BEECHWOOD, OHIO — Marcus & Millichap has brokered the $34.3 million sale of Pavilion Shopping Center, a 249,873-square-foot shopping center east of Cleveland in Beachwood. The property is located near I-271 at 24055 Chagrin Blvd. Stein Mart, Marshalls, Big Lots, Petco and Michaels co-anchor the shopping center. Two freestanding out-parcel buildings leased to Ruby Tuesdays and Huntington National Bank were included in the sale. Scott Wiles and Craig Fuller of Marcus & Millichap’s Cleveland office, along with Erin Patton of the firm’s Columbus office, represented the seller, a Cleveland-based private joint venture. Wiles, Fuller, Patton and CJ Jackson, an associate in the Columbus office, represented the buyer, Devonshire REIT of Whitehouse, Ohio.
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GRAND RAPIDS, MICH. —MidCap Financial LLC has provided an $8.6 million loan for Titan Real Estate Investment Group to acquire an independent living facility in Grand Rapids. MidCap Financial provided the first mortgage floating rate loan with a term of up to four years. The loan not only financed the acquisition, but will also enable the borrower to complete capital improvements and reposition the property within its market. The 153-unit independent living facility was built in 1984 by a local developer and operator team that operated the facility up until the sale. Los Angeles-based Titan Real Estate Investment Group is a real estate investment firm, and Titan SenQuest is its senior housing operating platform. This is Titan SenQuest’s sixth senior housing acquisition since it was formed in 2012. Jason Dopoulos of Lancaster Pollard arranged the financing.
LAWRENCE, KAN. — NorthMarq Capital has secured a $3.3 million loan for the acquisition of Natural Grocers by Vitamin Cottage, a 13,251-square-foot retail property in Lawrence. The natural foods store is located at 1301 W. 23rd St. and is adjacent to the campus of the University of Kansas. Stephen Bye and Mark Lindgren of NorthMarq Capital’s Denver office structured the loan on a seven-year term with a 30-year amortization schedule. NorthMarq arranged financing for the borrower, an affiliate of Boulder, Colorado-based Pedersen Development Co. through its relationship with a national bank.
BEVERLY HILLS, CALIF. – A 68,423-square-foot office building in Beverly Hills has received $25 million in financing. The Class A building is located at 315 South Beverly Drive. It is currently 95 percent occupied. The financing includes a $21-million first mortgage and a $4-million mezzanine loan. The non-recourse loan carries a 10-year term with five years interest-only and a fixed interest rate. The loans were provided by Lucent Capital.
LAKE FOREST, CALIF. – A 103,000-square-foot industrial building in Lake Forest has sold to CT Realty for $13 million. The light manufacturing/warehouse building is located at 20 Icon within the Foothill Ranch Business Park. The Class A building is currently vacant.The CT Realty affiliate plans to implement a capital improvement program to improve the existing building. Gregory Ozimec of Industrial Brokers Inc. represented both the buyer and seller, a private real estate investor, in this transaction.
MURRIETA, CALIF. – A pair of office buildings in Murrieta has sold to Village Walk Murrieta LP for $7.7 million. The first property, Village Walk Corporate Center,is located at 41391 Kalmia Street. The second building is located at 41381 Kalmia Street. Village Walk Corporate Center contains 11 tenants. It is 96 percent occupied. The second building is fully occupied by Pacific Western Bank. Dan Vittoneand Alan Pekarcik of Avison Young represented both the buyer and seller, Village Walk Square LLC, in this transaction.
DENVER – The 22-unit Elegante apartment building in Denver has sold to an unnamed buyer for $3.2 million. The community is located at 707 E. 2nd Ave., just off Speer Boulevard. It is situated near the Denver Country Club. Matt Ritter, Cody Stambaugh and Peter Sengelmann of Pinnacle Real Estate Advisors’ Johnson Ritter Team represented the buyer, while the firm’s Jeff Johnson represented the unnamed seller.
ANAHEIM, CALIF. – A 13-unit apartment complex in Anaheim has sold to a private capital investor for $2.2 million. The community is located at 704 S. Webster Ave. It was built in 1979. Pat Swanson and Brett Bayless of the Swanson Apartment Team represented both the buyer and seller, another private capital investor, in this transaction.
FORT WORTH, TEXAS — CBRE Hotels has brokered the sale of The Ashton Hotel in downtown Fort Worth. Ashton Hotel Partners sold the property to a Dallas-based hotel REIT, which plans to renovate and operate the property. The Ashton Hotel first opened in 1890 and expanded from two stories to six in 1915. The hotel was renovated in 2001 and again in 2008. It features 39 guestrooms and is home to the Six 10 Grille restaurant. The property also includes event space for weddings, social gatherings and corporate functions. Bert Stevens, with CBRE Hotels in Dallas, represented the seller in the transaction.
ABILENE, TEXAS — Taylor Consulting Inc. (TAYO) has acquired a multi-unit storage facility in west Texas. The company says the area around the Permian Basin is undergoing a population explosion thanks to the oil industry, which is why it is investing in the west Texas area.