CORNWALL, N.Y. — National Net Lease Realty has arranged the $4.1 million sale of a CVS in Cornwall. The buyer is a New York-based investor who acquires core, net-leased assets. Terry marks of National Net Lease Realty represented the seller, a private investor in the transaction.
CHESTNUT HILL, MASS. — Pottery Barn, Swedish children's apparel retailer Polarn O. Pyret and Treat Cupcake Bar have signed new leases for space at the Chestnut Hill Shopping Center in Chestnut Hill. The new stores are scheduled to open in the spring of 2013 in a new building at the site of a former Macy's. The new stores join others recently announced including The Sports Club/LA , Cinema de Lux, Shake Shack, Pinkberry and gourmet Asian restaurant, Bernard's.
LEVELLAND — The Levelland Economic Development Corp. and Titan Transloading have come to an agreement with their lenders to break ground on a $5.1 million transloading facility in the Levelland Industrial Rail Park. The facility will consist of four 2,000-ton overhead silos and a 20,000-square-foot warehouse. Additionally, Titan Trucks has added $3.65 million in equipment, mostly trucks and trailers.
HOUSTON — ARA has arranged the sale of The Bristol, an 856-unit, REO apartment community located at 1221 Redford Road in Houston. David Wylie, Russell Jones, Matt Saunders and Zach Springer represented the seller, Atlanta-based TriMont Real Estate Advisors. Philadelphia-based Resource Real Estate purchased the community in an all-cash transaction.
MIDLAND — Marriott International has opened a 100-unit TownePlace Suites by Marriott, located at 5508 Deauville Blvd. in Midland. The hotel will operate as a Marriott franchise and will be owned and operated by Dallas-based Western International. The hotel offers a business center, laundry facilities, a market, outdoor swimming pool, fitness center, a bar, an outdoor patio, 1,500 square feet of meeting space and complimentary wireless Internet for all rooms.
PLANO — KDC has leased an additional 123,716 square feet of office space to Denbury Resources at The Campus at Legacy, located at 5360 Legacy Drive in Plano, which brings Denbury's footprint in The Campus at Legacy to 500,000 square feet. The newly expanded office space is now Denbury's corporate headquarters. The Campus at Legacy features other tenants such as PepsiCo., Dr. Pepper Snapple Group, Rent-a-Center and St. Jude Medical. John Brownlee represented KDC in-house in the lease transaction, as well as KDC's partner Spear Street Capital.
DENTON — National Asset Services (NAS) has directed the revitalization and refinancing of the 240-unit Cooper Glen, a 212,000-square-foot multifamily property located in Denton. NAS reorganized and consolidated the tenant-in-common co-owners into a new, limited liability company. Additionally, the occupancy of the community has increased from 75 percent to approximately 95 percent after one year.
SANTA MONICA, CALIF. — A 52,676-square-foot medical office building in Santa Monica has received a $10-million refinance. The loan was secured for the borrower, 2825 Santa Monica LLC, by Timothy Wright and Zack Holderman of HFF through California Bank & Trust. The three-year loan features an adjustable rate. The managing member of 2825 Santa Monica LLC is an institutional investment fund sub-advised by Long Wharf Real Estate Partners LLC.
PALO ALTO, CALIF. – An office building located at 3600 West Bayshore Road in Palo Alto has received a $4.66-million bridge loan. The 36,000-square-foot office building is being repositioned by Tarlton Properties, one of the building’s lead owners and its property manager. The three-year loan was arranged by Eric Von Berg and Tom Dao of Newmark’s San Francisco office.
PEORIA, ARIZ. – Oakland Apartments has purchased a Chase Bank ground lease at the southeast corner of Lake Pleasant & Happy Valley roads in Peoria for $3.4 million. The deal will provide the buyer with investment income for the remaining 17 years on the lease. There are also four, five-year renewal options. The lease is for 4,307 square feet inside the Mountainside Crossing Shopping Center. Jan Fincham and Patrick Dempsey of Lee & Associates represented both the buyer and the seller, Barclay Pleasant Valley, LLC, in this transaction.