MEMPHIS, TENN. — Baceline Investments LLC has purchased Polo Shops, two neighborhood retail centers spanning 28,860 square feet, for $3.8 million. The property is located along a major retail corridor at 7444 Winchester Road in Memphis. An entity known as TOP11 – 7444 Winchester RD LLC purchased the property at foreclosure in February 2014 for $3.1 million, according to the Memphis Daily News.
CORTE MADERA, Calif. — The Atlanta-based Seniors Housing and Healthcare Finance Team of Grandbridge Real Estate Capital has arranged a $42.3 million refinancing for Aegis of Corte Madera, a 118-unit assisted living and memory care near San Francisco. A life insurance company provided funding for the loan. Grandbridge’s Richard Thomas, senior vice president, and Meredith Davis, vice president, originated the transaction. Grandbridge Real Estate Capital arranges permanent commercial and multifamily real estate loans, services loan portfolios and provides asset and portfolio management, as well as real estate brokerage services.
CHANDLER, ARIZ. — Cohen Asset Management has purchased a 104,352-square-foot manufacturing and distribution building in Chandler for $9.4 million. The building is located at 464 E. Chilton Drive. It was built in 2000. The space is fully leased to Phoenix Packaging LLC. JLL’s Steve Larsen and Bill Honsaker represented both the buyer and seller, GP Investments LLC, in this transaction.
SAN DIEGO — Westcore Properties has purchased a 67,681-square-foot industrial building in the San Diego submarket of Scripps Ranch for $7.3 million. The building is located at 10050 Scripps Ranch Court. The seller, window manufacturer Skagfield, is leasing the property through January 2016. The building will undergo a major rebranding early next year. Todd Murphy of Cushman & Wakefield represented Westcore. Bob Mooney of Colliers International represented Skagfield.
SCOTTSDALE, ARIZ. — Progress Residential has leased 34,558 square feet of office space at Riverwalk Arizona in Scottsdale. The space is located at 7580 N. Dobson Road. Riverwalk Arizona will eventually include about 1.5 million square feet of corporate office and retail space. Progress Residential is one of the largest providers of single-family rental homes in the United States. Matthew Coxhead of Savills Studley represented Progress in the lease. Kurt W. Rosene of Novo Development represented the landlord, the Alter Group.
DENVER — An unnamed buyer has purchased an 18-unit apartment building in Denver for $2.1 million. The community is located at 1560-1570 Albion St. It was built in 1958. Joe Hornstein and Scott Fetter of Pinnacle Real Estate Advisors represented both the buyer and the seller in this transaction.
DALLAS —Shake Shack will open its first location in Dallas at the 11-acre office and retail complex The Crescent in 2016. Shake Shack at The Crescent will be located near a corner park. The Dallas location will also be situated near downtown Dallas, Klyde Warren Park and the Dallas Arts District. The Crescent has earned LEED Silver certification from the U.S. Green Building Council. The Dallas Shake Shack menu will include a selection of local beer and wine, along with and three localized frozen custard flavors starring local bakeries and food purveyors.
JACKSONVILLE, TEXAS — Deason Financial Group has arranged the refinancing of an unanchored retail shopping center in Jacksonville for an out-of-state borrower. The $1.8 million financing was obtained at a 70 percent loan-to-value ratio with a 5-year term and 25-year amortization schedule. Built in 2001, the center spans 40,000 square feet with a total of 15 tenant spaces and occupancy at closing of 85 percent. Todd Kelsey of Deason Financial Group arranged the loan.
HOUSTON — The Kinder Family Office has leased the top floor of the newly developed San Felipe Place, a Class A office building located at 2229 San Felipe St. in Houston, with facility space also provided for the Kinder Foundation, a private philanthropic foundation founded by Rich and Nancy Kinder. The foundation and family office will each occupy 50 percent of the 17th floor’s 14,854 square feet. Clark Thompson Jr. and Brad Beasley of Colvill Office Properties represented landlord, Hines, the developer of San Felipe Place, in the lease transaction. The limestone and glass building offers interior parking, a walnut-paneled lobby and neighborhood amenities Rossini Cafe and Cadence Bank. San Felipe Place is pursuing LEED certification. Since the building’s completion in September 2015, the 167,000-square-foot, 17-story development has secured tenants including Knoll, Wareing Athon & Co., and Buck Keenan LLP.
KATY, TEXAS — R. S. Hart Commercial Brokerage’s Rachel S. Grant has arranged an $8.9 million refinancing loan for 26440 FM 1093 Ltd.-Westheimer Lakes Plaza II located in Katy. The multi-tenant retail property totals 52,567 square feet and was 100 percent occupied at the time of financing. Raintree Commercial’s Corey Ferguson developed the shopping center. Brock Tautenhahn of BBVA Compass Bank provided financing.
