GURNEE, ILL. — The Boulder Group has completed the $2.2 million sale of a single-tenant IHOP property in Gurnee, approximately 40 miles north of Chicago. The property is located at 5670 Northridge Drive. The IHOP is an outparcel to Six Flags Great America, a 304-acre theme park. The restaurant is also near Gurnee Mills, a 1.8-million-square-foot indoor mall featuring Bass Pro Shops, Macy’s, Kohl’s, T.J. Maxx, Burlington Coat Factory and Sears. IHOP has approximately two years remaining its lease, which expires February 29, 2016. The lease is triple-net and features no landlord responsibilities. IHOP is a subsidiary of DineEquity. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Florida-based private individual. A Chicago-based real estate investor purchased the property in a 1031 tax-deferred exchange.
Property Type
MANKATO, MINN. — Dougherty Funding LLC has secured a $6.4 million first mortgage acquisition/term loan for the Park Place Townhomes in Mankato. The existing 72-unit townhome property is fully leased. The property includes free on-site parking and an outdoor fire pit and grilling area. Unit amenities include fully equipped kitchens, washers and dryers, Wi-Fi Internet, ceiling fans, granite countertops and decks or patios. Dougherty Funding arranged the loan for the borrower, PPT Mankato LLC. Dougherty Funding served as lead lender and servicer for the loan.
NORTHWOOD, OHIO — The Cooper Commercial Investment Group has brokered the $450,000 sale of an Arby’s located in Northwood, approximately eight miles southeast of Toledo. Bob Havasi of the Cooper Commercial Investment Group in Cleveland represented the seller, a New York partnership. A California-based private investor purchased the property in an all-cash transaction.
PHOENIX – The 114-room Holiday Inn & Suites Phoenix has received a $9.3-million loan. The property is located two miles south of the Phoenix Sky Harbor Airport. It is also situated near Arizona State University. The property was built in 2009. The non-recourse, fixed-rate, CMBS first-mortgage was secured by KeyBank Real Estate Capital.
SAN DIEGO — Tri-City Corporate Towers, a 64,190-square-foot office building in Oceanside, has received a $7.1-million loan. The building is located at 3142 & 3156 East Vista Way. Notable tenants at the property include U-T San Diego, Sleep Data Holdings and several professional firms. The owner, Fenway Properties, plans to update the exterior and rebrand the property. It will be renamed to Pacific Gateway. The bridge loan was secured by CBRE’s Mark McGovern and Scott Peterson. It was secured through a national debt fund. The loan will provide the capital needed to substantially upgrading both the exterior and interior of the building, among other things.
SAN DIEGO – A 35,000-square-foot restaurant space in Encinitas has sold to PS2 Pacific LLC for $6.5 million. The property is located at 2530 Highway 101 in the San Diego submarket. The buyer plans to operate a new restaurant on the property, which has been vacant for more than a year. The buyer also owns Pacific Coast Grill, which is adjacent to the property. PS2 was represented by Richard Lebert and Matt Zimsky of Colliers International. The seller was Avolencia Group LLC.
PHOENIX — USI Inc. has leased 15,988 square feet of space at Granite Commerce Center in Phoenix. The space is located at 405 N. 75th Ave. The company markets roll and pouch laminating machines and films, in addition to binding equipment, supplies and many other office accessories. USI was represented by Keri Scott, Jackie Orcutt and John Grady of Cushman & Wakefield. The landlord, Crow Holdings, was represented by JLL’s Kyle Westfall.
SAN JOSE, CALIF. – Gap and J. Crew have leased space at Westgate Center in San Jose. Gap Factory Store has leased 10,910 square feet. It is set to open later this year next to Old Navy. J. Crew has leased 5,750 square feet. That store is scheduled to open in spring 2015. Other new additions to Westgate Center include the Nike Factory Store and Skechers Factory Outlet. The center is owned by Federal Realty Investment Trust.
CORPUS CHRISTI, TEXAS — UC Funds has provided a $7.4 million bridge loan for a 218-unit, Class C apartment complex in Corpus Christi. The property consists of 22 two-story buildings on a 10-acre site. Amenities include a swimming pool, clubhouse, laundry facilities and picnic areas. A portion of the loan will be used for renovations, including upgraded roofs and exterior siding.
DALLAS — Gaedeke Group LLC will soon begin $3.8 million in renovations on its 128,795-square-foot Oak Lawn Plaza office building. Mark Dilworth of Dallas-based Morrison, Dilworth + Walls is the architect for the project. Construction is slated to begin in October and will take an estimated eight months to complete. The 1.5-acre property was built in the early 1980s and is located at 2501 Oak Lawn Plaza just off the Dallas North Tollway. The redesign calls for a 3,000-square-foot expansion of the lobby, with the ceiling height raised to 25 feet. Exterior walls will be redressed with a 25-foot glass curtain wall and 5-by-13-foot vertical panels. The interior redesign will feature white marble walls and basalt stone on the floors, replacing dark marble and granite. Other planned features include commissioned artwork, a high-tech security desk, WiFi furniture and an updated parking garage.