RICHARDSON, TEXAS — Steve Doyle has been promoted to vice president of business operations at Hill & Wilkinson General Contractors. Doyle will serve as the firm’s general counsel and oversee all legal activities of Hill & Wilkinson, including risk management and contracts. Steve’s experience includes the application of construction law and developing an understanding of the risks in the construction industry. Prior to joining Hill & Wilkinson, Steve served as corporate counsel for Austin Industries. He earned his bachelor’s degree in architectural engineering from the University of Texas at Austin and his Juris Doctorate from the University of Texas School of Law. Steve teaches a construction law course at the Southern Methodist University Dedman School of Law. He is a member of the construction law section of the State Bar of Texas and the American Bar Association Forum on the construction industry. He is also a past chair of the construction law section of the Dallas Bar Association.
SAN ANTONIO — Marcus & Millichap has arranged the sale of North Central Federal Clinic, a 34,500-square foot office property located in San Antonio. Joshua Murphy and Kenneth Hartmann of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor, and also secured and represented the buyer, a private equity fund. North Central Federal Clinic is located at 17440 Henderson Pass. The United States Department of Veteran Affairs and the Department of Defense built the property to serve the medical needs of veterans.
MEMPHIS, TENN. — Newmark Grubb Knight Frank (NGKF) has arranged the 315,450-square-foot lease relocation and adaptive reuse project for ServiceMaster, a home and commercial services provider whose products and services include home warranties, home inspections, furniture repair, residential cleaning, disaster restoration and termite and pest control. The publicly traded company plans to transform the former Peabody Place mall in downtown Memphis into Class A office space for its global headquarters. ServiceMaster will consolidate its office operations currently headquartered in four buildings within the suburban Poplar Avenue Corridor in Memphis. Neal Golden and Aaron Sommer of NGKF represented ServiceMaster in the two-year site selection process and lease transaction. ServiceMaster was considering relocating its corporate headquarters to other markets such as Atlanta, Dallas, Austin, Orlando and Tampa before selecting Memphis. The company plans to move approximately 1,200 employees to the renovated building by the end of 2017.
WINTER PARK, FLA. — The RADCO Cos. has purchased The Park at Sutton Place Apartments, a 288-unit apartment community in Winter Park, a suburb of Orlando. RADCO acquired the property for $32.1 million and plans to invest $3.7 million for capital improvements. The Atlanta-based multifamily investor plans to rename the Class B property Lakeside at Winter Park and manage the community under its RADCO Residential management platform. RADCO used private capital and financing from BBVA Compass to fund the acquisition and renovation. CBRE’s Orlando office brokered the transaction. Built in 1986 within walking distance of Full Sail University, the property features three on-site lakes, a clubhouse, business center, fitness center, car care center, swimming pools and racquetball, basketball and volleyball courts. Lakeside at Winter Park is RADCO’s first acquisition in metro Orlando and its fourth in Florida.
MABELVALE, ARK. — Stan Johnson Co. has brokered the $31.6 million sale of a freestanding, 311,684-square-foot industrial facility located at 8 Industrial Parkway in Mabelvale, roughly 12 miles south of Little Rock. Situated at the I-30 and I-430 interchange, the newly built package sorting and distribution facility is leased to FedEx Ground Package System Inc. and features 34- and 39-foot clear heights and more than 1,000 trailer and auto parking spaces. Britton Burdette and Mollie Alteri of Stan Johnson Co. represented the seller, Saad Development Corp., in the transaction. Todd Blonsley of Marcus & Millichap represented the buyer, WilArk LLC.
CONCORD, N.C. — CBRE’s capital markets debt and structured finance team has arranged a $28.9 million loan for Hawthorne at Concord, a 238-unit apartment community in Concord, a northern suburb of Charlotte. Built by Davis Development in 2014, the Class A community is situated on 18.5 acres within one mile of I-85 and Concord Mills, a nearly 1.4 million-square-foot mall owned by Simon Property Group. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s Charlotte office arranged the Fannie Mae loan on behalf of Hawthorne Residential Partners and White Point Partners.
BIRMINGHAM, ALA. — KeyBank Real Estate Capital has provided an $11 million Fannie Mae loan for Devonshire Place Apartment Homes, a 332-unit affordable housing complex in Birmingham. The property was built in 1971 and purchased by the borrower in 2015. Erik Storz of KeyBank’s commercial mortgage group arranged the 10-year, fixed-rate loan, which the borrower will use to refinance an existing KeyBank bridge loan.
SEATTLE — KLM Equities Inc. has acquired the Hard Rock Café Seattle near Pike Place Market in Seattle for $20.8 million. The three-story restaurant is fully leased to Hard Rock Café. Gerry Rohm, Nicholas Kucha, Nick Kassab and Danny Reddin of HFF represented the seller, Urban Visions, in the transaction.
MORAGA, CALIF., PLEASANT HILL, CALIF., AND PHOENIX — Grace Healthcare has sold Grace Healthcare of Moraga, Grace Healthcare of Pleasant Hill and Grace Healthcare of Phoenix for a total of $14.7 million. The dispositions mark the owner-operator’s exit from the states of California and Arizona. Located 20 miles east of San Francisco, Grace Healthcare of Moraga features 49 beds on 1.9 acres. Built in 1965, the 12,484-square-foot community offers dementia care and rehabilitative care. Grace Healthcare of Pleasant Hill is located 10 miles east of the Moraga community and features 51 beds. The community was built in 1958 on one acre, and underwent renovations in 2012. Grace Healthcare of Phoenix features 100 beds in a 26,621-square-foot facility on three acres. A California-based investor bought both California communities for a total of $8.2 million. The new owner will lease the community to a new operator. A regional investment group bought the Phoenix property for $6.5 million. Evans Senior Investments, a seniors housing brokerage firm, represented Grace Healthcare in the three transactions.
TEMPE, ARIZ. — CBRE has arranged the $1.7 million sale of a 3,288-square-foot, freestanding retail property located at 111 W. University Drive in Tempe. Andrew Fosberg, Max Bippus and Bert Kempfert of CBRE represented the seller, Ehrhardt Investment Properties LLC, in the transaction. Greg Saltz with GPS Retail LLC represented the buyer, SimonCRE Alpha LLC. Ehrhardt Bike Shop has occupied the property for 30 years.