AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has arranged the sale of an office property in Austin. 2512 Partners LLC purchased Summit Point, a 24,000-square-foot building located at 2512 S. I-35, for an undisclosed price. Jason Steinberg and Matt Levin with ECR represented the seller.
AUSTIN, TEXAS — Austin-based Threshold Agency, along with Asset Campus Housing, Collegiate Development Group and Kayne Anderson, has won the 2016 Best Marketing and Lease-Up Program award from Student Housing Business, a publication covering the student housing industry. The award highlights the company’s work with TODD Student Living, which helped the community become one of the fastest lease-ups in the Columbia, Mo., market. In 2014, Houston-based Asset Campus Housing, along with Collegiate Development Group and Kayne Anderson Real Estate Advisors, hired Threshold to create a brand for their new development. The Threshold team proposed the TODD name after coming across the term “transit-oriented development,” or TOD, in their initial research. The term refers to mixed-use communities within walking distance of a transit station or key points of interest. As a result of the team’s efforts, TODD Student Living leased up in just two months, with a waiting list before many other properties in the market had even reached 50 percent.
MORROW, GA. — U.S. Properties Group has completed an extensive makeover of the former Southlake Pavilion in Morrow, a suburb of south Atlanta roughly 10 miles down I-75 from Hartsfield-Jackson Atlanta International Airport. Now known as The Shoppes at Morrow Station, the 485,685-square-foot retail center will feature a Nam Dae Mun Farmers Market that will replace a vacant 100,000-square-foot Target this summer. Other tenants include a newly renovated Ashley Furniture store, Ross Dress for Less, Party City and Barnes & Noble.
CHARLOTTE, N.C. — Atlanta-based TWO Capital Partners and its capital advisor Patterson Real Estate Advisory Group have begun construction on Capital Crossing at Whitehall, a 271-unit apartment community in Charlotte’s Whitehall submarket. The community will be located adjacent to the 700-acre Whitehall Corporate Center and a planned Topgolf. Construction is anticipated to take approximately 18 months with lease-up commencing in the spring of 2017. Patterson arranged a roughly $25 million construction loan with Texas Capital Bank NA for the development, according to sources familiar with the transaction.
PLANTATION, FLA. — Ram Realty Services has sold Jacaranda Plaza, a 173,044-square-foot, Publix-anchored shopping center, for $29.3 million. Epic Real Estate Partners purchased the property, which is located on 16.2 acres at 8249 W. Sunrise Blvd. in Plantation, a suburb of Fort Lauderdale. Jacaranda Plaza was 86 percent leased at the time of sale to tenants such as Planet Fitness, Dollar Tree, Stein Mart, Regions Bank, T-Mobile, GNC and Game Stop. Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF represented Ram Realty Services in the transaction. Additionally, Paul Stasaitis and Adam Herrin of HFF arranged a five-year, $19.9 million acquisition loan with a fixed interest rate through BankUnited on behalf of Epic Real Estate Partners.
KISSIMMEE, FLA. — KeyBank Real Estate Capital has provided a $24.4 million Freddie Mac loan for Arrow Ridge Apartments, a 320-unit multifamily community located at 4100 Arrow Ridge Place in Kissimmee. Built in 1999, the property features a fitness center, swimming pool and a playground. The loan was used to refinance an existing KeyBank bridge loan, which allowed the sponsor to purchase the property in February 2016. Charlie Williams of KeyBank’s commercial mortgage group arranged the financing.
SUWANEE, GA. ¬— Stratford Land, a land investment company based in Dallas, has sold two tracts of land at the Terraces at Suwanee Gateway in Suwanee, a northeast suburb of Atlanta in Gwinnett County. The lots were purchased by Main Event Entertainment, a bowling-anchored entertainment retailer, and Children’s Learning Adventure, an early childhood education provider. Main Event operates 25 entertainment centers that feature bowling lanes, laser tag, gravity ropes courses and interactive games, as well as a full bar for adults and dining areas. Operating in 11 states, Children’s Learning Adventure locations typically include a planetarium, multimedia room with a mock TV studio, library, technology center, art studio, indoor basketball court, bowling lanes, cooking stations, dance studio, ballet studio, outdoor playground and outdoor basketball and tennis courts. Terraces at Suwanee Gateway is bounded by I-85, Satellite Boulevard, Lawrenceville-Suwanee Highway and McGinnis Ferry Road. McDonald’s and Starbucks Coffee have recently opened stores at the mixed-use development after purchasing lots from Stratford Land in 2015. Since purchasing 113 acres at Suwanee Gateway in 2010 and 2011, Stratford Land has sold tracts for a 345-unit apartment community; Salude, a 64-bed skilled nursing facility; and a site for a future data center.
GOLETA, CALIF. — CBRE Capital Markets’ Debt & Structured Finance Team has arranged a $21.9 million FHA loan for the construction of Mariposa at Ellwood Shores, an 84-unit assisted living and memory care community in Goleta, located on the coast approximately 100 miles west of Los Angeles. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office, along with Noah Reischmann of CBRE’s FHA lending platform, arranged the 40-year, non-recourse, fixed-rate loan with two years interest-only payments. Mariposa at Ellwood Shores will be a 60,909-square-foot, two-story community with 64 assisted living beds and a 20-bed memory care extension. Oliver Dixon and Westmont Living principals Andrew Plant and Michael O’Rourke will own the project. Westmont Living will operate the community once complete.
ROCHESTER HILLS, MICH. — Bernard Financial Group has closed a $12.4 million refinancing loan for Hampton Plaza Shopping Center, a 122,484-square-foot retail property in Rochester Hills, approximately 27 miles north of Detroit. Hampton Plaza LLC was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan through OneAmerica. Bernard Financial will service the loan and is a mortgage banking firm representing life insurance companies, CMBS lenders and Strategic Alliance Mortgage.
DRAPER, UTAH — Sears Holdings will close 68 Kmart and 10 Sears stores nationwide this summer. Among the affected stores are eight Kmarts based in Utah, California and Arizona. In February, the company, which is based in the Chicago suburb of Hoffman Estates, announced it would accelerate the closing of unprofitable stores. The majority of the store closings will take place in July. The closing Kmart and Sears stores will start their liquidation sales on May 12 and April 29, respectively. Associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at other area Kmart or Sears stores. Sears Holdings expects the store closures to generate a meaningful level of cash from the liquidation of store inventory and from the sale or sublease of some of the related real estate. The following is a complete list of the Western-based impacted stores: Kmart: 300 W. Mariposa Road, Nogales, Ariz. Kmart: 2270 E. El Monte Way, Dinuba, Calif. Kmart: 520 S. Cherokee Lane, Lodi, Calif. Kmart: 1475 Hillman St., Tulare, Calif. Kmart: 2785 Highway 46, Wasco, Calif. Kmart: 1055 E. Draper Parkway, Draper, Utah Kmart: 610 W. Price River Drive, Price, Utah Kmart: …