FALMOUTH, MASS. — Cambridge Capital Advisors has brokered the sale-leaseback of Inner Harbor Marketplace at 77 Scranton Ave. in Falmouth. Scranton Holdings Corp. sold the 35,000-square-foot shopping center for $9.4 million to Falmouth Retail LLC. The shopping center is anchored by a Windfall Market, which executed a new 15-year triple-net lease upon close of escrow. Additionally, West Marine, which has occupied the center since 1994, exercised a 5-year lease option. Michael Scanio of Cambridge Capital Advisors represented both the seller and buyer in the transaction.
Property Type
PAINTED POST, N.Y. — Erwin Hospitality Associates has opened a Hampton Inn in Painted Post. Located at 248 Town Center Road, the 98-room hotel is the only Hampton property in Painted Post and the 48th in the state. The hotel features Hampton’s Perfect Mix Lobby, designed with a variety of seating and lighting options for both leisure and business travelers, and well-equipped guestrooms with modern amenities, including microwaves, refrigerators and LCD, flat-screen televisions. Visions Hotels will manage the property, which is owned by Erwin Hospitality.
SOUTHPORT, CONN. — Quincy, Mass.-based The Grossman Companies and Southport-based Summit Development have acquired an office building at 200 Pequot Ave. in Southport. The 12,700-square-foot building sold for $2.4 million or approximately $185 per square foot. The buyers plan to upgrade the property’s common areas and lease out the building, which is currently 43 percent occupied. The undisclosed seller, a former tenant, sold the property directly to the buyers in an off-market transaction.
HOUSTON — HFF has brokered the sale of Colorado Club Apartments, a 300-unit multifamily property in east Houston. Located at 794 Normandy St., the community includes one- and two-bedroom apartments averaging 753 square feet each, plus amenities such as a swimming pool, fitness center and playground. The complex was 98 percent leased at the time of the sale. Chris Curry, Todd Marix, Todd Stewart and Tre Banks of HFF marketed the asset on behalf of the seller, Cleveland, Ohio-based Capital Equity Group. White Oak Partners LLC, based in Columbus, Ohio, purchased the property.
KINGSVILLE, TEXAS — Domus Development will break ground this month on the 504-bed first phase of Legends Kingsville, a student housing project in the south Texas city of Kingsville. The property, which is scheduled to open in August 2015, will serve Texas A&M University at Kingsville. Reynolds & Lapp Commercial represented Domus in the acquisition of a 20-acre parcel for the development.
DALLAS — Pappas Harris Properties LLC has acquired a three-building, 81,500-square-foot flex space complex in Dallas. The structures, which are buildings 11, 12 and 13 of Northgate Business Park 1, are located on a 4.4-acre parcel on the corner of Plano Road and Chartwell Drive. The complex is currently 93 percent leased. Matthew Hickey and Tom Smolik of full-service real estate firm TIG brokered the transaction. Northgate Business Park Inc. was the seller.
IRVING, TEXAS — CBRE has brokered the sale of Market Square, a 46,979-square-foot strip shopping center in the Las Colinas community of Irving. The unanchored property, located at 5401-5465 N. MacArthur Blvd., was 96 percent occupied at the time of the purchase by tenants including FedEx Office, Sal’s Italian Restaurant, Boston Market and Pizza Hut. Jennifer Pierson and Beth Pierson of CBRE represented the seller, Ritter Management Inc., in the transaction. Carlisle Interests purchased the asset.
ARLINGTON, TEXAS — Dougherty Mortgage LLC has arranged a $3.4 million loan for the acquisition of Arbor Terrace Apartment Homes, a 143-unit multifamily property in Arlington. The complex includes efficiency, one- and two-bedroom apartments, as well as a swimming pool and gazebo. The Dallas office of Dougherty Mortgage arranged the 10-year loan on behalf of AT Apartments LP.
SAN DIEGO — Harrison Properties has acquired 0.75 acres of land in Encinitas that is occupied by Pacific Surf Inn for $4.2 million. The land is located at 1076 N. Coast Highway 101 in the San Diego submarket. Harrison was represented by Peter Curry of Cassidy Turley. The seller, Gili Investments, was represented by Tim Winslow, Jason Kimmel and Kevin Nolen of the same firm.
SALEM, ORE. — Vista Pointe Luxury Apartments in Salem has received a $4.1-million refinance. The community is located at 1830 Wiltsey Road SE. The loan has a low fixed interest rate and a 30-year amortization schedule. It was arranged for the local borrower by Blake Hering, Jr. and Matt Illias of NBS Financial Services. NBS will also service the loan for the lender, life insurance company Genworth Financial.