Property Type

Modera-Hall-Street

DALLAS — Mill Creek Residential has begun construction on Modera Hall Street, a 340-unit apartment complex in east Dallas. Located on North Hall Street between Ross Avenue and North Central Expressway, the community will be located less than a mile from the Dallas Arts District and Downtown Dallas. Amenities will include an on-site dog park with owner’s lounge, pool with tanning ledge, fitness center, business center and a fifth-floor sky lounge with views of the Dallas skyline. Residents will enjoy 24-hour access to deliveries via an electronic package locker system and the use of Modera-branded bikes. Unit amenities will include quartz countertops, stainless steel appliances, tile backsplashes, wood-style floors and walk-in closets. Mill Creek will manage the community and is partnering with Boston-based GID on the project.

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BENBROOK, TEXAS — The Silver Group has negotiated the sale of a single tenant Dairy Queen restaurant located at 8636 Benbrook Blvd. in Benbrook. The property consists of a newly constructed 3,000-square-foot quick service restaurant on a 1.1-acre parcel along State Highway 377. The tenant, Vasari LLC, is one of the largest Dairy Queen operators in Texas. The property is situated between Panda Express and Jack in the Box and is one block from CVS/Pharmacy. The net lease had a new 20-year term commencing on the closing date. Greg Cunha of The Silver Group represented the family trust who was completing a tax-deferred exchange.

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Edge-studio-apartments-san-antonio

SAN ANTONIO — Dougherty Mortgage has secured a $6.7 million Fannie Mae loan for the acquisition of Edge Studio Apartments, a 128-unit market rate multifamily apartment property located in San Antonio. The 12-year Fannie Mae loan includes two years of interest-only payments and a 30-year amortization schedule. The loan was arranged for borrower Bluemel 2016 LLC through a partnership with Old Capital Lending and Dougherty’s Vienna, Va. office.

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DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $1.7 million loan for the cash-out refinance of a multifamily property located in Dallas. The loan featured a 3.5 percent, seven-year fixed rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.

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CHULA VISTA, CALIF. — NGKF Capital Markets has arranged the sale of the Marketplace at Windingwalk, a neighborhood retail center located in Chula Vista’s Eastlake submarket. Zurich Alternative Asset Management acquired the property from Shea Properties for $51 million. Built in 2008 and situated on 9.3 acres of land, the 104,206-square-foot property is located at 1754-2160 Eastlake Parkway. At the time of sale, the property was 96 percent occupied by tenants including Vons Supermarket, In-N-Out Burger, Wells Fargo and Bank of America. Pete Bethea, Rob Ippolito and Glenn Rudy of NGKF Capital Markets represented the seller in the deal.

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SANTA MONICA, CALIF. — Construction has commenced on Santa Monica Gateway, a 200,000-square-foot creative office campus in Santa Monica. The project will be located at 2834 Colorado Ave. The property offers 10,600- to 36,000-square-foot floor plates in a two-building, four-story campus with a three-level subterranean garage. The campus will be ready for occupancy in late 2017. DRDS and Gruen Associates are designing the project. JLL’s Carl Muhlstein and Tom Cherry are leading the leasing efforts. The firm is also handling project and development management.

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FREMONT, CALIF. — LBA Realty has purchased a 177,041-square-foot manufacturing and warehouse distribution building in Fremont for $28.5 million. The facility is located at 5555 Auto Mall Parkway, directly across from Pacific Commons Shopping Center and one block from Interstate 880. Synnex Corp. occupies the space. The seller is Sean Pathiratne, owner of LS Auto Mall. Greig Lagomarsino and Nick Ousman of Colliers International and CBRE’s Brian Matteoni executed the transaction.

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SAN DIEGO — SDPB Holdings LLC has purchased a 34,298-square-foot office property that formerly housed the San Diego Daily Transcript for $5.3 million. The three-building property is located at 2131 3rd Ave. The property was home to the San Diego Daily Transcript for more than three decades. The newspaper vacated the space in October 2015. The LLC plans to redevelop the property into a creative office complex. Paul Lafrenz, Marc Frederick and Tim Cowden of Colliers International represented The Transcript in the transaction.

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LOS ANGELES — NorthMarq Capital has arranged $3 million in acquisition financing for 24th & Vermont, a 19,280-square-foot mixed-use property located at 451-467 N. Western Ave. in Los Angeles. The transaction was structured with a 10-year term with three years of interest-only payments, followed by a 27-year amortization schedule. David Blum of NorthMarq arranged the financing for the borrower through a regional bank.

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NORWOOD, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $14.5 million sale of Victoria Retirement Community and Victory Park Nursing Home, both located in the Cincinnati suburb of Norwood. Victoria Retirement Community, built in 1991, contains a mix of 90 skilled nursing beds and 68 assisted living beds. Victory Park Nursing Home was built in 1965 and expanded in 1989. It contains 55 skilled nursing beds. The seller was a private family investment group whose operator planned to let its lease expire. The buyer was an undisclosed real estate investment trust with a strong presence in the region that has a new operator lined up.

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