RIVERBANK, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Riverbank Nursing Center, a 99-bed skilled nursing facility in Riverbank, approximately 90 miles east of San Francisco. The property was positioned as a value-add property in an underserved market. Neither the buyer nor seller were disclosed. Christopher Hyldahl was the lead advisor on the transaction, supported by Gideon Orion.
NEW BRAUNFELS, TEXAS — Stream Realty Partners and USAA Real Estate Co. have begun construction on the I-35 Logistics Center located on I-35 in New Braunfels. Construction has commenced on the 397,600-square-foot, Class A warehouse with delivery expected in March 2017. Stream is developing the project to accommodate tenants from 87,000 to 397,000 square feet. The project will also offer up to 4.2 acres of I-35 frontage land, available for separate purchase.
DALLAS — S2 Capital, a multifamily real estate investment company, has acquired River Oaks Apartments, located at 711 Brentford Place in Arlington, and The Grove at White Rock, located at 10429 Lone Tree Lane in east Dallas. River Oaks was built in 1983 and consists of 188 units. S2 Capital plans to spend $2.5 million on interior and exterior renovations for this complex. The project exterior, amenities and interiors will be renovated to compliment S2 Capital’s north Arlington portfolio that now consists of eight properties and 2,700 units. The Grove at White Rock has a total of 282 units and is located in the Lochwood neighborhood of east Dallas. S2 Capital plans to spend $5 million in both interior and exterior renovations for the property. S2 Capital plans to rename this apartment complex “The Zeke” after the Dallas Cowboys’ newest running back, Ezekiel Elliott.
COPPELL, TEXAS — ML Realty Partners LLC has signed two leases totaling 183,404 square feet in the firm’s 13-building Park West portfolio in Coppell, situated just north of Dallas-Fort Worth International Airport. The development includes nine existing, fully leased industrial buildings plus another four buildings under construction. ZS Pharma, a biopharmaceutical company, leased 98,015 square feet at 508 Wrangler Drive. HCA Health Services, a provider of healthcare services, leased 85,389 square feet at 631 Southwestern Boulevard. Brian Bachrach with Lincoln Harris CSG represented HCA in the lease transaction.
FRISCO, TEXAS —The Weitzman Group has negotiated the sale of Elm Ridge Crossing, a 13,200-square-foot retail center located at the southwest corner of Main Street and FM 423 in Frisco. Eddie Liebman and Matt Rosenfeld of The Weitzman Group handled negotiations for the seller, an investment partnership, in cooperation with Calvin Wong of Engvest Commercial Realty, who represented the out-of-state purchaser. The center, built in 2005, features a mix of shops and services, including Papa John’s and Allstate.
ODESSA, TEXAS — Four Corners Property Trust (FCPT) has acquired a building triple net leased to Wendy’s restaurant in Odessa for $2.1 million. FCPT funded the acquisition with cash on hand. Wendy’s occupies the restaurant under a triple-net lease with 10 years remaining on the term. The transaction closed at a going-in cap rate of 6.5 percent, exclusive of transaction costs.
NASHVILLE, TENN. — JPMorgan Chase Bank NA has provided a $75 million loan for the refinancing of One Hundred Oaks, an 892,886-square-foot retail, entertainment and medical office center in south Nashville. The property is anchored by Vanderbilt University Medical Center and was 99 percent leased at the time of financing to tenants such as Regal Cinemas, Burlington Coat Factory, Ross Dress for Less, T.J. Maxx, H.H. Gregg Appliances, PetSmart, Michael’s, K&G Men’s Co., Guitar Center, Ulta Beauty, Kirkland’s Home, Electronics Express, Chipotle Mexican Grill, Regions Bank, Logan’s Roadhouse, Panera Bread and Panda Express. One Hundred Oaks is situated on 53.6 acres at 719 Thompson Lane near I-65 and I-440. John W. Rose and Campbell Roche of HFF arranged the seven-year, floating-rate loan through JPMorgan Chase on behalf of the borrower, LaSalle Investment Management.
ATLANTA — Condor Hospitality Trust, a hospitality REIT based in Bethesda, Md., and Three Wall Capital have entered into a joint venture agreement to acquire Aloft Atlanta Downtown, a 254-room hotel located at 300 Spring St. N.W. in downtown Atlanta. The joint venture purchased the hotel for $43.6 million. The property includes dry cleaning services, a splash outdoor pool, fitness center, valet and self-parking and free Wi-Fi access. Aloft Atlanta Downtown is within walking distance to Centennial Olympic Park, World of Coca-Cola, the Georgia Aquarium and the Children’s Museum of Atlanta. Condor Hospitality will own 80 percent of the joint venture and Three Wall Capital will own the remaining 20 percent. The joint venture has selected Boast Hotel Management Co. LLC, an affiliate of Three Wall Capital, to manage Aloft Atlanta Downtown once the off-market transaction is finalized, which is expected to occur in the third quarter.
BIRMINGHAM, ALA. — Berkadia and Colliers International have brokered the sale of Colony Woods, a 414-unit apartment community located at 2000 Colony Park Drive near The Summit Birmingham. The sales price was $43 million, according to Al.com. Built in two phases in 1990 and 1995, the property last sold in October 2009 for $24.8 million. The previous owner, Nashville-based C-H Core I LLC, upgraded more than half of the units with new appliances and lighting packages prior to the sale. David Oakley of Berkadia represented the buyer, Forum RE Acquisitions LLC, in the transaction. Will Mathews of Colliers International’s Atlanta office represented the seller.
HANOVER, MD. — A partnership between Chesapeake Real Estate Group LLC and Thompson Creek Window Co. has sold two industrial buildings totaling nearly 300,000 square feet in Hanover. PGIM Real Estate purchased the properties from the partnership for $33 million. The assets are located within Penn 95 Commerce Center and include a 167,500-square-foot spec warehouse building at 8210 Penn Randall Place and a 117,000-square-foot build-to-suit warehouse and manufacturing facility leased to Thompson Creek Window at 8300 Pennsylvania Ave. Brook Furniture Rental Inc. recently leased 66,606 square feet at the spec warehouse building.
