SAN ANTONIO — Marcus & Millichap has arranged the sale of Fairview Shopping Center, a 28,662-square-foot retail property located in San Antonio. Chad Knibbe of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a limited liability company. Fairview Shopping Center is located at 24200 Interstate 10 W. near the Dominion, The RIM Shopping Center and La Cantera Mall on North Interstate 10.
HOUSTON — Westmount Realty Capital LLC has acquired the Braesridge Apartments located at 11100 Braesridge Drive in southwest Houston. Westmount is rebranding the garden-style apartment community as Westmount at Braesridge. The three-story asset was constructed in 1982 and consists of 542 units totaling 413,276 square feet on 16.7 acres, for an average of 32 units per acre. The apartments are a mix of one- and two-bedroom units ranging from 550 square feet to 1,300 square feet with elevators to all third floor units. Amenities include a clubhouse, complimentary assigned covered parking, a courtyard area with two gazebos, dining hall with full kitchen, two swimming pools, a business center and limited access gates. Westmount’s planned interior renovations will include lighting and plumbing fixture updates, cabinetry, countertops, appliances and faux wood flooring. Exterior improvements will address wood/stucco repair, landscaping, upgrades to the leasing office, parking lot repairs and upgraded exterior lighting. Westmount has budgeted to upgrade the pool area with new seating areas, pool furniture and the addition of an outdoor kitchen. The Dallas office of NorthMarq Capital arranged financing for the acquisition.
DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $6.2 million cash out refinancing for a portfolio of four apartment properties consisting of 116 units located in Dallas. The non-recourse loan featured a 10-year term with 4.6 percent interest, a 30-year amortization schedule and three years of interest-only payments. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
DEARBORN, MICH. — Savills Studley has been chosen to market the sale of the Royal Dearborn hotel and convention center in Dearborn. The 773-room, 854,000-square-foot hotel, located on 32 acres at 600 Town Center Drive, is across the street from the world headquarters of Ford Motor Co. The Royal Dearborn is the second largest hotel in Michigan. The hotel features 55,602 square feet of meeting and exhibition space comprised of a 17,000-square-foot grand ballroom, a rotunda and numerous meeting and breakout rooms. The hotel also offers two food and beverage outlets, an indoor swimming pool and fitness center, business center, gift shop and expansive outdoor parking. “There are numerous repositioning options for the property, including splitting the asset into two smaller hotels, or even reducing the size of the hotel component by converting the top floors to residential use and transforming parts of the ground-level space into retail,” says Marc Magazine, executive managing director of Savills Studley’s U.S. Capital Markets Hotel Group.
CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged the $5 million refinancing of Stonegate Apartments, a 108-unit multifamily property located at 4200 Armar Drive SE in Cedar Rapids. Jason Kinnison of NorthMarq arranged the fully amortizing, 23-year loan on behalf of the borrower through an undisclosed life insurance company. Stonegate Apartments was built in 2003 and offers two-bedroom/two-bath units.
INDIANAPOLIS — New York Life Real Estate Investors has provided $15.3 million in refinancing for Canal Overlook Apartments, a 132-unit, Class A residential property located in Indianapolis. The loan has a term of 20 years. The complex is owned by a private investor and was completed in 1988.
TROY, MICH. — L. Mason Capitani CORFAC International has arranged three new office leases in Troy. L. Mason represented the landlord in two transactions including the lease of 4,332 square feet to Padgett Business Services at 1120 E. Long Lake Road and 6,576 square feet to Liberty Union Life Assurance Company at 560 Kirts Boulevard. L. Mason also represented Car.com in its 5,449-square-foot lease renewal at 888 W. Big Beaver Road.
COUNTRY CLUB HILLS, ILL. — Tucker Development has arranged three new leases for Country Club Plaza, a retail property in Country Club Hills, located about 29 miles south of Chicago. MetroPCS signed a five-year lease for approximately 1,100 square feet. Kenny’s Ribs and Chicken signed a 10-year lease for 2,800 square feet, and Cooking Canvas inked a four-year lease for approximately 1,000 square feet. Tucker Development was represented in-house by Andrew White in all three transactions. A Walmart Supercenter and an AMC Theater anchor the property. Other tenants include McDonald’s, Pizza Hut, Subway, GNC, Foot Locker and Payless Shoes.
BOYNTON BEACH, FLA. — LeCesse Development Corp. has begun construction on 500 Ocean, a luxury multifamily community in Boynton Beach. Located in Palm Beach County, the 341-unit asset will be situated at the corner of Federal Highway and East Ocean Avenue near the Intracoastal Waterway and Atlantic Ocean. Upon completion, the property will feature 20,000 square feet of commercial space, a 664-space integrated parking garage, clubhouse, fitness center, club room, theater, bowling alley, private dining room, cyber café/game room, lounge, summer kitchen and two courtyards. The project is a joint venture between LeCesse Development, Morgan Management, Drum Hill Partners, Kaali-Nagy Residential and Atlantic American Opportunities Fund. The project team includes architect MSA Architects, general contractor LandSouth Construction, engineer IBI Group and environmental consultant RunBrook. SunTrust Bank provided construction financing on behalf of LeCesse Development. Residences will become available for lease beginning in the fall of 2016.
PALM BEACH GARDENS, FLA. — Marcus & Millichap has brokered the $18 million sale of a three-story office building in Palm Beach Gardens that serves as TBC Corp.’s corporate headquarters. Built in 2007, the 44,415-square-foot office building was renovated in 2009 to become TBC Corp.’s headquarters. Preet Sabharwal and Britt Raymond of Marcus & Millichap’s Manhattan office represented the seller in the transaction. Marco Lala and Steven Siegel, also of Marcus & Millichap’s Manhattan office, procured the buyer. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s Florida broker of record. Christopher Marks of Marcus & Millichap Capital Corp. arranged a 10-year, $9.2 million acquisition loan on behalf of the buyer. The loan has a fixed interest rate of 4.15 percent and a 25-year amortization schedule.
