LAS VEGAS — NorthMarq Capital has arranged the $5.4 million refinance of Jones & 95, a 109,303-square-foot retail property located in Las Vegas. The transaction was structured with a 10-year term and 30-year amortization schedule through a CMBS lender. Scott Monroe of NorthMarq Capital arranged the financing.
SAN DIEGO — The Tides Apartments, a 30-unit apartment community in the San Diego submarket of La Jolla, has sold to LJ Tides LLC for $8.5 million. The community is located at 7431 La Jolla Blvd. It was built in 1968. The buyer plans to renovate the property. Peter Scepanovic, Corey McHenry and Victor Krebs of Colliers represented the seller, Zwack Trust.
FORT WORTH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a 248-unit apartment community on Hulen Drive in Fort Worth. Will Balthrope, Drew Kile and Al Silva of Marcus & Millichap advised the seller and procured the buyer, an investment consortium organized by LumaCorp Inc., in the transaction. Southern Oaks was completed in 1983 and features 15 different one- and two-bedroom floor plans totaling 188,512 rentable square feet. The apartment community is located in southwest Fort Worth, seven miles from Near Southside Medical District.
DALLAS — Cornerstone RPC Storage Development, a joint venture between real estate development firms Rosewood Property Co. and Cornerstone Development, has begun construction on phase one of a $75 million self-storage development plan. The first phase of the firm’s plan includes four projects in total, all of which are located in Texas markets. Cornerstone RPC Storage Development has broken ground on the first project, a 94,475-square foot, 656-unit self-storage facility at 9485 LBJ Freeway in Dallas. Cornerstone also plans to break ground within weeks on a 116,400-square-foot storage facility in Houston at 1200 Park Row Drive. The 832-unit center will offer 80 parking spaces and climate control in the majority of units. The development company has closed on two additional properties in San Antonio this month with plans to develop more than 200,000 square feet of self-storage facilities. The first, located at 9652 Huebner Road, will span 103,575 square feet and include 731 units, 710 of which will be climate controlled. The second, located at 7413 N. Loop 1640 W., will be 98,625 square feet and offer 693 units, 644 of which will be climate controlled. The new developments will be managed by and branded as Extra Space Storage.
PEARLAND, TEXAS — Oldham Goodwin Group represented the buyer, a Houston investment group, in the acquisition of Discovery Bay Shopping Center in Pearland. Discovery Bay Shopping Center is a 16,350-square-foot retail center in Pearland. The shopping center is located at the southwest corner of Highway 288 Frontage Road and Discovery Bay Boulevard. It is located in close proximity to the entrance of Shadow Creek Ranch, a 3,300-acre master planned development. Oldham Goodwin Group will oversee property management and retail leasing of Discovery Bay Shopping Center. Bill Pyle of Oldham Goodwin’s Houston office represented the buyer in the negotiation and acquisition of the property.
DALLAS — A joint venture between Triten Real Estate Partners and Convexity Properties has purchased a two-building office portfolio totaling 270,499 square feet at 6060 and 6080 N. Central Expressway in Dallas. Jack Crews, Evan Stone and Lauren Zimmer of JLL sold the property to Triten and its Chicago-based investment partnership on behalf of the previous owner, Dallas-based Prescott Realty Group. Wells Fargo provided financing for the purchase. 6060 N. Central Expressway is an eight-story office property spanning 224,682 square feet. The property was constructed in 1972 and renovated in 2008. In addition, the portfolio includes 6080 N. Central Expressway, with 45,817 square feet on the first floor, topped by three levels of parking. The structure offers an expansion opportunity that could potentially add 290 parking spaces. At the time of sale the office property was 88 percent leased and the parking structure was 100 percent leased to Zenith Education Group
ATLANTA — Hunter Hotel Advisors has arranged the $42.1 million sale of the DoubleTree by Hilton Atlanta Downtown. The 312-room hotel is located at 160 Ted Turner Drive N.W., within walking distance of the Peachtree Center MARTA station, the Georgia World Congress Center, Philips Arena and the Georgia Aquarium. Hunter Hotel Advisors represented an unnamed global private equity firm in the sale. The buyer, Legacy Property Group, plans to invest $12 million to renovate the hotel and its restaurant while retaining the DoubleTree brand.
CORAL SPRINGS, FLA. — Meridian Capital Group has arranged $15.2 million in acquisition financing for Heron Bay Corporate Center I & II in Coral Springs, a city in Broward County. The 89,000-square-foot office campus houses 19 tenants, including Regus. Avi Weinstock and Josh Rhine of Meridian’s New York City office arranged the seven-year loan through a regional balance sheet lender on behalf of the borrower, The Benedict Realty Group. The loan features a fixed 4 percent interest rate and three years of interest-only payments followed by a 30-year amortization schedule.
LAWRENCEVILLE, GA. — Bull Realty has brokered the $2.8 million sale of Sugarloaf Walk Shopping Center, a 22,685-square-foot retail strip center in Lawrenceville, a northeast suburb of Atlanta. Sugarloaf Parkway LLC, an investment firm based in New York, purchased the property from Sugarloaf Walk Shopping Center LLC, a private investment firm based in Houston. John Harrison and Frank Meyrath of Bull Realty represented the seller in the transaction.
NAPLES, FLA. — Colliers International has brokered the $2.1 million sale of an 18,645-square-foot, Class A warehouse located at 3600 Westview Drive in Naples. The property is fully air-conditioned and features 20-foot ceilings, a truck well and grade-level overhead doors. The buyer, RICDEN LLC, plans to convert a portion of the warehouse into a fitness and training facility. The buyer also intends to keep Herbeau Creations of America Inc., a sanitary ware and sink distributor, as an industrial tenant. Jim Tamblyn of Colliers International’s Southwest Florida office represented the buyer in the transaction. The seller was Naples-based Baron Investment Corp.
