morken & Associates represented Illinois Lift Equipment.
MINOT, N.D. — Marcus & Millichap has brokered the sale of a retail property net leased to Wells Fargo in Minot, located in north central North Dakota, for $3.4 million. The property is located at 3106 16th St. Chris Lind, Jamie Medress and Mark Ruble of Marcus & Millichap secured and represented the buyer, a limited liability company.
ROCKVILLE CENTRE, N.Y. — KeyBank Real Estate Capital has arranged a $17.4 million Fannie Mae loan for Mill River Residences in Rockville Centre. The affordable multifamily property was built in 1970 and renovated in 2006. Of the 175 units, 95 are age restricted and the remaining 80 are designated for households earning less than 60 percent of area median income. Dirk Falardeau of Key’s commercial mortgage group arranged the first mortgage financing with a seven-year term and 30-year amortization schedule. The loan was used to refinance existing debt.
PITTSBURGH — Shorenstein Properties has unveiled plans for phase two of its renovations at One Oxford Centre in downtown Pittsburgh. Permits have been issued and construction is set to commence later this month on the 45-story office tower. The second phase will include a facelift to the lobby, atrium and tenant amenities. Shorenstein has already invested over $10 million on mechanical updates including HVAC replacement, elevator control modernization, exterior window repairs and parking garage work. Future exterior work will include upgraded LED lighting and façade work.
