NEW YORK CITY — Hudson Realty Capital has funded a $4.6 million bridge loan for a 31,200-square-foot industrial loft building in Brooklyn. The borrower, an undisclosed developer, is redesigning the vacant building for multifamily use, and will use the financing to fund necessary reserves.
PORTLAND, MAINE — Boston Capital is investing in the construction of Pearl Place II, a 54-unit multifamily development in Portland. The property will be built with tax credit equity from the Low Income Housing Tax Credit program and the general partner is Portland-based Pinecone Housing Corp. Pearl Place II will include a community room and central laundry. About 11 units will be reserved for homeless or displaced residents. To date, Boston Capital has invested in about 315 units of affordable housing in Portland.
WATERFORD, CONN. — Suffolk Construction was awarded the Lawrence & Memorial Hospital's Cancer Center project in Waterford. The $34.5 million project will include a new, 47,000-square-foot facility for radiation and medical oncology programs. Construction will begin this spring and the grand opening is scheduled for September 2013.
PHILADELPHIA — Marcus & Millichap has arranged the $1.7 million sale of Evans Court, a 31-unit apartment building in Philadelphia. The building is fully occupied. Fred Paisley and Dana Newton of Marcus & Millichap's Philadelphia office represented the seller, a private investor, in the transaction. They also represented the buyer, a limited liability company.
DALLAS AND FORT WORTH — Rick's Cabaret International through RCI Holdings, its subsidiary, has purchased two tracts of land currently housing adult nightclubs, located at 12325 Calloway Cemetery Rd. in Fort Worth and 2151 Manana Dr. in Dallas, for $5.5 million. Rick's Cabaret paid $2 million in cash and the other $3.5 million is being financed by the seller.
GRAPEVINE — Regions Bank has sold a 26,240-square-foot, two-building office property, located at 1900 Enchanted Way in Grapevine, to Capital Commercial. Kevin Santaularia, Todd Lambeth and Joe Santaularia of Dallas-based Bradford Commercial Real Estate Services represented the seller in the transaction.
SAN ANTONIO — Austin-based Linsalata Realty Services has brokered the sale of a 6,427-square-foot shopping center, located at 6620 FM 78 in San Antonio. The property is fully leased to three tenants. Joe Linsalata of Linsalata Realty Services represented the buyer, Kim and Peter Tran, in the transaction. Dick McCaleb of San Antonio-based RFM Commercial represented the seller. Bruce Graham of Chase Bank of Austin was the loan officer for the acquisition financing.
CERRITOS, CALIF. — A 105,680-square-foot industrial property in Cerritos has sold to Nima Accessories for $7 million. The property is located at 16804-16808 Gridley Place. Jim Halferty and James Kinetz of Lee & Associates’ Los Angeles-Central office represented the buyer. Colliers International represented the seller, L-W Income Properties, in this transaction.
TEMECULA, CALIF. – A 102,566-square-foot industrial building in Temecula has sold to JLNI, LLC and KPN Industrial, LLC for $3.8 million. The buyers subsequently leased the building to Crossroads Church, Inc. and Reliant Food Service. The 60-month lease term is valued at $1.3 million. Andy Melzer of Cassidy Turley BRE Commercial represented JLNI, LLC and KPN Industrial, LLC in both the sale and lease transactions, along with Kerry Schimpf. The seller, U.S. Bank National Association, was represented by Charley Black of Lee & Associates. Rick Gilliam and Jon Stevenson of High Tower Capital, Inc. represented the lessees in the lease transaction.
PEORIA, ARIZ. — Thunderbird Commons, a four-building, 54,872-square-foot medical and retail property in Peoria, has sold to Second City Capital Partners for $7,650,000. The complex also contains two pads totaling about 2.6 acres. Second City plans to extensively renovate the complex and rename it Thunderbird Wellness Centre. The firm was represented by Bob Broyles and Bill Saul of Colliers International in Phoenix. The seller was Thunderbird Commons Holdings I, LLC. Financing was arranged through Brandon Harrington of Cohen Financial.
