PLANO — The Vitorino Group has arranged the sale of Service King/Enterprise Rent-a-Car, a 26,375-square-foot net-leased property located in the Dallas suburb of Plano. The Vitorino Group represented the buyer and seller, both local Texas investors, in the transaction.
GARLAND, TEXAS — Marcus & Millichap has arranged the sale of Broadway Plaza, an 8,228-square-foot retail property located in Garland. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Broadway Plaza is located at 6226 Broadway Blvd. The center is 83 percent leased, and all current leases are triple net. Tenants include T-Mobile, Dallas Gold & Silver, Sprint and AT&T. The building was constructed in 2011 and sits on 1.1 acres.
AUSTIN, TEXAS — The Austin City Council has voted in favor of removing a restrictive covenant on the historic Dabney-Horne home on the University of Texas West Campus. The property will be moved one-half mile from its current location at 507 W. 23rd St. to make room for a new student housing development. The proposed 175-foot tall project will provide 670 beds for students, of which 10 percent will be offered as affordable housing at 60 percent area median family income. Austin City Realty founder David Kanne owns the Dabney-Horne house, which was zoned historic in 1992, and uses it as his company’s headquarters. The home will be relocated to nearby 901 Shoal Cliff Court. Kanne plans to sell the site on 23rd Street to Johnson Trube & Associates, an Austin-based developer that plans to build the student housing property.
DALLAS — Bell Partners Inc. has acquired Avenue H, a recently completed, 208-unit apartment community located in the Knox-Henderson area of Dallas. The community has been renamed Bell Knox District and will be managed by Bell Partners. Completed in 2015, Bell Knox District is a Class A community and the first to be built in the last 10 years in the Knox/Highland Park neighborhood. The property is nearing the end of lease-up and is 82 percent occupied. The community is a six-story, podium-style building above two levels of structured parking. Floor plans consist of a mix of studios, one-bed/one-bath and two-bed/two-bath layouts. Property amenities include a clubhouse with a conference center and coffee bar, pool deck, fitness studio, outdoor barbeque area with grills, elevator access and covered parking.
FREDERICKSBURG, PA. — USAA Real Estate Co., in partnership with Trammell Crow Co., has completed the development of Lebanon Valley Distribution Center in Fredericksburg. The 874,126-square-foot warehouse/distribution building features a cross-dock design with 36-foot clear heights, ESFR sprinklers, 123 dock doors, two drive-in doors and parking for 219 cars and 202 trailers. Additionally, the property is expandable to up to 1 million square feet, 155 dock doors, 870 car parking spots and 247 trailer stalls with the potential of an additional 385 remote stalls. The project is the third project in the region completed by USAA RealCo and Trammell Crow.
BILLERICA, MASS. — The RAM Companies has acquired a Corporate Place, a 97,403-square-foot property located at 261 and 267 Boston Road in Billerica, for $8.1 million. Built in 1985 and 1986, the Class B multi-tenant asset comprises a 61,795-square-foot facility and a 35,608-square-foot building. The flex/R&D property is 85 percent occupied with a variety of tenants, including Lahey Health Primary Care, New England Rehabilitation Hospital and SI2 Technologies. The name of the seller was not released.
NEW YORK CITY — Equicap has arranged a $55 million permanent mortgage for a commercial property located in Manhattan’s Meatpacking district. The non-recourse five-year loan features a 2.63 percent fixed interest rate and is full-term interest-only. Developed in 2008, the 80,000-square-foot property is occupied by Arhaus, a furniture retailer, and a California-based tech company. Ricky Aryeh of Equicap originated the loan for the undisclosed borrower.
NEW YORK CITY — Cushman & Wakefield has arranged $38 million in financing to increase proceeds on the existing construction loan for a multifamily property at 33 Lincoln Road in Brooklyn’s Prospect Lefferts Gardens neighborhood. The borrower, Lincoln Park Partners, will use the loan to complete the development of a nine-story residential building featuring 141 apartment units and retail space. The loan was provided by Santander Bank. Preston Flammang of Cushman & Wakefield arranged the two-year loan for the borrower.
NEW BRITAIN, CONN., AND POUGHKEEPSIE, N.Y. — Cronheim Mortgage has arranged two loans totaling $9.5 million for two retail properties in New Britain and Poughkeepsie. Andrew Stewart and Dev Morris of Cronheim secured both 10-year loans, which feature a 4.22 percent fixed rate and 25-year amortization schedule. The loans were placed with Fidelity & Guaranty Life Insurance Co. In New Britain, an undisclosed borrower received $3.5 million in financing for Brittany West Plaza, a 39,438-square-foot retail property. The property is currently 100 percent leased to a variety of national and regional tenants, including Subway, TD Bank, Hair Cuttery, Gloria’s Nails and Arthur Murray Dance Studio. In Poughkeepsie, an undisclosed borrower received $6 million in financing for Poughkeepsie Plaza, a 170,966-square-foot community shopping center. Originally constructed in 1958, the property was partially enclosed in 1978, with various additions from 1983 to 2004.
BROOKHAVEN, GA. — Emory University has purchased roughly 60 acres of commercial property at Executive Park, an office park located near the interchange of North Druid Hills Road and I-85 in Brookhaven. The private university purchased the property, totaling roughly 400,000 square feet of office space in nine buildings, from Equity Commonwealth for an undisclosed price. Emory has several programs operating at Executive Park, including Orthopaedics, Brain Health, Medical Science Education, Continuing Education and Health Information Technology, according to James Wagner, president of Emory University.
