BOCA RATON, FLA. — Integra Real Estate Capital has arranged a $3 million refinance of City Plaza, an 11,000-square-foot retail property located in downtown Boca Raton. Igor Goldenberg of Integra arranged the seven-year loan through an unnamed regional balance sheet lender at a fixed interest rate. The recently renovated City Plaza’s tenant roster includes Tendler Orthodontics, Little Caesars Pizza, GK BloDryBar & Salon, The Seed Coffee | Juice and G+O2 Fitness.
PORTSMOUTH, VA. — Growth Equity Group has acquired the Charlestowne Townhomes, a 50-unit townhome rental community located at 1590 Darren Circle in Portsmouth, part of the Hampton Roads region. The property features two- to four-bedroom units ranging from 940 to 1,254 square feet. Charlestowne Townhomes is located near Norfolk Naval Shipyard, Bon Secour’s Medical Center and the Portsmouth Marine Terminals. Growth Equity Group has also recently acquired the 32-unit Midlands Townhomes in Williamsburg, Va., and the 178-unit Timberwoods in Newport News, Va. Terms of the transaction were not disclosed.
Nashville is now an established growth leader regionally and nationally. The city was a national trailblazer as the U.S. economy recovered from the Great Recession. That head start positioned Nashville to take advantage of broader growth trends and stay ahead of the pack as the remainder of the region and country started to grow again. Moody’s Analytics places Nashville firmly in an expansion phase, with fourth quarter employment growth 330 basis points ahead of the prior year, in-migration driving single-family housing permits up 13 percent last year and accelerating wage growth. Quoting Moody’s, “With the commercial real estate market tightening quickly, the pace of hiring will soon be contingent on how quickly new offices can be built or renovated. Yet there is still a good chance office-using employment could beat expectations, especially after 2016.” Class A buildings continue to dominate growth. Overall absorption for 2014 totaled 666,639 square feet, while Class A absorption was 689,009 square feet. Absorption exceeded construction by over 200,000 square feet, and Class A vacancy dropped from 5 percent at the beginning of the year to 3.5 percent at year-end. Vacancy that low inhibits movement, as is obvious in Brentwood with only 45,000 square feet vacant, …
TERRE HAUTE, IND. — Mainstreet and Trilogy Health Services is opening Harrison’s Crossing Health Campus, a 102-bed, 68,000-square-foot transitional care (short-stay rehabilitation and therapy) and assisted living facility, this month. The property is located at 395 8th Ave. in Terre Haute. Construction on Harrison’s Crossing Health Campus began in November 2013. Mainstreet developed the facility and Trilogy operates the property. Harrison’s Crossing Health Campus will offer amenities including a large therapy gym, outdoor rehabilitation courtyard, movie theater, game room, spa and an on-site chef. The project, which represents a total investment of $15 million in the community, created 317 construction jobs and 100 permanent jobs.
MADISON, WIS. — ALTUS Commercial Real Estate Inc. has arranged a 2,139-square-foot office lease in Madison. Wisconsin Newspaper Association will occupy the space located at 34 Schroeder Court, Suite 2. Chuck Polenz of ALTUS represented the tenant, and Jeff Jansen of ALTUS represented the landlord.
OAKBROOK TERRACE, ILL. — Zilber Property Group has opened a new Chicago regional office in Oakbrook Terrace. Lead by Todd Vezza, director of industrial investments, the office is focused on the expansion of Zilber’s Chicago industrial portfolio through acquisition and development. The new location is located at One Oakbrook Terrace Suite 510. Zilber owns and manages more than 5 million square feet of commercial space and operates corporate offices in Milwaukee and operations in Arizona, California, Florida, Hawaii, Illinois, Indiana, Texas and Wisconsin.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Parc Bordeaux Apartments, a 208-unit apartment community in Indianapolis. The sale price was undisclosed, but the property was listed at $8.7 million. Originally built in 1968, Parc Bordeaux underwent a $3.2 million rehab in 2002 following a tornado. Tikijian Associates represented the seller, Fowler Property Acquisitions. The buyer was an affiliate of Birge & Held Asset Management LLC, an Indianapolis-based private equity and property management firm. The buyer plans to continue making upgrades at the property.
ARLINGTON, TEXAS — The Greysteel Co, has arranged the sale of Cooper Park, a 180-unit apartment complex located at 812 Cooper Square Circle in Arlington. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented the seller, Cooper Holdings LP. Upper Level Acquisitions I LLC purchased the property.
IRVING, TEXAS — BMC Capital has arranged a $3.2 million purchase loan for a multi-tenant retail property located in Irving. The seven-year loan includes a 4.3 percent interest rate and a 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships. Brian Gramlich of BMC Capital’s Dallas office arranged the financing.
DALLAS — Venture Commercial Real Estate has arranged four leases on behalf of DestinationXL, a big and tall men’s clothing store. The 9,059-square-foot Dallas store is located at the southeast corner of North Central Expressway and Park Lane in the Shops at Park Lane, and will represent the first urban Dallas location for the retailer. The Arlington location spans 5,970 square feet and is located at 4245 S. Cooper St. The 6,800-square-foot Midland location is located at 2810 W. Loop 250 North in The Commons at Northpark II shopping center. The Tulsa, Okla. store, also 6,800 square feet, is located at 7020 S. Memorial Drive. Venture’s John Zikos and Jonathan Cooper represented the tenant in the four transactions. Ashley O’Malley and Jack Beard of United Commercial Realty, Mihir Mody of Mody Capital LLC, Gary Andrews of GRACO Real Estate Development and Matt Mardis of Paine & Associates represented the landlords in the transactions. The Tulsa store opened in October. The Arlington location is scheduled for a February opening, Midland is scheduled to open in March and the Dallas store is slated to open in May.
