FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 91-room Holiday Inn Express & Suites in Fort Worth. Located at 4609 Citylake Blvd., the property is in proximity to attractions including the Kimball art Museum, the Modern Art Museum and the Fort Worth Zoo. The hotel features amenities such as a business center, outdoor heated swimming pool and fitness center. Chris Gomes and Allan Miller of Marcus & Millichap represented the unnamed seller in the transaction. Gomes procured the buyer, a private investor.
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ALVIN, TEXAS — Boyd Commercial/CORFAC International has brokered the sale of a 12,000-square-foot industrial property in the Houston suburb of Alvin. Located on 3.5 acres at 2220 N. Gordon St., the facility is in proximity to the interchange of State Highway 35 and State Highway 6. Conrad Bernard of Boyd Commercial/CORFAC International represented the seller, CDE Real Estate Corp., in the transaction. Jerry Turboff of Prime Capital Corp. represented the buyer, Vanguard Truck Center.
SAN RAFAEL, CALIF. – Rafael Town Center, a mixed-use development in San Rafael that includes multifamily, office and retail space, has received $28 million in acquisition financing. The trophy asset is located at 1050 Court Street in the city’s downtown region. The development includes 113 apartment units, more than 40,000 square feet of flexible office space, and ground-floor retailers, including Coldstone Creamery, Opus Bank and Lime Wireless (Verizon). The seven-year, fixed-rate, interest-only loan was provided by Dennis Williams and Brian Esquivel of NorthMarq Capital through the firm’s correspondent relationship with a life company.
MARINA, CALIF. — The 60-room Sanctuary Beach Resort in Marina has received $14.7 million in first-mortgage financing. The resort is located at 3295 Dunes Road, just 10 miles north of Monterey. This 10-year, fixed-rate, non-recourse loan includesinterest-only payments for the first five years. Financing was provided by a money center commercial bank. Financing was arranged by Sonnenblick-Eichner Company.
HONOLULU — Hawaii is set to receive two new Long’s Drugs stores this year. The first Long’s will be a 20,114-square-foot store situated on 1.57 acres at King and Young streets in Honolulu. Construction should be complete in May. The store is scheduled to open in June. The second will be a 23,008-square-foot Long’s Drugs situated on 3.61 acres at Kuhio Highway and Aleka Loop in Kapa’a, Kaui. This store is projected to open in the fourth quarter of this year. Though CVS/pharmacy acquired Long’s Drugs in 2008, the two stores will retain the Long’s name due to its high brand awareness on the islands. The two stores are being developed by KZ DevCo, L.P.
WESTMINSTER, CALIF. — Harley Davidson has leased three industrial buildings in the Orange County submarket of Westminster. They are located at 15044, 15051, and 15080 Goldenwest Circle. The new space, which totals 41,939 square feet, will serve as the new Harley Davidson showroom. The ten-year lease was valued at $3.7 million. The lease transaction was executed by Mike Bouma and Paul Caputo of Voit Real Estate Services’ Anaheim office.
RICHMOND, VA. — Capstone Apartment Partners has brokered the $18.5 million sale of the Beaufont Oaks Apartments, a 312-unit multifamily community in Richmond. The asset was 96.2 percent occupied at the time of sale. The apartment community was built in 1982 and features a fitness center, swimming pool, playground and tennis court. The buyer, Charlotte, N.C.-based Grubb Properties, plans to continue the property’s renovations. Beau McIntosh, Todd Conner, Brian Ford and Andrew Klenk of Capstone Apartment Partners represented the unnamed seller in the transaction, which is the largest deal thus far this year in Richmond’s apartment market.
CORAL SPRINGS, FLA. — CBRE has brokered the sale of North Hills Square, a 63,829-square-foot shopping center at 4650 University Drive in Coral Springs. A 52,024-square-foot Walmart Neighborhood Market anchors the asset, which sold for approximately $11.1 million. The property was 98 percent leased at the time of sale to tenants including Manhattan Bagel, Little Caesars and Wendy’s. Inland Income Real Estate Trust purchased the property from an affiliate of the Dizengoff Group. Casey Rosen and Dennis Carson of CBRE co-represented the seller with Avison Young.
MIAMI — FA Commercial has arranged the $8.7 million sale of Biscayne 88 Terrace, a mixed-use property featuring multifamily and retail components in northeast Miami. The property features three apartment buildings comprised of 36 residential units that are fully occupied and 15,624 square feet of retail space that is 95.4 percent leased. The property also includes undeveloped land that is zoned for multifamily. Biscayne 88 Terrace’s tenant roster includes Papa John’s Pizza and USA Nail Salon. Fabio Faerman of FA Commercial represented the buyer, a private investment group from Argentina, in the transaction.
ORLANDO, FLA. — HFF has brokered the sale of Rialto, a 105,275-square-foot retail and office center in Orlando. The mixed-use property is located at 7335 Sand Lake Road along Orlando’s Restaurant Row, a one-mile stretch of retail and restaurants. The property has 58,519 square feet of fully leased retail space and 46,756 square feet of office space that is 83 percent leased. Rialto’s tenant roster includes Newlin Law, Ocean Prime and Bar Louie. Brad Peterson, Coleman Benedict and Whitaker Leonhardt of HFF represented the seller, The Wilder Cos., in the transaction. Orion Venture IX Rialto LLC, an affiliate of Orion Investment, purchased the asset for an undisclosed price.