DYER, IND. — Construction has begun on the Claremont of Dyer, a medical resort development in northwest Indiana. The 82,108-square-foot property, located at 1532 Calumet Ave. in Dyer, will include 130-units. The facility will provide short-term rehabilitation and therapy in a hotel-like setting. Carmel, Ind.-based Mainstreet is developing the project and Illinois-based Symphony Post Acute Network will operate the facility. The project is expected to create approximately 300 construction jobs and up to 115 part-time and full-time facility jobs. Construction is scheduled for completion in the summer of 2015.
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COLUMBIA, MO. — Lutz Real Estate Investments, in a joint venture with Harrison Street Real Estate Capital, has acquired a 656-bed off-campus student housing community near the University of Missouri, for an undisclosed sales price. Campus View Apartments features two- and four-bedroom units. The fully furnished apartment community also includes a clubhouse, swimming pool surrounded by a large sundeck, fitness center, business center and numerous sports courts. The University of Missouri master leases a specified number of beds at Campus View. Kevin Larimer of Hendricks-Berkadia represented the seller in the transaction. Will Baker of Walker & Dunlop arranged the first mortgage loan.
COMMERCE TOWNSHIP, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 20,000-square-foot industrial building in Commerce Township, approximately seven miles north of Novi. The building is located at 2077-2089 E. St. The seller, H & K Investments Inc., sold the building to 2089 Easy Street LLC for an undisclosed sales price. Phil Konopitski of Friedman Integrated Real Estate Solutions represented the buyer and the seller in the transaction.
PLEASANTON, CALIF. — California Center, a 1-million-square-foot office campus in Pleasanton, has received $152 million in debt financing. The six-building campus is located at 4400 Rosewood Drive. The center features a state-of-the-art conference center, a 600-seat cafeteria and a fitness center. The property also contains an 8.4-acre site that is fully entitled for 305 residential units. California Center was acquired by Swift Real Estate Partners this past June. Swift was represented by JLL’s Michael Seifer, Rob Hielscher and Aaron Herter in that sales transaction. The debt was secured by John Manning and Alex Witt of JLL’s Capital Markets. It was provided by Starwood Property Trust. The debt consisted of a five-year, floating-rate loan where $106.5 million was funded at closing and an additional $45.5 million was provided for future capital improvements.
LOS ANGELES — Laurus Corporation has acquired the 474-room Marriott Warner Center hotel in the Los Angeles submarket of Woodland Hills for an undisclosed sum. The 16-story, full-service hotel is located at 21850 Oxnard Street. The hotel is situated within the pre-planned Woodland Hills/Warner Center development, a corporate hub with more than 10.3 million square feet of office space. It is one of the largest office submarkets in the Greater Los Angeles area. Marriott Warner Center hotel also sits directly adjacent to the 614,400-square-foot Westfield Promenade mall and the 1.6-million square-foot Westfield Topanga Shopping Center.
LOS ANGELES – Cotti Foods has received a $39.4-million loan to acquire 39 Wendy’s Restaurants throughout Los Angeles and Hawaii. Some of the funds will also be used to remodel existing units, as well as to develop new units. The acquisition includes 32 restaurants in the Greater Los Angeles market and seven in Hawaii. The restaurants were sold by Wendy’s International Inc. So far, the company has disposed of 418 Wendy’s restaurants across 13 U.S. markets. Most of these dispositions occurred out West. The loan was provided by GE Capital’s Franchise Finance business.
EL CAJON, CALIF. – El Cajon Senior Towers, an 89-unit affordable seniors housing complex, has received a $6-million loan. The complex is located at 180 Ballantyne Street in the San Diego submarket of El Cajon. It was built in 1981. The borrower is a private investor who specializes in owning and operating multifamily properties servicing families and seniors with lower incomes. The loan was arranged by Jeff Kearns and Kent Carpenter of Johnson Capital under the HUD/FHA’s 223(f) loan program. The program offers 35-year, fixed-rate mortgages at very low interest rates.
MCKINNEY, TEXAS — Encore Wire Corp. has announced plans for an expansion of its McKinney headquarters. The company is in its 25th year in business and will invest more than $30 million to expand its manufacturing facilities and provide more than 125 new jobs in McKinney. The company has more than 1,180 employees and is the largest taxpayer in McKinney. The expansion of its existing aluminum wire plant will add 128 new jobs and increase the size of the plant from 200,000 square feet to 450,000 square feet. The expansion is expected to be complete in December.
EL PASO — Hackman Capital Partners LLC has purchased two facilities formerly owned by a Hoover Inc. affiliate. The acquisition includes a plastic injection molding and CNC (computer numerically controlled) tool making facility in El Paso and a manufacturing building in Juarez, Mexico. The firm partnered with Industrial Assets Inc. and Maynards Industries to purchase the assets in a bulk transaction. The El Paso building contains 423,435 square feet while the Juarez building spans 274,295 square feet.
HOUSTON — Progressive Real Estate Partners has brokered the sale of a 24,000-square-foot former PetSmart building for $5 million. The freestanding building is located at 10500 Katy Freeway in Houston. Built in 1992, the 1.8-acre property is shadow-anchored by Home Depot, Hobby Lobby and Sam’s Club. The site is near Interstate 10 and Beltway 8 in Houston’s Memorial City District.