Property Type

SVN Arranges Sale of Apartment Complex in Arlington

by Haisten Willis August 4, 2016

ARLINGTON, TEXAS — SVN has arranged the sale of Fielder Crossing in Arlington, a 132-unit apartment project built in 1981. Todd Franks and Jon Krebbs of SVN marketed the property on behalf of the seller and procured the buyer, an out-of-state private investor. Fielder Crossing is located less than a mile from the University of Texas at Arlington. Units feature nine-foot ceilings, walk-in closets, washer and dryer connections and wood-style flooring. Fannie Mae provided financing for the transaction.

August 4, 2016

M&M Negotiates Sale of 144-Unit Apartment Building in College Station

by Haisten Willis August 4, 2016

COLLEGE STATION, TEXAS — Marcus & Millichap has negotiated the sale of Landmark on Longmire, a 144-unit apartment property located in College Station. Nick Fluellen, Bard Hoover and Sean Scott of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Landmark on Longmire is located at 2302 Longmire Drive. Constructed in 1977, the property includes a unit mix of 57 percent two-bedroom units. One-third of the units include either washer/dryer connections or furnished laundry appliances. Since 2011, more than $640,000 has been spent on capital improvements, including a 30-year dimensional shingle roof, new signage and exterior paint.

August 4, 2016

Retail Texas

Silver Group Brokers Sale of Store Leased to Sherwin Williams in San Antonio

by Haisten Willis August 4, 2016

SAN ANTONIO — The Silver Group has brokered the sale of a single-tenant store leased to Sherwin Williams Paints at 7688 Bandera Road in San Antonio. The freestanding, 5,000-square-foot retail building is situated on a 0.5-acre parcel of land at the corner of Bandera Road and Westchase Drive. Sherwin Williams recently extended its lease term an additional 10 years, with two additional renewal options. The property was sold to an out-of-state limited liability company at a 6 percent cap rate. Barry Silver of The Silver Group represented the unnamed seller in the transaction.

August 4, 2016

Multifamily Texas

NorthMarq Capital Arranges $3M Financing for Arbor Point Apartments in Houston

by Haisten Willis August 4, 2016

HOUSTON — NorthMarq Capital’s Denver office has arranged a permanent $3 million loan for Arbor Point Apartments located at 1812 S. Park View Drive in Houston. The multifamily community, constructed in 1985, consists of 65 units contained in contained in 13 two-story buildings. Community amenities include controlled access, carports and an outdoor pool. Units feature washer/dryer hookups, fireplace, vaulted ceilings and patios or balconies. Paul Bruder of NorthMarq arranged the financing for the Colorado-based borrower through an unnamed life insurance company.

August 4, 2016

California Industrial Western

National Storage Affiliates Acquires 22-Property Self-Storage Portfolio in SoCal

by Nellie Day August 4, 2016

LOS ANGELES — National Storage Affiliates has purchased a 22-property self-storage portfolio in Southern California for an undisclosed sum. The properties are situated throughout Anaheim, Riverside, Apple Valley, South Gate, Harbor City, Grand Terrace, Palmdale, Victorville, Rosamond and San Diego. The transaction also includes seven facilities in Bakersfield and one in Fresno. The portfolio has a combined occupancy of approximately 92 percent. The facilities contain a total of 1.6 million square feet. CBRE’s Nicholas Walker represented both the buyer and seller, CPA: 17-Global, in this transaction. Extra Space Storage manages the portfolio.

August 4, 2016

Oregon Retail Western

LBG Real Estate to Begin $12M Redevelopment of Medford Center in Oregon

by Nellie Day August 4, 2016

MEDFORD, ORE. — LBG Real Estate Cos. LLC is set to begin a $12 million redevelopment of Medford Center, a 420,000-square-foot entertainment and lifestyle center located in Medford. The redevelopment will include a complete redesign and remerchandising of the central pedestrian promenade; the addition of 30,000 square feet of leasable space, designed particularly for restaurants, wine bars and breweries with most spaces offering significant outdoor seating; and the addition of a freeway-visible tower and new hardscape and signage. Additional seating and a water/fire feature will also be added during renovations. Construction is expected to begin in late August, with completion scheduled for late 2017.

August 4, 2016

California Retail Western

TIAA Global, DJM Capital Form Partnership to Own, Manage Pacific City in Huntington Beach

by Nellie Day August 4, 2016

HUNTINGTON BEACH, CALIF. — TIAA Global Asset Management’s real estate division and DJM Capital Partners have formed a joint venture to own and manage Pacific City Shopping Center in Huntington Beach. TIAA has acquired a 70 percent stake in the 190,900-square-foot property, which DJM developed in 2015. An affiliate of DJM Capital Partners retains the remaining 30 percent stake. DJM Capital Partner’s prior partner, a private investor, sold its interest to TIAA for an undisclosed sum. Eastdil Secured advised DJM Capital Partners in the transaction. Pacific City is occupied by a variety of tenants, including Equinox, H&M, Free People, Sephora, MAC Cosmetics, Brent Bolthouse’s Bungalow, Bluegold, Ola Mexican Kitchen, St. Marc and Ways & Means Oyster House.

August 4, 2016

California Multifamily Seniors Housing Western

CareTrust REIT Buys 59-Bed Skilled Nursing Facility in California for $6.9M

by Nellie Day August 4, 2016

PETALUMA, CALIF. — CareTrust REIT Inc. has acquired The Oaks, a 59-bed skilled nursing facility in the San Francisco suburb of Petaluma, for $6.9 million. CareTrust immediately leased the facility to West Harbor Healthcare upon purchase. The REIT expects an initial annual revenue of approximately $700,000 under the new lease, which has a 15-year term, two five-year renewal options and CPI-based rent escalators. CareTrust is a publicly traded REIT based in California. The company currently owns 145 net-leased healthcare properties in 20 states.

August 4, 2016

California Retail Western

Petco to Unveil Four New Stores in August

by Nellie Day August 4, 2016

SAN DIEGO — Petco will open new stores in West Virginia, California, Texas and New Jersey this month. Each new, remodeled and relocated store will offer dog training areas, adoption centers and grooming salons. The California store will celebrate a recent remodel with a grand re-opening celebration on August 26 in Bakersfield. Petco operates more than 1,450 locations across the U.S., Mexico and Puerto Rico, including more than 115 Unleashed by Petco locations, a smaller format neighborhood shop; prescription services and pet supplies from the leading veterinary-operated pet product supplier, Drs. Foster & Smith; and petco.com.

August 4, 2016

Michigan Midwest Office

REDICO Acquires 150 West Jefferson in Detroit’s Financial District

by Christina Cannon August 4, 2016

SOUTHFIELD, MICH. — REDICO has acquired the 150 West Jefferson office building in Detroit’s financial district for an undisclosed price. The 500,000-square-foot, 25-story tower was built in 1989 and is 89 percent leased. Tenants at 150 West Jefferson include Miller, Canfield, Paddock & Stone; Jones Day Gensler; Lockbridge; NORR; Plunkett Cooney; Butzel Long; Starcom/Digitas; and KPMG. Amenities at the property include three restaurants/cafes, a convenience store, dry cleaning service and parking garage. The seller was Georgia-based Piedmont Office Realty Trust, according to Crain’s Detroit Business. The Detroit News reports that the building sold in 2003 for $93.8 million.

August 4, 2016

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