LOS ANGELES – Cotti Foods has received a $39.4-million loan to acquire 39 Wendy’s Restaurants throughout Los Angeles and Hawaii. Some of the funds will also be used to remodel existing units, as well as to develop new units. The acquisition includes 32 restaurants in the Greater Los Angeles market and seven in Hawaii. The restaurants were sold by Wendy’s International Inc. So far, the company has disposed of 418 Wendy’s restaurants across 13 U.S. markets. Most of these dispositions occurred out West. The loan was provided by GE Capital’s Franchise Finance business.
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EL CAJON, CALIF. – El Cajon Senior Towers, an 89-unit affordable seniors housing complex, has received a $6-million loan. The complex is located at 180 Ballantyne Street in the San Diego submarket of El Cajon. It was built in 1981. The borrower is a private investor who specializes in owning and operating multifamily properties servicing families and seniors with lower incomes. The loan was arranged by Jeff Kearns and Kent Carpenter of Johnson Capital under the HUD/FHA’s 223(f) loan program. The program offers 35-year, fixed-rate mortgages at very low interest rates.
MCKINNEY, TEXAS — Encore Wire Corp. has announced plans for an expansion of its McKinney headquarters. The company is in its 25th year in business and will invest more than $30 million to expand its manufacturing facilities and provide more than 125 new jobs in McKinney. The company has more than 1,180 employees and is the largest taxpayer in McKinney. The expansion of its existing aluminum wire plant will add 128 new jobs and increase the size of the plant from 200,000 square feet to 450,000 square feet. The expansion is expected to be complete in December.
EL PASO — Hackman Capital Partners LLC has purchased two facilities formerly owned by a Hoover Inc. affiliate. The acquisition includes a plastic injection molding and CNC (computer numerically controlled) tool making facility in El Paso and a manufacturing building in Juarez, Mexico. The firm partnered with Industrial Assets Inc. and Maynards Industries to purchase the assets in a bulk transaction. The El Paso building contains 423,435 square feet while the Juarez building spans 274,295 square feet.
HOUSTON — Progressive Real Estate Partners has brokered the sale of a 24,000-square-foot former PetSmart building for $5 million. The freestanding building is located at 10500 Katy Freeway in Houston. Built in 1992, the 1.8-acre property is shadow-anchored by Home Depot, Hobby Lobby and Sam’s Club. The site is near Interstate 10 and Beltway 8 in Houston’s Memorial City District.
MIDLOTHIAN, TEXAS — Encore Land LLC has completed land development for its first single-family residential project, Jordan Run Estates Phase II, in Midlothian. The company also has developments underway in Coppell, Las Colinas, Fort Worth, Mansfield and Waxahachie. J. Houston Homes is the builder for the Jordan Run Estates community, with new homes available this fall. Completion of the Coppell, Mansfield and Waxahachie developments is slated for early 2015. New projects totaling 3,100 lots across the Dallas-Forth Worth Metroplex are in Encore Land’s pipeline.
FORT LAUDERDALE, FLA. — CBRE has arranged the $66.4 million sale of a 225,650-square-foot office tower located at 200 E. Broward Blvd. in Fort Lauderdale’s central business district. Boston-based TA Associates Realty purchased the asset for roughly $294 per square foot. The 21-story asset was 88 percent leased at the time of the sale. Christian Lee, Jose Lobon, Charles Foschini and Chris Apone of CBRE represented the seller in the transaction. Sandra Andersen of JLL assisted the CBRE team with market leasing.
CHAMBLEE, GA. — Cocke, Finkelstein Inc. (CFI), a multifamily investment firm, has acquired a six-acre tract of land at the intersection of Peachtree Boulevard and Chamblee-Tucker Road in Chamblee. CFI plans to develop a 283-unit apartment community known as Chamblee Gateway at the site. CFI plans to deliver the Class A property in early 2016. The company is also currently developing two other Atlanta-area apartment communities with Enfold Properties: The Ardmore in Buckhead and Collier Lofts in Buckhead West.
ATLANTA — Westbridge Partners has acquired the retail component of a new mixed-use building located at 691 14th St. in Atlanta’s West Midtown neighborhood. Completed in 2014, the property features 197 apartment residences and 10,980 square feet of retail space. Patterson Real Estate Advisory Group arranged acquisition financing through Hamilton State Bank on behalf of Westbridge. Westbridge purchased the retail portion from Greystar and has executed leases with Cooks and Soldiers (4,625 square feet), Kane Boutique (1,192 square feet) and an unnamed national coffee/tea company (1,700 square feet).
FORT MYERS AND ORLANDO, FLA. — Blue Rock Partners LLC and Konover South LLC have purchased two apartment communities in Florida for $27.5 million combined. The partnership purchased the 288-unit Montego Bay Apartment Homes in Fort Myers for $16.1 million and the 200-unit Palm Harbor Apartment Homes in Orlando for $11.4 million. The new owners plan to invest $4.5 million in capital improvements to both properties and rename them as The Park at Positano and The Park at Salerno, respectively.