HOUSTON — STREAM Capital Partners has executed the sale-leaseback of two industrial properties located in Houston. The properties are located at 1300 Gazin St. and 5633 Old Clinton Road. 1300 Gazin St. spans 95,435 square feet, while 5633 Old Clinton Road spans 45,135 square feet. MW Industries occupies both buildings utilizing a net lease. An unnamed REIT was the buyer.
PASADENA, TEXAS — Ryan Watson of Q10 KDH has arranged permanent financing through Q10’s Freddie Mac small balance loan program for the Bella Sol Apartments in Pasadena. The property was constructed in 1963 and renovated in 2008. It contains 53 units and is 100 percent occupied.
BLUE ASH, OHIO — NXT Capital has provided a $26 million refinancing loan for a 242-unit apartment community in Blue Ash, approximately 12 miles northeast of Cincinnati. Charleston at Blue Ash is a Class A community, located at 4870 Hunt Road, that features amenities such as a business center, covered parked, gated access, a fitness center, a tanning bed and a swimming pool. Unit amenities include 9-foot ceilings, balconies or patios, appliances and in-unit washers and dryers. The borrower in the transaction was undisclosed.
ST. CHARLES, ILL. — A partnership between Banyan Investment Group and Compass Real Estate has acquired the Hilton Garden Inn in St. Charles, approximately 45 miles west of Chicago, for an undisclosed price. Oakwood Properties Inc. was the seller. The hotel opened in 2000 and includes 120 rooms and 4,400 square feet of meeting space. The facility also includes an indoor pool, fitness center and bistro-style restaurant. Attached to the hotel is an independently owned 18,000-square-foot conference and training center. The property will undergo a $2 million renovation of the guestrooms and public areas that is expected to be complete by March 2017.
INDIANAPOLIS — Colliers International has brokered the sale of a historic apartment building in downtown Indianapolis for an undisclosed price. Janus Lofts is a 35,640-square-foot, 23-unit building that was constructed in 1914. Silver Point Capital sold the five-story property, located at 240 S. Meridian St., to Buckingham Cos. The building, which contains an underground parking garage and three commercial spaces, was most recently redeveloped in 2003. The Fahnley & McCrea Millinery Co., which sold women’s hats, occupied a building at the location from the late 1800s until a fire burned it down in 1905. A building reconstructed on the same site in 1914 was where the millinery company operated until it closed.
BURR RIDGE, Ill. — Anthem Memory Care has opened Harvester Place, a 66-unit memory care community in the Chicago suburb of Burr Ridge. Development costs were $13 million. Harvester Place is Oregon-based operator Anthem’s sixth memory care community, with three more under development in Colorado, California and Illinois. Harvester Place is designed in a figure-eight pattern to create a natural flow that lessens confusion among memory-impaired residents.
MILWAUKEE — The Dickman Company Inc./CORFAC International has arranged the sale of a 7,757-square-foot retail building in Milwaukee. The Historic Third Ward Development LLC purchased the building from Jennaro Brothers LLC for an undisclosed price. Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Company represented the seller in the transaction. Marianne Burish of Siegel-Gallagher represented the buyer.
DURHAM, N.C. — Armada Hoffler Properties Inc. has entered into a joint venture development agreement with Austin Lawrence Partners to develop and own One City Center, an $86 million, 27-story mixed-use project in downtown Durham. The development will feature 130,000 square feet of office space, 22,000 square feet of street-level retail space, 139 residential units and a two-level underground parking garage. Duke University has recently leased 55,000 square feet at the development, which will be situated at the corner of Corcoran and Main streets. Armada Hoffler will own and develop the office and retail portions, and Austin Lawrence Partners will develop the multifamily and parking components. Armada Hoffler Construction Co., a division of Armada Hoffler Properties, will serve as general contractor of the entire project. The companies plan to break ground on One City Center during the first quarter of 2016 and wrap up construction in mid-2018.
HANOVER, MD. — Trammell Crow Co. (TCC) and Principal Real Estate Investors (PREI) have closed on the purchase of a 26.5-acre site located at 7565 Harmans Road in Hanover, a city within the Baltimore-Washington Industrial Corridor. The site will be the future home of BW Gateway, a two-building, Class A industrial complex totaling 290,000 square feet. Upon completion, the development will include two rear-loaded buildings comprising 151,000 and 138,000 square feet. The buildings will feature 32-foot clear heights, ESFR sprinklers, T-5 lighting and 45 trailer spaces. Construction on BW Gateway will start immediately. TCC and PREI have selected Robert Clements and Bob Smith of KLNB to lease BW Gateway. The design team includes general contractor Glen Arm Building Co. and architect MGMA. Matt Laraway of Chesapeake Real Estate Partners and Curt Stanton of Paine/Wetzel Associates represented the seller of the land, and Clements represented TCC and PREI in the transaction.
ACWORTH, GA. — Papa John’s International Inc. is locating its new regional hub in southwest Cherokee County. The 110,000-square-foot distribution and warehouse space will supply more than 400 Papa John’s stores across seven states. The Louisville-based pizza chain currently has 10 full-service regional production and distribution centers in the United States, which Papa John’s refers to as Quality Control Centers (QCCs). The QCCs manufacture and supply pizza dough, food and paper products, along with smallwares and cleaning supplies, to the stores in their region. The QCCs are operated by PJ Food Service Inc., a subsidiary of Papa John’s. The new QCC will occupy space at Majestic Realty Co.’s building located off of Highway 92 and Northpoint Parkway in Acworth. The new QCC will result in 106 jobs with an average wage of more than $60,000 per year and more than $15 million in capital investment. Papa John’s worked closely with Site Selection Group LLC, the Georgia Department of Economic Development, the Metro Atlanta Chamber, Georgia Power and the Cherokee Office of Economic Development in choosing southwest Cherokee for its new regional hub.