CALUMET, MICH. — Dougherty Funding LLC has provided a $9.2 million bridge loan for the refinancing of Gardenview Assisted Living and Memory Care in Calumet in the Upper Peninsula. The 39-unit senior living facility is located at 26096 Elm St. Calumet Facility LLC and Calumet Operating LLC was the borrower. Dougherty Funding served as lead lender and servicer for the loan.
SHEFFIELD LAKE, OHIO — SkyView Advisors has arranged the sale of Lake Road Self Storage in Sheffield Lake, about 25 miles west of Cleveland. The 57,000-square-foot facility includes 418 non-climate controlled units. The property sits on 8.6 acres at 5360 Lake Road. Public Storage was the buyer. Ryan Clark of SkyView Advisors led the transaction.
Marcus & Millichap Brokers Sale of 7,368 SF Property Net Leased to Texas Roadhouse in Chicago Suburb
TINLEY PARK, ILL. — Marcus & Millichap has brokered the sale of a 7,368-square-foot property net leased to Texas Roadhouse in Tinley Park, a southern suburb of Chicago. The property is located at 18345 LaGrange Road and was built in 2004. Bruce Bentley III of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Joseph Sigal of Marcus & Millichap represented the buyer, a REIT. Steven Weinstock assisted in closing the transaction. Texas Roadhouse is a steakhouse restaurant.
CARTERVILLE, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to First Mid-Illinois Bank & Trust in Carterville in southern Illinois. The 2,602-square-foot building is located at 300 S. Division St. There are approximately six years remaining on the lease, which expires in October 2022. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private investment trust. The buyer was a Midwest-based 1031 exchange investor.
TOMBALL, TEXAS — Santikos Entertainment is developing Northpointe Shopping Center, an entertainment-anchored retail center located at the northeast corner of Windsor Pointe Drive and State Highway 249 in Tomball. Anchored by the existing Santikos Silverado 19, a multi-screen cinema, the center will feature 90,000 square feet of junior anchor and shop space, as well as pad sites. In addition to the cinema, the site currently includes two restaurants on pad sites: Texas Roadhouse and Bahama Bucks. Randy Hopper and Edward Heap of The Weitzman Group are handling leasing for the project, which is scheduled for delivery in 2018.
ENNIS, TEXAS — Stream Realty Partners has brokered the sale of an industrial facility located at 601 National Drive in Ennis. LSREF4 Dual LLC sold the 315,000-square-foot property for an undisclosed sum. Built in 2007, the property is fully leased to Cenveo Corp., a manufacturer of commercial printing, custom packaging, envelopes and labels. Jamie Jennings, James Mantzuranis, Caitlin Clinton and Cannon Green of Stream Realty Partners represented the seller. The name of the buyer was not released.
GRAND PRAIRIE, TEXAS — Port Logistics Realty has broken ground on a speculative warehouse facility in Great Southwest Industrial Park in Grand Prairie. Offering access to I-30 and Texas State Highways 183 and 360, the 83,125-square-foot industrial property is slated for completion in the second quarter of 2017.
SAN MARCOS, TEXAS — Hill & Wilkinson General Contractors has completed the Science, Technology and Advanced Research One expansion at Texas State University in San Marcos. The $8 million project added 16,000 square feet of lab space and office suites, bringing the facility to a total of 36,000 square feet. The space serves as an incubator for start-up and early-stage businesses by providing tenants access to secure wet labs, clean space, conference rooms and office space for research and development. The project team included PhiloWilke Partnerships, GarzaBury Engineering, E&C Engineers and Consultants and Cardno Haynes Whaley.
DALLAS — DuWest has arranged the sale of a single-tenant retail property located at 8330 N. Stemmons Freeway in Dallas. A California-based 1031 exchange buyer acquired the 30,054-square-foot property from a local partnership for an undisclosed price. Office Depot currently occupies the property. DuWest represented the seller in the deal.
CHANDLER, ARIZ. AND IRVING, TEXAS — Columbia Property Trust Inc. has sold CVS Health Tower in Irving, a western suburb of Dallas, and SanTan Corporate Center in Chandler, a southern suburb of Phoenix, for $109.5 million. With the sales, Columbia has exited the Dallas and Phoenix markets and will use the profits for reinvestment in its target markets. The buyers were not disclosed. CVS Health Tower is a 315,000-square-foot, Class A office building located at 750 W. John Carpenter Freeway. The building is primarily leased to CVS Caremark, an independent pharmacy benefit management provider. IBM also maintains a lease at the property. The 12-story building was completed in 1999 and acquired by Columbia in 2006. SanTan Corporate Center consists of two office buildings totaling 267,000 square feet, completed in 2000 and 2003. Columbia acquired the buildings in 2006. Both buildings are 100 percent leased. Toyota Financial Services fully occupies SanTan Corporate Center I, while multiple tenants occupy SanTan Corporate Center II. With these sales, Columbia has completed $660.5 million of dispositions in 2016. Atlanta-based Columbia Property Trust owns and operates Class A office buildings. The company’s portfolio includes 21 office properties and one hotel. -Kristin Hiller