BRANFORD, CONN. — O,R&L Commercial has completed a long-term lease for 8,000 square feet of R&D and flex space, located at 4 Pin Oak Drive in Branford. Saphlux LLC will expand its research and development operations in the newly constructed facility. Rich Lee of O,R&L Commercial represented the landlord, Plato Associates, while Rich Guralnick, also of O,R&L Commercial, represented the tenant in the lease.
NEW BEDFORD, MASS. — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage, has arranged the sale of Southeast Massachusetts Health & Rehabilitation Center for $4 million. The 123-bed skilled nursing facility is located in New Bedford, approximately 60 miles south of Boston. A New York-based national owner sold the facility to a regional owner-operator with an existing presence in that part of the state. The facility was 79 percent occupied at the time of sale. Steve Thomes and Christopher Hyldahl of Blueprint were lead advisors on the transaction.
HORSHAM, PA. — CBRE has brokered the sale of a Citizens Bank property, located at 822 Welsh Road in Horsham. An undisclosed buyer acquired the 3,500-square-foot asset for $7.5 million. Marc Mandel, Matthew Gorman and Michael Shover of CBRE represented the undisclosed seller in the deal. Citizens Bank currently has 15 years remaining on its long-term ground lease of the property.
MARLTON, N.J. — Marcus & Millichap has arranged the sale of a retail property located in Marlton. A private investor acquired the 8,110-square-foot property for an undisclosed price. Michael Lombardi of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.
PORTLAND, ORE. — Brookline Investment Group has purchased the 200-unit Sunfield Lakes apartment community in the southwest Portland suburb of Sherwood for an undisclosed sum. The community is located at 16100 S.W. Century Drive. Notable employment hubs in the area include Tualatin/Sherwood industrial hub, Legacy Meridian Park Medical Center, LAM Research Corp. and the Wilsonville submarket. Sunfield Lakes features an outdoor pool, hot tub, 24-hour fitness center, lounge and business center. HFF’s Ira Virden and Carrie Kahn represented the seller, Berkshire Group, in this transaction.
TUCSON, ARIZ. — FW Group has purchased the 254-unit Dorinda Vista apartments in Tucson for $27.9 million. The community is located at 7596 N. Mona Lisa Road. Dorinda Vista was built in 1998. Major nearby attractions include Omni Tucson National Resort and the Foothills Mall. The top employers in the area include the Omni resort, the Tucson Mall and Northwest Hospital. Art and Clint Wadlund of Berkadia represented the seller, Prime Residential, in this transaction.
HOUSTON AND DALLAS — LMI Capital has closed five financing transactions for six assets in the Houston and Dallas exceeding $36 million. In the first transaction, Jamie Mullin of LMI Capital procured a $15 million, floating-rate loan for a 435-unit multifamily asset in southwest Houston. The terms include a two-year interest-only period, open prepayment structure and significant rehab component, which will be used to improve the buildings’ exteriors and complete select upgrades for the units’ interiors. The name of the borrower and the property were not released. In the second deal, Kurt Dennis of LMI Capital originated a 25-year bank loan on an 11,000-square-foot office building in northwest Dallas. The first mortgage equated to 73 percent of the purchase price and included a step-down prepayment structure and low closing costs. The name of the borrower and the amount of the loan were not disclosed. Mullin also arranged financing for four assets in southwest Houston. The transactions included: – A 10-year, $4 million agency loan for a 120-unit multifamily asset. Terms of the loan included a fixed 4.1 percent interest rate, two years of interest-only payments and cash out proceeds to make ongoing improvements to the property and fund future acquisitions. – …
FORT WORTH, TEXAS — Presidium Group has purchased the Vistas at Lake Worth Apartments, a multifamily property located in Fort Worth, for an undisclosed price and renamed the property The Ascent. Built in 1970, the property features 265 units in a variety of floor plans, averaging 935 square feet. On-site amenities include a clubhouse, two swimming pools, a fitness center, media room, business center, controlled gate access, mature landscaping and views of Lake Worth. The buyer plans to upgrade and renovate both the exterior and interiors of the property. The name of the seller was not released.
CORPUS CHRISTI, TEXAS — The Richland Cos. has entered the Corpus Christi market with the acquisition of Pizza Hut & Wing Street, located at 2120 S. Staples St. across from Del Mar College East Campus. The restaurant property is situated on a 46,110-square-foot land parcel. The acquisition price and name of the seller were not released. The property is Richland’s 35th asset, marking more than 2.5 million square feet of properties that the company owns and manages in four states.
CHICAGO — Tishman Speyer has arranged a 105,000-square-foot lease for OCC, the world’s largest equity derivatives clearing organization, at The Franklin in Chicago’s West Loop. The Franklin is a Class A office complex that recently underwent a complete repositioning, including the redevelopment of the lobby. The complex consists of two connected buildings at 222 W. Adams St. and 227 W. Monroe St., totaling nearly 2.5 million square feet. Holly Duran, Lois Durkin and Jeff Mulder of Holly Duran Real Estate Partners LLC represented OCC in the transaction. Ellen May and Greg Tait of Tishman Speyer represented building ownership.
