GLENN HEIGHTS, TEXAS — The Vitorino Group has negotiated the sale of a Family Dollar store just south of Dallas. The property is situated on a hard corner lot in Glenn Heights. James Mangum of the Vitorino Group sourced the unnamed buyer. The seller, an entity based in the Northeast, originally purchased the asset from the developer five years ago. The buyer resides in Houston and secured local bank financing.
NORTH MYRTLE BEACH, S.C. — Inland Real Estate Income Trust Inc. has purchased the 311,313-square-foot Coastal North Town Center in North Myrtle Beach. According to Inland’s federally mandated quarterly report, the sales price was $72.4 million and the company borrowed from its credit facility to fund a portion of the acquisition. Constructed in 2014, the shopping center was 93.5 percent leased at the time of sale to tenants such as Publix, Hobby Lobby, Dick’s Sporting Goods, Ulta Beauty, PetSmart, T.J. Maxx, Ross Dress for Less, Rack Room Shoes, Mattress Firm and several restaurants. Mark Cosenza of Inland Real Estate Acquisitions Inc. facilitated the purchase of the property on behalf of Inland Income Trust. The seller was undisclosed.
EDEN PRAIRIE, MINN. — New York Life Real Estate Investors has acquired a 490-unit multifamily property in Eden Prairie, approximately 18 miles southwest of Minneapolis. TIAA Global Asset Management sold Fountain Place Apartments for an undisclosed price. The community, built in 1987, features a mix of one- and two-bedroom units that average 1,037 square feet. Amenities at the apartment property include indoor and outdoor swimming pools, an indoor racquetball and basketball court, a 24-hour fitness center, tennis court, steam room and sauna.
WASHINGTON, D.C. — ULI Washington has selected Columbia Property Trust’s Market Square office complex in Washington, D.C., as the winner of the Legacy Award. The distinction, given to a project that has been transformational to the community, was presented at ULI Washington’s Real Estate Trends Conference held on April 27. Located at 701 and 801 Pennsylvania Ave., the two 13-story office buildings total 693,000 square feet. The complex curves around the U.S. Navy Memorial and sits atop the Archives-Navy Memorial Metro station, making it one of the most recognizable office properties in the city. Since acquiring Market Square in 2011, Atlanta-based Columbia Property Trust has signed more than 250,000 square feet of leases to tenants including Edison Electric Institute, Ford Motor Co., American Express, Bayer Corp., Kellogg Co. and CBS Broadcasting. Blackstone Property Partners US purchased a 49 percent joint venture interest in Market Square in October 2015 for $292 million.
CRYSTAL LAKE, ILL. — Harborview Capital Partners, a New York-based finance firm, has arranged an $8 million refinancing for The Springs at Crystal Lake, a 97-bed skilled nursing facility in Crystal Lake, approximately 50 miles northwest of Chicago. The borrower was Mark Weldler, an experienced operator in the Midwest. This is the third loan Harborview has closed for Weldler in the last 12 months. Jonathan Kutner, managing director and principal at Harborview, originated the transaction. The non-recourse loan was refinanced through HUD’s 232/223(f) program at a fixed interest rate for 35 years.
VERO BEACH, FLA. — KeyBank Real Estate Capital has provided $12.1 million in FHA financing for Pemberly Palms Apartments, a 200-unit affordable housing community located in Vero Beach. Built in 1996, the 17-building complex was more than 95 percent occupied at the time of financing. Pemberly Palms operates under the Section 42 Low Income Housing Tax Credit and is sponsored by Harmony Housing, a 501(c)(3) nonprofit organization that provides affordable rental housing throughout the U.S. John Gilmore IV and Jeff Rodman of KeyBank’s community development lending team arranged the financing, which was used to pay off an existing KeyBank bridge loan.
ACWORTH, GA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Overlook at Cedarcrest, a 38-unit assisted living community in the northwestern Atlanta suburb of Acworth. Senior Housing Properties Trust bought the community from an undisclosed seller for $8.4 million. Five Star Senior Living will operate the community. The building was constructed in 2014, and the developers listed the community for sale once stabilization was reached. Bradley Clousing and Jeff Binder of SLIB brokered the transaction.
MCHENRY, ILL. — CBRE has negotiated the sale of a 99,448-square-foot retail center in McHenry, approximately 55 miles northwest of Chicago, for $5.4 million. First Midwest Group purchased the property, located at 2000 N. Richmond Road, from Regency Centers Corp. and Global Retail Investors LLC. McHenry Commons is 91 percent occupied and is anchored by Hobby Lobby. Other tenants at the shopping center include Goodwill, OneMain Financial and Rent-A-Center. Derrick Almassy and Richard Frolik of CBRE represented the seller in the transaction.
MCCOOK, ILL. — Bridge Development Partners LLC has signed up three new tenants for a combined 194,000 square feet of space at Bridge Point McCook II. The leases bring the facility located at 8401 W. 47th St. in McCook, approximately 15 miles southwest of Chicago, to 86 percent occupancy. DHL Express USA Inc., a postal and logistics company, signed a deal for 36,440 square feet. Mark Baumhart and Jeanne Rogers of Arthur J. Rogers & Co. represented DHL. In the second deal, Video Equipment Rentals LLC, an AV, audio, broadcast and computer equipment rental company, inked a deal for 94,152 square feet and was represented by Sam Durkin of JLL. In the last transaction, an undisclosed international tire manufacturer signed a lease to occupy a 64,057-square-foot space. Vern Schultz of Colliers International represented Bridge Development in all three transactions.
FREDERICKSBURG, VA. — NorthPoint Capital Funding Inc. has arranged an $8.3 million loan to refinance The Jefferson Building, a 73,000-square-foot office building in Fredericksburg. Built in 2005, the three-story property is located at 150 Riverside Parkway and was 90 percent leased at the time of financing. Mark Perkowski of NorthPoint Capital Funding arranged the long-term, fixed-rate loan with a 25-year amortization schedule through Kansas City Life Insurance Co. According to NorthPoint Capital Funding, the loan represents 72 percent of The Jefferson Building’s value.
