BRAZIL, IND. — Cassidy Turley has arranged the $8.2 million sale of Forest Park Plaza shopping center in Brazil, approximately 60 miles southwest of Indianapolis. Forest Park Master LLC Tenants In Common (TIC) sold the property to Whitehouse, Ohio-based Devonshire REIT Inc. The 104,248-square-foot shopping center is located at 825 E. National Ave. and U.S. Highway 40. Jacque Haynes of Cassidy Turley represented the seller. Kroger anchors the shopping center. The plaza is 96 percent occupied by tenants such as Dollar General, Dollar Tree, Carquest Auto Parts, RadioShack, Family Video and Papa John’s Pizza.
TERRE HAUTE, IND. — Paramount Lodging Advisors has arranged the sale of Clarion Inn & Suites and Super 8 in Terre Haute. The 142-room Clarion Inn & Suites is located at 3053 S. U.S. Highway 41, and the adjacent 117-room Super 8 located at 3089 S. 1st St. PLA was engaged by the court appointed receiver as the exclusive representative in the sale of the Clarion Inn & Suites. Bennett Webster and Brent Clemens of PLA led the marketing efforts. In the second transaction, PLA’s Clemens and Webster exclusively represented Supertel Hospitality in the sale of the Super 8.
PEARLAND, MCKINNEY AND KATY, TEXAS — Greg Duvall of NorthMarq Capital’s Kansas City office has negotiated the $103.7 million refinancing of three apartment complexes in Texas. The properties, containing a total of 872 units, are located in Pearland, McKinney and Katy, Texas. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. Two of the assets were financed with 10-year fixed loans and five years of interest-only payments. The third was financed with a seven-year variable loan and three years of interest-only payments.
HOUSTON — TerraFirma Earth Technologies, a Houston-based dewatering firm, is moving its headquarters to a larger office and yard space in Houston to accommodate more heavy equipment and office space requirements. The new corporate headquarters is located at 11215 Old Fairbanks N. Houston Road. The firm is moving its headquarters Dec. 1 and also has opened a satellite office in Denver. TerraFirma assists owners and contractors throughout the U.S. maintain acceptable groundwater levels for both temporary and permanent projects.
HOUSTON — Marcus & Millichap has arranged the sale of two BlueWave Express Wash properties located in Houston. Farhan Kabani of the firm’s Dallas office arranged the loan. Bank financing was structured with a seven-year fixed term with an interest rate of 4.5 percent. The loan-to-value was 65 percent. The properties are located at 1665 Eldridge Pkwy. and 9801 Jones Road. Both properties were built in 2007 and had more than 20 years remaining on their original net leases. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino also procured the buyer, another limited liability company.
HOUSTON — KDC and Sarofim Realty Advisors have begun construction on a two-story, 68,950-square-foot office building that will be home to Lennar Homes of Texas Land and Construction Ltd. The property is located at 681 Greens Pkwy. across from the current Lennar headquarters. The new building will house 225 associates from Lennar, Village Builders, Friendswood Development Co., Universal American Mortgage Co. and North American Tile Co. The property will include a 5,000-square-foot design center to showcase product offerings from Village Builders. Another feature is a two-story lobby that will extend through the core of the building. The building is scheduled for completion in October 2015. Powers Brown Architecture provided architectural services for the project. Rosenberger Construction is the general contractor and Halff Associates is the civil engineer. Jerry Frey, Ron McWherter and Darren Gowell with CBRE represented Lennar in the transaction. JP Hutcheson of Cassidy Turley represented KDC and Sarofim Realty Advisors.
BIRMINGHAM, ALA. — Marcus & Millichap has brokered the $17 million sale of Eastwood Village, a 134,256-square-foot regional power center located at 1604-1624 Montclair Road in Birmingham. The property was 99 percent leased at the time of sale to tenants such as Ross Dress for Less, Office Depot, Party City, Shoe Carnival and Tuesday Morning. A 24-hour Walmart Supercenter shadow anchors the property. Phil Sambazis and Thomas Ladt of Marcus & Millichap’s Sambazis Retail Group in San Diego represented the undisclosed seller in the transaction. Zachary Taylor and Don McMinn of Marcus & Millichap’s Atlanta office represented the undisclosed buyer. Andrew Chason of the firm’s Mobile, Ala., office assisted in the transaction.
BIRMINGHAM, ALA. — An affiliate of Tampa-based Blue Rock Partners LLC and Boca Raton-based Rose Group have purchased Forest Ridge Apartments in Birmingham for $11.1 million. The 268-unit apartment community is located at 660 Valley Crest Drive. Financing for the project involved the assumption of a senior mortgage in the amount of $8.3 million, and Berkadia was the lender/servicer for a Fannie Mae loan.
ATLANTA — PRP LLC has sold Ansley at Princeton Lakes, a 306-unit garden-style apartment community in Atlanta, approximately three miles from Hartsfield Jackson Atlanta International Airport. PRP developed the community in 2009. Ansley at Princeton Lakes was 96 percent occupied at the time of sale. The property includes a 4,500-square-foot clubhouse, pool, 41 garage spaces and a car wash. PRP sold the community to a partnership consisting of Gulf Finance House and entities controlled by PRP.
MURFREESBORO, TENN. — Atlanta-based Banyan Investment Group and Houston-based InLight Capital LLC have partnered up to purchase Hampton Inn & Suites in Murfreesboro, about 25 miles southeast of Nashville. The hotel is located on North Thompson Lane and features 1,078 square feet of meeting space, a business center, fitness center and a seasonal outdoor swimming pool.