MOUNTAINSIDE, N.J. — Vericon Construction has acquired a single-story commercial building at 191 Glen Road in Mountainside for $1 million. The buyer, which also owns the adjacent building, plans to expand its operations into the 11,685-square-foot property. The property is currently 46.5 percent leased to NBD Fitness Center and divisible for multi-tenant use with separate entrances. Jacklene Chesler of Colliers International represented the seller, Caiola Family Trust, in the transaction.
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SAN ANTONIO — Laurus Corp. has acquired the Marriott San Antonio Northwest Hotel. The Marriott is located at 3233 Northwest Loop 410 in the Northwest business corridor, just north of the interchange of Interstates 10 and 410. The hotel is the only full-service Marriott-branded hotel outside the San Antonio central business district and features 296 guestrooms, two food and beverage outlets, and approximately 8,500 square feet of meeting and banquet facilities, in addition to various amenities such as an outdoor pool, gift shop, guest laundry and business and fitness centers. Laurus Corp. will be investing approximately $16 million to upgrade the entire property to the new Marriott standards.
OKLAHOMA CITY — Milhaus has closed on financing and will begin construction on a $42 million mixed-use development in midtown Oklahoma City. LIFT, located at the northwest corner of 10th Street and Shartel Avenue, will include 329 units, comprised of eco-suites, studios, and one-, two- and three-bedroom apartments. Some of the features in the units include granite countertops, stainless steel appliances and hard surface flooring. The development will consist of 4,700 square feet of commercial space and a 445-space parking garage. The development will also feature a yoga room, café, bar, game room, fitness studio and children’s play area. Apartment units are set to be available in the summer of 2015. This is Indianapolis-based Milhaus’ first project outside of Indiana. Regions Bank provided construction financing for the project. Milhaus Construction LLC will construct the project, and Milhaus Management LLC will manage the property.
HOUSTON — Developer JPI/TDI has begun construction on a 198-unit luxury multi-family community in Houston, within the Heights submarket along the Washington Corridor. The community, Jefferson Heights, is located at 1520 N. Memorial Way. Construction is expected to be completed in fall 2016. Jefferson Heights is being developed on 1.47 acres adjacent to downtown Houston. Apartment homes will offer one- and two-bedroom floor plans ranging from 607 to 1,253 square feet. Units will feature granite countertops, stainless steel appliances, nine-foot ceilings, large closets, garden tubs, separate showers, as well as washers and dryers. Jefferson Heights will offer amenities that include downtown views, a pool overlooking downtown, three courtyards, fire pits, outdoor kitchen and grill area, Wi-Fi in common areas, coffee bar and a fitness center. JLL LP arranged the remaining capitalization in the form of a mezzanine loan, which Parse Capital and equity financing provided.
HOUSTON — Global Transportation has leased 10,719 square feet at the Norfolk Tower building, located at 2211 Norfolk St. in Houston. Griffin Jaggard and Terri Torregrossa of Moody Rambin represented the building owner, The Realty Associates Fund IX LP. Phil Arnett represented Global Transportation in negotiations.
HOUSTON — Ryan Watson, vice president of Q10 | Kinghorn, Driver, Hough & Co., has arranged $7.3 million in permanent, non-recourse financing on behalf of a Houston-based investor. The 10-year, fixed-rate loan was arranged through RAIT Financial Trust following the renovation of Bennington Square apartment homes in southwest Houston in 2012 and 2013. The 288,000-square-foot, 313-unit Bennington Square community is located at 6300 W. Bellfort St. The non-recourse financing with cash-out option to the borrower allowed the initial investment capital to be returned to the original investors.
LOS ANGELES – A 17-unit apartment building in the Faircrest Heights neighborhood of Los Angeles has sold to a local private investor for $7.8 million. The community is located at 1520-1522 South Hayworth Ave. It was built in 1990 and fully renovated in 2013. The seller, SHI Properties, was represented by Albert Shilton and Blake Rogers of Charles Dunn Company. SHI is an LLC owned by Oak Coast Properties.
COLORADO SPRINGS, COLO. – A 6,166-square-foot retail property in Colorado Springs has sold to Bahia Cypress Properties LLC for $4 million. The property is located at 1520 Briargate Blvd. It is an outparcel property of Chapel Hills Mall that is currently occupied by US Bank. The bank has 10 years remaining on the lease. Bahia was represented by Rick Puttkammer of Colliers International. The seller, W&G Company, was represented by Sam Zaitz of Legend Retail.
LOS ANGELES – A 10-unit apartment building in West Hollywood has sold to a local private investor for $3.3 million. The community is located at 1220 N. Formosa Ave. It was built in 1960. Kimberly Roberts Stepp of Charles Dunn Company represented both the buyer and the seller, Aquat 9 LLC, in this transaction.
EL MONTE, CALIF. – A 21,288-square-foot industrial property in El Monte has sold to an individual/personal trust for $2 million. The property is located at 3614 Arden Drive. Pablo Rodriguez and Richard Vincent of Marcus & Millichap’s Ontario office represented both the buyer and the seller, a private investor, in this transaction.