BETHLEHEM, PA. — MHC Associates has sold a recently renovated three-story medical office building to Lehigh Valley Health Network for $6.2 million. The 44,489-square-foot building sits on the Lehigh Valley Hospital Muhlenberg Campus and has easy access to Route 22. NAI Summit assisted both parties to make the process seamless. Built in 1989 and renovated in 2011, the medical office building is located at 2597 Schoenersville Road in Bethlehem. NAI Summit has provided management services for the property during the past 27 years.
Property Type
SAN ANTONIO — CBRE has arranged a $40 million loan for the construction of Franklin Park at Alamo Heights, a 221-unit seniors housing property in San Antonio. The five-year, floating-rate loan includes an all-in rate of 2.35 percent and 48 months of interest-only payments. The Class A project, a joint venture of Franklin Development Co. and Harrison Street Real Estate Capital LLC, will be located at the corner of West Terra Alta Road and Everest Street. Franklin Apartment Management will operate the facility. Aron Will of CBRE arranged the financing on behalf of the joint venture through a regional bank.
DALLAS — HFF has arranged a $34 million loan for the refinancing of the retail portion of West Village, a mixed-use development in the Uptown District of Dallas. Completed in 2002, West Village includes 123,938 square feet of retail space, which was 98 percent leased at the time of the loan closing by tenants including Ann Taylor Loft, Tommy Bahama, Q Custom Clothiers, Gap and Starbucks. Located in close proximity to U.S. Highway 75, the complex also includes 179 apartments. John Rose of HFF arranged the 10-year, fixed-rate loan on behalf of the borrower, a joint venture of Phoenix Property Co. and Urban Partners. Cornerstone Real Estate Advisers, acting on behalf of an institutional client, provided the refinancing.
EULESS, TEXAS — SkyWalker Property Partners has acquired a 70,111-square-foot flex property in the Dallas/Fort Worth suburb of Euless. Located on more than four acres at 1101 Pamela Drive, the single-story facility was 37 percent leased at the time of the sale to tenants including Curry Printing Inc. and Modern Tektronix Assembly Inc. SkyWalker, which purchased the asset on behalf of Hangover Opportunity Fund LLC, will invest in capital improvements including new air conditioning and power systems, as well as a 7,500-square-foot speculative suite. Theron Bryant of Coldwell Banker Commercial Alliance DFW represented the buyer in the transaction. Allen Gump of Colliers International represented the seller, Massachusetts-based Invensys Inc., which acquired the building in 2005.
GONZALES, TEXAS — Action Properties will redevelop a 60,000-square-foot facility in the Central Texas city of Gonzales into a shopping center named Gonzales Marketplace. The property, previously operated as a Walmart, is located at 1620 E. Sarah Dewitt Drive. Bealls will anchor the new center, and other tenants will include Dollar Tree, Hibbett Sports, AT&T and furniture store Aaron's. Completion of the redevelopment is scheduled for this August. Action Properties' portfolio now includes 27 properties in 10 states.
CUPERTINO, CALIF. — Trans-Continental Real Estate Investment Corp. has acquired two office buildings in Cupertino for an undisclosed sum. The 14,000-square-foot building at 20085 Stevens Creek Blvd. is fully leased to Apple. The 26,000-square-foot building at 20111 Stevens Creek Blvd. is leased to various tenants. Trans-Continental plans to occupy a portion of 20111 Stevens Creek when more space becomes available. Apple will remain at 20085 Stevens Creek. The seller, a local private investor, was represented by Mark Ziemendorf and Dave Austin of Cornish & Carey Commercial Newmark Knight Frank.
RENTON, WASH. — Oakesdale Commerce Center, a 43,000-square-foot distribution facility in Renton, has sold to Industrial Property Trust Inc. for $4 million. The facility is fully leased to two tenants.
YORBA LINDA, CALIF. – A 22,544-square-foot office building in Yorba Linda has sold to Robert and Pamela Moreno for $3.7 million. The building is located at 22860 Savi Ranch Parkway. The buyers were represented by Gary McArdell of Lee & Associates – Newport Beach. The seller, Savi Ranch Partners LLC, was represented by Chuck Wilson and Brian Chastain of Colliers International.
LA VERNE, CALIF. — Broiler Express has acquired a 3,518-square-foot retail property in La Verne for $2.7 million. The space is located at 919 Foothill Blvd. Broiler Express was represented by Fred Encinas and Vicky Espinosa of NAI Capital’s Ontario office. The seller was La Verne Denn Inc.
LOS ANGELES – An 18-unit apartment building in Los Angeles has sold to Abady Holding Corp. for $2.6 million. The building is located at 1522 Hi Point Street. Abady was represented by Collin Brashears, Rob Zaharia and Tim Steuernol of NAI Capital’s West Los Angeles office.