PENSACOLA, FLA. — Capital Senior Living Corp. has acquired two seniors housing communities totaling 179 units in the Florida panhandle town of Pensacola for $48 million. The two communities are Carpenters Creek, which offers independent living and assisted living services, and Creekside, which offers memory care. Capital Senior Living will rename the communities under its “The Waterford” brand. Ryan Maconachy and Chad Lavender of HFF arranged the sale on behalf of the seller, San Diego-based Pacifica Senior Living. The properties were 93.9 percent occupied at the time of sale.
PALM BEACH GARDENS, FLA. — Cushman & Wakefield has arranged the $30.1 million sale of Corporate Center at the Gardens, a two-building, 113,565-square-foot office campus located at 4200-4400 Northcorp Parkway in Palm Beach Gardens. The property is situated on a 6.2-acre parcel within PGA Professional Center along I-95. The Class A campus was fully leased at the time of sale to tenants such as Garden of Life, Oxford Global Resources, Olympus Insurance Co. and Weiss Research Inc. Scott O’Donnell, Dominic Montazemi, Miguel Alcivar, Greg Miller and Jason Hochman of Cushman & Wakefield, along with Anthony Librizzi of CBRE, represented the seller, Lexington Palm Beach LLC, in the transaction. The buyer was a joint venture between Breakers Capital and Alchemy-ABR-BCP Gardens LLC.
ORLANDO, FLA. — First Capital Property Group Inc. has arranged the $17 million sale of The Village at Hunter’s Creek, a 52,537-square-foot shopping center located at 13526 Village Park Drive in Orlando. The center’s tenant roster includes Massage Envy, Edward Jones, Liberty Mutual, Firehouse Subs and Coldstone. Jean-Paul Beaulieu of First Capital represented the buyer, Village HC LLC, in the transaction. Sean Glickman of Colliers International represented the seller, GB BM2 LLC.
HOUSTON — TPMC Realty Corp. (TPMC) will lead a $16-plus million redevelopment of Park Towers, a set of two towers in uptown Houston located at 1233 W. Loop S. The renovation will include elevator bank corridors, restrooms, the lobby, fitness facilities and a conference center. Highlights include: Restrooms equipped with luxury hospitality-like finishes and automatic flushing, soap, water and hand towel dispensers; lobbies with welcoming concierge layout and four televisions, with updated security badge technology and Wi-Fi; conference center made of two interconnected rooms with Wi-Fi presentation technology connected to TVs in each room; New elevator cabs with Thyssen Krupp destination-based dispatch technology, touch screen kiosks and streaming TV monitors, and; lighting upgrades throughout tenant and common areas to incorporate LED bulbs. Bob Parsley of Principal of Colliers International is handling the leasing for Park Towers. The two towers combine for more than 300,000 square feet of Class A office space, with two blocks of 111,250 square feet spanning five floors and multiple options for exclusive tenant signage capabilities. The redevelopment should be finished by the end of the year. Ziegler Cooper Architects is the architect, and O’Donnell Snider Construction is the general contractor.
GULFPORT, MISS. — SVN has brokered the $12.4 million sale of Cambridge Apartments, a 201-unit apartment complex located in Gulfport. Built in 2004, the property features a resort-style swimming pool, covered grilling and picnic areas, business center with Wi-Fi access, sand volleyball court, self storage garages and on-site car care service. A private real estate investor based in the Northeast purchased Cambridge Apartments from Salt Lake City-based Realsource. Andrew Agee of SVN represented both the buyer and seller in the transaction.
ATLANTA — Alpha Alternatives LLC has arranged a $13 million bridge loan for a new 141-room Cambria Suites hotel. The property, currently a vacant office building, is located at 110 Mitchell St. in downtown Atlanta. Alpha Alternatives arranged the loan on behalf of the unnamed borrower, which plans to break ground on the hotel conversion in the near future. Cambria Hotels, a Choice Hotels International brand, invested more than $3 million in equity for the project.
HUNTSVILLE, TEXAS — Metropolitan Capital Advisors has arranged the sale and acquisition financing for Huntsville Crossing Shopping Center, a 23,760-square-foot retail center located in Huntsville. The property is located in front of a new power center anchored by Target, Kroger, Academy Sports + Outdoors, PetCo, Ross and Marshalls. In November 2014, Metropolitan Capital Advisors arranged the construction debt and equity to build the project on behalf of a partnership between Dallas-based Brand Capital Partners and Loon Partners. The property was 100 percent pre-leased to Spec’s, Mattress One, Chipotle and Buffalo Wild Wings prior to breaking ground. The project was completed in October 2015 with the last tenant taking occupancy in February 2016. Metropolitan Capital Advisors and Marcus & Millichap co-brokered the sale of the property to a California-based buyer utilizing a 1031 tax-deferred exchange. Metropolitan Capital Advisors also arranged the acquisition financing for the buyer with Longview-based Texas Bank & Trust.
BELLAIRE, TEXAS — KBS Strategic Opportunity REIT, a non-traded real estate investment trust based in Newport Beach, Calif., has signed nine leases totaling 60,227 square feet at West Loop I & II in Bellaire with tenants in the medical and financial industries. Bellaire Dermatology and Eye Center of Texas signed the two largest leases, at 16,334 square feet and 15,120 square feet, respectively. Located three miles west of Houston’s central business district, West Loop I & II is a Class A, two-building office complex with 313,873 rentable square feet. It sits on a 5.6-acre office property with an eight-story parking garage and a covered walkway. The property is near the residential communities of Bellaire and West University with access to I-610. Amenities include structured parking, a deli, park and on-site security. John Spafford and Allie Hubbard of PM Realty Group represented KBS in the lease negotiations. Greg Hall with Greater Houston Commercial Properties represented Eye Center of Texas, and Jon Silberman and Dan Boyles of NAI Partners represented Bellaire Dermatology.
WALLER, TEXAS — Colliers International has arranged a 34,220-square-foot office/warehouse lease for Cordyne Inc. at 1500 Alegacy Place in Waller. Walter Menuet and Tom Condon Jr. of Colliers represented the landlord, Alegacy Development, in the transaction. Colt Haack of Coldwell Banker Properties Unlimited represented the tenant.
PLEASANTON, TEXAS — NAI Partners has negotiated the sale and purchase of a 9,100-square-foot industrial property on a four-acre lot at 449 Corgey Road in Pleasanton. Chris Caudill and Wade Carter of NAI Partners represented the seller, Code Red Safety, during the negotiations. Dan Boyles Jr. and Clare Flesher of NAI Partners represented the buyer, Johnson Specialty Tools.