TEXAS — KeyBank Real Estate Capital provided $202.1 million in Freddie Mac financing to a joint venture between Kayne Anderson Real Estate Advisors and Discovery Senior Living for their Conservatory Senior Living portfolio, a five-property independent living portfolio located in Texas. Totaling 1,053 units, the Class A seniors housing communities were all built between 2005-2007 and house between 188-237 units each. Charlie Shoop and Carolyn Nazdin of Key’s Healthcare Mortgage Group worked in conjunction with Paul DiVito of Key’s Healthcare Real Estate Group to arrange the non-recourse, 10-year, adjustable rate financing, which was used to refinance an existing loan.
AUSTIN, TEXAS — ARA Newmark has negotiated the sale of two Austin properties: The Park at Stone Creek, a 420-unit community located in northeast Austin; and Mission Hills, a 344-unit, Class A apartment community. The Park at Stone Creek and Mission Hills are both less than 10 miles from Austin’s central business district. ARA Newmark’s Pat Jones worked with Bridgeview Real Estate to facilitate the sale of The Park at Stone Creek with an affiliate of the Turner Multifamily Impact Fund. The Class B community spans 18 acres. Built in the early 1980s, the property offers seven floor plans averaging 750 square feet. Amenities include a fitness center, onsite jogging trail, playground/picnic area, disc golf course, bark park, lighted sport court and two swimming pools. Pat Jones and Andrew Shih of ARA Newmark represented the sellers, AMH I Associates Ltd. and Austin Mission Hills Associates II Ltd., in the transaction for Mission Hills. F&B Capital purchased the property, which was 95 percent occupied at the time of the sale. Mission Hills is a three-story property that was built over two phases in 1999 and 2001. It includes five floor plans with an average unit size of 831 square feet and …
DALLAS— Cotton Holdings Inc., a Katy-based infrastructure support services company providing property restoration and recovery construction, has leased a freestanding 62,932-square-foot office/warehouse space in Dallas. The space is located at 8400-8500 John Carpenter Freeway (US-183) at Empire Central Drive, and will be the site of a new location for Cotton Holdings. Matthew Rosenfeld of The Weitzman Group handled negotiations for the landlord. Cotton Holdings was represented by Alexis Martinez of Rubicon Representation. In addition to property restoration and recovery construction, Cotton Holdings provides roofing, consulting, temporary workforce staffing and housing and culinary services to public and private entities.
CHICAGO — A joint venture between Westmount Realty Capital LLC and Partners Group has acquired an industrial portfolio in the greater Chicago area for an undisclosed amount. The portfolio consists of 19 multi-tenant, light industrial facilities totaling approximately 1.5 million square feet. The portfolio is 86 percent occupied. The seller in the transaction was a large, institutional owner of industrial real estate. Within the portfolio, 14 properties are located near Chicago’s O’Hare International Airport. The other five assets are located in Romeoville, Gurnee and Wheeling. Westmount will provide property management services, and Cawley Chicago will provide the leasing services.
LANSING, MICH. — Chick-fil-A will break ground next week on a freestanding store in Lansing, kicking off the restaurant chain’s expansion across the state. Chick-fil-A will open 15 to 20 new stores within the next five years. The first building, to be located at 5617 W. Saginaw Highway in Lansing, is slated for completion this fall. The 4,971-square-foot restaurant will feature seating for 132 people with additional patio seating. The building will also include two drive-thru lanes. The second store is expected to open at Troy’s Somerset Collection by the end of the year. The remainder of the stores in the expansion will open at a rate of approximately three to four stores per year, and the franchise is considering additional locations in Kalamazoo, metro Detroit and Grand Rapids. Chick-fil-A currently operates two stores in the state of Michigan, one at Detroit Metropolitan Airport and one on the Oakland University campus in Rochester.
MADISON, WIS. — Siegel-Gallagher has arranged the sale of a 217,814-square-foot office property in Madison for an undisclosed price. Arthur Goldner & Associates purchased High Point Office Park from Vanta Commercial Properties LLC. Patrick Gallagher and Max Schultz of Siegel-Gallagher brokered the transaction. According to Loopnet, High Point Office Park is an 83 percent occupied, Class B property that was listed for $16 million.
O’FALLON, MO. — Baceline Investments LLC has acquired a 36,455-square-foot neighborhood retail center in O’Fallon, a west suburb of St. Louis, for $3.3 million. The Four Seasons Shopping Center, located at 2421-2509 Highway K, was 100 percent leased at the time of sale. The property was built in 1996 and renovated in 2012. The seller in the transaction was undisclosed.
WEST CHICAGO, ILL. — Owen Wagner & Co. has sold a 19,400-square-foot industrial property in West Chicago. Contract Flooring Service of Glendale Heights purchased the suburban property, located at 1185 Atlanta Drive about 35 miles west of Chicago, for an undisclosed price. Contract Flooring Service plans to use the freestanding building as the site of its new headquarters. Andrea Hauger of Owen Wagener & Co. represented the company in the disposition.
MIAMI BEACH, FLA. — A joint venture between New York-based EL Group and Fort Lauderdale-based InSite Group purchased the Sagamore Hotel, a historic 93-room hotel in Miami Beach’s South Beach neighborhood. The venture purchased the asset for $63 million, according to The Real Deal. The property is situated on Collins Avenue and 16th Street near Lincoln Road. The two-building hotel features indoor/outdoor function space, a swimming pool, pool bar and a full-service restaurant. The beach building, which features two-story suites, was added during a property restoration in 2001. EL Group and InSite Group plan to fully renovate the property and add new food and beverage options.
TAMPA, FLA. — Marcus & Millichap has arranged the $47.9 million sale of a three-property, 2,291-unit self storage portfolio in the metro Tampa area. The properties are situated in Saint Petersburg, Palm Harbor and Tampa. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented the seller, a New York-based REIT, and the buyer, a Pennsylvania-based REIT. The 223,903-square-foot portfolio includes climate-controlled and non-climate-controlled units ranging in size from 12 to 600 square feet.