Property Type

Continental Funding Arranges $9.4M Acquisition Loan for Shopping Center in California

by Nellie Day December 11, 2015

PALMDALE, CALIF. — Continental Funding Group has arranged $9.4 million in acquisition financing for the purchase of 10 West Plaza, an unanchored shopping center in Palmdale. The 10-year, fixed-rate non-recourse loan, which was 75 percent of the purchase price, was provided by a conduit lender and includes two years of interest-only payments. Built in 2008, the 54,988-square-foot property was fully occupied at the time of sale. J.M. Grimaldi and Zalmi Klyne of Continental Funding Group represented the undisclosed borrower in the financing transaction.

December 11, 2015

California Retail Western

Hanley Investment Completes $2.4M Ground Lease Sale in Palm Desert

by Nellie Day December 11, 2015

PALM DESERT, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant Bank of America corporate ground lease in Palm Desert. Los Angeles-based Sariel Investments LLC purchased the asset from Irvine, Calif.-based Passco Washington Square for $2.4 million. Built in 2015, Bank of America occupies a 3,515-square-foot building located at 39355 Washington St. Bill Asher and Ed Hanley of Hanley Investment Group represented the seller and buyer in the transaction.

December 11, 2015

Mixed-Use Multifamily Retail Texas

Hillwood Begins Construction on $700M Mixed-Use Project in Metro Austin

by Haisten Willis December 11, 2015

GEORGETOWN, TEXAS — Hillwood Communities has begun construction on Wolf Ranch, a $700 million mixed-use development in Georgetown, a suburb of Austin. Hillwood acquired the 755-acre tract on Highway 29 and I-35 from the Wolf family in 2014. The development will include 900 apartment units, space for new retail and restaurants, 1,600 single-family homes and 140 acres of green space. The Georgetown Independent School District will serve the new community. The transaction was conducted between Hillwood Communities and the Wolf family’s representative, Iva Wolf McLachlan. Wolf Ranch is expected to house 4,000 residents once the development is completed.

December 11, 2015

Mixed-Use Retail Texas

Retailers Join Boardwalk at Towne Lake Mixed-Use Development in Houston

by Haisten Willis December 11, 2015

HOUSTON — More retailers have signed on at Caldwell Cos.’ Boardwalk at Towne Lake development, including two food shops, The Cheese Bar and Flying Vine; restaurant Sam’s Boat; and Frontier Title. In addition to these four leases, the project includes already-signed restaurants Jaxton’s, Taisho, World of Beer, Land of Thousand Hills Coffee Co. and MOD Pizza; retailers Nails of America, Orangetheory Fitness, Massage Heights and The Reserve Salon; Texas Children’s Pediatrics and Copper Creek Orthodontics. The site is accessible by walking, driving or boating. The Cheese Bar offers artisanal cheeses alongside a cheese-focused café, wine and beer offerings. Sam’s Boat serves seafood, Tex-Mex and more. Frontier Title is a title insurance company.

December 11, 2015

Industrial Texas

NAI Partners Arranges Sublease for Recycling Distribution Facility in San Antonio

by Haisten Willis December 11, 2015

SAN ANTONIO — NAI Partners represented Waste Management Inc. in subleasing a 180,000-square-foot recycling distribution facility located at 1228 Cornerway in San Antonio. Chris Caudill of NAI Partners, along with John Greg Tourcotte of REOC San Antonio, represented Waste Management in the sublease negations. Southern Warehousing & Distribution is the subtenant.

December 11, 2015

Retail Texas

HFF Negotiates Sale of Houston-Area Retail Center

by Haisten Willis December 11, 2015

TEXAS CITY, TEXAS — HFF has negotiated the sale of Palmer Plaza, a 98,816-square-foot retail center in the southern Houston suburb of Texas City. HFF arranged the sale on behalf of the seller, Weingarten Realty Investors. EDIFIS purchased the asset for an undisclosed amount. Palmer Plaza is positioned on 8.4 acres at Emmett F. Lowry Expressway and SH 146. The center, including two outparcel buildings, is 94 percent leased to tenants including Goodwill, Dollar Tree, Anytime Fitness, T-Mobile and Ace Cash Express. Ryan West and Matt Berry led the HFF investment sales team representing the seller.

December 11, 2015

Industrial Northeast Pennsylvania

Stream Capital Partners Arranges $13.2M Sale Leaseback for Markel Corp. in Pennsylvania

by Amy Works December 11, 2015

PLYMOUTH MEETING, PA. — Stream Capital Partners has brokered the $13.2 million sale-leaseback of Markel Corp.’s corporate headquarters. Located in Plymouth Meeting, the 166,667-square-foot industrial/flex building has served as Markel’s headquarters for more than 40 years. Markel is leasing the building back on a long-term absolute triple-net lease with periodic rental increases and multiple renewal options from the buyer, a private industrial group based in the Midwest. Jonathan Wolfe and Jordan Shtulman of Stream Capital represented the seller, Markel Corp., in the transaction.

December 11, 2015

Healthcare Northeast Pennsylvania

TL Management Acquires Spring Creek Rehabilitation & Health Care Center in Harrisburg

by Amy Works December 11, 2015

HARRISBURG, PA. — New York-based TL Management has acquired Spring Creek Rehabilitation & Health Care Center, located at 1205 S. 28th St. in Harrisburg. The acquisition was funded in part by a $48 million credit facility arranged by First Niagara Bank. Spring Creek is a 404-bed rehabilitation and healthcare center features both short-term rehabilitation and long-term care facilities.

December 11, 2015

Multifamily Northeast Pennsylvania

Rittenhouse Realty Advisors Brokers $8.7M Sale of 96-Unit Apartment Complex in Pennsylvania

by Amy Works December 11, 2015

PROSPECT PARK, PA. — Rittenhouse Realty Advisors has arranged the sale of Colonial Park West Apartments, a 96-unit garden-style apartment property located at 211 Lazaretto Road in Prospect Park. Friedman Realty Group acquired the property from an undisclosed seller for $8.7 million. The buyer plans to renovate the property with upgrades to kitchens and bathrooms in each unit and the exterior. Ken Wellar and Corey Lonberger of Rittenhouse Realty Advisors brokered the transaction.

December 11, 2015

Massachusetts Multifamily Northeast

Salem Station LLC Sells 266-Unit Apartment Community in Salem, Massachusetts

by Amy Works December 11, 2015

SALEM, MASS. — CBRE/New England has negotiated the sale of Jefferson at Salem Station, a garden-style apartment community located in Salem. Salem Station LLC sold the property to an affiliate of Bell Partners Inc. for an undisclosed sum. Built in 2002, the property features 266 market-rate apartments spread across five four-story elevator buildings and four two-story townhouse buildings. The units are a mix of one- and two-bedroom apartments and two-bedroom townhomes with an average size of 1,115 square feet. Community amenities include a great room, media room, business center, fitness center and an outdoor pool with sundeck and gas grills. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

December 11, 2015

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