HOUSTON — Holey Moley Golf has opened an 12,166-square-foot venue at 3839 Weslayan St. in the Greenway/Upper Kirby area of West Houston. The space houses three nine-hole minigolf courses, two private karaoke rooms and a full-service bar and restaurant that can accommodate more than 100 guests. The venue is the third nationally for Holey Moley, which also operates venues in San Francisco and Denver. Australia-based Funlab owns the concept.
GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Hangar at Thunderbird, a multifamily community in Glendale. P.B. Bell sold the asset to Decron Properties for $69 million, or $259,398 per unit. Completed in 2023, Hangar at Thunderbird features 266 apartments with nine-foot ceilings, wood-style vinyl plank flooring, laundry closets with full-size washers and dryers, closets with build-in shelving, and patios or balconies with exterior storage. The garden-style, controlled-access community offers a swimming pool, spa, adjacent outdoor game patio and shaded community playground with evening lighting. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged $40 million in acquisition financing.
MARINA, CALIF. — Interstate Equities Corp. (IEC) has finalized the recapitalization of The Gates at Marina, an apartment community in Marina. The deal gives a co-mingled fund advised by New York-based Clarion Partners a majority stake in the property, while IEC retains a minority equity position and will continue its onsite management. IEC acquired The Gates in January 2021 for $39.3 million, and the recapitalization values it at $45 million. Located at 299 Carmel Ave., The Gates at Marina offers 136 units in predominantly a mix of two- and three-bedroom units with balconies or patios, plus updated kitchens, bathrooms, flooring and appliances. Scott MacDonald and Jason Parr of Berkadia led the marketing efforts, while Hank Workman of Berkadia placed the debt.
SPARKS, NEV. — Berkadia has arranged $11.5 million in joint venture equity for Five Ridges, a townhome-style build-to-rent development in Sparks, just east of Reno. Leggera Development is the developer for the project. Situated on 6.1 acres at 545 Highland Ranch Parkway, Five Ridges features 83 three-bedroom/2.5-bath units ranging in size from 1,494 square feet to 1,969 square feet. The community is situated within a 422-acre master-planned community comprising 1,246 residential units across 10 villages, including single-family detached homes, townhomes, multifamily, commercial properties, and two community parks with 100 acres of open space and 10 acres of amenitized community gathering areas. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital, along with Jared Glover of Investment Sales at Berkadia Nevada, represented Leggera Development. Berkadia arranged the equity through a global investment manager.
TUCSON, ARIZ. — Golden Parachute Properties has acquired 11,200 square feet of medical office space at 6452 E. Carondelet Drive in Tucson. AM Properties LLC sold the asset for $3.2 million. Richard Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the seller, while Matt Bollinger and John Allen Smith with Smith & Bollinger-Long Realty Co. represented the buyer in the transaction.
SAN LUIS OBISPO, CALIF. — PSRS has arranged $1.4 million in refinancing for Palm Street Apartments, a multifamily asset in the Central Coast city of San Luis Obispo. Jonny Soleimani and Thomas Rudinsky of PSRS secured the seven-year loan through a bank. Situated on 0.33 acres, Palm Street Apartments offers 11 apartments and on-site parking.
SHORT HILLS, N.J. — Columbia Pacific Advisors has taken ownership of two office buildings totaling 320,196 square feet in the Northern New Jersey community of Short Hills. The six-story building at 101 JFK Parkway spans 197,196 square feet and is home to tenants such as Franklin Mutual, Citizens Bank, Citibank, global law firm Dentons and Virtu Financial. The four-story building at 103 JFK Parkway totals 123,000 square feet and is currently vacant. Columbia, which was previously the lender on the buildings, has hired JLL to market the assets for lease.
With office occupancy still well below pre-pandemic levels due to the prevalence of the hybrid work model and companies downsizing their space needs, property owners are resorting to creative solutions for vacant or underutilized buildings. The conversion of office properties into new uses such as multifamily or hospitality is one approach. While these adaptive reuse projects are not for the faint of heart, they are an important way to avoid demolition. Construction debris from demolition projects contributes to the building industry’s huge carbon footprint, states Alan Barker, principal and residential market leader at Chicago-based architecture firm Lamar Johnson Collaborative (LJC). When considering an office conversion project, the first step is to make sure that the building’s structural integrity can safely accommodate renovations. Beyond that, office buildings that are a good fit for adaptive reuse typically have flexible floor plans, access to light and ventilation, existing utilities that can handle changes in capacity, and a location that offers proximity to amenities, transportation and parking, according to Barker. Recently, LJC created an adaptive reuse scorecard to help developers and building owners assess a property’s potential for a conversion project. The scorecard is comprised of seven categories: development potential; building form; building systems; …
PHILADELPHIA — Los Angeles-based Thorofare Capital has provided a $13 million loan for the refinancing of a portfolio of five industrial buildings totaling 118,509 square feet in Philadelphia. Four of the buildings are contiguous, and the fifth is located less than a mile down the street. David Perlman, Edward Prosser, Henry Johnson and Chris DeLuca of Thorofare Capital originated the loan on behalf of the borrower, New York City-based investment firm Thor Equities Group.
NEW YORK CITY — Marcus & Millichap has brokered the $7.1 million sale of a 12,320-square-foot office and retail building located at 36-41 Bell Blvd. in the Bayside area of Queens. The two-story building comprises 12 spaces, with retail space on the ground floor and office space on the second floor. Anthony Cerrone and Michael Tuccillo of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
