CAREFREE, ARIZ. — ORION Investment Real Estate has arranged the $1.4 million sale of Spanish Village, a 22,819-square-foot retail center located in Carefree. The property was 26 percent occupied at the time of sale. Braxton Glass of ORION represented the buyer, Raskin Partners, in the transaction. Danny Gardiner of Phoenix Commercial Advisors represented the seller, Spanish Village Holdings LLC.
WESTLAKE, TEXAS — Hillwood and The Howard Hughes Corp. (NYSE: HHC) have launched a 130-acre mixed-use development at Circle T Ranch, a 2,500-acre master planned community in Westlake that is part of the larger 18,000-acre AllianceTexas development. The project, which is situated at the junction of State Highways 114 and 170, will include more than 2 million square feet of office, retail and entertainment space and will be anchored by the 500,000-square-foot corporate campus for Charles Schwab Corp. The planned mixed-use development will include 1.2 million square feet of combined Class A mid-rise office space with retail and entertainment uses, as well as a 200-room hotel and residential options. The project will also include land for parks, open space and creeks. Nature trails and a fitness center in the retail district will offer individuals additional health and fitness options.
IRVING, TEXAS — KDC and Rubicon Representation will develop a 155,000-square-foot, Class A medical office project in two phases at Gateway Drive and State Highway 161 in Irving’s Las Colinas district. Phase I will break ground this fall and will consist of 95,000 square feet anchored by Healthcare Associates. Phase II will break ground shortly thereafter and will consist of 60,000 square feet. The second phase will house an ambulatory surgery center and medical office. The anchor tenant space is currently available. The development is located near DFW International Airport and is within walking distance of the DART Beltline Station. Rubicon Representation assembled the real estate transaction.
NORMAN, OKLA. — The four-story Best Western Plus Norman has opened at 3100 Medical Park Place. Located adjacent to the Norman Regional HealthPlex, the 116-room hotel includes seven extended-stay suites with kitchenettes. Amenities include a 700-square-foot conference center, fitness center, heated outdoor pool, grilling area and an electric car charging station. Designated as a rider-friendly hotel in Best Western’s national partnership with Harley-Davidson, the hotel also features a bike wash station. Developed and operated by Wichita, Kan.-based Hospitality Management LLC, a Martens Co., the $13 million project employs 25 people. Linsey Kennedy is the hotel’s general manager, and Jodi Helms-Jones is director of sales. This is Hospitality Management’s third Best Western property and its fourth hotel overall. The company operates the Best Western and EconoLodge hotels in Blackwell, Okla., as well as the Best Western Plus in Arkansas City, Kan. Wichita-based Krehbiel Architecture and Conco Construction handled the design and build of the project.
DALLAS — Broe Real Estate Group, an investment manager of commercial real estate assets affiliated with The Broe Group, has completed the $19.5 million sale of a retail property located at 2800 Forest Lane in Dallas. The 163,545-square-foot building is leased to The Home Depot on a triple-net basis under a long-term lease. Broe acquired the building and an adjacent office building in 1998. In 2014, the property was subdivided to sever off the office building and the Home Depot lease was subsequently restructured to extend the lease term.
CLEVELAND — KeyBank Real Estate Capital has arranged $858 million in debt financing for YES! Communities LLC, an owner and operator of manufactured housing communities that is managed by Stockbridge Capital Group LLC. The financing consisted of one Fannie Mae and one Freddie Mac credit facility totaling $733 million and a $125 million syndicated, corporate-level revolving credit facility. Wells Fargo also arranged a credit facility for the company, which announced earlier this week that it sold 71 percent equity interest to two global investors, including GIC, a sovereign wealth fund from Singapore. In connection with the transaction, YES! Communities’ three manufactured home portfolios will be consolidated into a single entity. Chris Black of Cleveland-based KeyBank arranged the agency financing.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of two office buildings in Grand Rapids. The properties, 2504 Ardmore and 2505 Burton, are located near the Brenton Village Mall corridor. Mark Morrow Properties LLC sold the buildings to a local investor, Tony Pearson, who intends to make minor renovations and begin marketing the property for lease this September. Each building totals 5,835 square feet and was built in 1971. Hillary Woznick and Doug Taatjes of NAI Wisinski represented the seller in the transaction.
KENOSHA, WIS. — The Dickman Company Inc./CORFAC International has negotiated the sale of a 272,000-square-foot industrial building in Kenosha, approximately 35 miles south of Milwaukee, for an undisclosed price. Phoenix Kenosha LLC purchased the building, which is located at 3122 14th Ave., from Walnut & Vine Properties II LLC. Nick Keys of The Dickman Company represented the buyer in the transaction, and Brad Thompson of Millennium Properties represented the seller.
NEW LENOX, ILL. — A Chicago-based private real estate investor in a 1031 exchange has purchased a 4,000-square-foot retail building in New Lenox, approximately 40 miles southwest of Chicago, for $1.5 million. A California-based development company sold the property, which is leased to American Mattress. The property is located at 751 E. Lincoln Highway and was built in 2015. The building is situated on an outparcel to the New Lenox Town Center, a development anchored by Walmart Supercenter and featuring other tenants such as Ross Dress for Less, T.J. Maxx, Goodwill, Aldi, AutoZone, Discount Tire, PepBoys, Chase Bank and Physicians Immediate Care. The New Lenox Town Center was built in 2010. The 10-year lease for American Mattress expires in 2025. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer in the transaction. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller.
CHICAGO — Amazon is set to open a staffed pickup location on the University of Illinois at Chicago’s campus. The 2,300-square-foot Amazon@UIC will be located in the Student Center East and will provide a place for the campus community to pick up and return Amazon orders. The store is scheduled to open before the end of the year. Amazon Prime members will receive free same-day pickup for orders placed by noon and free one-day pickup for orders placed by 10 p.m. Amazon also plans to open a staffed pickup location at the University of Illinois at Urbana-Champaign by the end of the year.
