PASADENA, CALIF. — Social Vocational Services (SVS) has leased 7,847 square feet of office space in downtown Pasadena. The space is located at 595 E. Colorado Blvd. The property was built in 1928. SVS is a nonprofit that provides services to individuals with intellectual and developmental disabilities throughout California. The landlord is the Swig Company.
HOUSTON — CBRE has completed a lease extension for Houston-based Ridgewood Energy, an energy-focused private equity firm with offices in Houston and New Jersey. The company is also expanding its space at 1254 Enclave Parkway, located in Houston’s Energy Corridor, to a total of 21,945 square feet. Kevin Saxe and Nick Bockhorn of CBRE represented Ridgewood Energy in the lease transaction with landlord AG Plaza At Enclave LLC, which was represented by CBRE’s Bonnie Kelley.
HOUSTON — Colliers International has arranged the sale of 16055 Space Center Blvd. in Houston. The property is a multi-tenant, seven-story office building containing 149,144 square feet. The Class A building is situated on seven acres in the NASA/Clear Lake submarket of Houston. Colliers International represented the seller, Parfinco TX LLC.
CARROLLTON, TEXAS — Henry S. Miller’s Bill Bledsoe has represented Pack Properties XI LLC in the purchase of 5.1 acres of land in Carrollton. The Sam Pack Auto Group is expanding its business in Carrollton with the new 5 Star Chevrolet. The parcel, located at 1711 S. Broadway, will accommodate additional vehicle storage and inventory needs. Troy Corman of T2 Real Estate represented the seller, H. Dalton Wallace of Austin, in the transaction.
WICHITA FALLS, TEXAS — Marcus & Millichap has arranged the sale of MainStay Suites, a 90-room hospitality property located in Wichita Falls. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, marketed the property on behalf of the seller, a private investor. Cooper, Gomes and Miller also procured the buyer, a private investor. MainStay Suites is located at 1917 Elmwood Ave. N., just east of Kemp Boulevard. Constructed in 1999 and renovated in 2014, the extended stay hotel is situated on 1.9 acres. The hotel offers meeting space and high-speed wireless Internet access throughout the common space and in guest rooms. Additional property amenities include complimentary breakfast, free newspapers, guest laundry facilities and free guest parking. Recreational amenities at the hotel include an on-site fitness center and a business center.
EULESS, TEXAS — The Boulder Group, a net lease investment brokerage firm, has completed the $2.7 million sale of a single-tenant Panera Bread ground lease located at 2911 Highway 121 in Euless. The newly constructed Panera Bread is an outparcel to the 194-acre Glade Parks development. Glade Parks’ tenants include Belk, Dick’s Sporting Goods, Dave & Busters, Michael’s and other national retailers. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller and the purchaser in the transaction. The purchaser was a private investor from Florida utilizing a 1031 tax-deferred exchange, and the seller was a Midwestern developer. The Panera Bread ground lease is for 15 years and features 10 percent rental escalations every five years.
ATLANTA — Vista, an Atlanta-based owner and developer of multifamily communities in the Southeast, has purchased two apartment communities in metro Atlanta totaling $56.8 million, or roughly $106,000 per unit. Vista originally developed both complexes and plans to renovate the assets to best-in-submarket status. The properties include the 312-unit Oakwood Vista in Norcross near I-85 and Jimmy Carter Boulevard and the 224-unit Parkway Vista in Atlanta near the I-85/I-285 junction. Vista originally developed Oakwood Vista in 2003 and Parkway Vista in 2002. Vista funded both acquisitions using a combination of permanent financing from Freddie Mac, preferred equity and equity provided by Eduard de Guardiola, the founder of Vista.
ORLANDO, FLA. — InvenTrust Properties Corp. has acquired Rio Pinar Plaza, a 124,283-square-foot, Publix-anchored shopping center in Orlando, for $34 million. The recently renovated property was fully leased at the time of sale. The shopping center is located at 401 S. Chickasaw Trail near the Florida Hospital East Orlando. As of Sept. 30, InvenTrust Properties, a self-managed REIT, owned 128 multi-tenant retail properties, including 18 joint venture assets, comprising 19 million square feet of retail space in 24 states.
DURHAM, N.C. — CBRE has brokered the sale of Level 51 Ten Apartments, a 242-unit apartment community located at 5110 Old Chapel Hill Road in Durham. Built in 2003 as student purpose-built apartments, the complex features one-, two- and three-bedroom units. The undisclosed buyer plans to invest capital to improve the property’s unit interiors, amenities and operations. Phil Brosseau, Kevin Kempf, Jeff Glenn and Jaclyn Fitts of CBRE represented the seller, Chicago-based Blue Vista Capital Management LLC, in the transaction.
WASHINGTON, D.C. — NorthMarq Capital has arranged an $8.3 million FHA 221(d)(4) construction-to-permanent loan for The Conway Center, a $90 million, 320,000-square-foot mixed-use project in Washington, D.C. The project will be occupied by SOME (So Others Might Eat), an interfaith, community-based, tax-exempt organization. The property will occupy a full city block on Benning Road and will combine affordable housing, job training and healthcare services. The Conway Center is capitalized with public funding, tax credits, tax-exempt bonds and low-interest loans. The Conway Center will annually provide 172 homeless and low-income men and women with affordable housing and 15,000 underserved men, women and children with comprehensive care at the Medical and Dental Health Center operated by Unity Health Care. An estimated 300 adult students will receive job training at SOME’s Center for Employment Training, and 30 homeless and low-income families will be provided with affordable housing. Frank Relihan and Brendan Scanlon of NorthMarq Capital’s Washington, D.C., office arranged the loan, which contributed to the $86.7 million that has been raised for the project thus far. SOME is currently seeking the final $3.3 million to complete the development. Construction for SOME’s facility, which features staff offices and retail space, began Nov. 15 with …