BEDFORD, MASS. — Nordblom Co. has acquired 201 Burlington Road in Bedford for $5.6 million. The property includes two connected office buildings totaling 135,000 square feet on 9.3 acres. Renovations will include a new metal façade, window system and HVAC system.
NORWALK, CONN. — Washington Trust’s Commercial Real Estate Group provided a $4 million loan for the refinancing of 327 Main Ave. in Norwalk, a 92,592-square-foot mixed-use property. CVS/pharmacy and eight other tenants occupy the building. The building is located along Route 7, and was renovated in 2002
CEDAR PARK, TEXAS — The Ainbinder Co. and Costco Wholesale Inc. have broken ground on Cedar Park Town Center, a 49-acre retail project located at the intersection of U.S. Highway 183A and Whitestone Boulevard in Cedar Park, just north of Austin. Seventeen acres of the land will house a 154,000-square-foot Costco warehouse. The center is expected to include over 350,000 square feet of retail and restaurant space upon completion. Phase I of the project will open this fall, and house tenants including In-N-Out Burger and BJ’s Restaurant & Brewhouse. Rodger Anderson and Neal Kieschnik of UCR’s Austin office represented Ainbinder, and Steve McArthur of Northwest Atlantic, along with David Darr of The Place Commercial Real Estate in San Antonio, represented Costco in the transaction. Lee Mitchell and Zack Harris of Whitney Bank in Houston are providing construction financing. Hermes Architects of Houston and Mulvanny G2 of Bellevue are the architects for the complex, Kimley-Horn is the project engineer and Parkes Construction is the project’s general contractor.
WOODWAY, TEXAS — Marcus & Millichap Real Estate Investment Services has arranged the sale of Marriott’s SpringHill Suites Waco Woodway, located at 200 Colonnade Parkway in Woodway. The four-story hotel contains 82 guestrooms, two meeting rooms, a full-service bar, an indoor swimming pool and spa and fitness center. Chris Gomes, Allan Miller, Jake Gaddy, David Greenberg and Skyler Cooper of Marcus & Millichap represented the seller, a Texas-based investor. Jonathan Ruprai of Marcus & Millichap’s Tampa, Fla., office represented the buyer, an investment group from Ohio.
AUSTIN, TEXAS — ARA has arranged the sale of Promesa, an 82 percent occupied, 289-unit multifamily development in Austin. Constructed in 2012, Promesa is comprised of one-, two- and three-bedroom units and its amenity package includes a tech/business center, media room, resort-style swimming pool, fitness center and a fireside lounge and grilling area. Patton Jones of ARA represented the seller, Forestar Group, in the transaction. A large pension fund advisor acquired the community from Forestar Group.
CORPUS CHRISTI, TEXAS — Aries Capital has arranged a $7.5 million loan for The Village at Oso Bay, a newly planned 56-unit memory care community in Corpus Christi. Atlanta-based Thrive Senior Living LLC is developing the facility. The capital structure includes a 24-month interest only construction loan and an additional 36 months with a 20-year amortization. The loan-to-value ratio for the transaction was approximately 75 percent.
HOUSTON — A 5,000-square-foot True Food Kitchen is set to open in Phase II of BLVD Place, a new mixed-use development under construction in Houston’s premier Uptown/Galleria area on the corner of Post Oak Boulevard and San Felipe Street. Phase II of the complex, anchored by a 52,000-square-foot Whole Foods Market and a 53,000-square-foot regional headquarters for Frost Bank, will contain 215,000 square feet total. True Food Kitchen is Green Restaurant Certified and contains environmentally friendly materials including high-efficiency kitchen equipment, low-voltage LED lighting, low VOC paint, reclaimed wood floors, recycled furnishings, Eco-Products compostable takeout products and a natural water purification unit. Wulfe & Co. is the managing partner of the development. Mike Wheeler and Jack Breard of UCR represented True Food Kitchen, and Elise Weatherall of Wulfe & Co. represented BLVD Place.
SCOTTSDALE, ARIZ. — Spirit Realty Capital will soon merge with Cole Credit Property Trust II after the firm’s shareholders approved the move in a special meeting held yesterday. Once the merger is complete, the combined company will formone of the largest publicly traded triple-net-lease REITs in the U.S. It will own a total of about 1,900 properties in 48 states. Spirit shareholders will receive a fixed exchange ratio of 1.9048 shares of common stock of the combined company for each Spirit share previously owned. The new company will retain the Spirit Realty Capital name. It will trade on the New York Stock Exchange under the ticker symbol “SRC.” Spirit’s current management team will lead the new company. Spirit Realty Capital was formed in 2003 to invest in single-tenant operationally essential real estate. It has invested more than $4.3 billion in more than 1,200 properties across 47 states. Cole Credit Property Trust II invests primarily in high-quality, freestanding, single-tenant buildings that are net leased to investment-grade or other creditworthy tenants throughout the U.S.
IRVINE, CALIF. – WNC has closed WNC Institutional Tax Credit Fund X, California Series 11. This is a $46-million institutional low-income housing tax credit (LIHTC) fund that will be used to acquire 10 properties throughout five California counties. The acquisition will include senior and family housing. It will fund the development of two new affordable housing projects, as well as the rehabilitation of eight existing communities. This is the Irvine-based company's 11th institutional fund since 2001 that has focused exclusively on California.
HERMOSA BEACH, CALIF. — The Strand in Hermosa Beach has sold to a syndicated equity group for $19.5 million. The group is led by a local private investor. The site includes four parcels that total 25,392 square feet. It directly faces the Pacific Ocean and is located in the Hermosa Beach Pier Avenue Plaza retail complex. It had been under the same family ownership for generations. The buyer was represented by Mike Grannis and Brent Cunningham of Highland Partners Corporation. The seller was represented by CBRE’s Bob Healey, Kevin Shannon, Scott Schumacher and Dan Riley.
