GRAND PRAIRIE, TEXAS — McRoberts & Co. has brokered the sale of a 75,127-square-foot tract in the Dallas suburb of Grand Prairie. The buyer, QuikTrip Corp., will construct a 5,900-square-foot store at the site, which is located at the northeast corner of Interstate 30 and Beltline Road. David Tarrant of McRoberts & Co. represented the seller, 1111 Beltline. QuikTrip Corp. was internally represented.
Property Type
YORBA LINDA, CALIF. – A 46,449-square-foot property in Yorba Linda that is net leased to Best Buy has sold to a Midwest-based corporation for $6.6 million. The retail building is located at 23000 Savi Ranch Parkway near Costco, Kohl’s, HomeDepot, Target and Dick’s Sporting Goods. Best Buy has four years remaining on its current lease, with three, five-year renewal options. The seller, a high-net-worth individual from the Midwest, was represented by Randy Blankstein and Jimmy Goodman of The Boulder Group.
PORTLAND, ORE. — Jama Software is relocating and expanding in Portland. The enterprise software company is consolidating two of its offices and relocating its headquarters to 2&Taylor. The new office space is located at 135 SW Taylor. It will occupy 34,629 square feet of the 70,397-square-foot building. The space was formerly occupied by Bally’s Total Fitness. Jama was represented by Niall Travers, Eric Turner and Craig Reinhart of Cresa. The landlord, B13 Investors, LLC, was represented by Peter Andrews and Nick Ehlen of Melvin Mark Brokerage Company.
OAKLAND, CALIF. – A six-unit apartment building in Oakland has sold to an unnamed buyer for $1.2 million. The community is located at 416 Staten Ave. near Interstate 580. It was built in 1925. The seller, a bank/financial institution, was represented by David Wolfe of Marcus & Millichap’s Oakland office.
ATLANTA — Deutsche Asset & Wealth Management has acquired the Shops Around Lenox, a 120,000-square-foot retail center located adjacent to Lenox Mall in Atlanta’s Buckhead submarket. Deutsche purchased the property from a joint venture between Alex Brown Realty Inc. and Heather Weatherholtz Properties for approximately $71.8 million, according to Atlanta Business Chronicle. The seller purchased the retail center in 2009 and invested approximately $20 million to reposition the asset. Tenants of Shops Around Lenox include Crate and Barrel, Paper Source, lululemon athletica, Cosabella and Suit Supply.
ROCKVILLE, MD. — HFF has arranged the sale of two office buildings totaling 148,742 square feet in Rockville, located about 18 miles north of Washington, D.C. The buyer, NGP V Fund LLC, purchased the properties for $48.6 million in two separate transactions. Both properties are fully leased to the General Services Administration, which manages and supports federal agencies. Jim Meisel, Dek Potts, Andrew Weir and Stephen Conley of HFF represented the seller, The JBG Cos., in the transaction.
WINDSOR MILL, MD. — Jones Lang LaSalle has brokered the sale of a three-property, 500-unit multifamily portfolio located in Windsor Mill, a western suburb of Baltimore. The portfolio includes Cedar Tower Properties, Cedar Garden Property and Valley Terrace. Morgan Properties purchased the portfolio from a nationally recognized REIT. Al Cissel, Scott Melnick, Christine Espenshade and Robert Garrish of Jones Lang LaSalle’s capital markets team represented the seller in the transaction.
ATLANTA — Atlantic | Pacific Cos. (A | P Cos.) has purchased the 277-unit Townview Station and the 214-unit Clifton Apartments in Atlanta. Townview Station is located on Deering Road in Atlanta’s Midtown submarket and features a clubhouse, swimming pool with sundeck and a 24-hour fitness center. Clifton Apartments is located near the intersection of Briarcliff and Clifton roads, less than one mile from Emory University and the Centers for Disease Control and Prevention. The community features a swimming pool, fitness center and fenced dog park. A | P Cos. plans to make capital improvements to both apartment communities.
SPARTANBURG, S.C. — Berkadia Commercial Mortgage LLC has arranged a $5.6 million acquisition loan for Dillon Pointe Assisted Living and Memory Care in Spartanburg. Lisa Lautner of Berkadia’s seniors housing and healthcare group arranged the loan through Freddie Mac on behalf of the borrower, Capital Senior Living Corp., a national seniors housing operator.
INDIANA— Berkadia Commercial Mortgage LLC has arranged three acquisition loans totaling $43.7 million through Fannie Mae for Capital Senior Living Corp. Lisa Lautner, senior vice president of Berkadia’s Seniors Housing and Healthcare group, originated the loans for seniors housing properties located throughout Indiana. Each 10-year, fixed-rate loan includes 30-year amortization schedule and features a loan-to-value ratio in the low- to mid-70 percent range. Properties include Sugar Grove Senior Living ($21 million), Woodview ($12.4 million) and River Crossing Independent & Assisted Living Community ($10.3 million). The communities total 388 units, including 48 independent living units, 257 assisted living units and 83 memory care units. Average occupancy for the properties was more than 95 percent at the time of the transaction.