FORT WORTH, TEXAS — Mark One Capital has arranged financing for a 52-unit apartment property in Fort Worth. The loan amount was not released. Chris Parker of the firm’s Dallas office arranged the loan. The property, Shadowood Apartments, is located on Calmont Avenue along I-30. The non-recourse loan was structured with a 20-year term and amortizes over 30 years with an interest rate of 3.81 percent. The loan-to-value ratio was 75 percent.
JACKSON, TENN. AND HUNTSVILLE, ALA. — RCG Ventures Fund III has purchased West Towne Commons, a 168,210-square-foot shopping center in Jackson, and Madison Plaza, a 99,108-square-foot center in Huntstville, for an undisclosed price. Located at the intersection of Highway 45 and Oil Well Road, the West Towne Commons’ tenant roster includes T.J. Maxx, Stein Mart, OfficeMax and Petco. Target is also a tenant but was not involved in the transaction. RCG Ventures was represented internally by Jeff Miller, and Johnny Lamberson and Terry Radford of CBRE represented the seller. Located across from Madison Square Mall at Old Monrovia Road and University Drive, Madison Plaza is anchored by Haverty’s and Mission Thrift Store. RCG Ventures was represented internally by Scott Tarbet in the transaction, and Margaret Caldwell of JLL represented the seller.
RICHMOND, VA. — Hunter Hotel Advisors has brokered the $11 million sale of Homewood Suites Richmond West End, a 123-room hotel in Richmond. A global private equity firm sold the four-story hotel to a Virginia-based hotel company. Teague Hunter and Trey Scott of Hunter Hotel Advisors brokered the transaction.
SHREVEPORT, LA. — Lexington, Ky.-based BC Wood Properties has acquired North Market Place, an 88,205-square-foot shopping center located in Shreveport, for $7 million. Brookshire’s Grocery anchors the center. The grocer operates more than 150 stores in Arkansas, Louisiana and Texas. North Market Place is the first Louisiana shopping center in BC Wood’s portfolio, which includes 36 shopping centers comprising more than 5 million square feet.
BROOKHAVEN, GA. — Franklin Street Real Estate Services has brokered the $3.3 million sale of North Cliff Valley Apartments, a townhome apartment community located at 1350 N. Cliff Valley Way N.E. in Brookhaven, an affluent suburb of Atlanta. The apartment complex is located within close proximity to Cross Keys High School and I-85. Jake Reid and Ricky Jones of Franklin Street represented the seller in in the transaction. The apartments were the second property in a two-property sale, which included the previous sale of Lenox Townhomes.
KENNESAW, GA. — Liberty Property Trust has inked a 62,319-square-foot lease with Reliable Heating & Air at 1305 Chastain Road in Kennesaw, a northern suburb of Atlanta. The HVAC company’s lease brings the 116,500-square-foot industrial facility to full occupancy. The Kennesaw location will serve as Reliable’s headquarters. Reliable employs more than 320 professionals, manages a fleet of more than 175 trucks and operates a satellite location in Fayetteville, Ga. Kevin Mitchell of Benchmark Commercial represented Reliable in the lease transaction. Trey Barry and Mark Hawks of CBRE represented Liberty.
TEMECULA, CALIF. — The Praedium Group has acquired The Vineyards at Paseo Del Sol, a 288-unit apartment community in Temecula, for $69.6 million. The community is located at 31901 Campanula Way. The property was built in 2014. Paseo Del Sol is the only LEED Gold-certified apartment community in Temecula. It is currently 87 percent leased. CBRE’s Curtis Palmer, Peter Sherman and Paul Runkle represented the seller, the Dinerstein Companies. Brian Eisendrath and Annie Rice of CBRE Capital Markets’ Debt & Structured Finance team secured $43.3 million in financing for the acquisition.
LAS VEGAS — Security Properties has purchased the 275-unit Verona Apartment Homes in the Las Vegas submarket of Henderson for $40 million. The community is located at 6765 Tulip Falls Drive. Security Properties-affiliate Madrona Ridge Residential will manage the Class A asset, which was built in 2007. Verona was purchased through Security’s Multifamily Fund II. It is the fund’s second purchase within the Las Vegas market.
LAGUNA HILLS, CALIF. — Cruzan has purchased Lakehills Corporate Park, a 223,467-square-foot office campus in Laguna Hills, for $40 million. The park is located at 23332-23422 Mill Creek Drive and 24411-24461 Ridge Route Drive. This is Cruzan’s first Orange County purchase. The company will redevelop Lakehills into a modern office campus. CBRE’s Kevin Shannon, Paul Jones, Bob Smith and Blake Bokosky represented the seller, AEW Capital Management. AEW sold the property on behalf of one of its separate account clients.
SAN DIEGO — An affiliate of Maxxam Enterprises has purchased the William Penn Building, a mixed-use property in downtown San Diego’s Gaslamp District, for $10.2 million. The building is located on the corner of 5th Avenue and F Street. It was built in 1913. The property contains 18 residential units and 10,795 square feet of commercial space, with Maloney’s Tavern as the anchor tenant. The building is designated as historical on the San Diego Register and the National Register of Historic Places. CBRE’s Jim Neil, Eric Comer and Merrick Matricardi represented the seller, Penn LLC.
