VICTORVILLE, CALIF. — Marcus & Millichap has arranged the sale of Bear Valley Road Center, a retail property located at 15610 Bear Valley Road in Victorville. The 9,998-square-foot property sold for $1.6 million. Constructed in 2007, the property comprises two buildings on separate parcels totaling 1.2 acres and 58 parking spaces. Kevin Le and Chuck Shillington of Marcus & Millichap’s Ontario, Calif., office represented the seller, a private investor, in the transaction.
SAN DIEGO — Dickey’s Barbecue Pit recently signed a 12-store development agreement with owner/operator Michael Tucker. Already the owner of the La Quinta Dickey’s location, Tucker’s agreement originally contained four stores, which are slated to open in Indio, Moreno Valley and Redlands, Calif. The new agreement adds eight stores to the existing deal. Tucker has extended the agreement with the barbecue brand to encompass the northern part of San Diego County, starting in Mira Mesa and extending north. He will also open a new location as far south as National City. Dickey’s Barbecue Pit now has more than 100 stores in California. The new stores will all be opened using Dickey’s new store model, complete with sustainable elements such as reclaimed wood throughout the dining room.
IRVING, TEXAS — National real estate developer Jackson-Shaw, in partnership with Clarion Partners, will develop Parc GSW, a Class A industrial park in Irving. The 50-acre, 682,491-square-foot development is situated within Dallas/Fort Worth’s Great Southwest Industrial District (GSW). The two-building development is designed to cater to a wide variety of users ranging in size from 100,000 to 682,491 square feet. The industrial park is slated for completion in the fourth quarter of 2016. Parc GSW will be located near DFW International Airport and provide access to Highway 161. Brett Owens, John Brewer and Ben Phillips with Transwestern will lease the property to industrial users. Building A will span 450,800 square feet with 36-foot clear heights, 255 parking spaces, 96 dock-high doors, a 185-foot truck court, two drive-in doors, an ESFR sprinkler system and cross-dock configuration. Building B will span 232,500 square feet with 32-foot clear heights, 109 parking spaces, 38 dock-high doors, two drive-in doors, an ESFR sprinkler system and front-load configuration.
ARLINGTON, TEXAS — The Central Arlington Redevelopment Group, a collection of private investors, has sold a downtown educational property to Raindrop Turkish House, a nonprofit charitable and cultural organization. The 6,624-square-foot building at 602 E. South St. was built in the mid-1950s as an elementary school wing for the former Arlington High School, which was subsequently razed and redeveloped as the headquarters of the Arlington Chamber of Commerce. The seller acquired the property in May 2007 and invested nearly $400,000 into modernizing the structure and re-tenanting it with uses aimed at stimulating investment interest in central Arlington. Raindrop Turkish House previously leased a site at 2102 W. Pioneer Parkway in the nearby town of Pantego. The Houston-based organization, formed in 2000, also has locations in Richardson and nine other Texas cities, as well as centers in Arkansas, Kansas, Oklahoma, Mississippi and New Mexico. The nonprofit addresses social and cultural needs of Turkish-Americans and facilitates integration into American society by cultivating friendships and promoting understanding of diverse cultures. Judy Nitzinger and Eric Anderson of Coldwell Banker Commercial Alliance’s Dallas office represented Central Arlington Redevelopment Group in the transaction. Loren Hillyer of Metro Texas Commercial handled negotiations for the buyer. The single-story …
SUGAR LAND, TEXAS — Marcus & Millichap has arranged the sale of a 1,850-square-foot, net-leased Starbucks property located in Sugar Land. Justin Miller, Derek Hargrove and Davis Hansen of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a Houston-based developer. The property sold to an out-of-state investor utilizing a 1031 tax-deferred exchange. Starbucks is located at 6502 Highway 90.
HOUSTON — Davis Commercial Real Estate has arranged the sale of a 15-unit apartment complex located at 226 W. Canino Road in Houston. Paul Wallace of Carrington Real Estate Services represented the buyer, Gallardo Group, in the transaction, while Ashley Casterlin of Davis Commercial represented the seller, Canino Apartments LLC.
HOUSTON — BMC Capital has provided an $8 million cash-out refinancing loan for an apartment property in Houston. The 10-year loan includes a fixed 4.3 percent interest rate and a 30-year amortization schedule.
LOS ANGELES — California Realty Group has arranged the lease of 6,756 square feet of retail space at 5100 Wilshire Blvd. in the Hancock Park neighborhood of Los Angeles. Automobile Club of Southern California signed a 10-year deal for the space located within The Mansfield mixed-use project. The new location is slated to open in third quarter 2017. Keith Kleinman and Mark Esses of California Realty Group represented the tenant, while Tim Bower and Gabrielle Lardiere of CBRE represented the undisclosed landlord in the transaction.
WORCESTER, MASS. — Owner/developer 150 Blackstone River Road LLC has selected Senate Construction Corp. to build a 615,600-square-foot distribution center in Worcester. Located at 150 Blackstone River Road within the Quinsigamond Village area, the multi-use high-bay industrial building is slated for occupancy by year’s end. Imperial Distributors Inc. will occupy 325,000 square feet of the new facility. The redevelopment project will receive $5.4 million in tax breaks from the city over a 15-year period.
NEW YORK CITY — Eastern Consolidated has arranged a $25 million inventory loan for The Calyx, a newly constructed condominium tower located at 189 Avenue C in Manhattan’s East Village neighborhood. OTL Enterprises LLC plans to use the loan, which was provided by RCG Longview, as bridge financing while the remaining condos sell. The 10-story, 31,872-square-foot building features 35 residential units, as well as commercial and community facility space. In a mix of studio, one- and two-bedroom layouts, the condos feature hardwood flooring, stainless steel kitchen appliances and in-unit washers/dryers. Adam Hakim and Sam Zabala of Eastern Consolidated handled the transaction.