Property Type

Venture Commercial Brokers Sales of Two Restaurant Properties in North Texas

by Amy Works February 17, 2017

WEATHERFORD AND GRAND PRAIRIE, TEXAS — Venture Commercial Real Estate has arranged the sales of two restaurant properties in north Texas. John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller of Venture represented the sellers in both transactions. Raising Cane’s Chicken Fingers occupies both properties. In the first deal, RC Weatherford Partners sold a 3,587-square-foot, single-tenant, net-leased restaurant property located at 1824 S. Main St. in Weatherford. Beutler Exchange Group for 4 Mile and Weed Ranches acquired the property for an undisclosed price. Arthur Flores of CBRE represented the buyer in the deal. In the second transaction, Life in the Fast Food Lane sold a 2,722-square-foot restaurant property located at 2960 W. Camp Wisdom Road in Grand Prairie to Weinberg LLC for an undisclosed price. Jason Jones of California Lifestyle Realty represented the buyer in the deal.

February 17, 2017

Hospitality Texas

Marcus & Millichap Negotiates Sale of 87-Room Hotel in North Richland Hills, Texas

by Amy Works February 17, 2017

NORTH RICHLAND HILLS, TEXAS — Marcus & Millichap has brokered the sale of Best Western Northeast Mall Inn & Suites, a hotel located at 8709 Airport Freeway in North Richland Hills. A limited liability company acquired the 87-room hotel for an undisclosed price. Constructed in 1984 and recently renovated, the property features a fitness center, pool and spa, meeting space and fully equipped business center. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer in the transaction.

February 17, 2017

Retail Texas

The Retail Connection Brokers 11,962 SF Retail Lease in Wichita Falls, Texas

by Amy Works February 17, 2017

WICHITA FALLS, TEXAS — The Retail Connection has arranged the lease of retail space in Wichita Falls. CitiTrends signed a lease for 11,962 square feet from Sikes Senter LLC. Jamie Streeter and Jim Weir of The Retail Connection represented the tenant, while Irys Citko of Rouse Properties represented the landlord in the deal.

February 17, 2017

Florida Multifamily Southeast

RADCO Buys 540-Unit Apartment Property in Tampa for $58.5M

by John Nelson February 17, 2017

TAMPA, FLA. — The RADCO Cos. has purchased St. Croix, a 540-unit, Class B apartment community in Tampa, for $58.5 million. The Atlanta-based multifamily investor plans to rebrand the asset Radius Tampa Palms and invest $7 million in capital improvements to the property’s amenities and interiors. RADCO is financing the acquisition and renovations using a $45.4 million Freddie Mac loan and $23 million in private capital. RADCO’s property management division, RADCO Residential, will manage Radius Tampa Palms. Built in two phases in 1988 and 1990, the apartment community comprises one- and two-bedroom units averaging 754 square feet. Community amenities include a fitness center, two pools, lighted tennis courts, sand volleyball court, clubhouse, business center and a dog park.

February 17, 2017

Georgia Loans Multifamily Southeast

Grandbridge Arranges $41.4M Acquisition Loan for Apartment Community in Atlanta

by John Nelson February 17, 2017

ATLANTA — Grandbridge Real Estate Capital has closed a $41.4 million acquisition loan for Collier Ridge Apartments, a 300-unit multifamily community situated in Atlanta’s West Midtown district. Alan Tapie and Thomas Wiedeman of Grandbridge’s Atlanta office arranged the Freddie Mac loan with three years of interest-only payments and two 12-month extension options on behalf of the borrower, a repeat client of Grandbridge. The loan features an 85 percent LTV ratio and qualified for Freddie Mac’s Green Up program due to sustainable renovations planned by the borrower. Collier Ridge’s community amenities include a fitness center, swimming pool, leasing center/clubhouse, dog park and tennis courts.

February 17, 2017

Maryland Retail Southeast Uncategorized

IPA Arranges $18.4M Sale of Cromwell Field Shopping Center in Metro Baltimore

by John Nelson February 17, 2017

GLEN BURNIE, MD. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $18.4 million sale of Cromwell Field Shopping Center, a 233,486-square-foot retail property located in the Baltimore suburb of Glen Burnie. Tenants at the 88 percent occupied center include Giant Foods, Roses Discount Store, BB&T Bank, Dollar General, McDonald’s, House of Tropicals and Dunkin’ Donuts. Dean Zang and Christopher Burnham of IPA represented the seller, an affiliated partnership of Klein Enterprises, in the transaction. Tim McCann, Alex Staneski and Alex Topchy represented the buyer, an affiliate of Broad Street Realty, in-house.

February 17, 2017

Alabama Retail Southeast

Colliers Brokers $12M Sale of Hoover Retail Property Leased to Field & Stream

by John Nelson February 17, 2017

HOOVER, ALA. — Colliers International has negotiated the $12 million of a 50,000-square-foot store along Interstate 495 in Hoover leased to Field & Stream, an outdoor gear retailer brand owned by Dick’s Sporting Goods. A private buyer purchased the asset from an undisclosed seller. Tony D’Ambrosio and Joe Montgomery of Colliers’ Southeast Retail Investment team represented the seller in the transaction.

February 17, 2017

Georgia Retail Southeast

FCA Partners Adds Sephora to Tenant Roster at The Exchange Shopping Center in Buckhead

by John Nelson February 17, 2017

ATLANTA — Charlotte-based FCA Partners has added a new retailer to its tenant lineup at The Exchange, a 44,500-square-foot redeveloped shopping center located at Peachtree Road and Grandview Avenue in Atlanta’s Buckhead district. Sephora, a cosmetics retailer based in Paris, has signed on for 4,500 square feet of corner space adjacent to an upcoming YEAH! Burger. Other committed tenants at The Exchange include SculptHouse, Storico Fresco Alimentari, Kohler, Kale Me Crazy, Posh Nails and Cherry Blow Dry Bar — all of which are now open. Stephanie McCall of The Shopping Center Group, the exclusive leasing agent for the retail center, is currently in negotiations with additional tenants for the available 19,000 square feet of space remaining at The Exchange. Sephora is scheduled to open its doors this summer.

February 17, 2017

Loans Michigan Midwest Office

Bernard Financial Arranges $21.1M Loan for Refinancing of Office Property in Troy, Michigan

by Kristin Harlow February 17, 2017

TROY, MICH. — Bernard Financial Group has arranged a $21.1 million loan for the refinancing of an office property in Troy, a northern suburb of Detroit. The multi-tenant complex consists of 149,976 square feet. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Liberty Investments LLC. A CMBS firm provided the loan.

February 17, 2017

Hospitality Midwest Wisconsin

DoubleTree Reopens After $3.5M Renovation in Pleasant Prairie, Wisconsin

by Kristin Harlow February 17, 2017

PLEASANT PRAIRIE, WIS. — DoubleTree by Hilton Pleasant Prairie Kenosha has reopened after undergoing a $3.5 million renovation. The hotel is located at 11800 108th St. in Pleasant Prairie. The conversion and renovation of the 120-room hotel includes upgrades to the guest rooms, meeting spaces and public spaces, including the lobby, business center, fitness center and pool area. The hotel also includes an on-site restaurant and bar, The Chancery Bar & Grill. Business meetings and events accommodating up to 500 attendees can be held in the hotel’s 5,500 square feet of meeting and banquet facility space. The property is owned by Varin Realty LLC and managed by First Hospitality Group Inc.

February 17, 2017

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