RANCHO MIRAGE, CALIF. — NAI Capital has arranged the acquisition of a retail showroom located at 71441 Highway 111 in Rancho Mirage. FM 111 LCC purchased the property from Thomas Realty Co. from $5.3 million, or $412.80 per square foot. At the time of sale, the 15,000-square-foot property was fully leased to Electric Car Distributors. Jeffrey Simonds of NAI Capital represented the buyer in the transaction.
BARTLESVILLE, OKLA. — GBT Realty Corp. has acquired 15 acres for a $20 million, two-phase retail development in Bartlesville, roughly 45 miles north of Tulsa. The property, which will be known as Silver Lake Village, is under construction with the first stores expected to open in fall 2017. The site was acquired on Sept. 6 for $2.1 million. The 85,000-square-foot Phase I of Silver Lake Village will feature retailers including Ulta Beauty, Rack Room Shoes, Petco, Ross Dress for Less, TJ Maxx and Maurices. Only 6,000 square feet of shop space and three outparcels remain available for lease. GBT is negotiating with potential tenants to anchor the 10-acre Phase II immediately east of Phase I. Located less than one mile from Oklahoma State Route 75, the center provides visibility to U.S. Highway 60, which is the city’s major east-west commercial corridor.
HOUSTON — CBRE Hotels has arranged the sale of the Holiday Inn Houston Southwest-Sugar Land Area, a 207-room, full-service hotel in Houston. The property is located at 11160 Southwest Freeway and went through a major renovation in 2015. The property features more than 6,800 square feet of flexible meeting/banquet facilities. Michael Yu, Rahul Bijlani, Eric Guerrero and Agrama Mannapperuma of CBRE Hotels’ in Houston represented the seller, K&K Hotel Group, and the buyer, Prime Real Estate Group. Marc Sallette and Olga Lepow of CBRE Hotels’ debt and structured finance team arranged acquisition financing on behalf of the buyer.
ROUND ROCK, TEXAS — Round Rock Evergreen SPE LLC has purchased Chisholm Valley and Westwind Duplexes, a townhome rental community in Round Rock, about 18 miles north of Austin. Ellen Muskin and Daniel Elam of Muskin Commercial LLC represented the sellers in the transaction. Chisholm Valley and Westwind Duplexes offers 152 one- and two-story townhome-style units. The community is located on 76 separate parcels. The average unit size is 1,065 square feet. Exteriors are a combination of stone, siding and wood. Each duplex features private fenced backyards, single-car garages, plank faux flooring, built-in microwaves, wood-burning fireplaces, full-size washer/dryer connections, individual HVAC systems and water heaters. The duplexes are situated just north of Toll Road 45.
LEWISVILLE, TEXAS — Pierson Retail Advisors (PRA) has negotiated the sale of Lewisville Village, a 24,290-square-foot retail strip center located in Lewisville. PRA represented the seller, Prescott Interests Ltd. A local buyer purchased the asset for an undisclosed price. Constructed in 1986, Lewisville Village was 90.4 percent leased at the time of sale to tenants including State Farm, Pizza Hut, Fitzgerald’s Jewelry, American Masters Martial Arts and Charlton Motors. The entire team at Pierson Retail Advisors in Dallas handled the sale.
FARMERS BRANCH, TEXAS — Farmers Branch city manager Charles Cox has promoted Allison Cook to director of economic development and tourism for the city of Farmers Branch. Cook has been an employee of Farmers Branch since 2011, when she started the first city program focused on business retention. She was later promoted to economic development manager. The previous director of economic development and tourism John Land, has been promoted to deputy city manager. Cook previously worked for Catalyst Commercial, a real estate analytics company, and was also the leasing manager for another commercial real estate company focused on retail development in the Dallas/Fort Worth area.
OAK CREEK, WIS. — Colliers International has arranged the lease and sale of the former headquarters of Caterpillar’s Global Mining division located at 6744 S. Howell Ave. in Oak Creek. Master Lock Co. leased the two-building, 120,883-square-foot office campus under a long-term agreement. Master Lock will relocate from its current Oak Creek location in early 2017 after tenant improvements are completed at the property. Additionally, Bucyrus Wisconsin Property, a subsidiary of Caterpillar Inc., sold the property to W.P. Carey for $16.8 million. Tom Shepherd and Matthew Stauber of Colliers represented Caterpillar in the lease and sale of the campus.
ATLANTA — Federal Capital Partners (FCP) and Westbridge Partners have broken ground on Stockyards, an adaptive renovation of three historic warehouses in Atlanta’s West Midtown district. Expected to open in the first quarter of 2017, Stockyards is more than 65 percent pre-leased to office and retail tenants including The Painted Duck, a sister entertainment concept to The Painted Pin; Fitzgerald & Co., an Atlanta-based advertising agency; Momentum Worldwide, an Atlanta-based sports marketing firm; Weber Shandwick, a global communications firm; Mannington Mills Inc., a flooring and carpeting showroom; and a new restaurant concept from Charleston-based The Indigo Road. Stockyards will occupy three acres on the corner of 10th Street and Brady Avenue. Designed by architectural firm ai3, the development will total 95,000 square feet of Class A office space, 13,000 square feet of street-level restaurant space, 25,000 square feet of retail space on the lower level and a 400-space parking deck. Gay Construction is Stockyards’ general contractor, Cushman & Wakefield is handling the office leasing and SunTrust Bank, represented internally by Mark Hancock, is the project’s senior lender.
WEST CHICAGO, ILL. — Flolo Corp. has acquired an industrial property located at 1400 Harvester Road in West Chicago. The company purchased the property from Acts Four Thirty Two LLC for an undisclosed price. Flolo Corp. will relocate and consolidate from its current facilities at 1061 E. Green St. and 420 Podlin in Franklin Park, Ill., to the new 42,411-square-foot facility. The buyer is a multi-faceted electro-mechanical repair facility, power transmission distributor and custom system integration company. John Hamilton, Mike Sedjo and Jack Brennan of CBRE represented the buyer, while David Prell, also of CBRE, represented the seller in the deal.
MILFORD, OHIO — MCR Development, a hotel owner-operator, has completed the renovation of Homewood Suites by Hilton Cincinnati-Milford, a 76-room, select-service hotel located at 600 Chamber Drive in Milford. The newly remodeled hotel was updated as part of Hilton’s design initiative and multi-faceted brand enhancement program that focuses on updating dining and lounging areas, as well as introducing new brand standards. The hotel’s dining area now features new and modern furniture, flooring and lighting, and the business center was redesigned to create an inviting work space for guests. Additionally, the hotel now features an outdoor kitchen and lounge complete with a grilling area and comfortable seating.
