HOUSTON — Houston-based Baker Katz has begun construction on an 8,000-square-foot building that is 100 percent preleased to AT&T, Frost Bank and Chipotle. Baker Katz acquired the property in 2015 with plans to renovate it into a multi-tenant retail center. The property is located at the intersection of I-10 East and Haden Road. Construction is slated for completion this July, with tenants slated to open in fall 2016.
HOUSTON — Marcus & Millichap has arranged the sale of Houston Medical Center Land, a 66,090-square-foot tract of land located in Houston. Gus Lagos and Evan Altemus of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, an individual/personal trust. Houston Medical Center Land is located on Holly Hall Street.
CARROLLTON, TEXAS — Lee & Associates has negotiated a lease transaction for a 25,175-square-foot industrial space located at 2005 McDaniel Drive in Carrollton. Adam Graham of Lee & Associates’ Dallas/Fort Worth office represented the tenant, GP Services Inc., in the transaction. Lincoln Property Co. represented the landlord, ProLogis.
CHICAGO — Origin Investments and Randolph Street Realty Capital have sold a 73-unit apartment building in Chicago’s West Loop for approximately $35 million. Lux24, located at 24 S. Morgan St., was formerly known as Pure Condominiums. The duo acquired the failed condominium project in 2013, and at the time only 38 of the condos were completed and only four had been sold. Lux24 now features amenities such as a fitness center, clubroom, outdoor terraces with fire pits, on-site dry cleaning and shoe repair services, a secure package room and bike storage. Unit amenities include stainless steel appliances, in-unit washers and dryers, granite countertops and floor-to-ceiling windows. Danny Spitz of Baum Realty represented the buyer, a private investor, in the transaction.
WINONA, MINN. — Dougherty Mortgage LLC has closed a $1.1 million HUD loan for the acquisition and rehabilitation of a 54-unit multifamily property. River View Flats is located in Winona, approximately 50 miles east of Rochester. The project has obtained an allocation of Low Income Housing Tax Credits as well as subordinate funding from the Minnesota Housing Finance Agency and the City of Winona. Upgrades will include the replacement of major plumbing and mechanical systems and an improvement to property accessibility. River View Flats features off-street parking, on-site coin laundry and a patio with grill. The 40-year term loan was arranged for borrower Morningside Terrace LLC.
DES PERES, MO. — Blueprint Healthcare Real Estate Advisors has arranged a lease for The Quarters of Des Peres, a 147-bed skilled nursing facility in the St. Louis suburb of Des Peres. The landlord, a private equity fund based in Dallas, will lease the community to local operator MGM Healthcare. MGM currently operates 30 facilities in the Midwest, and its headquarters are less than 10 miles from The Quarters. Blueprint’s Jacob Gehl and Ben Firestone were the lead advisors on the transaction.
WEST ALLIS, WIS. — Siegel-Gallagher has brokered the sale of a multifamily property in West Allis, approximately six miles from Milwaukee, for an undisclosed price. The Community Development Authority of the City of West Allis purchased the eight-unit building from the Milwaukee Center for Independence. The property is located at 7402 W. Washington Ave. Patrick Gallagher, Matson Holbrook and Max Schultz of Siegel-Gallagher brokered the transaction.
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged the lease of 18,049 square feet of office and warehouse space in Troy, approximately 25 miles north of Detroit. Carlex Glass America LLC will occupy the space at Oakland Office Commons, located at 1225 E. Big Beaver Road. Carlex Glass America is a global Tier 1 supplier of original equipment and replacement glass for the automakers and aftermarket industries. Stuart Frankel Development Co. is the landlord. Robert Gagniuk and Greggory Kent of Friedman represented the tenant in this transaction.
LITTLETON, COLO. — Vestar has acquired Bowles Crossing, a 409,457-square-foot regional shopping center in the Denver suburb of Littleton, for $76.1 million. The 53.8-acre Bowles Crossing is one of the area’s top regional shopping destinations in the southwest Denver metro area. Tenants at the center include Trader Joe’s, DSW Warehouse, Ross Dress for Less, Gordmans and a newly renovated AMC Theatre. The center is located at 8055 W. Bowles Ave., at the northeast corner of Wadsworth Boulevard and Bowles Avenue. Vestar plans expand the shopping center, adding new retail, restaurants and a multifamily component. “Over the past 12 months, Vestar has acquired five retail centers valued at $670 million throughout the Western states,” says Clint Marchuk, the firm’s vice president of acquisitions. “Our goal is to continue acquiring strategic centers in key markets with strong demographics.” Vestar also recently acquired the 623,205-square-foot, open-air retail and entertainment portion of The Gateway, a retail, residential and office complex in downtown Salt Lake City. Phoenix-based Vestar is a privately held real estate company that specializes in the acquisition, management and development of commercial real estate, particularly retail. The company owns and manages more than 25 million square feet of retail assets in the …
ENGLEWOOD, COLO. — Englewood-based Sports Authority Inc. has made public a list of 140 stores it plans to close in conjunction with the retailer’s move to file for Chapter 11 bankruptcy protection. Sports Authority has received access to up to $595 million in debtor-in-possession financing in conjunction with the Chapter 11 filing in the District of Delaware. The company has received court approval to begin liquidating stores with a portion of its $595 million bankruptcy loan. The decision to close stores follows a comprehensive review of the Sports Authority portfolio in light of the increasing amount of shopping that is occurring online, the company stated in a March 2 press release. “As a result of these changes in consumer buying patterns, Sports Authority determined that it needs fewer stores as part of its long-term business model,” according to the press release. (For more on what ultimately led the sporting goods retailer to file for Chapter 11 bankruptcy protection, click here.) The following store locations are set to close in the coming months based on a review of the court filing by REBusinessonine.com State City Address Arizona Casa Grande 1004 N Promenade Parkway, Ste 159 Arizona Mesa 1812 W Rio …
