CARLSBAD, CALIF. – A seven-unit apartment complex in the San Diego submarket of Carlsbad has sold to an individual/personal trust for $1.8 million. The community is located at 3044 State Street in the Downtown Village district. The site is approved for an additional mixed-use building with ground-floor retail and nine townhouse-style condominiums. The property can also remain as the seven-unit complex, which can function as vacation rentals. Aaron Bove and Aaron Wilkinson of Marcus & Millichap’s San Diego office represented both the buyer and seller, another individual/personal trust, in this transaction.
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LAS VEGAS – A 13,500-square-foot medical office building in Las Vegas has sold to Scenic Vistas East LLC for $1.5 million. The building is located at 1569 E. Flamingo Road, near Desert Springs Hospital. The space formerly functioned as a surgery center and clinic. The new owner plans to re-open the facility under the same use. Scenic Vistas was represented by Michael McLeod of Albright Callister & Associates LLC. The seller, Chang Hop LLC, was represented by Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski of CBRE Las Vegas.
DEER PARK, TEXAS — Marcus & Millichap has arranged the sale of Deer Park Storage, a 61,220-square-foot self-storage facility located in Deer Park. David Knobler of Marcus & Millichap marketed the property on behalf of the seller, a tenant-in-common entity. Knobler and LeClaire also represented the buyer, a limited liability company. Deer Park Storage is located at 4013 Center St. in Deer Park.
HOUSTON — HFF has closed the sale of Spring Cypress Village, a 101,371-square-foot, grocery-anchored retail center in northwest Houston. HFF marketed the property on behalf of the seller, Delaware Life Insurance Co., formerly kown as Sun Life Assurance Co. of Canada, through its adviser, Guggenheim Partners. Phillips Edison and Co. bought the asset for an undisclosed amount. Spring Cypress Village sits on 15.7 acres at the intersection of State Highway 249 and Spring Cypress Road. The grocery-anchored property was renovated in 2007 and is leased to tenants including Sprouts Farmers Market, Spec’s Liquor, YES Kids Fitness, Wolfies Restaurant & Sports Bar, State Farm Insurance and Earthwise Pet Supply. The HFF team representing the seller included Rusty Tamlyn, Ryan West and Matt Berry.
HOUSTON — Songy HighRoads and The Carlyle Group have closed on construction financing and the subdivision of land for a second hotel in the Galleria Place mixed-use project in Houston. Carlyle’s share of the equity comes from Carlyle Realty Partners VI, a $2.34 billion real estate investment fund. The new Hyatt Place will be a 157-room, select-service hotel at the intersection of Sage Road and West Alabama Street near Galleria Mall. It will join the 325-room Hyatt Regency full-service hotel, which broke ground last December. Both hotels are expected to be completed in the fourth quarter of 2015. Amegy Bank provided construction financing. Gensler performed Hyatt Place’s architectural design. McCarthy Construction is the general contractor. The site spans 7.6 acres.
RICHARDSON, TEXAS — KDC and JLB Partners have started construction on two apartment complexes at CityLine, a 186-acre mixed-use development in Richardson. The 532 units will be within walking distance of four office towers leased by State Farm. Both complexes will front Plano Road and are near Dallas Area Rapid Transit’s Bush Turnpike Station. The northern four-story community will feature 233 units above 20,000 square feet of ground-floor retail. The five-story southern project will contain 299 units located at the corner of CityLine Drive and Plano Road. The apartments will include one-, two- and three-bedroom floor plans ranging in size from 573 to 1,550 square feet. Community amenities include a pool, fitness center, resident lounge and business center. Construction is expected to be completed in the second quarter of 2015. Regions Bank and Capital One are providing financing.
MOUNT PLEASANT, S.C. — Daniel Corp. has broken ground on Bridgeside at Patriots Point, a 324-unit apartment community in Mount Pleasant. Daniel Corp. is developing the asset on behalf of MetLife Inc. and plans to deliver it in the spring of 2016. The property will feature one- and two-bedroom floorplans and offer views of Charleston Harbour. The community will include covered parking, a resort-inspired clubhouse, pool area, fitness center and gardens. The project team includes general contractor Choate Construction Co., civil engineer Seamon Whiteside & Associates and architect Wakefield Beasley & Associates.
WESTON, FLA. — CBRE has arranged the $32.3 million sale of Weston Road Shopping Center, a 105,929-square-foot retail center located at 4410 Weston Road at the entrance of the city of Weston. An institutional investor purchased the asset from Coral Gables-based Game Properties. The property is roughly 98 percent leased to tenants such as Office Depot, AC Moore, Sprint, Dunkin’ Donuts, AT&T, Pinch-A-Penny, Honey Baked Ham and T-Mobile. Dennis Carson, David Donnellan and Casey Rosen of CBRE represented Game Properties in the transaction.
KENNESAW, GA. — Cushman & Wakefield has arranged the sale of TownPark Ravine, a three-building, 367,090-square-foot office park in the northern Atlanta suburb of Kennesaw. The office park provides immediate access to Interstates 75 and 575. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented the seller, Taylor & Mathis Inc., in the transaction. The purchase price was not disclosed. Cushman & Wakefield also arranged a $41.1 million acquisition loan on behalf of the buyer, America’s Capital Partners LLC. Mike Ryan, Brian Linnihan, Jeff Walker and Larry Johnson of Cushman & Wakefield arranged the long-term, fixed-rate loan through GE Capital Corp.
SIMPSONVILLE, S.C. — NAI Earle Furman has brokered the $4.9 million sale of Village Park Apartments, a 132-unit complex located at 110 Village Park Drive in Simpsonville. Built in 1976, the asset was 96 percent occupied at the time of the sale. Tony Bonitati and Kay Hill of NAI Earle Furman represented the seller, Gastonia, N.C.-based Southwood Realty, in the transaction. The buyer was Brooklyn-based Two Bridges Asset Management LLC.