SAN ANTONIO — Marcus & Millichap has brokered the sale of Hallmark Apartments, a 90-unit multifamily property in San Antonio. Reynold Toepfer, Kent Myers and Joe James of Marcus & Millichap marketed the property on behalf of the seller, an undisclosed limited liability company. The buyer also was a limited liability company. Hallmark Apartments is located at 8425 Ahern Drive in San Antonio next to the North Star Mall. Built in 1972 on 3.9 acres, the apartments feature amenities such as fully equipped kitchens, a central swimming pool and three on-site laundry rooms.
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TYLER, TEXAS — Olympus Property has closed on buying The Woodlands, a 256-unit apartment complex in Tyler, Texas, 100 miles east of Dallas. It’s the fourth purchase made by WW Olympus Multifamily I, a real estate investment vehicle owned by Olympus. The Woodlands is located at 400 Old Grande Boulevard and has one- and two-bedroom units ranging from 566 square feet to 946 square feet. Amenities include a business center, pool and covered parking. Olympus manages over 8,000 units spanning eight states.
DALLAS — The Dallas office of Duke Realty Corp. has signed leases totaling 1.4 million square feet in Coppell and northwest Dallas since the beginning of the year. The transactions include four new leases and eight renewals, plus a new lease of 127,189 square feet for Insight Merchandising, a Texas-based manufacturer of store fixtures. Occupancy in Duke’s industrial properties in the Dallas area is 98 percent. Louis Pascuzzi and David Creirer with Jackson-Cooksey represented Insight Merchandising in the new lease, while Randy Wood, vice president of leasing, represented Duke.
CHANDLER, ARIZ. — Chandler Corporate Center I, a 67,561-square-foot office property, has sold to Palisades Capital Realty Advisors for $13.9 million. The center is located at 585 N. Juniper Drive in Chandler, near Price the Road technology corridor. The seller, Chandler HFP LLC, an affiliated entity of Held Properties, was represented by JLL’s Dennis Desmond. Dave Seeger assisted with the sale and serves as the property’s exclusive leasing agent.
NEWARK, CALIF. – The 127-room TownePlace Suites by Marriott has sold to Moody National REIT 1 for $11.4 million. The hotel is located at 39802 Cedar Blvd., just off Interstate 880. It caters to extended-stay travelers in East Bay and Silicon Valley. TownePlace opened in 2000. The seller was MN Newark, LLC. The sale was executed by Scott Griemsmann of Paramount Lodging Advisors.
RENO, NEV. – The 224-unit Creekside Apartments in Reno has received a $13-million refinance. The community is located at 4600 Mirea Loma Drive. Financing includes a 10-year term and 30-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq Capital through the firm’s seller/servicer relationship with Freddie Mac.
SAN DIEGO – An 83,335-square-foot industrial building in San Diego has sold to Solana Enterprises for $8 million. The building is located at 7455-7465 Carroll Road. It is fully occupied by Rhino Linings and Westside Building Supplies. The buyer’s financing was provided by Pete Carr and Derek Adams of California Bank & Trust. Bryce Aberg, Brant Aberg and Ryan Spradling of Cassidy Turley’s San Diego office represented both the buyer and the seller, Drake West LLC, in this transaction.
MOUNTAIN VIEW, CALIF. — Wong’s International, a 9,570-square-foot office property in Mountain View, has sold to a local owner-user for $3 million. The property is located at 891 West Maude Ave. It was vacant at the time of sale. About 55 percent of the building’s space is dedicated to research and development, while the remaining 45 percent was intended for office. The new owner plans to occupy the building once modifications are complete. The seller, a corporation, was represented by Chris Hansen and Brian Thorn of Marcus & Millichap’s Palo Alto office.
ORLANDO, FLA. — Williams Co. Southeast has begun construction on The Crosslands at Osceola Corporate Center, a $30 million, 427,000-square-foot shopping center. Construction of the retail center, which will be located at Osceola Parkway and Orange Blossom Trail in Orlando, is expected to add 1,000 temporary construction and permanent jobs. The Crosslands’ tenant roster will include Hobby Lobby, Havertys, Boot Barn, Cheddar’s Casual Café, Deals, Discovery Clothing, Marshalls/HomeGoods, Orange Theory Fitness, PetSmart, Ross Dress for Less and Starbucks Coffee. The project team includes ELEVEN18 Architecture, Tupperware Brands Corp., O’Connor Capital Partners and West Palm Beach-based businessman Peter Bergner.
ATLANTA — Simon Property Group plans to add luxury residences to Phipps Plaza, an upscale shopping mall in Atlanta’s Buckhead district. Simon will team with Columbus Realty Partners Ltd. to develop the 319-unit mid-rise property, which will be named Domain at Phipps Plaza. The community’s amenity package will include a yoga court, outdoor pool, health club, dog park and a rooftop terrace with a resident lounge. Construction will begin on the property in September and wrap up in fall 2015. Dallas-based JHP Architecture/Urban Design will serve as the architect for the project.