BENBROOK, TEXAS — The Silver Group has arranged the sale of a single-tenant Dairy Queen restaurant located at 8636 Benbrook Blvd. in the southwest Fort Worth suburb of Benbrook. The property consists of the newly constructed, 3,000-square-foot restaurant on a 1.1-acre parcel. The tenant, Vasari LLC, operates several Dairy Queen locations. The property is situated between Panda Express and Jack in the Box and is one block from CVS/pharmacy, Walgreens, Walmart and McDonald’s. The triple net lease had a new 20-year term commencing on the closing date. Greg Cunha of The Silver Group represented the family trust, which bought the property utilizing a tax-deferred exchange.
WICHITA FALLS, TEXAS — Pierson Retail Advisors (PRA) has negotiated the sale of a 1,935-square-foot, single-tenant Starbucks located in Wichita Falls. PRA represented the seller, Truity Capital LLC. An out-of-state buyer purchased the asset for an undisclosed price. Starbucks recently expanded its footprint by 40 percent and renewed its lease for 10 years. Starbucks has been at the location on the southeast corner of Kemp and Kell boulevards since 2003. The entire team at PRA in Dallas handled the sale.
WACO, TEXAS — Central Tube and Bar will expand its operation into the greater Waco area by adding 20 employees at a 40,000-square-foot facility, making it the largest tube laser operating in Texas. The Conway, Ark.-based company will officially open April 25. Central Tube and Bar has locations in Conway and Tulsa, Okla. The company started in 1997 at the Arkansas location and added the Oklahoma facility in 2003. The Texas location will allow Central Tube and Bar to extend its reach further into the southwest region.
FORT WORTH, TEXAS — Multi-Shot LLC has renewed a 30,348-square-foot lease in Carter Business Center, a Class A warehouse in Fort Worth. Nick Talley of Dallas-based Bradford Commercial Real Estate Services represented the landlord, TA Realty Associates Fund X LP, in the deal. The two-building, 120,728-square-foot project at 7821 Will Rogers Blvd. is fully leased. Multi-Shot, a Houston-based oil and gas firm, was the first tenant in Carter Business Center, which was developed in 2005 within the 950-acre Carter Business Park. The development is near the intersection of Will Rogers and Everman parkways.
WOODLAWN, MD. — Knott Realty Group has begun construction on Rolling Run Technology Park, a single-story, 58,000-square-foot office building located at 2270 Rolling Run Drive in Woodlawn, a town in Baltimore County’s Windsor Mill neighborhood. The real estate development and management company expects to deliver the Class A property this fall. The Mullan Contracting Co. will serve as the general contractor for the building. The building will feature 16-foot ceilings, private office entries and a parking ratio of 4.5 spaces per 1,000 square feet. The property will be situated adjacent to the Centers for Medicare & Medicaid Services office complex and will be roughly two miles from I-695.
CHARLOTTE, N.C. — A joint venture partnership between Spectrum Properties and Intercontinental Real Estate Corp. has purchased two office buildings in Charlotte’s SouthPark submarket for $35.5 million, according to the Charlotte Business Journal. Totaling 178,338 square feet, the Morrison and Roxborough Buildings are located at 6525 Morrison Blvd. and 1901 Roxborough Road, respectively. Lionstone Investments sold the four- and five-story buildings, which were about 95 percent leased at the time of sale to tenants such as Velocity and South State Bank. Ryan Clutter and Scott Humphrey of HFF represented Lionstone Investments in the sale.
CLEVELAND — KeyBank Real Estate Capital has provided a $31.8 million CMBS loan for an industrial portfolio totaling 1.35 million square feet throughout South Carolina. The portfolio comprises mostly Class B distribution and warehouse facilities that were 95.9 percent leased at the time of financing. Robert Williams and David Pyc of KeyBank’s commercial mortgage group arranged the non-recourse financing on behalf of the borrower, Reger Holdings LLC.
NASHVILLE, TENN. — American Threads, Alton Lane and Barcelona Restaurant and Wine Bar have leased space at Edgehill Village, a 56,000-square-foot retail hub in Nashville. American Threads, a women’s fashion retailer, will lease 1,529 square feet; Alton Lane, a custom menswear shop, will lease 883 square feet; and Barcelona, a Spanish tapas restaurant and wine bar, will lease 5,887 square feet, becoming the largest retail tenant at the property. Edgehill Village comprises eight masonry buildings situated near Music Row at Edgehill Avenue and Villa Place. The property formerly housed Whiteway Cleaners in the 1920s. The national tenants will move into the historic mixed-use property by the end of the year. Existing tenants at Edgehill Village include retailers Warby Parker and J. Crew Mens Shop; restaurants Old Glory and Edgehill; and major entertainment companies such as Live Nation, AEG and AC Entertainment. Edgehill Village is owned by Edgehill Village Partners, an entity including real estate developers Rob Lowe, Elliott Kyle, McClain Towery of Towery Development and Jay Weaver of Atlanta-based Weaver Capital Partners.
ELIZABETH CITY, N.C. — IRC Retail Centers Inc. has purchased Tanglewood Pavilions, a newly built, 158,000-square-foot retail power center located in Elizabeth City. IRC Retail Centers and joint venture partner Thompson Thrift Development Inc. broke ground on the center in October 2014 and completed construction within a year. The asset was 92 percent leased at the time of sale to tenants such as Hobby Lobby, Ross Dress for Less, T.J. Maxx and Dollar Tree. As part of the pre-negotiated joint venture agreement following Tanglewood Pavilions’ construction and stabilization, IRC Retail Partners acquired 100 percent ownership of the property from Thompson Thrift for an undisclosed price described as “a discount to fair market value” in IRC Retail Centers’ 2014 annual financial report. According to the report, the company provided 90 percent of the equity for the development, while Thompson Thrift provided the remaining 10 percent equity. Formerly known as Inland Real Estate Corp., IRC Retail Centers is owned by funds managed by DRA Advisors LLC.
GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged $28.3 million in financing for Sisters of the Holy Spirit, a faith-based nonprofit operator based in the Cleveland suburb of Garfield Heights. The financing is arranged as two loans. The first was a $12.6 million nonrecourse HUD loan that replaces existing bonds on Jennings Center for Older Adults, a 438-unit independent living, assisted living, skilled nursing and adult daycare community in Garfield Heights. The second transaction was $15.7 million in tax-exempt bond financing for the construction of a 74-unit assisted living community, to be named Jennings at Brecksville, in nearby Brecksville. The transactions were also structured around the creation of a new real estate company, which will allow Sisters of the Holy Spirit to distribute excess funds from the Garfield Heights community to the Brecksville community without penalty. Kass Matt led the transaction for Lancaster Pollard.