SHERMAN, TEXAS — Pierson Retail Advisors has arranged the sale of Sherman Crossroads, a 37,088-square-foot shopping center located in Sherman. Pierson Retail Advisors represented the seller, T Sherman Crossing TX LLC, in the sale of the property to Dallas-based Tava Property LLC for an undisclosed price. The center was fully occupied at the time of sale by tenants including Anytime Fitness, Shogun Japanese Steakhouse, Jalapeno Tree and the Armed Forces Career Center.
FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a three-building flex park in Farmington Hills, approximately 22 miles northwest of Detroit, for an undisclosed price. Garrison Investment Group LP sold Discovery Centre to Haggerty 4 LLC. The 165,016-square-foot property was 81 percent occupied at the time of sale and is located on Country Club Drive. Rich Deptula of Friedman represented the seller in the transaction, and Todd Hawley of Friedman represented the buyer.
TEMPLE, TEXAS — HFF has arranged financing for Chappell Creek Village, a 148-unit, garden-style apartment community in Temple. Cortney Cole and Scott Galloway of HFF worked on behalf of the borrower, Chappell Hill Equity III Ltd., to place the 10-year, 3.86 percent fixed-rate loan with a life insurance lender. Chappell Creek Village is situated on the north side of Ira Young Drive, and offers one-, two- and three-bedroom units in 12 two- and three-story apartment buildings totaling 147,220 rentable square feet. Community amenities include a swimming pool, fitness center, business center and on-site laundry facilities.
WASHINGTON, ILL. — The Boulder Group has arranged the $1.3 million sale of a building net leased to PNC Bank. The facility, located at 1996 Freedom Parkway in Washington just east of Peoria, is an outparcel to a Walmart Supercenter. The seller was a West Coast-based private investor, and the buyer was a Midwest-based 1031 exchange investor. PNC Bank’s lease expires in December 2028 and features 14 percent rental escalations every five years.
RIVERDALE, N.Y. — Meridian Capital Group has arranged a $36 million underlying cooperative loan and a $5 million line of credit for The Whitehall, a cooperative property located at 3333 Henry Hudson Blvd. in Riverdale, for Whitehall Tenants Corp. The 15-year loan, provided by a New York-based commercial bank, features a 3.7 percent fixed rate and interest-only payments for the initial 10-year term. Constructed in 1970, the 22-story property features 432 residential units, 21 office spaces, a health club and spa, indoor swimming pool, 496-car garage and 24-hour concierge. Allan Lieberman of Meridian Capital negotiated the transaction.
ALLENTOWN, PA. — City Center Investment Corp. (CCIC) is developing Strata II, a 67-unit residential complex at City Center Lehigh Valley, a mixed-used development in downtown Allentown. Designed by WRT with engineering work by T&M Associates, the five-story, 100,000-square-foot building will feature one- and two-bedroom market-rate apartment units and a variety of amenities, including a game room, movie theater and private courtyard. Additionally, the project will feature eight arts-related retail spaces on the first floor, including a co-op gallery. Slated to open in spring 2017, the $23 million residential property will join the 170-unit Strata Flats residential property that opened in July 2015. The project team includes Cityline Construction as project manager of the building’s commercial portion; T&M Associates as engineer; and Harkins Builders as general contractor.
WAYNE, PA. — PDC-Old Eagle LLC and Long Wharf Real Estate Partners have partnered to acquire Evolve IP Corporate Center, a 12-building office park located at 983-999 Old Eagle School Road in Wayne. The partnership secured a $29.6 million five-year, fixed-rate acquisition loan for the 376,303-square-foot property. Situated on 49.9 acres, the office park is 80.2 percent occupied by 95 tenants, including Evolve IP LLC, McBee Associates, Administrative Concepts Inc., YSC Academy, Prosoft Software and North American Specialty Products. Jim Cadranell of HFF arranged the joint venture equity and debt financing for the buyers. John Schonborn of HFF represented Long Wharf Real Estate Partners and Pat McNulty, also of HFF, represented PDC-Old Eagle in the joint venture transaction.
MANCHESTER VILLAGE, VT. — Carey Watermark Investors Inc. has acquired The Equinox Golf Resort & Spa in Manchester Village from HEI Hotels & Resorts for an undisclosed price. Situated on 1,300 acres between the Green and Taconic Mountains, the resort offers 195 guestrooms, 18,500 square feet of flexible meeting and event space, an 18-hole championship golf course, a 13,000-square-foot spa and five food and beverage outlets, as well as a variety of guest amenities and experiences. The hotel, which is part of Starwood’s The Luxury Collection, will be managed by HEI Hotels & Resorts. JLL’s Hotels & Hospitality Group brokered the sale.
TACOMA, WASH. — Franke Tobey Jones, a 20-acre, 90-year-old, nonprofit continuing care retirement community in the Point Defiance neighborhood of Tacoma, has announced a three-phase expansion. The community currently serves 190 residents with independent living, assisted living, memory care and skilled nursing services. The nonprofit also operates the Point Defiance Ruston Senior Center, a Senior University Program and the M.J. Wicks Family Wellness center. Between its projects, Franke Tobey Jones provides continuing education, fitness classes and social events to residents and non-residents alike. Initial plans for the community’s expansion include three phases over the next five to eight years. Phase I will include a new health center, memory care community and independent living apartments featuring views of the Puget Sound. Phase II will include new independent living apartment building with an enhanced wellness center, auditorium, bistro, game room, lounge, business/computer room, library and rooftop deck. The building is meant for aging in place, allowing for assisted living services to be delivered without relocation. Phase III will include a renovation of the historic original building and another building on the campus. When all three phases are complete, Franke Tobey Jones will be able to house over 280 seniors with a full spectrum …
POWAY, CALIF. — The Heritage Group has arranged the $6 million sale of Old Poway Village, a 27,453-square-foot retail and office property located in the San Diego suburb of Poway. The center features four multi-tenant retail and office buildings, home to tenants including the Poway Chamber of Commerce, Pomerado News, Countryside Barn, Lily Café, Hagan Chiropractic, San Diego Pond & Garden and Poway Pilates. Old Poway Village Center LLC acquired the property in a 1031 Exchange. Mark Hoekstra and Rocco Cortese of The Heritage Group represented the buyer in the transaction. The Heritage Group will also manage and lease the property.
