AUSTIN AND GALVESTON, TEXAS — Berkadia has negotiated the sale of two multifamily properties in Texas. George Deuillet III and Forrest Bass of Berkadia’s Austin office negotiated the sale of Capitol Village Apartments located in Austin. Chip Nash, Greg Austin, Wade Schmitz and Bob Heard of the firm’s Houston office negotiated the sale of Driftwood Apartments in Galveston. Both sales closed on March 31. Capitol Village Apartments, located at 6855 E. Highway 290 in Austin, was built in 1969. The 249-unit property features studio, one-, two- and three-bedroom layouts. Unit amenities include kitchens with electrical appliances, balconies, patios, fireplaces, ceiling fans and walk-in closets. Community amenities include a swimming pool, clubhouse, playground, fitness center and business center, as well as barbeques, carports and two laundry facilities. The property, which is 96 percent occupied, is located on Highway 290 near State Route 183. The seller was InterGroup Corp. of Los Angeles and buyer was a private investor from San Francisco. Built in 1982, Driftwood Apartments is located at 7019 Lasker Drive in Galveston and is 97 percent occupied. The 238-unit property features one- and two-bedroom layouts, and unit amenities include kitchens, pantries, balconies, patios, washer and dryer connections, walk-in closets and …
HOUSTON — Jamie Mullin of LMI Capital has arranged $26.4 million in debt for the refinance of a garden-style apartment complex in Houston’s Galleria submarket. On behalf of the borrower, Mullin secured the 10-year, fixed-rate CMBS loan that provided cash out proceeds to the client. The loan featured a 4.2 percent interest rate and five years of interest-only payments followed by a 30-year amortization schedule.
Fort Worth, Texas —Tyler’s will open a 17,274-square-foot store at the Trademark Property Co.’s WestBend mixed-use development in Fort Worth’s University District. Slated to open in early 2016, the regional retailer will bring athletic, lifestyle and collegiate apparel, footwear, eyewear and accessories to WestBend. It’s the company’s first location in Fort Worth and seventh statewide. Tyler’s will join the line-up of current WestBend tenants, including Zoë’s Kitchen, East Hampton Sandwich Co., and Silver Fox. In addition, The Fresh Market is slated to open this summer, and Grimaldi’s Coal-Brick Oven Pizzeria is slated to open this fall at the development. Upon completion in fall 2015, WestBend will include 280,000 square feet of retail, dining and office space.
SANTA CLARA, CALIF. — Legendary Restaurant Brands has signed an exclusive master development agreement that will allow it to bring up to 100 new Bennigan’s and Steak and Ale restaurants to California. Narender Taneja, franchise owner of the recently remodeled Bennigan’s in Santa Clara, secured the exclusive master and sub-franchising rights for the state. Taneja recently finalized agreements to bring two new Bennigan’s to Fremont and San Jose, Calif. They are scheduled to open in the third and fourth quarters, respectively. Taneja also secured the rights to sub-franchise the brands to approved operators within California.
HUNTINGTON BEACH, CALIF. — Prudential Real Estate Investors (PREI) has formed a joint venture with DJM Capital Partners to own and manage Bella Terra Shopping Center in Huntington Beach. The purchase price was not disclosed. DJM has owned and operated the 840,909-square-foot outdoor retail center since 2005. The Class A property is located at 7777 Edinger Ave. PREI acquired about a 75 percent stake in the center, while DJM will maintain about a 25 percent stake. DJM will continue to lead the property management and leasing aspects of the property. The firm originally purchased Bella Terra in 2005 with its previous partner, an institutional investor advised by Sarofim Realty Advisors. That entity sold its interest to PREI. The asset underwent a transformation shortly after this initial acquisition. The new joint venture between PREI and DJM Capital Partners includes the original shopping center and the new Costco. DJM separately owns and operates the retail underneath Bella Terra’s luxury apartments. Sarofim Realty Advisors and DJM Capital Partners were advised by Eastdil Secured.
LAS VEGAS — Construction has commenced on LogistiCenter Cheyenne, a 381,804-square-foot distribution facility in North Las Vegas. The facility is located at 4025 East Cheyenne Ave. The 20-acre property is situated in the Interstate 15 corridor. Key West Coast markets like Los Angeles, Phoenix and Utah are within a one-day drive of the center. The project is being developed by Dermody Properties. It is scheduled for completion this October. The facility will feature a 32-foot clear height, 80 trailer stalls and 248-car parking stalls. Hillwood Investment Properties is the strategic financial partner on the project. United Construction Company will act as the general contractor. The property is being marketed by Susan Borst and Dan Doherty of Colliers Las Vegas.
TEMPE, ARIZ. – SmartStop Self Storage has acquired a 350-unit self-storage facility in Tempe for $4.4 million. The facility is located at 3803 South Priest Drive. It is currently 89 percent occupied. The facility was built in 2005. SmartStop owns five other facilities in the Phoenix area. The new facility will be managed by and rebranded under the SmartStop flag.
PALM SPRINGS, CALIF. – The Shops at Palm Springs Marketplace, a 10,301-square-foot, free-standing pad within the Palm Springs Marketplace, has sold to Huntington Beach Partnership for $3.1 million. The center is situated on the southeast corner of East Vista Chino and North Sunrise Way in Palm Springs. The Shops’ tenants include Subway, Little Caesars Pizza, Bank of America, Kaiser Permanente, Genetics Nutrition, David Andrew Salon and USA Taekwondo Center. Palm Springs Marketplace is anchored by Stater Bros. Other notable tenants include Arco, McDonald’s, Taco Bell, AutoZone, O’Reilly Auto Parts, Dollar Tree and Dairy Queen. Huntington Beach Partnership was represented by Harcourts & Freeman. The seller was Ramsey Real Estate Group.
ORLANDO, FLA. — Index Living plans to develop two apartment communities on Greenwald Drive near the northeast corner of Osceola and John Young parkways near Kissimmee. The combined development cost for the two properties is $47 million. The two properties, known as Monterey Pointe and Sonoma Pointe, will span a combined 366 units that feature nine-foot ceilings, wood plank flooring, stainless steel appliances, granite countertops, bedroom ceiling fans and energy and water conservation features. The properties’ community amenities will include community rooms, fitness centers, business centers and swimming pools with deck areas. Index Living, through its affiliate Index Investment Group and an unnamed developer based in Florida, plans to deliver Sonoma Pointe this September. No completion date has been announced for Monterey Pointe, which will be an independent living property for seniors over 55 years old.
CHARLOTTE, N.C. — Grandbridge Real Estate Capital has closed an $8.9 million acquisition loan for Camfield Corners, a 69,857-square-foot shopping center in Charlotte’s Ballantyne area. The Bi-Lo-anchored center was 97 percent leased at the time of financing. Wesley Fricks of Grandbridge’s Raleigh office originated the loan through Starwood Mortgage Capital, a CMBS lender, on behalf of the New York-based borrower. The fixed-rate loan has a 10-year term and a 30-year amortization schedule.