DALLAS — Performance Properties LLC has acquired the 370-unit Linda Vista Apartments in Dallas. The company plans to spend $1.3 million on renovations at the complex. The apartments are located at 13450 Manham Road and were 98 percent leased at the time of sale. Linda Vista consists of 18 buildings and was built in 1980. Units average 667 square feet with a mix of one- and two-bedroom layouts.
HOUSTON — NAI Houston has arranged the sale of a 27,000-square-foot spec building located on 3.3 acres at 9851 Genard Road in Houston. Chris Kugle and John Ferruzzo of NAI Houston represented the seller, Brennan Investments. John Nicholson of Cassidy Turley represented the buyer, Ferguson Enterprises Inc.
ORLANDO, FLA. — Wood Partners and the Ustler Group of Cos. have completed Phase I of construction at The Ivy – Residences at Health Village, a 248-unit apartment community in downtown Orlando. The property is part of Florida Hospital’s 172-acre Health Village, a transit-oriented, master-planned urban development. Wood Residential Services is managing the property. The Ivy’s amenity package includes a cyber café, resort-style pool with a multi-level deck and cabanas, 24-hour fitness center, yoga and Pilates studio and a billiards room. The project team includes architect Baker Barrios, architect of record Charlan Brock & Associates, general contractor Wood Florida Builders, civil engineer GAI Consultants and landscape architect Libra Design Group Inc.
WOODSTOCK, GA. — Bell Partners Inc. has acquired Alta Woods, a 498-unit apartment community in Woodstock, a northern suburb of Atlanta. Bell Partners will manage the community and will rename it Bell Woodstock. The property’s amenity package includes two clubhouses, WiFi access, two outdoor pools, a sand volleyball court, nine-hole putting green, outdoor playground, lighted tennis courts, two fitness centers, dog park and multiple grill and picnic areas. Bell Woodstock was more than 96 percent occupied at the time of sale.
KALAMAZOO AND GRAND RAPIDS, MICH. — Devonshire REIT Inc. has acquired three shopping centers at a total cost of $69.7M. The properties include Maple Hill Mall in Kalamazoo and Alpine Summit Shopping Center in Grand Rapids; and Northwest Crossings Shopping Center in Knoxville, Tenn. Maple Hill Mall is a 283,551-square-foot, open air power center. Target shadow anchors the shopping center. The property is fully occupied by several national tenants. Marshalls, HomeGoods and ABC Warehouse anchor the 136,942-square-foot Alpine Summit Shopping Center in Grand Rapids, which is 95 percent occupied. A separately owned Wal-Mart Supercenter anchors the 124,453-square-foot Northwest Crossings Shopping Center in Knoxville, which is fully occupied. The acquisition pushes Devonshire’s total assets under management to more than $370 million.
CHICAGO — The Boulder Group has arranged the $5.1 million sale of a single-tenant Bank of America property in Chicago. The building is located at 4200 S. Ashland Ave. and features five drive-thru lanes and 44 designated parking spaces. There are 10 years remaining on the Bank of America lease, which expires Oct. 31, 2024. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate developer. A Canadian-based investor purchased the property.
Auburn Hills, Mich. — L. Mason Capitani CORFAC International has arranged the sale of a 40,000-square-foot industrial facility in Auburn Hills. SL America Corp. purchased the facility located at 4375 Giddings Road from an undisclosed seller. The asking sale price for the property was $2.2 million. SL America, a subsidiary of South Korean-based SL Corp., has outgrown its North American Engineering Center in Sterling Heights and is expanding to this new location. The company is a supplier of exterior lighting, gear shifters, electronics, and pedal modules. Garry Rogers of L. Mason Capitani represented the buyer in the transaction.
OREM, UTAH – Midtown360, a 594-unit multifamily development in Orem, has received a $56.5-million senior loan. The loan will finance the acquisition, development and stabilization of the project. The community will be located at 320 South State Street, just 40 miles south of Salt Lake City. It is situated in a very student-dense area, with about 70,000 college students residing in Orem and Provo. Phase I of Midtown360 will include 286 units in two mid-rise towers, in addition to 50,000 square feet of retail space. Common amenities will include a study lounge, business center, rooftop deck, clubhouse, fitness center, pool and basketball court. Phase I construction should be completed in 18 months. Phase II will include 308 units in a third tower. Construction on this phase is expected to commence in about two years. Construction on this project initially commenced before the recession. At the time, it was called Midtown Village. The developer partially completed 40 of the units before construction was halted in 2008. The new loan was provided to The Ritchie Group by PCCP LLC.
PASADENA, CALIF. – A 59,268-square-foot retail property in Pasadena has received a $7.8-million loan. The center is located at 855–875 S. Arroyo Parkway. Notable tenants include Petco, BevMo and Staples. The owner is a large, nationally known owner and developer of commercial and multifamily real estate. Financing was arranged by Amos Smith and Sean Skelton of Johnson Capital’s Irvine office. The permanent, fixed-rate, non-recourse loan was provided by a national life insurance company. It features a 10-year term.
NORTHRIDGE, CALIF. – An 8,660-square-foot restaurant in Northridge that is triple-net leased to Black Angus Steakhouse has sold to Jonker 2012 Trust for $3.9 million. The restaurant is located at 9145 Corbin Ave. Black Angus has been the building’s sole tenant since it was built in 1981. The restaurant is situated near Lowe’s, the Northridge Fashion center and the Walnut Grove Shopping Center. The seller, Lot Associates 30 LTD, was represented by Bob Safai and Matt Case of Madison Partners.
