HOUSTON — NAI Partners has represented Peter Paul Petroleum Co. in relocating and subleasing 11,596 square feet of Class A office space in the Murphy Oil Building located at 9805 Katy Freeway in Houston’s Katy Freeway office submarket. Prior to the relocation, Peter Paul Petroleum had leased space in Houston’s central business district. The company specializes in acquiring and managing oil and gas properties. Jon Silberman, Jason Whittington and Kelly Torian of NAI Partners represented Peter Paul Petroleum during negotiations, while Chad Baker and Matt Sanderson of JLL represented the sublessor, OOGC America.
ALLENDALE, MICH. — NorthPoint Capital Funding Inc. has arranged a $21.3 million loan on a purpose-built student housing development in Allendale. The 192-unit, 576-bed property is expected to finish the first phase of construction in time for the 2017-2018 school year. Zimmer Development Co. and Orion II Construction Inc. are executing the development and construction. To meet the requirements of the project’s experienced developer, NPCF was able to arrange a construction line of credit converting to a commercial real estate loan with Flagstar Bank. The loan term was undisclosed. Mark Perkowski of NPCF was the loan originator. The borrower was from out of state.
DETROIT — Cushman & Wakefield has negotiated the sale of a three-property, 371-unit independent living portfolio in suburban Detroit. The purchase price was not disclosed. The properties include Pine Ridge of Garfield, Pine Ridge of Plumbrook and Pine Ridge Villas of Shelby. An affiliate of Chicago-based private equity firm Green Courte Partners LLC purchased the portfolio. Green Courte has retained the existing management firm, an affiliate of Spectrum Retirement Communities LLC, to operate the properties. The portfolio was stabilized with occupancy exceeding 95 percent at the time of sale. Allen McMurtry and David Rothschild of Cushman & Wakefield represented an institutional seller in the disposition.
HAZELWOOD, MO. — A joint venture of Tiger Capital Group and New Mill Capital Holdings has acquired the former Printpack printing plant in Hazelwood, a second-ring suburb of St. Louis. The 260,000-square-foot plant, previously used for light manufacturing and distribution, was built in 1961. The New York-based firms are currently exploring options for redeveloping the 30-acre site for new manufacturing or distribution uses, with incentives available to those bringing business to the city. The new owners plan to auction off the remaining machinery and equipment on-site early in the first quarter of 2017, but will be working with prospective tenants in the interim. Denton Shamburger of Lincoln Property Company represented Printpack. The buyer was unrepresented.
PEORIA, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to CVS Pharmacy in Peoria for $4.2 million. Located at 6820 N. Pear Tree Lane, the 10,125-square-foot property is just off the intersection of West War Memorial Drive and North Big Hollow Road. CVS has operated at this location since 1998, and has 20 years remaining on its recently extended lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction, a private investor in a 1031 exchange. The seller was a Midwest-based partnership.
In spite of the “noise” created by headlines about low oil prices and energy industry layoffs, west Houston, home to several of the world’s largest energy companies, continues to have strong fundamentals based on decades of phenomenal growth and high-quality development. At Wolff Companies, we have been investing in West Houston for over 45 years. From this long-term perspective, we remain bullish on Houston and, in particular, West Houston, where continuing favorable demographic and economic trends tell a different story than the current headlines. West Houston is a city unto itself. With a population of 1.7 million, it would rank as the fifth largest city in the United States — ahead of Philadelphia, Phoenix or Dallas. It has its own downtown, or central business district (CBD), comprised of four major activity centers: CityCentre/Memorial City, Westchase, The Energy Corridor and Westway Park. All of these are within a few minutes of the intersection of Interstate 10 and the Sam Houston Tollway/Beltway 8. This intersection is also the current statistical center of Houston’s population distribution, a focal point which is expected to continue to move westward to the intersection of I-10 and Barker Cypress Road by 2025. High-Quality Growth Despite the cyclical …
LONG BEACH, CALIF. — Red Mountain Group Inc. has completed the disposition of The Knolls Shopping Center, a retail center located at 4250 Long Beach Blvd. in Long Beach. An undisclosed buyer acquired the property for $29.1 million in an all-cash transaction. After acquiring the asset in 2015, Red Mountain Group redeveloped and re-tenanted the property with Trader Joe’s, Pet Food Express, Chipotle, Jersey Mike’s Subs, Verizon Wireless, Mob Pizza and Crunch Fitness. Bill Bauman of Savills Studley brokered the deal.
POMONA, CALIF. — Reliable Properties has acquired Foothill & Garey Center, a retail property located at the southeast corner of Foothill Boulevard and Garey Avenue in Pomona, for an undisclosed price. Situated on 10.7 acres, the 124,000-square-foot property is occupied by Superior Grocers, O’Reilly Auto Parts, Chase Bank, Carl’s Jr., Sally Beauty Supply, Fred Loya Insurance and Boost Mobile, among others. The name of the seller was not released.
REDDING, CALIF. — CBRE has arranged an undisclosed amount of financing for Ray Stone Inc., which will use the capital to acquire River Oaks Retirement Community, a 102-unit independent living community in Redding, approximately 160 miles north of Sacramento. CBRE Multifamily Capital originated a fixed-rate loan through its Fannie Mae DUS multifamily loan origination program. Ray Stone will operate the property following the sale. CBRE’s Kevin Randles and Aron Will arranged the financing.
PALM DESERT, CALIF. — Marcus & Millichap has brokered the sale of Las Sombras, a retail property located at 72-261 Highway 111 in Palm Desert. An undisclosed buyer acquired the property for $3.7 million. The property includes 18,041 square feet of existing buildings that are currently vacant. Pablo Rodriguez, Richard Vincent and Bruce Haulley of Marcus & Millichap represented the seller, a private investor, in the deal.