PFLUGERVILLE, TEXAS — Venture Commercial Real Estate’s investment sales team has arranged the sale of The Shops at 685, an 11,200-square-foot, multi-tenant retail center located in the Austin suburb of Pflugerville. The Shops at 685 is located on 2.1 acres at 2424 FM 685, near the intersection of toll roads SH 130 and SH 45. Tenants include Einstein Bros. Bagels, Pie Five Pizza Co., Chipotle and Mattress Firm. John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller of Venture’s Investment Sales team represented the buyer, Callaghan Ranch Ltd. Tim Allen of JLL Americas Inc. represented the seller, CSW Pflugerville LLC.
GARLAND, TEXAS — The Weitzman Group has negotiated the sale of a convenience store on 1.4 acres at 4441 Bass Pro Drive in Garland. The purchaser is the operator of the convenience store, Daanya Inc. David Zoller and Joey Keffler of The Weitzman Group handled negotiations as listing agents for the site. The location, branded Beverage City, will continue to be operated as a fuel station and convenience store. A planned internal renovation will upgrade the facility and add a full kitchen. The property, with freeway frontage, is part of Harbor Point, anchored by Bass Pro Shops.
ACWORTH, GA. AND NORTH CHARLESTON, S.C. — Cushman & Wakefield has secured more than $32 million in short-term, floating-rate financing for the acquisition of and capital improvements to two multifamily communities in Georgia and South Carolina. The properties include Stanton Place Apartments, a 240-unit, garden-style community located roughly 30 miles outside of Atlanta in Acworth; and The Reserve at Ashley River, a 280-unit, garden-style community located in North Charleston, S.C. Cushman & Wakefield’s Mike Ryan, Telly Fathaly and Brian Linnihan secured the financing on behalf of The RADCO Cos. through a regional bank. RADCO plans to implement a combined $6.3 million in capital improvements to the communities.
TAMPA, FLA. — HFF has arranged $29.5 million in financing for TriPointe Plaza, a 71,721-square-foot, mixed-use property located in Tampa. Located at 4488 Boy Scout Blvd. in the Westshore District, the property consists of a four-story, Class A office building; 374-space structured parking garage; 10,008-square-foot Eddie V’s Prime Seafood & Steaks restaurant; and 15,005 square feet of ground-floor retail. A drive-through Synovus Bank branch, BNY Mellon, TD Ameritrade and Sharp Electronics anchor the 90 percent-leased office component. Chris Drew and Brian Gaswirth of HFF worked on behalf of the borrower, Cardinal Point Management, to secure the five-year, fixed-rate loan through a life insurance company. Initial loan proceeds were used to acquire the property with the future proceeds going to fund the construction and interior build-out of a rooftop restaurant/lounge area.
MARIETTA, GA. — Walker & Dunlop has secured the conversion of a $24 million bridge loan to $34.1 million in Fannie Mae-insured financing for Ashford Retreat, a 654-unit multifamily community in the Atlanta suburb of Marietta. Jeff Lawrence and Matthew Baptiste led the Walker & Dunlop team in arranging the 10-year loan, which features three years of interest-only payments for the borrower, The RADCO Companies.
NEW ORLEANS — New Castle Hotels and Resorts (NCHR) has opened a 103-suite Fairfield Inn & Suites in the French Quarter neighborhood of New Orleans. Rockbridge Capital provided financing for the project. The property is a $10 million renovation of the former Interstate Electric Co. building, built in 1910. John T. Campo Associates designed the project, which used historic tax credits and preserved the building’s façade.
OCOEE, FLA. — Calkain has brokered the $1.4 million sale of a single tenant retail property occupied by Dunkin’ Donuts in Ocoee. The recently constructed, 2,126-square-foot building is located at 2266 Ocoee Apopka Road. Patrick Nutt and Andrew Fallon of Calkain represented the seller, an undisclosed developer, in the transaction. The buyer was also undisclosed.
PITTSBURGH — Pittsburgh-based HFF has arranged $210 million in first lien financing for a 10-property retail portfolio totaling 973,985 square feet in Arizona, California, Kansas, North Carolina and Texas. Kevin MacKenzie, Jim Curtin, Cory Fowler, Jamie Kline and Lauren LaFever of HFF worked on behalf of the borrower, Westwood Financial Corp., to place a 10-year, $110 million, fixed-rate portfolio loan with a life insurance company and a $100 million senior credit facility with Wells Fargo Bank’s Real Estate Capital Markets Group. The loans were secured in correlation with Westwood’s recent $1.2 billion consolidation and reorganization. The $110 million loan was secured against six retail assets including the 79,575-square-foot Village Plaza in Phoenix; the 65,054-square-foot Plaza Del Rio in San Juan Capistrano, Calif.; the 103,124-square-foot Stateline Village in Prairie Village, Kan.; the 46,789-square-foot Hebron Parkway Plaza in Carrollton, Texas; the 226,414-square-foot Old Town Shopping Center in Dallas; and the 79,226-square-foot Steelecroft Shopping Center in Charlotte, N.C. Tenants at the 91 percent-leased portfolio include Harris Teeter, Sprouts, Hy-Vee, Tom Thumb, Vons, PetSmart, LA Fitness and Michaels. The assets included in the Wells Fargo credit facility included the 77,031-square-foot Camelback Village anchored by AJ’s Fine Foods in Phoenix; the 89,506-square-foot Mercado Del Rancho …
SAN FRANCISCO — Colliers International has arranged the sale of 220 Post Street, a 37,500-square-foot retail building located in the Union Square neighborhood of San Francisco, for over $70 million. Saks Fifth Avenue currently occupies the property, but will vacate the location in October. An undisclosed Taiwanese investor sold the property to Los Angeles-based Angelo, Gordon & Co. Julie Taylor, Tony Crossley, Tim Maas, Darren Kuiper and Frank Wheeler of Colliers International represented the seller in the transaction. The Colliers team worked alongside China capital expert Yang Chen to negotiate the sale.
THOUSAND OAKS, CALIF. — Dekel Strategic Investors, the equity fund of Dekel Capital, has provided $16.1 million for the development of Sage Mountain Senior Living, a 130-unit assisted living and memory care community in the Los Angeles suburb of Thousand Oaks. The four-story, 58,154-square-foot facility will feature 98 assisted living units and 32 memory care units. Construction started earlier this month for scheduled completion in early 2018. Los Angeles-based bank Dekel Capital launched Dekel Strategic Investors in January 2014, and has invested more than $100 million through the platform so far.