ARLINGTON — Houston-based Hartman Income REIT has purchased the 127,696-square-foot Cooper Street Shopping Center, located at Cooper Street and Interstate 20 in Arlington, from Regency Centers. Tenants of the shopping center include Home Depot, Office Max, America's largest K&G Men's Store and T.G.I. Friday's. Hartman purchased the property through an affiliate, Hartman Short Term Properties. The buyer was self-represented by Dave Wheeler and Julian Kwok.
Property Type
LUBBOCK — Beech Street Capital has funded a $6.3 million Fannie Mae ARM 7-6 loan for the refinancing of the 232-unit Canyon Crossing, a multifamily property located in Lubbock. Jacob Katz of Meridian Capital Group's Bethesda, Md., office arranged the 7-year loan with 2 years of interest only and a 30-year amortization schedule through Beech Street.
THE WOODLANDS — HFF has secured financing and joint venture equity for the 256-unit Forest View and the 216-unit Timbermill, two multifamily communities located at 4545 S. Panther Creek Dr. and 1481 Sawdust Rd., respectively, in The Woodlands. Cortney Cole of HFF's Houston office arranged the Freddie Mac loans with 7-year terms and 4 years interest only on behalf of the borrower, Venterra Realty. A fund managed by Boston-based BayNorth Capital is providing the joint venture equity for both properties.
HENDERSON, NEV. – Anthem Village, a 117,000-square-foot, Class A grocery- and drug-anchored retail complex in Henderson, has received a $15-million first-mortgage loan. The complex was built in 2000. The non-recourse loan features a 20-year term and a fixed interest rate of 4.5 percent. Financing was arranged by Mikko Erkamaa of Grandbridge through AUL. Grandbridge’s Dean Huber assisted with the transaction.
COSTA MESA, CALIF. — A 23,920-square-foot industrial property in Costa Mesa has sold to Jerry Palanjia for $2.85 million. The property contains two buildings located at 2960 and 2968 Randolph Ave. Palanjia was represented by Joel Burnstine of Burnstine and Kahele Real Estate. The seller, Raze Investments, LLC, was represented by Gregory Velastegui and Stephen Lane of Voit’s Irvine office.
OREM, UTAH – An 80-unit student housing complex near Utah Valley University in Orem has sold to an out-of-state investor. The 64,500-square-foot complex was built in 1985 at 643 West 1200 South. Daniel Shin of Marcus & Millichap’s Salt Lake City office represented the buyer in this transaction.
NASHVILLE, TENN. — Noble Investment Group has acquired the 226-room Courtyard by Marriott Nashville Vanderbilt/West End hotel, located at 1901 West End Ave. in Nashville. The buyer plans to invest $7 million in renovations, including an upgraded lobby, addition of a Courtyard Bistro restaurant, a state-of-the-art fitness center, contemporary furnishings and high-tech amenities added to hotel guest rooms and other areas of the hotel.
CORAL GABLES, FLA. — The 18,552-square-foot 1000 Ponce, an office building located at 1000 Ponce de Leon Blvd. in Coral Gables, has sold for $5.15 million. The three-story building is fully leased. Douglas Mandel of Marcus & Millichap's Fort Lauderdale, Fla., office, along with Benjamin Silver of the firm's Miami office, represented the seller, a Miami-based developer, in the transaction.
CARY, N.C. — Ann Arbor, Mich.-based McKinley has acquired the 248-unit Geneva Park, an apartment complex located at 200 Wrenn Dr. in Cary, on behalf of one of its institutional clients. McKinley will manage the community. The buyer plans to renovate the property, including the sales office, BBQ area, landscaping, lighting and signage, as well as roofing, siding and hallway repairs.
MIAMI — Miami-based Aztec Group has arranged $9.15 million in senior debt financing for the 296-pad Colonial Acres Mobile Home Park, a manufactured housing community located at 9674 NW 10th Ave. in Miami. Howard Taft and Charles Penan of Aztec Group secured the 10-year loan with a 30-year amortization schedule and a 5.45 percent fixed interest rate through Ladder Capital Finance on behalf of the borrower, Liberty Investments.