AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Meadow Breeze Apartments, a 24-unit apartment community located at 408 East Wonsley Drive in Austin. Built in 1972, the property offers a mix of one- and two-bedroom units. The community was renovated in the past three years with tile flooring and individual HVAC units. Mike Moffitt Jr. and Josh Kantor of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was undisclosed.
WOODRIDGE, ILL. — Cohen Financial has arranged a $25 million bridge loan for the acquisition and renovation of a 304-unit apartment property in Woodridge, approximately 30 miles southwest of Chicago. Timber Creek Apartments, located at 3421 Foxboro Drive, is a Class B complex that was built in 1974. The property was 88 percent occupied at the time of sale. The borrower, SSIL Woodridge LLC, plans to renovate Timber Creek Apartments by upgrading unit interiors, roofs, the clubhouse and exterior amenities. Michael Hart and Don Trossman of Cohen Financial arranged the non-recourse financing with The Private Bank.
SPRINGFIELD, MO. — John Q. Hammons Hotels & Resorts (JQH) has filed for Chapter 11 bankruptcy. Springfield-based JQH is an owner and manager of hotels throughout the United States featuring brands such as Marriot, Hilton, Embassy Suites, IHG and more. The company is financially sound, but is filing for bankruptcy to restructure the organization and “navigate a litigious environment,” says Jacquie Dowdy, CEO of JQH. According to the Wall Street Journal, the legal battle is a result of a 2005 buyout in which John Hammons sold a portfolio of 43 hotels of hotels to Jonathan Eilian. Under terms of the contract, Hammons received equity interest in the acquiring company, and Eilian received right of first refusal for the sale of the JQH’s remaining 35 hotels. Eilian later sued JQH, claiming the company has made no move to sell those remaining properties. JQH’s Gregg Groves is providing in-house legal counsel in connection with the Chapter 11 filing, and Stinson Leonard Street LLP is providing outside counsel for the restructuring. JQH currently maintains a portfolio of 35 hotels that include 8,500 rooms scattered throughout 16 states.
COLUMBIA, MO. — California-based investment firm TwinRock Partners has acquired Log Hill Run Apartments, a 328-bed student housing community located less than four miles from the University of Missouri campus in Columbia, for $14.7 million. The community, developed in 2005, offers amenities including attached garages, a resort-style swimming pool and a sand volleyball court. Units include private patios and balconies and full-size washers and dryers. Scott Harris and Patrick Stang of Marcus & Millichap represented the seller, an undisclosed local owner and developer, in the sale of the property.
DAYTON, OHIO — Industrial Realty Group has purchased a 224,400-square-foot industrial building in Dayton for an undisclosed price. The facility is located on 15.4 acres at 678 Yellow Spring Fairfield Road. Industrial Realty Group will manage the property and oversee the lease of the remaining space in the multi-tenant building. Doug Whitten and Matthew Arnovitz of CBRE represented the seller, Transcontinental Ohio Inc. in the transaction.
ROCHESTER HILLS, MICH. — American Healthcare Investors and Griffin Capital Corp., the co-sponsors of Griffin-American Healthcare REIT IV Inc., have agreed to buy a medical office building in Rochester Hills for an undisclosed price. The 30,000-square-foot facility is approximately 93 percent leased to seven tenants, the largest of which is William Beaumont Hospital. An undisclosed seller disposed of the property located approximately 30 miles north of Detroit.
PHOENIX — 29th Street Capital has acquired the 180-unit Park Tower Apartments in Phoenix for $21.6 million. The community is located at 1283 W. Parklane Blvd. It was built in 1986. Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller, Clear Sky Park Tower, in this transaction.
KERMAN, CLOVIS AND FRESNO, CALIF. — Retail California has arranged the leases of three retail properties totaling 11,459 square feet in California. In the first deal, Hernwal, doing business as Deli Delicious, leased 1,329 square feet of retail space at 14053 Whitesbridge Ave. in Kerman from CFT NV Developments LLC. Lewis Smith of Retail California and Nathan Negri of Commercial Retail Associates arranged the transaction. In the second deal, Personal Express Insurance signed a lease for 1,800 square feet of retail space at 1660 Herndon Ave. in Clovis from Buchanan Crossroads LLC. Michael Arfsten of Retail California, along with Shane Anderson of Commercial Retail Associates, brokered the deal. In the final transaction, Family Dollar Inc. leased 8,330 square feet of retail space at the northeast corner of Venture Avenue and 11th Street in Fresno from FD Partners LLC. John Lee and Lewis Smith of Retail California brokered the deal.
GARDENA, CALIF. — Storm Properties Inc. has acquired Redondo Plaza, a grocery-anchored shopping center located in Gardena, roughly 16 miles south of Los Angeles. The price was not disclosed. Smart & Final anchors the fully occupied center, which is also home to tenants including Super Laundry, Crazy Rock’n Sushi, T-Mobile, Domino’s Pizza and Jackson Hewitt Tax Services. Gleb Lvovich, CJ Osbrink and Bryan Ley of HFF represented the seller, Gerrity Group, in the transaction.
ARLETA, CALIF. — Centers Business Management (CBM) has arranged the lease of 3,000 square feet of space at 9700 Woodman Ave. in Arleta. Kahen & Kahen MD Inc. leased the space from Regency for an urgent care center. CBM represented the landlord, while Alex Shabani of CBM represented the tenant in the transaction.
