VICTORIA, TEXAS — Marcus & Millichap has announced the sale of Point Royale Apartment Homes, a 120-unit apartment complex in Victoria. Terms of the sale were not released. Joe James, Kent Myers and J. Patrick Burke, senior associates in Marcus & Millichap’s Austin office, represented the seller, developer and buyer, a limited liability company. Built in 2012, the complex is located at 4106 North John Stockbauer Drive in Victoria, approximately 30 miles from the Gulf of Mexico. The apartments are near the Citizens Medical Center, the Caterpillar Hydraulic Excavator plant, Victoria College and the University of Houston-Victoria. Apartments at Point Royale feature one-, two- and three-bedroom floor plans. Amenities include gated entry, covered parking, a swimming pool, fitness center, clubhouse and business center.
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DALLAS — Drever Capital Management LLC has sold Honey Creek, a 656-unit apartment complex in north Dallas, following a $3.7 million, seven-year redesign that raised occupancy from 80 to 94 percent. The sales price was not disclosed. B.H. Management acquired the three-story complex, which is located at 11611 Ferguson Road just off Interstate 635. A team of brokers from ARA Inc.’s Dallas office included Brian O’Boyle Sr., Brian Murphy, Brian O’Boyle Jr. and Jakob Andersen.
SAN ANTONIO — James Avery, a Texas-based jeweler, has opened a new store at South Park Mall in San Antonio. The location features James Avery’s new store design. It’s the company’s ninth location in the San Antonio metroplex and its 70th store overall. The new store is located at 2310 SW Military Drive, just off I-35.
MIDLAND, TEXAS — NorthMarq Capital’s Denver office has arranged the $16.3 million refinancing of Trinity Place Apartments, a 216-unit multifamily complex in Midland. The loan has a 10-year term and a 30-year amortization schedule. NorthMarq arranged financing for the borrower, a division of Weidner Investment Services Inc., a Seattle-based privately held owner of several multifamily properties, through its relationship with Freddie Mac. Ben Kation and Kevin Colard of Weidner Investment Services worked on the transaction. Built in 1982, the complex includes amenities such as a clubhouse, business and fitness center, outdoor pool and laundry facilities.
PASADENA, CALIF. – A private investor has purchased the Old Pasadena Collection, a mixed-use portfolio that contains two residential buildings and two retail buildings, for $42.6 million. The two residential buildings contain a total of 91 units at 22 West Green Street and 65 West Dayton Street. The two freestanding retail buildings are located at 60 and 70 West Green Street. All four of the properties are situated in the historic district of Old Town Pasadena. The 48-unit Palermo apartment community was built in 2003. It includes four ground-floor retail suites occupied by a paint-your-own-pottery store, a restaurant and a dance company. The 43-unit Messina apartment community was built in 2004. It has one ground-floor retail suite currently occupied by a tutoring and college-test-preparation business. This space also serves as the leasing office for both the Messina and Palermo. The former Green Street retail space is occupied by Design Within Reach, while the latter property is home to Gyu-Kaku, a Japanese barbecue restaurant. Both buildings were constructed with reinforced brick masonry in 1916 and 1921, respectively. Each contains 5,750 square feet of leasable space. The seller, a private party, was represented by Ron Harris, Paul Darrow and Michael DiSimone of …
PORTLAND, ORE. — Pearl West, the first speculative office building to be built in Portland since the recession, has received $41.7 million in permanent construction financing. The 146,500-square-foot building will be located on Irving Street and NW 14th in the Pearl District. The Class A building is scheduled to break ground tomorrow. It is slated for completion in early 2016. The building has already secured two unnamed tenants. Pearl West will be built by BPM Real Estate Group and designed by GBD Architects. Walter C. Bowen of BPM Real Estate Group is the developer, while BDC/NW Irving LLC is the borrower. The loan was secured by Ken Griggs and Paddy Ryan of NBS Financial Services. NBS represented the lender, Washington Capital Advisors, a pension fund advisor for labor unions.
BREA, CALIF. – Palisades Capital Realty Advisors has acquired a 121,143-square-foot office building in Brea for $21 million. The building is located at 2929 E. Imperial Highway. The property was built in 1985 and renovated in 2013. The office building is fully leased to companies like Zodiak Inflight Innovations and Underwriters Laboratories. The seller, a joint venture between Rialto Capital and the Koll Company, was represented by Bob Prendergast and Baker Morphy of JLL's Capital Markets.
ORLANDO, FLA. — McCraney Property Co. has begun construction on its Bent Oak Industrial Park project, a 700,000-square-foot, Class A warehouse and distribution center property in south Orlando. McCraney Property formed a joint venture partnership with Clarion Partners LLC for the project. The development will include a 480,000-square-foot distribution center known as Building 100, and Building 200 will be a 220,000-square-foot distribution center. Bodek and Rhodes, a national apparel distributor, signed a 10-year, 200,000-square-foot lease for Building 100. McCraney and Clarion expect the development to be delivered in the first quarter of 2015. Matthew Sullivan, Wilson McDowell and Bobby Isola of Cite Partners are marketing the Bent Oak project.
HALETHORPE, MD. — AEW Capital Management LP and Redgate Capital Partners have teamed up to develop Hollins Ferry Logistics Center at 4803 Hollins Ferry Road in Halethorpe, about seven miles south of Baltimore. Hollins Ferry is a 285,000-square-foot distribution center that is scheduled to break ground by the fourth quarter of 2014 and be delivered in 2015. Jarred Testa and Tilghman Herring of Cassidy Turley have been named exclusive leasing agents for the project. The project will feature 32-foot clear heights, an ESFR sprinkler system and trailer storage.
ORMOND BEACH, FLA. — Institutional Property Advisors (IPA) has arranged the $25.3 million sale of Crowne at Ormond Beach, a 272-unit apartment community at 600 Crowne Commerce Court in Ormond Beach, roughly six miles north of Daytona Beach. The property was built in 2003 and features amenities such as a resort-style swimming pool and sundeck; clubhouse with a business center and fitness center; nature trails; laundry facilities; and private garages. Still Hunter III of IPA and Michael Donaldson of Marcus & Millichap represented the seller, Crowne Ormond Beach Associates, in the transaction. The buyer is Waypoint Residential. IPA is a division of Marcus & Millichap serving institutional and major private real estate investors in multifamily transactions.