LORAIN, OHIO — Namdar Realty Group has acquired a 200,000-square-foot shopping center in Lorain, approximately 29 miles west of Cleveland. The Center of Sheffield features national and regional tenants including Apple’s Market, Marc’s and H&R Block. The property is located at 400 Sheffield Center. Joel Gorjian led the Namdar Realty Group team in the transaction. Namdar’s portfolio consists of 16 million square feet of commercial real estate nationwide.
DALLAS — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Hunter’s Hill, a 436-unit apartment complex in north Dallas. Will Balthrope and Drew Kile of IPA represented the seller and procured the buyer. Hunter’s Hill is located at the intersection of Midway Road and Frankford Road in the Platinum Corridor area. Amenities include controlled access gates, a gym, indoor basketball and racquetball courts, two pools, a business center, clubhouse, billiards table and covered parking.
AUSTIN — Walker & Dunlop has arranged a $23 million acquisition loan for The Ballpark, a student housing complex in Austin. Walker & Dunlop provided short-term bridge financing prior to the borrower, Nimes Capital, obtaining a 10-year Freddie Mac loan. Nimes Capital purchased the property through an auction in October 2014. The Ballpark is a 282-unit, 768-bed complex built in 2000. It is located in the East Riverside area near the University of Texas at Austin. Amenities at the Ballpark include a computer lab, free internet, a volleyball court, athletic fields, gym and swimming pool. Will Baker of Walker & Dunlop led the team that structured financing.
MOUNT PLEASANT, MICH. — AT&T has signed a 1,920-square-foot retail lease in Mount Pleasant. The mobile provider will occupy space within the Pickard Square shopping center located at Pickard Road, is just east of Mission Street. This will be the second AT&T location in Mount Pleasant. Larry Siedell and Tjader Gerdom of Gerdom Realty and Investment represented the landlord. Steve Millman of Northstar Commercial Real Estate represented the tenant in the lease.
HOUSTON — NAI Houston represented American Spectrum in the sale of two office properties located at 800 and 888 W. Sam Houston Pkwy. Both buildings are two-story, multi-tenant properties totaling 88,292 square feet. The assets are located in Houston’s Westchase District near the intersection of Beltway 8 and Briar Forest. Doug Pack of NAI Houston represented the seller, American Spectrum. Logan Brown of Logan Brown Investments represented the buyer.
BROOKFIELD, WIS. — Aspen Physical Therapy has leased 3,000 square feet of space at Ruby Isle. The shopping center is located at 2205 N. Calhoun Road in Brookfield, 12 miles west of Milwaukee. Teresa Shemitis of Mid-America Real Estate –Wisconsin LLC represented the landlord in the transaction.
NEW YORK CITY — Broad Street Development, along with investment partner Crow Holdings, has acquired a two-building residential portfolio for $178.5 million. The portfolio includes 298 and 304 Mulberry Street, which offer a total of 182 apartments and 11,825 square feet of ground-floor retail space with full frontage on both Houston and Mulberry streets and an on-site parking garage. The seller was Boston-based GID Investment Advisors LLC. The partnership will immediately begin a $3.5 million renovation campaign, including aesthetic and operational improvements. Planned improvements include the installation of new windows, new roof and roof decks, the redesign and renovation of the lobbies, modernization of interior areas and upgrades to individual homes, including kitchen and bathrooms.
RYE, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $29.6 million acquisition loan for International Corporate Center in Rye. Located at 555 Theodore Fremd Ave., the 168,499-square-foot office building was built in 1990. The 10-year, fixed-rate CMBS loan features five years of interest-only, a 30-year amortization schedule, a 4.32 percent rate and a 75% loan-to-value rate. Christopher Marks of MMCC arranged the financing for the undisclosed borrower.
BRICK, N.J. — Tryko Partners has acquired Burnt Tavern Rehabilitation and Healthcare Center in Brick for an undisclosed price. Located at 1049 Burnt Tavern Road, the center includes 148 skilled nursing beds with expansion potential and an assisted living component that can accommodate 23 clients. The company plans to launch a $1 million renovation program to upgrade the property, which has been renamed Willow Spring Rehabilitation and Healthcare Center. Planning renovations include a state-of-the-art sub-acute care unit, expanded rehabilitation facility with cutting-edge equipment and technology, and updated common areas, patient rooms and assisted living accommodations. Tryko Partners purchased the asset from the original developer, NuVision Management. Additional terms of the transaction were not released.
MADISON, CONN. — O,R&L Commercial has brokered the acquisition of a light industrial facility in Madison. Stone Heron LLC purchased the 42,000-square-foot property from Garland Associates for $2 million. Located at 14 New Road, the 42,000-square-foot property was developed in 1970 for Shoreline Industries and has been home to Garrity Industries since 1983. The property will become the new home of Pacuda Inc., which is relocating from Deep River, Conn. Timothy McMahon of O,R&L Commercial represented the buyer, while James Panczykowski of Binswanger represented the seller in the transaction.
