CLEBURNE, TEXAS — Stage Equity Partners LLC has acquired a 25,850-square-foot medical office building in the Fort Worth suburb of Cleburne for $5.7 million. Constructed in 2007, the Class A asset is fully leased to tenants such as Cleburne Surgical Center, Cleburne Orthopedics and Sports, Pinnacle Anesthesia Consultants and Hulen MRI. The property, located at 2010 Katherine P. Raines Road, is in close proximity to Interstate 121. A private partnership sold the building.
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THE WOODLANDS, TEXAS — Hyatt Hotels Corp. and developer New Horizons Hospitality have opened the new 146-room Hyatt Place Houston/The Woodlands. The third Hyatt Place in the Houston metro area, the property includes a 24-hour fitness center, a coffee-to-cocktails bar and more than 6,100 square feet of meeting space. The location is in proximity to attractions such as the Cynthia Woods Mitchell Pavilion, Woodlands Mall, Market Street and Woodlands Waterway, as well as several corporate campuses.
RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of a 2,567-square-foot property occupied by Gatti’s Pizza in Richardson. Originally constructed in 1978, the building is located at 2115 E. Belt Line Road, which boasts traffic counts in excess of 30,000 per day. At the time of the sale, Gatti’s had three years remaining on the triple-net lease. Blake Burnett of Marcus & Millichap represented the seller, an out-of-state family partnership, and also procured the buyer, a local limited partnership.
IRVING, TEXAS — Spire Realty Group LP has arranged a 51,623-square-foot lease in Irving for JDA Software Group Inc., a provider of supply chain, merchandising, store operations and all-channel software. The Class A property, located at 500 E. John Carpenter Freeway in the Las Colinas submarket, totals eight stories and 200,000 square feet and includes a conference center, fitness center, deli, lounge and attached parking garage. Andrew Schendle and Allison Johnston of Spire Realty Group represented the landlord, an affiliate of Spire, in the negotiations. John Roper of CBRE represented the tenant.
WALNUT CREEK, CALIF. — Tishman Speyer has acquired California Plaza, a 379,000-square-foot office building in Walnut Creek, for a reported $102 million. The plaza is located at 2121 N. California Blvd. near the BART and I-680. It is currently 90 percent leased to tenants like Basic American Foods, CSE Insurance, MWH Americas and Anthem Blue Cross. The seller, Heitman LLC,was represented by HFF’s Steven Golubchik, Michael Leggett and John Simerlein.
FORT COLLINS, COLORADO SPRINGS, COLO. – A pair of Class A seniors housing communities in Colorado has received $73.8 million in financing. The communities are located in Fort Collins and Colorado Springs. They contain a total of 316 independent, assisted and memory care units. Both properties opened in 2008. They are operated by Leisure Care. The Fannie Mae cross-collateralized Structured Adjustable Rate Mortgage loans feature 10-year terms with two years interest-only. The loans were closed by Red Mortgage Capital, LLC, the mortgage banking arm of RED CAPITAL GROUP, LLC, which worked on behalf of HJ Sims Investments.
SACRAMENTO, CALIF. – The 646-unit Woodlake Village Apartments in Sacramento has received $36 million in acquisition financing. The community is located at 200 Bicentennial Circle near Sacramento State University. It was built in 1979. The 10-year Fannie Mae loan features a 4.92 percent fixed rate. It was originated by Mitch Clarfield of Berkeley Point’s Santa Monica office on behalf of the buyer, Horizon Realty Partners (HRA).
BETHESDA, MD. — Beech Street Capital has provided $92.5 million in Freddie Mac CME loans to refinance a portfolio of five apartment communities in Florida, Alabama and Wisconsin. The portfolio totals 1,254 units and was developed by the borrower, Continental Properties Co. Inc. Adam Bieber of Beech Street originated the loans, which feature seven-year terms and 30-year amortization schedules.
LOUISVILLE, KY. — GBT Realty Corp. has begun construction on Middletown Commons, a 32-acre mixed-use development located along Shelbyville Road at Interstate 265 in Louisville. The development is slated to cost around $50 million to construct. Middletown Commons will feature more than 225,000 square feet of retail space as well as six outparcels. A sports retailer will anchor the development, and several retailers have signed on to tenant the property, including Hobby Lobby, Liquor Barn, Rack Room Shoes, Ross Dress for Less, Chick-fil-A and Texas Roadhouse. The property is 80 percent pre-leased, and the first tenants are scheduled to open in late 2014. Along with GBT Realty, the project team includes project architect MJM Architects, engineers Gresham Smith and Partners and site work contractor Louisville Paving & Construction. PNC Bank is providing construction financing.
DULUTH, GA. — Oak Coast Properties and IMG have acquired Promenade at Berkeley, a 492-unit apartment community located in Duluth, a northeastern suburb of Atlanta. The buyers purchased the community for $33.7 million from Northwoods Lake Partners LLC. Promenade at Berkeley includes a private lake, two tennis courts, fitness center, dog park, walking trails, playgrounds, a car care center and a business center. The buyers plan to renovate the property in the first quarter.