PARSIPPANY, N.J. —NAI James E. Hanson has brokered the sale of an office building located at 140 Littleton Road in Parsippany. Choice Properties acquired the 30,459-square-foot building from Gisella Haidar for an undisclosed price. The three-story office building was 80 percent leased at the time of sale. Josh Levering and Andrew Kirshenbaum of NAI James E. Hanson represented the seller in the transaction.
MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $12.3 million sale of Plaza 1600 South Beach, a 6,090-square-foot retail property located in Miami Beach’s South Beach neighborhood. The property is located at the intersection of 16th Street and Alton Road, roughly one block from Lincoln Road Mall. Built in 1959 and renovated in 2000, Plaza 1600 South Beach’s current tenants include Lyon Frères Petit Marché, Dunkin’ Donuts and Pizza Hut. Scott Sandelin and Alejandro D’Alba of Marcus & Millichap’s Miami office represented both the seller, a partnership from Miami Beach, and the buyer, a limited liability company from Miami.
BOSTON — Marcus & Millichap has arranged the sale of a mixed-use property located at 46-50 Blue Hill Ave. in Boston. A private investor sold the property to an undisclosed private investor for $1.6 million. The property features six apartments and three retail spaces. Evan Griffith of Marcus & Millichap represented the seller and procured the buyer in the deal.
MARIETTA, GA. — Franklin Street has brokered the $7 million sale of Whitlock Village, a 61,180-square-foot shopping center in Marietta. The center was 96 percent leased at the time of sale to tenants such as Goodwill, Dollar Tree and Hibbett Sporting Goods. John Tennant and Bryan Belk of Franklin Street represented the seller, American National Insurance Co., in the transaction. The buyer is a private local investor, Snellville Plaza LLLP, a partnership controlled by Atlanta-based M&P Shopping Centers. The buyer was represented internally by Simon Engler and Jeremy Rosenthal.
MURFREESBORO, TENN. — National Health Investors Inc. (NYSE: NHI), a Murfreesboro-based REIT, has exercised an $87.5 million purchase option on five assisted living and memory care communities currently owned and operated by Bickford Senior Living. The acquisitions include a 56-unit community in Crystal Lake, Iowa; a 76-unit community in St. Charles, Mo.; a 56-unit community in Oswego, Ill.; a 40-unit community in Omaha, Neb.; and a 49-unit community in West Des Moines, Iowa. The properties total 277 units with an average occupancy of 92 percent and an average age of 12 years. NHI has committed $2.4 million for capital improvements and expansions on the existing facilities. Bickford will continue to operate the communities under a 15-year lease with two five-year renewal options and a 3 percent annual lease escalator. The acquisition was funded with available cash and borrowings on the company’s revolving credit facility. “We are very pleased to exercise our purchase option on these high-quality, high-performing facilities and to expand our existing relationship with Bickford Senior Living,” says Eric Mendelsohn, president and CEO of NHI. National Health Investors specializes in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s stock price …
ARLINGTON, TEXAS — The Arlington City Council will consider designating a venue project and authorizing a master agreement for a public-private partnership with the Texas Rangers at its evening meeting tomorrow. If approved, the council action will allow the city of Arlington to begin the steps required to hold an election this November asking voters to extend existing funding mechanisms to provide public financing for construction of a new $1 billion baseball stadium. The Texas Rangers’ 30-year lease on the city-owned Globe Life Park is set to end in 2024. With the new proposed master agreement, the Rangers’ partnership with Arlington would extend until Jan. 1, 2054. The design for a new ballpark would include a retractable roof for climate control and shelter for fans during the summer months. The new park is expected to have similar design concepts featured in the construction of Globe Life Park. The master agreement for the public-private partnership calls for a 50-50 split between the Texas Rangers and the city of Arlington. If the council takes action to designate the venue project, the city will ask the Texas Office of the Comptroller to review the fiscal impact to the state before calling a Nov. 8 …
DALLAS — Marcus & Millichap has negotiated the sale of Walnut Hill West, a 54,000-square-foot office property located in Dallas. Ron Hebert and Zachary Ryan of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Hebert and Ryan also procured the buyer, a limited liability company based in California. The buyer acquired the asset through a 1031 tax-deferred exchange. Walnut Hill West is located at 2639 Walnut Hill Lane near Shady Trail and Harry Hines Boulevard. The two-story office asset was built in 1971 on 2.8 acres and has been periodically updated between 2001 and 2015. At the time of listing, Walnut Hill West was 75 percent leased.
AUSTIN, TEXAS — Highland Village, a 120,000-square-foot retail center located at 6929 Airport Blvd. in Austin, will be renovated and rebranded as the Crescent. The center will receive façade and exterior improvements, parking lot upgrades, a new pylon sign, monument and directional signage and updated landscaping. Supermarket chain 99 Ranch Market will anchor the project, opening its first Austin location at the Crescent in early 2017. The California-based supermarket offers fresh produce, meat and seafood, along with Chinese, Korean, Japanese and American specialty grocery items. 99 Ranch Market was established in 1984 and has grown to become one of the largest Asian supermarket chains in the United States, with more than 43 locations in California, Nevada, Texas, New Jersey and Washington state. Kula Revolving Sushi Bar will also open inside the center. Eric DeJernett and John Heffington of CBRE’s Austin office are the exclusive retail leasing advisors for the project, and CBRE also manages the property.
HOUSTON — Rick Clark will join BMC Capital’s Houston office as a vice president. Clark brings over 20 years of commercial real estate financing experience to the job, all of it in the Southwest. Prior to joining BMC Capital, Clark worked for Realty Mogul, Integrity Bank and Washington Mutual. Clark is a key contributor on various panels and industry events, holds a CCIM designation and is a graduate of Texas Christian University.
LEAGUE CITY, TEXAS — 1251 Butler Road LLC has purchased a 9,000-square-foot multi-tenant industrial building from Owl Freeway Properties LLC. The property is located at 1251 Butler Road in League City and was 100 percent occupied at the time of sale. Lee & Associates’ Reed Vestal and Taylor Schmidt represented the seller, and NAI’s John Ferruzzo represented the buyer.