PHOENIX – Smart & Final has opened three new stores in the Phoenix Valley. The expansion includes a 28,985-square-foot space at the northeast corner of 35th Avenue and Greenway Road; a 28,280-square-foot space at the northeast corner of Tatum Boulevard and Thunderbird Road; and a 35,949-square-foot space at the southwest corner of Gilbert Road and Guadalupe Road in Gilbert. The grocer was represented by Martin Leon and Chris Corso of De Rito Partners in all three transactions.
THE WOODLANDS, TEXAS — Newcor Commercial Real Estate has arranged the sale of a 13,000-square-foot office warehouse building in The Woodlands. The property is situated on two acres located at 33219 Forest West Drive near the intersection of FM 1488 and FM 2978. Rick Stallings of Keller Williams represented the buyer, Pilates Place. Rob Banzhaf and Krissie Vanyo of Newcor represented he seller, Zinterests LLC.
HOUSTON — CPR Money has provided a $4.2 million acquisition loan for a 16-story vacant office building in Houston’s central business district. During the loan term, the borrower will finalize pre-development plans for a conversion to a 154-room Hyatt Place Hotel, with construction expected to begin in nine to 12 months. The property is located near the George Brown Convention Center, Toyota Center, Minute Maid Park and the Houston Pavilions.
HOUSTON — Resource Real Estate Opportunity REIT Inc., a non-traded real estate investment trust sponsored by Resource Real Estate Inc., has sold Cityside Crossing Apartments in Houston. Opportunity REIT acquired the 360-unit multifamily residential community in December 2012. The property benefited from a value-add strategy, professional management and capital enhancements. As a result, the sale of Cityside Crossing produced a cash profit of $10.7 million, and an average annual return of 28.4 percent.
COPPERAS COVE, HARKER HEIGHTS and KILLEEN, TEXAS — KeyBank Real Estate Capital has arranged a total of $26.7 million in FHA financing for a three-property, long-term care portfolio in Texas. Two of the properties are skilled nursing facilities and one is a combination skilled nursing and assisted living facility. The properties were built in the 1990s and have a combined total of 250 units and 418 beds. Allison Holland of KeyBank arranged the non-recourse, fixed-rate first mortgages for all three properties. The portfolio is comprised of Hill Country Rehab and Nursing Center located in Copperas Cove; Indian Oaks Living Center located in Harker Heights; and The Rosewood Retirement Community located in Killeen.
LINCOLN, NEB. — Cohen Financial has arranged a $13.3 million acquisition loan for Centro Plaza, a 111,978 square-foot retail shopping center located at 400 N 48th Street in Lincoln. TJ Maxx anchors the property, which will also soon include a DSW and Michaels. Dan Rosenberg of Cohen Financial’s Chicago office secured the loan with a regional bank. The borrower is an entity controlled by Integris Ventures.
ELYRIA, OHIO — Namdar Realty Group has purchased a 266,000-square-foot shopping center in Elyria. The River Street Square Shopping Center is located at 285 Midway Blvd. Tenants at the shopping center include Petsmart, Dollar Tree, Dots, Radio Shack and Gamestop. Joel J. Gorjian and Namdar Realty Group specialize on special situation acquisition opportunities throughout the country.
CHICAGO — @properties Commercial recently brokered the $3.6 million sale of a 22,500-square-foot mixed-use property in Chicago’s Lincoln Park neighborhood. The property is located at 2477-2501 N. Clybourn Ave. The property, which was owned by C. Maxwell LLC, occupies six city lots and currently includes four residential buildings, a commercial storefront and a vacant lot. Rebecca Lundstrom of @properties Commercial represented the buyer, a private investor who intends to redevelop the property.
WAUKEGAN, ILL. — Bridge Development Partners LLC is redeveloping the former 225-acre Cardinal Health Inc. campus in Waukegan. The industrial park is located at Waukegan Road. The site can accommodate up to 2.8 million square feet of industrial facilities. The campus lies between Route 137/Buckley Road and Route 120/Belvidere Road, immediately off I-94. The project is a joint venture of Bridge Development Partners, Hunt Realty Investments, Wanxiang America Real Estate Group and Globe Corp. Bridge will begin demolition of existing structures and commence park infrastructure work immediately. Phase I will consist of two speculative facilities totaling 625,600 square feet and 400,500 square feet, which will be available for delivery by the fourth quarter of this year. In addition to the first phase of development, the park will feature approximately 100 acres of land, with sites that can accommodate industrial facilities ranging from 40,000 to 1 million square feet. Dublin, Ohio-based Cardinal Health sold the property. The park was founded by American Hospital Supply in the late 1960s and was previously home to Baxter Healthcare and Allegiance Healthcare prior to Cardinal’s acquisition. CBRE’s Keith Puritz, Brett Kroner, Zach Graham and Ryan Bain were the sole brokers in the transaction.
PHILADELPHIA — J.G. Petrucci has opened The Station at Manayunk, a luxury apartment community located at 1 Parker Ave. in the Manayunk section of Philadelphia. The 149-unit community features a 24-hour fitness center, outdoor and garage parking, full-size washer and dryers in each unit, personal balconies, kitchens with energy-efficient stainless steel appliances and granite countertops, and a bike share program. Rents range from $1,447 to $1,537 for one-bedroom units and $1,777 to $1,887 to two-bedroom units. The property is available for immediate occupancy.