LOS ANGELES — PB Financial Group Corp. has funded 20 loans throughout California for a total of more than $8.7 million. The Los Angeles-based firm financed a variety of projects, from industrial buildings to multifamily properties. The properties are situated throughout the state, including Los Angeles, San Francisco, Palm Springs and various San Diego submarkets. PB Financial specializes in privately funded transactions for commercial and residential real estate in California.
ARLINGTON, TEXAS — Rebecca Harrell of Henry S. Miller represented Town Oak Properties in the sale of a 3,150-square-foot medical office building located at 919 W. Randol Mill Road in Arlington. Alavi Legacy Foundation purchased the building for a pain management clinic scheduled to open in January 2016. The building is located across the street from Texas Health Arlington Memorial Hospital.
BROWNSVILLE, TEXAS — The Silver Group has arranged the sale of a single-tenant Burger King restaurant located at 925 U.S. Highway 77 in Brownsville. The freestanding 4,826-square-foot building is 1.5 years old and it replaced an older building that had become obsolete. At closing, the remaining triple-net lease term was 18.5 years. The investor acquired the asset to complete a 1031 tax-deferred exchange. Barry Silver of The Silver Group represented the out-of-state investor.
HOUSTON — Colliers International has arranged the sale of 4.5 acres located at 5555 W. Sam Houston Parkway to CKS Land Development LLC. The property is located on the west side of Sam Houston Parkway between Clay and Tanner roads, and it will be used for the construction of a 54,500-square-foot corporate building for CKS Land Development. Plans call for construction to begin in the first quarter of 2016. Archway 5555 WSHT Ltd. was the seller and was represented by Marshall Clinkscales, Greg Cizik and Edward Edson of Colliers International. Dylan Schopper of Northwinds Commercial Realty represented the buyer.
WASHINGTON, D.C. — Cushman & Wakefield has brokered the $107.9 million sale of a 218,923-square-foot office building located at 1575 Eye St. in Washington, D.C. The property is located one block from the White House and adjacent to the McPherson Square Metrorail Station, Hay Adams, St. Regis, Capital Hilton and Hyatt Place. Two federal agencies anchor the office building: the Department of Veterans Affairs and the Federal Aviation Administration. The property’s amenities include a conference center, rooftop terrace, fitness center, parking garage and a deli. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cushman & Wakefield represented the seller, 1575 Eye Street Associates LP, in the transaction. The seller is majority-owned by the American Society of Association Executive, an anchor tenant and investor of the office building since it was delivered in 1979. Carr Properties, which manages the selling partnership, has been retained by the new owner to manage the office building.
NASHVILLE, TENN. — Bluerock Growth Fund has sold Artisan on 18th, a Class A, 153-unit apartment community in downtown Nashville, for $35.2 million. The property was delivered in June and was completely occupied at the time of sale. A joint venture between Stonehenge DCM LLC, which oversaw development of the property, and affiliates of Bluerock Real Estate purchased the development. Artisan on 18th features a landscaped courtyard with a sundeck, outdoor grilling area and fireplace, fitness center, cyber clubroom with a coffee bar and business center, pet park and a parking garage. Unit interiors feature granite countertops, high-end flooring, designer cabinetry, full-size washer/dryer units, private balconies and nine-foot ceilings.
CORAL GABLES, FLA. — Deutsche Asset & Wealth Management’s Alternatives and Real Assets division has purchased a Class A office complex in Coral Gables, a city in Miami’s metro area. The property, known as The Alhambra, spans 326,415 square feet and comprises two towers. The buildings, known as Alhambra Plaza and Alhambra West, are 14 stories and seven stories, respectively. Deutsche purchased the complex for an undisclosed amount on behalf of a foreign institutional investor.
HAMPTON, VA. — MCR Development LLC has completed the renovation of the 149-room Hilton Garden Inn Coliseum Central in Hampton. The renovation included updates to the hotel’s guestrooms and common areas. Each unit received new furniture and design décor, and the pool, meeting rooms, event space and fitness center were updated. The hotel is located off I-64 and in close proximity to the Boo Williams Sportsplex, NASA’s Langley Research Center and the headquarters of Riverside Health System.
FREDERICKSBURG, VA. — Coldwell Banker Commercial Elite has brokered the $5.6 million sale of The Free Lance-Star’s headquarters in downtown Fredericksburg. The 90,000-square-foot office building is located at 616 and 620 Amelia St., and the property’s 2.9-acre parking lot, which is part of the sale, is located at 700 and 710 William St. Local developer William Vakos Jr. purchased the property. Sandton Capital Partners, owner of Free Lance-Star Publishing Inc., says the newspaper plans to continue to operate out of the building for another year. Ben Keddie and Heather Hagerman of Coldwell Banker Commercial Elite brokered the transaction.
WISCONSIN — Time Equities Inc. has acquired four multi-tenant retail properties totaling 307,668 square feet in Wisconsin for $18.1 million. The acquisitions were made in two separate transactions. In the first deal, New York-based Time Equities acquired Geneva Commons, located at 800 N. Edwards Blvd. in Lake Geneva, for $1.3 million. Geneva Commons is shadow-anchored by Target and is 70 percent leased to tenants that include Mattress Firm, Sally Beauty and Maurices. Quantum Real Estate Advisors represented the seller, Ryan Cos., in the transaction. Mid-America Real Estate will be in charge of leasing the property. In the second deal, Time Equities acquired Oak Creek Centre, Park Plaza and Taylor Heights for $16.8 million. Oak Creek Center, located at 8571 S. Howell Ave. in Oak Creek, is 95,042 square feet. The center is 84 percent leased, and tenants include TJ Maxx, Petco and Dollar Tree. The 110,855-square-foot Park Plaza, located at 1140 S. 30th St. in Manitowoc, is 61 percent leased to tenants including Family Dollar, Papa Murphy’s, Hobby Lobby and Advance America. Taylor Heights is an 87,680-square-foot retail center that is located at 549 S. Taylor Drive in Sheboygan. Planet Fitness anchors the center, and other tenants include Napa Auto …