AUSTIN, TEXAS — Austin-based investment group Gill & Tillery has purchased Patton Courtyard Apartments and plans to upgrade the property. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller in the transaction. Mike Ussery with The Bank of San Antonio coordinated financing. Patton Courtyard is composed of 34 units, which include micro units, studios and one-bedroom apartments. Located at 1706 Patton Lane, Patton Courtyard is located near the University of Texas-Austin.
AUSTIN, TEXAS — Accesso Partners and Partners Group have formed a joint venture to own and operate Riata Corporate Park, an eight-building, 688,433-square-foot office campus in northwest Austin. West Point Partners, of New York City, advised Accesso in the transaction. The joint venture gives Partners Group an ownership interest in the 51-acre office park adjacent to Apple’s new $300 million Austin campus. Riata’s major tenants include Accenture, Quality Systems, NetSuite and Xerox among others. The property has room for expansion with a 5.6-acre parcel that is fully permitted and entitled for development of a 64,550-square-foot office building. The building was constructed between 1998 and 2000 with an average parking ratio of five spots per 1,000 square feet.
MADISONVILLE, TEXAS — Marcus & Millichap has arranged the sale of Huntsville Memorial Hospital ER, an 8,200-square-foot net-leased property in Madisonville. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Gainey and Levy also represented the buyer, another private investor. Huntsville Memorial Hospital ER is a single-tenant ER clinic located at 3301 E. Main St. in Madisonville. The double-net lease is guaranteed by Walker County Hospital Corp. Eight years remain on the primary term, and the tenant has two, five-year options for renewal with rent increases at the beginning of each option period. The building was constructed in 2012 and sits on 1.4 acres.
CONROE, TEXAS — B&C Manufacturing has leased 2,700 square feet at Piney Woods Business Park, located at 3511 N. Loop 336 E. in Conroe. David Alexander of Newcor Commercial Real Estate represented the landlord, Kopke & Marek Investments, in lease negotiations.
HOFFMAN ESTATES, ILL. — Sears Holdings will close 68 Kmart and 10 Sears stores this summer, 23 of which are located in the Midwest. 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. A complete list of store closures can been found here.
DUBLIN, OHIO — The Cooper Commercial Investment Group has brokered the sale of a 30,493-square-foot retail property located in Dublin, approximately 17 miles northwest of Columbus, for $7.5 million. An private investment group from the East Coast sold Emerald Town Center to an undisclosed California-based buyer. Tenants at Emerald Town Center include Mango’s Place, NXStage Dialysis, The Gyro Shoppe, Ty Ginger, Jets Pizza, Snap Fitness, Rancho Alegre Mexican Restaurant, Michael Hendrick’s Veterinary Clinic and Ellie Nail Spa. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller in the transaction.
MADISON, WIS. — Associated Bank has provided two loans totaling $6.7 million for an 80-unit multifamily property in Madison. The financing consisted of an affordable housing construction loan and a Low-Income Housing Tax Credit (LIHTC) bridge loan. Maple Grove Commons, which will located at 3204-3228 Golden Copper Lane, will consist of one-, two- and three-bedroom units, 68 of which will be reserved for tenants earning below 60 percent of the median income for the county. The project, situated on 3.2 acres, will be delivered next summer. Maple Grove Housing LLC is the borrower, and McGann Construction of Madison is the general contractor. Knothe & Bruce is the design architect of record, and Oakbrook Corp. and Movin’ Out Inc. are co-developing the project. Steve Sosnowski of Associated Bank originated the loan. Associated Bank provided the majority of the loan tax credit equity through a Boston Capital syndicated fund.
CHICAGO — American Street Capital has arranged a $5.5 million cash-out refinancing loan for an 18-unit multifamily property in Chicago. Amenities at the property include a heated indoor parking garage, elevator, fitness center, party room and rooftop deck. The building is comprised of nine three-bedroom/2.5-bathroom units and nine two-bedroom/two-bathroom units. The non-recourse loan features a five-year adjustable-rate mortgage, a 20-year term and 30-year amortization schedule. The loan was funded through the Freddie Mac Small Balance Program. Igor Zhizhin of American Street Capital originated the loan.
BURLINGTON, WIS. — Boston Capital has invested approximately $4 million in the construction of a 32-unit apartment community in Burlington, 40 miles southwest of Milwaukee. Boston Capital is teaming up with Bear Development to deliver Fox Crossing II, which will utilize the Low-Income Housing Tax Credit (LIHTC) program. The property will consist of three market-rate units, 29 units for tenants earning less than 60 percent of the area’s median income and eight units for tenants earning 30 percent less. Units will feature dishwashers, washer and dryer hookups, walk-in closets and patios or balconies. Community amenities will include a 635-square-foot community room with a kitchen, fitness center, laundry facility, interior storage units and secure entry.
NASHVILLE, TENN. — Security Properties, a Seattle-based multifamily investment and development firm, has purchased two apartment communities in Nashville for a combined $53.7 million. The assets include the 139-unit Opus 29 in Nashville’s West End neighborhood and the 86-unit Note 16 in the Music Row area. Security Properties has purchased the assets off-market in a 50/50 joint venture with Loma Linda University. This represents the fourth and fifth acquisitions between the two groups. Security Properties used a 10-year, fixed-rate loan for the two transactions.