CANTON, OHIO — Marcus & Millichap has arranged the $1.5 million sale of a Texas Roadhouse ground lease, an 8,000-square foot net-leased restaurant in Canton. The asset is an out parcel to a T.J. Maxx and Burlington Coat Factory-anchored shopping center. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap’s Cleveland and Columbus offices listed the property on behalf of the seller, a New York-based investment group. Fuller, Patton and Wiles also represented the buyer, a California-based investor.
PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Morningstar of Pasadena, an 88,011-square-foot self-storage facility located in Pasadena. The asset had a list price of $4.3 million. Chico LeClaire and Dave Knobler of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Knobler and LeClaire also represented the buyer, a limited liability company from the Pacific Northwest.
WASHINGTON, D.C. — HFF has brokered the $109 million sale of a 195,624-square-foot office building located at 2025 M St. N.W. in downtown Washington, D.C.’s Golden Triangle area. James Meisel, Dek Potts, Andrew Weir, Stephen Conley, Matthew Nicholson and Jessica Diorio of HFF represented the seller, a partnership between The Oliver Carr Co. and Clark Enterprises Inc. Mikeone EK purchased the asset, which was fully leased at the time of sale to tenants such as Kaplan, Radio Free Asia and Smith Bucklin. CBRE arranged acquisition financing for the transaction.
PORT ORANGE, FLA. — CBRE has brokered the $40.2 million sale of Whitepalm Apartment Homes, a new 306-unit luxury apartment community located at 5400 S. Williamson Blvd. in Port Orange, roughly 45 minutes outside of Orlando. Built in 2014, the gated Class A community features a large clubhouse, resort-style pool with cabanas, serenity beach with hammocks and a fitness center. Nashville-based Carter-Haston Holdings purchased the community from Birmingham-based LIV Development. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.
ARLINGTON, VA. — PCCP LLC has provided a $34.6 million senior loan to refinance a nine-story, 114,766-square-foot office building in Arlington. The asset is located in the Courthouse submarket of Arlington’s Rosslyn-Ballston Corridor. The borrower, Washington, D.C.-based Penzance, will use the loan to refinance maturing debt on the asset, as well as finance tenant improvements, leasing efforts and renovations. Built in 1987, the office building is currently occupied by 14 tenants, 11 of which use the office building as their corporate headquarters.
WINTER PARK, FLA. — Tampa-based Blue Rock Partners LLC and partner Konover South have purchased Hunter’s Ridge Apartments in Winter Park for $22.5 million. The 238-unit apartment community is located at 3733 N. Goldenrod Road. Hunter’s Ridge is the partnership’s fourth Orlando-area multifamily acquisition in the past eight months. The new ownership plans to invest $2 million in exterior and interior upgrades and rebrand the community as The Park at Napoli. Michael Donaldson of Marcus & Millichap’s Tampa office represented the seller, Toronto-based Ebenezer Holdings Corp., in the transaction. Wells Fargo provided acquisition financing on behalf of Blue Rock Partners and Konover South. Hunter’s Ridge was 95 percent occupied at the time of sale.
DELRAY BEACH, FLA. — Marcus & Millichap has brokered the $19.5 million sale of The George Buildings, two adjacent corner retail assets totaling nearly 20,000 square feet in Delray Beach. The buildings are located on the southeast and southwest corners of Atlantic Avenue and S.E. 4th Street. Howard Bregman of Marcus & Millichap’s Fort Lauderdale office represented the seller, a family corporation based in South Florida, and the buyer, a developer based in Palm Beach, Fla.
SAN DIEGO – Solana Beach Pho Bar & Grill has leased 2,881 square feet of restaurant space in San Diego. The space is located at 1005 Rosecrans Street. The 10-year lease is valued at $1.1 million. The pho restaurant was represented by Jose Bravo of Vanguard Resource Group. The landlord, Oliver McMillian Rosecrans, was represented by Steve Avoyer, Matt Peckham and Michael Stuhmer of Flocke & Avoyer Commercial Real Estate.
SAN ANTONIO — Austin-based fast casual restaurant Vertskebap will open two locations in San Antonio, with a third location in the works. This is the chain’s first expansion into San Antonio after successful expansions into Dallas and Houston and growth in Austin in 2014. The first location will open in May in the Park North Shopping Center at the southwest corner of Loop 410 and San Pedro Avenue. The second location will open this fall in Alamo Ranch Culebra Market, located at the intersection of Loop 1604 and Culebra Road. Vertskebap is built around döner kebap, a European street food, and is one of the first restaurants to bring döner kebap to the United States. Vertskebap restaurants are designed by Austin-based architect Michael Hsu. CBRE represented Vertskebap on site selection and lease negotiations in San Antonio. John Heffington of CBRE’s Austin office is the master broker for Vertskebap.
FORT WORTH, TEXAS — Ridge Development plans to construct a two-building industrial park on 47 acres in north Fort Worth. A joint venture between Ridge Development and LaSalle Investment Management will own the development, known as Railhead Industrial Park. Construction on the project is expected to begin in the second quarter of 2015. The first structure is a speculative building totaling 299,000 square feet, which should be finished by the end of this year. The second building is being marketed as a build-to-suit potentially spanning 343,000 square feet. Railhead Industrial Park has the ability to provide service from the BNSF Railway and has additional capacity for secondary service from the Union Pacific Railroad. The first building is planned for the southeast corner of North Main Street and East Industrial Road and will offer flexibility for single- or multi-tenant usage with storage and distribution space from 75,000 square feet to 299,000 square feet.