DALLAS — HFF has arranged a refinancing loan for Casa Linda Plaza Shopping Center, a 326,868-square-foot grocery-anchored retail property in the Lakewood submarket of Dallas. Located at 9440 Garland Road, the asset was 84 percent leased at the time of the sale to tenants including Albertson’s, Pei Wei, Starbucks, Torchy’s Tacos, Petco and Wells Fargo. Originally constructed in 1945, the property is the second-oldest shopping center in Dallas. Adam Herrin of HFF arranged the four-year, floating-rate loan on behalf of the borrower, AmREIT Casa Linda LP, through GE Capital Real Estate.
Property Type
MESQUITE, TEXAS — Real estate investment company Advenir has acquired a 295-unit multifamily complex in Mesquite, which will be rebranded Advenir@Mission Ranch. Constructed in 2002 and previously known simply as Mission Ranch, the Class A property offers one- to three-bedroom apartments featuring nine-foot ceilings, brushed nickel fixtures, wood plank flooring and fireplaces. Communal amenities include a fitness center, swimming pool, business center and social room. Virtu Investments sold the asset. The transaction marks the third multifamily acquisition for Advenir in the DFW Metroplex in the past six months.
LONGVIEW, TEXAS — Marcus & Millichap has brokered the sale of an 83-room hotel in Longview. Located at 112 S. Access Road, the two-story, limited-service property includes exterior corridors, complimentary breakfast, a business center, outdoor swimming pool and fitness center. Allan Miller, Skyler Cooper and Chris Gomes of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Gomes procured the buyer, another limited liability company. As the time of the sale, the Hampton Inn franchise was terminated, and the property will soon be converted into a Days Inn.
HUMBLE, TEXAS — Stan Johnson Co. has brokered the sale of a 4,307-square-foot retail property occupied by Chase Bank in the Houston suburb of Humble. Fifteen years remain on the tenant’s 20-year ground lease, which operates as a triple-net lease and includes four renewal options of five years and 10 percent rent increase each. Jim Gibson and Todd Moore of Stan Johnson Co. represented the seller, a Houston-based developer. An Oklahoma investor purchased the asset at a 5 percent cap rate.
CHANDLER, ARIZ. — Southwest Value Partners has acquired Continuum Business & Technology Park, a 463,300-square-foot business park in Chandler, for $51.7 million. The Class A park was formerly occupied by Motorola. It is located at 2501 S. Price Road. Continuum was renovated in January 2013 and fitted with a new three-story atrium lobby, curtain wall glass, upgraded HVAC systems, and a state-of-the-art electrical and fiber infrastructure. Tenants like Nationstar Mortgage and OnTrac have already signed on at the center. The space also includes a 10,000-square-foot University of Arizona learning center. The seller was Capital Commercial Investments, Inc. The sales transaction was negotiated by Luke Walker and Dave Carder of CBRE’s Phoenix office and Kevin Miller of Capital Commercial Investments.
NAPA, CALIF. — The Harvest Inn, a 74-room boutique hotel in Napa County, has received $42.5 million in bridge financing. The hotel is located at 1 Main Street near Whitehall Lane Leonardini Vineyard. The hotel’s sponsor, Palmer City-Core Hotels (PCCH), a partnership between The Charlie Palmer Group and City-Core Development, also received $4.5 million in equity for the acquisition of the hotel. The JV purchased the hotel at the end of January for an undisclosed sum. PCCH is planning to add food and beverage services to the property. This will include a 100-seat Charlie Palmer concept restaurant, as well as a catering department to handle wedding and corporate retreat business in-house. The debt and equity was arranged by Highland Realty Capital, Inc.
LOS ANGELES — An affiliate of Merlone Geier Partnerscalled MGP XI REIT LLChas acquired the Plaza at Golden Valley, a 618,000-square-foot regional shopping center in Santa Clarita, for an undisclosed sum. The center is located at SR-14 at Golden Valley and Via Princessa in the Los Angeles submarket of Santa Clarita. Notable tenants at the center include Target, Lowes, Kohl’s, Bed Bath & Beyond, Staples and PetSmart. The center comprises the retail portion of the Golden Valley Ranch development, which also includes open space preserves and proposed housing. Bill Bauman and Kyle Miller of Studley’s National Retail Services Group represented the seller, GMS Golden Valley Ranch, LLC, a wholly-owned subsidiary of Terramar Retail Centers, LLC, in this off-market transaction.
SAN DIEGO – JH Real Estate Partners (JHREP) has acquired San Carlos Shopping Center, a 125,661-square-foot shopping center in the San Diego submarket of Lake Murray, for $35 million. The center is located at 8680 Navajo Road. It is currently 81 percent leased to tenants like Walgreens, LA Fitness, Chase Bank and Starbucks. JHREP plans to reposition and renovate the center. Leasing efforts will be handled by Cassidy Turley. The unnamed seller is from the East Coast.
LYNNWOOD, WASH. – The 107-unit Heather Ridge Apartment Homes in Lynnwood has received $9.1 million in acquisition financing. The community is located at 20427 68 Ave. West, just north of Downtown Seattle. It is currently 99 percent leased. The seven-year loan carries a 4.35 percent interest rate, a 30-year amortization schedule and a 75 percent loan-to-value ratio. It was originated by Louis Weisman of Berkadia Commercial Mortgage’s Seattle office, who worked on behalf of APG Heather Ridge LLC.
JACKSON, CONYERS AND MCDONOUGH, GA. — Physicians Realty Trust, a healthcare REIT, has completed the $20.8 million sale-leaseback of four medical office buildings to an Atlanta-based family medical practice. The four facilities total 68,711 square feet and are fully leased. Two of the properties are located in McDonough and the other two are located in Jackson and Conyers. The four properties are subject to 15-year leases with Eagles Landing Family Practice, which has 34 physicians and more than 250 employees on staff in seven different offices.