BRUNSWICK, MAINE — New England Hotel Realty (NEHR) has arranged the sale of the 30-room Captain Daniel Stone Inn in Brunswick. The buyer, a global investment company, plans to renovate the property and develop additional guest rooms and an 1,800-square-foot health spa. The new owner, who owns the Troca Hotels collection, will also rebrand the Captain Daniel Stone Inn as part of his luxury collection after renovations are completed. NEHR represented the seller, a local lender, in the transaction.
Property Type
THE WOODLANDS, TEXAS — A fund advised by CBRE Global Investors has acquired The Retreat at The Woodlands, a 240-unit multifamily property in The Woodlands. The Class AA, garden-style apartment complex is located at 4400 College Park Drive and features a clubhouse and units with granite countertops and stainless steel appliances. Houston-based development firm Allied-Orion sold the property, which was 95 percent occupied at the time of the sale.
WACO, TEXAS — Marcus & Millichap has brokered the sale of Woodland Springs Nursing Center, a 132-bed skilled nursing facility in Waco. The asset, located at 1010 Dallas St., sold for a price of $6.4 million. Rod Llanos of Marcus & Millichap marketed the property on behalf of the seller, a partnership. Llanos also secured the buyer, a limited liability company.
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. (KDH) has arranged $2.5 million in construction financing for a 37,000-square-foot office/warehouse development in Houston. The single-tenant property, to be located on three acres immediately south of George Bush Intercontinental Airport, will feature concrete tilt-wall panels, pre-engineered steel frame and 120-foot truck apron with loading docks and two 18 feet-by-18 feet doors. Matt Franke and Larry Peters of Q10 | KDH originated the loan through a regional bank.
ARLINGTON, TEXAS — Lee & Associates has arranged the lease of 32,230 square feet of industrial space in Arlington for Impex Forwarding Agency Inc., which specializes in foreign trade services. The property, located at 2401-2407 Centennial Drive, was originally constructed in 1977 and features clear heights of 24 feet. Becky Thompson of Lee & Associates represented the tenant in the lease negotiations, while Kacy Jones and Wilson Brown of CBRE represented the landlord, First Industrial Realty Trust.
SAN DIEGO — The 176-room Courtyard San Diego Old Town and the 123-room Fairfield Inn & Suites San Diego Old Town have received $50 million in debt financing. They are located at 2435 Jefferson Street and 3900 Old Town Ave., respectively. Both hotels are Marriott brands and are owned by a joint venture between Rockpoint Group, LLC and Clearview Hotel Capital, LLC. The floating-rate loan carries a three-year initial term and two optional 12-month extensions. It was secured by Mathew Comfort, Reid McGlamery and Mike Huth of Jones Lang LaSalle. The loan was provided by a domestic bank.
WESTMINSTER, COLO. – Cornerstone Real Estate Advisers LLC has acquired the 310-unit Bradburn Row in Westminster for an undisclosed sum. The community is located at 11900 Newton Street within the master-planned community of Bradburn Village, about 20 minutes north of Downtown Denver. Bradburn Row was 96 percent occupied at the time of sale. Cornerstone purchased the asset on behalf of an institutional investor. The seller, Carmel Partners, was represented by HFF’s Jordan Robbins and Jake Young.
IRVINE, CALIF. — Bixby Land Company has purchased a 45,576-square-foot office building in Irvine for an undisclosed sum. The company plans to redevelop the property into a creative office space that encourages a contemporary work environment. The building is located at 18231 West McDurmott in the John Wayne Airport submarket. The project has been named “gen2.” It will feature natural and sustainable materials, wood elements and an outdoor gathering area that serves as a natural extension of the collaborative interior spaces. The building is being designed to accommodate three tenants that will each occupy about 15,000 square feet. It is scheduled for completion in mid-2014. Leasing will be handled by Bob Thagard of Orion Property Partners and John Griffin of Voit. The project will be designed by LPA. This is Bixby’s seventh value-add renovation in the past two years.
DENVER — Gart Investment Company has acquired Willow Run Shopping Center, a 91,565-square-foot retail outpost in the Denver suburb of Westminster, for $10.8 million. The center is located at 12900-12910 N. Zuni Street. It was 80 percent leased at the time of sale. Notable tenants include Safeway, Allstate and Subway. Outlying tenants that were not part of the sale include JPMorgan Chase, Conoco Philips and McDonalds. Gart was represented by Shaun Riley of Faris Lee Investments. The seller, TNP SRT Willow Run, LLC, was represented by Richard Chichester, Jeff Conover and Tom Chichester of the same firm.
PHOENIX — Matrix Absence Management has moved its U.S. headquarters to Desert Canyon 200 in Phoenix. The space is located at 2421 W. Peoria Ave. The employee benefits management company has leased 65,502 square feet at the Desert Canyon Campus. It was previously based at the nearby Lakeside Center. Matrix will occupy a space that was vacated by American Express. It is currently undergoing renovations and should be ready for occupancy next spring. Matrix, a subsidiary of the Tokio Marine Group, was represented by Steve Corney of Jones Lang LaSalle’s Phoenix office. The landlord, REEF Desert Canyon, LLC, was represented by Jim Bayless, Ashley Brooks and Jenny Aust of CBRE’s Phoenix office.