AUSTIN — Transwestern has brokered the sale of 811 Barton Springs to a fund managed by Cornerstone Real Estate Advisers. The 143,183-square-foot, Class A office building is located on Barton Springs Road between Austin’s central business district and the Southwest submarket. The nine-story building was 99 percent leased at the time of sale. The property, which underwent more than $1 million in renovations during the past several years, earned an Energy Star rating in 2009 and LEED-Gold certification in 2013. Hale Umstattd and Leah Gallagher of Transwestern represented the seller.
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HOUSTON — JLL Capital Markets has brokered the sale-leaseback of a 20,600-square-foot acute care rehabilitation center in Houston. Capital Square Acquisitions LLC bought the building for an undisclosed amount from Mentis Houston RE LLC, which will lease the property through April 2029. Rudy Hubbard, Kevin McConn and Rick Goings of JLL led the sales team. The acute rehabilitation center was built in 2008 and underwent an expansion in 2011 and 2012. The property is located near the Texas Medical Center
PLANO, TEXAS — Dougherty Mortgage has arranged a $1.9 million Fannie Mae loan on behalf of DP Group LLC for the refinancing of Collin Park Apartments, a 60-unit multifamily property in Plano. The 10-year loan includes a 30-year amortization schedule.
DALLAS — Marcus & Millichap has arranged the sale of Villas Del Rey, a 141-unit apartment complex in Dallas. Bard Hoover and Nick Fluellen with Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Joshua Luchs and Joshua Ross with Marcus & Millichap’s Encino office represented the buyer, an individual/personal trust. Brian Adams with Marcus & Millichap’s Dallas office arranged financing. Villas Del Rey is located at 8117 Barclay Street just off Buckner Boulevard and 10 miles east of downtown Dallas. The asset was built in 1970 and was renovated in 2003.
GAINESVILLE, FLA. — InterContinental Hotels Group (IHG) has signed a deal to bring a 120-room Hotel Indigo to Celebration Pointe, a new 125-acre mixed-use neighborhood being developed in Gainesville. The hotel will be located within the project between S.W. 49th Terrace and S.W. 50th Terrace. The hotel will feature a neighborhood bar and an interactive touchscreen display called Neighborhood Guide that guests can use to explore the area. The $170 Celebration Pointe development is scheduled to open by fall 2016. The Hotel Indigo Gainesville is also expected to open in 2016. Celebration Pointe Hotel Partners LLC owns the hotel, and Driftwood Hospitality will manage it upon completion.
ORLANDO, FLA. — The Shopping Center Group has brokered the sale of two Orlando shopping centers for an aggregate purchase price of $26.6 million. Orange Blossom Center, a fully leased, 161,000-square-foot asset in south Orlando, sold for approximately $16.3 million. The center’s tenant roster includes Save-A-Lot, Planet Fitness, CitiTrends and Walgreens, which wasn’t included in the sale. The Shopping Center Group represented the seller, an affiliate of California-based PICOA Inc., in the transaction. A private investor from New York was the buyer. Additionally, Century Plaza, a fully leased, 135,000-square-foot shopping center in east Orlando, sold for $10.3 million. The asset’s tenant roster includes Aldi, Ross Dress for Less, Big Lots and dd’s Discounts. The Shopping Center Group represented the seller, Kimco Realty, in the sale of the asset to ARC Centers.
MCLEAN, VA. — Finmarc Management Inc. and SPMC Urban Properties has sold a two-story, 32,857-square-foot retail store located at 8209 Watson St. in McLean. Constellation 107th Street LLC purchased the asset for $22 million. The two-story building, which also features a two-story parking garage, is fully leased to Recreational Equipment Inc. (REI). The property is adjacent to Tysons Corner Center and the new Silver Line of the Washington Metro Transit System. Jonathan Hipp, Andrew Fallon and Jonathan Florin of Calkain Cos. LLC represented both the buyer and the sellers in the transaction.
CHESTER, S.C. — Newmark Grubb Wilson Kibler has arranged an 806,000-square-foot lease transaction for industrial space at 648 Wilson St. in Chester. The tenant was International Auto Logistics, a storage and maintenance shop for private vehicles for military personnel serving overseas. George McCutchen of Newmark Grubb Wilson Kibler represented the landlord, Breton Equity Corp., in the lease transaction.
MIAMI — CREC has secured a lease for a new 30,000-square-foot Ross Dress for Less at Miller Square Shopping Center, a 196,323-square-foot center in Miami. The asset is located at the southwest corner of 137th Avenue and Southwest 56th Street in Miami’s West Kendall submarket. CREC worked with owner Principal Real Estate Investors and manager Schiff Properties to demolish an underutilized 21,000-square-foot portion of Miller Square to make room for the new Ross store. Steven Henenfeld and Ruben Suarez of CREC arranged the lease deal on behalf of the landlord. Construction is expected to wrap up in 2015.
DOYLESTOWN, PA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $25.6 million loan for the acquisition of a high-rise residential building in Doylestown. The buyer plans to continue to convert the building from a seniors housing to market-rate multifamily units. Additionally, the new owner plans to streamline operations and enhance the property with additional apartments and more community amenities. John Banas and Kristopher Wood of MMCC’s Philadelphia office arranged the 10-year loan, which features a 4.1 percent fixed rate, an 80 percent loan-to-value ratio and a 30-year amortization schedule.