YORK, PA. — MBA Hotel Brokers Inc. has arranged the sale of the 134-key, five-story Holiday Inn Express & Suites in York. John Downes, associate broker with MBA Hotel Brokers Inc., represented the seller, GIA Associates, and the buyer, Bergen Hospitality LLC, in the transaction. Built in 1993 and converted to a Holiday Inn Express & Suites in 2002 by the sellers, the hotel underwent extensive renovations totaling more than $1.8 million during 2012 and 2013.
Property Type
DALLAS — Arbor Commercial Funding LLC, a subsidiary of Arbor Commercial Mortgage LLC, has arranged nearly $48 million in loans for eight Texas multifamily assets. Among the properties refinanced were Wimberly Park Apartments in Duncanville ($15 million), Camelot Village in Mesquite ($14.9 million), Sayle Gardens in Greenville ($3.2 million), Mill Run Apartments in Dallas ($3 million), Summit Plaza Apartments in Arlington ($2 million), Lakeview Townhomes in Rowlett ($2 million) and The Plaza Apartments in Austin ($1.1 million). Meanwhile, the acquisition of Ventana at Valwood in Farmers Branch received $6.5 million. Anthony Tarter of Arbor’s Dallas office originated all of the loans under Fannie Mae DUS product lines.
FORT WORTH, TEXAS — SkyWalker Property Partners has acquired a 138,000-square-foot, two-building office/warehouse complex in Fort Worth on behalf of Hangover Opportunity Fund LLC. May Group International, a manufacturer of aluminum gasoline price signs, holds a triple-net lease on the facilities, which are located at 1200 Forum Way S. in Carter Industrial Park. RR May Landholdings LLC sold the asset. Theron Bryant of SCM Real Estate Services brokered the transaction.
GRAND PRAIRIE, TEXAS — Bradford Commercial has brokered the sale of a 92,500-square-foot warehouse in the northeast Dallas suburb of Grand Prairie. The fully occupied facility, located in the Great Southwest industrial district at 1170 109th St., was renovated in 2009. Michael Spain and Jim Ferris of Bradford previously arranged a long-term lease of the building to Northwest Sign Industries. The pair also represented the seller, a California-based limited liability company, in the sale of the property. Lissa Cooke of Cooke Swaney & Cooke represented the buyer, an out-of-state partnership.
WESTOVER HILLS, TEXAS — CBRE has brokered the sale of Warm Springs Rehabilitation Hospital of Westover Hills, a 40-bed rehabilitation hospital in suburban San Antonio. Post Acute Medical operates and holds a 17-year absolute net lease on the 50,000-square-foot facility, located at 10323 State Highway 151. Dallas-based developer Mohr Health LLC and its partner, Dallas-based MedProperties Holdings LLC, sold the property. Jecoah Byrnes, Chris Bodnar, Lee Asher and Scott Herbold of CBRE with Wynn Searle of Mohr represented the seller in the transaction. A private REIT purchased the asset.
TEMPE, ARIZ. — DSW Designer Shoe Warehouse has leased 20,000 square feet of space at Tempe Marketplace. The 1.3-million-square-foot shopping center is located at 2000 E. Rio Salado Parkway in Tempe. Todd Folger of CBRE’s Phoenix office represented both DSW and the center’s owner, Vestar, in this lease transaction.
DENVER – A 23-unit apartment building in Denver has sold to a local group of apartment buyers for $2.8 million. The community is located near the intersection of Colfax Avenue and Colorado Boulevard near National Jewish Health. Jim Knowlton of Pinnacle Real Estate Advisors represented the buyers. The unnamed seller was represented by Jeff Johnson of the firm’s Johnson Ritter Team.
GILBERT, ARIZ. – The Shoppes at the Islands land, an 11.4-acre site at the southeast corner of Warner and McQueen roads in Gilbert, has sold to Genica Arizona, LLC for $2.1 million. The partnership plans to use the land to develop a new single-family housing community. It was represented by Aaron Carson of Carson Commercial, LLC. The seller, Starwood Asset Management, LLC, was represented by Jim Crews, Brett Polachek and Adam Madison of Cushman & Wakefield.
LONG BEACH, CALIF. — Primex Agriculture Services has signed a five-year lease for 104,737 square feet at the California State University Long Beach (CSULB) Technology Park. The park is located at 2200-2250 Technology Place in Long Beach’s Heavy Weight Corridor. The space was previously occupied by DAMCO Distribution. The alfalfa exporter was represented by Zac Sakowski and Barry Hill of Jones Lang LaSalle. The landlords, CSULB and Watt Commercial Properties, were represented by Gregory Gill, Garrett Massaro and Brandon Carrillo of Lee & Associates.
SEATTLE — HomeStreet Bank Commercial Real Estate has launched a new senior housing lending program and has financed its first project. It has provided $13.6 million to fund the construction of Vineyard Park at Mountlake Terrace. The 110-bed assisted-living and memory care facility will be located along 56th Street West in Mountlake Terrace, just north of Seattle. Vineyard Park is being developed by Round Lake, LLC. It will be managed by Care Partners. The loan was originated by HomeStreet’s Diane Leonidas.