GRAND PRAIRIE, TEXAS — Brennan Investment Group LLC, a private real estate investment firm, has acquired Woodlands Business Park in Grand Prairie, near Dallas. The property consists of three industrial facilities leased to 12 tenants. The acquisition is part of a joint venture with Origin Capital Fund II LLC. Brennan has acquired 23 buildings and undertaken development on five projects in the Texas market since 2012. Steve Rowland of Transwestern assisted in the transaction.
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HOUSTON — James Murphy, managing director of NorthMarq Capital’s Boston-based regional office, secured $9.7 million in acquisition financing for Eastport Industrial Park buildings I & III, two industrial properties with a combined 366,595 square feet located at 8979-8999 and 8901-8919 Market St. in Houston. The transaction was structured with a five-year term with one year of interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower, High Street Realty Co., through its correspondent relationship with Great-West Life & Annuity Company.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of The Chalet Apartments, a 40-unit apartment property in Irving. Terms of the sale were not released. Matt Davis of Marcus & Millichap marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor. The Chalet Apartments are located at 951 French St. in Irving, 13 miles west of downtown Dallas. Built in 1985, the complex includes 10 buildings and features 40 two-bedroom units. At the time of sale the complex was 100 percent occupied.
PHILADELPHIA — Affiliates of Equus Capital Partners LLC have acquired a three-property multifamily portfolio in Central Florida from affiliates of Oculus Development LLC and Alex Brown Realty Inc. The assets total 710 units and had an average occupancy rate of 95 percent. The properties include Village at East Lake in Clermont, Village at Lake Ned in Winter Haven and Village at Park Road in Plant City. Madison Apartment Group LP, the multifamily operating platform of Equus, will manage the communities.
BELTSVILLE, MD. — Morgan Properties and its equity partner Core Real Estate Capital LLC have purchased Lighthouse at Twin Lakes, a 700-unit garden-style and mid-rise apartment community in Beltsville. The asset is located off Powder Mill Road near the Interstate 95 interchange. Built in 1969, the property’s amenity package includes a leasing office with a business center and café, a fitness center, swimming pool, playground areas and a dog park. Morgan Properties and Core plan to invest $8.2 million to renovate the property. This is the third acquisition between Morgan and Core.
BOSSIER CITY, LA. — Kandu Capital LLC and its operating company Bloom Senior Living have purchased Glenview Gardens, a 119-unit independent living community in Bossier City, for $5.5 million. As part of the transaction, the asset will be renamed Bloom at Bossier and a portion of the community will be converted to offer assisted living and memory care services. Michael Morrison and Trent Siskron of Vintage Realty Co. represented both the buyer and the seller in the transaction.
BOSSIER CITY, LA. — Berkadia Commercial Mortgage LLC has arranged a $19 million loan to refinance an existing construction loan on Le Rivage Apartment Homes, a 240-unit apartment community located at 2020 Valley View Circle in Bossier City. The multifamily property is currently 97 percent occupied and features a pool with a hot tub, fitness center and a walking trail. Stuart Wernick, Jason Rice and Eli Gershenson of Berkadia’s Dallas office originated the 10-year Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, Le Rivage of Bossier LLC.
POMPANO BEACH, FLA. — Sterling Organization has executed a 10-year lease agreement with Chuck E. Cheese’s for 15,324 square feet at Pompano Citi Centre, a 908,000-square-foot retail center at 1955 N. Federal Highway in Pompano Beach. Other tenants include J.C. Penney, Ross Dress for Less, Big Lots and Office Depot. Originally built in 1970 as Pompano Fashion Square, the asset was redeveloped into an open-air shopping center in 2006. Chuck E. Cheese’s is expected to open its doors in the fourth quarter of this year. Jonathan Schuemann of Bluerock Real Estate brokered the lease transaction.
YORK, PA. — Americana Development has purchased 3380 Susquehanna Trail North in York. Constructed in 1990 and situated on 10.6 acres, the 113,000-square-foot warehouse/distribution facility features 21-foot clear ceilings and nine dock-high loading doors. American Development is a part of Kenda Group Cos. and plans to use the facility to distribute tires. Pat McBride, Gerry Blinebury, Adam Campbell, Leah Balerno and Marie Connell of Cushman & Wakefield represented the seller, Newport Beach, Calif.-based Hager Pacific Properties, which acquired the property in 2007. Jack Shepley of NAI CIR represented the buyer in the deal.
CRANBERRY TOWNSHIP, PA. — Hilton Worldwide has opened its 38th Home2 Suites by Hilton worldwide. Located at 1401 Cranberry Woods Dr. in Cranberry Township, the property is the fourth of the brand in Pennsylvania and the second in the Pittsburgh metro area. Home2 Suites by Hilton Pittsburgh Cranberry is located 30 minutes from the Pittsburgh International Airport and one mile from the City Center. The 79-suite hotel, which is owned and managed by Vista Host, features an Oasis lobby area, Home2 MKT, Spin2 Cycle and complimentary continental breakfast.