SAN ANTONIO — Sterling Organization, a private equity real estate investment firm headquartered in Palm Beach, Fla., has acquired Park North, a 635,382-square-foot retail power center in San Antonio. The asset was purchased on behalf of the firm’s institutional value-add fund Sterling Value Add Partners II LP for $81 million. Chris Cozby and Chris Gerard of the CBRE National Retail Investments Group’s Dallas office brokered the transaction. Park North consists of 17 retail buildings on 45.8 acres. The property is located along San Antonio’s Interstate Loop 410 between Blanco Road and San Pedro Avenue. Park North is 73 percent occupied and is anchored by Target, Alamo Drafthouse Cinema and Cost Plus World Market.
AUSTIN, TEXAS — The Los Angeles office of Hunter Hotel Advisors has represented California-based Excel Hotel Group and the unnamed buyer in the sale of the Fairfield Inn & Suites Austin Northwest in Austin. Built in 2014, the four-story hotel was purchased by a New York opportunity fund.
DALLAS — A group of heirs has sold a 40.7-acre tract of undeveloped land to William Young, a Houston-based investor. The acreage is situated at 10407 S. Central Expressway, where I-45 and I-20 converge in Dallas County. The site features 300 feet of frontage along South Central Expressway. Wayne Burgdorf of Coldwell Banker Commercial Advisors represented the seller, Dallas South 48 JV, an investment group formed in 1986. Suzanne Haselberger of Realty Associates in Houston represented Young in the transaction.
SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of two shopping centers located in San Antonio. Both properties are located in the northwest submarket near Loop 410. The first property, located at 5440 Evers Road, is a 4,200-square-foot retail center on 0.3 acres occupied by CD Exchange/DVD Exchange. The second property, located at 6402 Callaghan Road, is a 5,463-square-foot retail center on 0.5 acres with four tenants. SACA’s Brent Smith and Bradley Suttle represented the San Antonio-based seller and procured the buyer as well.
KEENE, TEXAS — Construction has begun on the redevelopment of Keene Plaza, a retail development in the city of Keene. Samantha Gillin of Gillin Realty LLC secured the sale of the property and will be working with new owner, James Wright, on the remodeling and leasing of the property, which is located at the corner of Highway 67 and College Street. Wright, a broker with RE/Max in Cleburne, is the developer and owner of Keene Plaza. Upon completion of the redevelopment, Keene Plaza will consist of retail, office and hospitality space ranging from 1,250 square feet to 5,000 square feet.
OAK BROOK, ILL. — Ryan Cos. has begun demolition work on an 11-acre parcel in the eastern portion of Oak Brook to make way for a multi-building office/medical campus. Construction will begin in 2017. In February 2016, Ryan acquired the parcel adjacent to I-88/I-294 with frontage along the western side of York Road. Site demolition will be completed in two phases. In the first phase, the existing 203,000-square-foot industrial building will be demolished. Ryan will resume demolition of the foundations and parking lots in spring 2017 as part of new building construction. The company is also providing development, design-build and real estate management services. NAI Hiffman is the broker and marketing representative for the project, and Wright Heerema Architects is providing architectural services.
CHICAGO — R2 Cos. and York Capital Management have competed the $23.8 million recapitalization 770 N. Halsted St. in Chicago. The property consists of two eight-story office buildings in the River West neighborhood totaling 149,000 square feet. Major tenants include Radius, Inxpo and Northeastern Illinois University. R2 has completed a lease with Aire Ancient Baths, a spa with locations in Paris and New York, to open in 2017. The property is located on the border of the River West neighborhood and Goose Island, where R2 owns and operates 500,000 square feet of buildings and 12 acres of land.
MADISON, WIS. — Altus Commercial Real Estate Inc. has arranged the sale of Lake Edge Apartments, located at 4033 Monona Dr. in Madison. Altus represented the seller, Lou Reed, in the transaction. A private investor bought the property for $8.4 million. The newly constructed apartment building includes 42 units, 64 underground parking sites and a private pier on Lake Monona. Lake Edge Apartments features one-, two- and three-bedroom apartments.
WEST BLOOMFIELD, HOLLAND AND TROY, MICH. — Mid-America Real Estate – Michigan Inc. has secured three new retail leases in Michigan. The leases include: T-Mobile signed a lease for 2,774 square feet at Westgate Shopping Center located at the northwest corner of Orchard Lake Road and Northwestern Highway in West Bloomfield. Mid-America’s Adam Goodman represented the tenant. Potbelly Sandwich Shop signed a lease for 2,656 square feet at The Shops at Westshore located at 12359 James St. in Holland. The tenant will join JCPenney, Younkers and Dunham Sports. Mid-America’s Brad Rosenberg and Adam Goodman represented the tenant. J-Bees signed a lease for 2,400 square feet at Oakland Mall in Troy. The retailer will join Macy’s, JCPenney and Sears at the 499,212-square-foot mall located at 412 W. Fourteen Mile Road. Mid-America’s Brad Rosenberg and Aleyciuss Al-Ali represented the tenant in the transaction.
LAFAYETTE, IND. — The Boulder Group has brokered the sale of a single-tenant Jiffy Lube property located at 3115 South St. in Lafayette for $910,000. The property is located at the southwest corner of South Street and South Earl Avenue near Purdue University. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. A Midwestern private partnership was the seller, while a private REIT was the buyer. The corporately guaranteed Jiffy Lube lease expires Oct. 31, 2022. The lease features 3 percent rental escalations in each of three 5-year renewal option periods. Jiffy Lube is a subsidiary of Shell Oil Co.