HOUSTON — NAI Partners has represented Peter Paul Petroleum Co. in relocating and subleasing 11,596 square feet of Class A office space in the Murphy Oil Building located at 9805 Katy Freeway in Houston’s Katy Freeway office submarket. Prior to the relocation, Peter Paul Petroleum had leased space in Houston’s central business district. The company specializes in acquiring and managing oil and gas properties. Jon Silberman, Jason Whittington and Kelly Torian of NAI Partners represented Peter Paul Petroleum during negotiations, while Chad Baker and Matt Sanderson of JLL represented the sublessor, OOGC America.
DETROIT — Cushman & Wakefield has negotiated the sale of a three-property, 371-unit independent living portfolio in suburban Detroit. The purchase price was not disclosed. The properties include Pine Ridge of Garfield, Pine Ridge of Plumbrook and Pine Ridge Villas of Shelby. An affiliate of Chicago-based private equity firm Green Courte Partners LLC purchased the portfolio. Green Courte has retained the existing management firm, an affiliate of Spectrum Retirement Communities LLC, to operate the properties. The portfolio was stabilized with occupancy exceeding 95 percent at the time of sale. Allen McMurtry and David Rothschild of Cushman & Wakefield represented an institutional seller in the disposition.
HAZELWOOD, MO. — A joint venture of Tiger Capital Group and New Mill Capital Holdings has acquired the former Printpack printing plant in Hazelwood, a second-ring suburb of St. Louis. The 260,000-square-foot plant, previously used for light manufacturing and distribution, was built in 1961. The New York-based firms are currently exploring options for redeveloping the 30-acre site for new manufacturing or distribution uses, with incentives available to those bringing business to the city. The new owners plan to auction off the remaining machinery and equipment on-site early in the first quarter of 2017, but will be working with prospective tenants in the interim. Denton Shamburger of Lincoln Property Company represented Printpack. The buyer was unrepresented.
LONG BEACH, CALIF. — Red Mountain Group Inc. has completed the disposition of The Knolls Shopping Center, a retail center located at 4250 Long Beach Blvd. in Long Beach. An undisclosed buyer acquired the property for $29.1 million in an all-cash transaction. After acquiring the asset in 2015, Red Mountain Group redeveloped and re-tenanted the property with Trader Joe’s, Pet Food Express, Chipotle, Jersey Mike’s Subs, Verizon Wireless, Mob Pizza and Crunch Fitness. Bill Bauman of Savills Studley brokered the deal.
PALM DESERT, CALIF. — Marcus & Millichap has brokered the sale of Las Sombras, a retail property located at 72-261 Highway 111 in Palm Desert. An undisclosed buyer acquired the property for $3.7 million. The property includes 18,041 square feet of existing buildings that are currently vacant. Pablo Rodriguez, Richard Vincent and Bruce Haulley of Marcus & Millichap represented the seller, a private investor, in the deal.
RIVERDALE, N.J. — HFF has arranged the $60 million sale of Alexan Riverdale, a multifamily property located at 6000 Riverdale Road in Riverdale. Situated on 15 acres, the 212-unit property features a mix of one- and two-bedroom units averaging 1,033 square feet. Community amenities include a resort-style swimming pool, grilling area, fire pit with lounge seating, two landscaped courtyards, fitness center with yoga/spin studio, lounge with billiards, game room, business center and garage parking. Inland Real Estate Investments Inc. facilitated the purchase of the community, while Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller, a global real estate investment manager. Additionally, the HFF team worked to secure acquisition financing for the buyer.
LOS ANGELES — Advanced Real Estate Services has received $73.9 million to refinance a five-property multifamily portfolio in Southern California. The portfolio contains a total of 479 units. The properties include Cantabria, Four Seasons, Lanter Bay, Solara and the Pines at Montclair. These assets are spread throughout Orange, Los Angeles and San Bernardino counties. The refinancing features a seven-year term, 3.78 percent interest rate and a 30-year amortization schedule. NorthMarq’s Michael Elmore arranged the financing through a national bank. The transaction was completed under the lender’s portfolio recapitalization program, which minimized prepayment and closing costs. It also provided cash-out proceeds to Advanced, which plans to use the excess funds for future acquisitions.
HILLSBORO, ORE. — Entities of Winkler Development and Watumull Properties Corp. have acquired two corporate parks in Hillsboro that are fully occupied by Nike. The purchase price was $23.2 million. The transaction includes the 65,002-square-foot SunTech Corporate Park I at 3445 NW 211th Terrace, as well as the 77,965-square-foot Tanasbourne Corporate Park I at 20010 NW Tanasbourne Drive. Nike moved into the buildings in 2015. NGKF’s David Hill, David Squire, Kevin Shannon, Ken White and Laura Stumm represented the seller, LBA Realty, in this transaction.
SOUTHFIELD, MICH. — Commercial Property Advisors has brokered the sale of Providence Place and Tower Apartments in Southfield for $23 million. The 576-unit property is located adjacent to St. John Providence Hospital-Southfield and encompasses approximately 729,000 net rentable square feet. An undisclosed Michigan-based real estate investment firm purchased the property and plans to upgrade the apartment units and common areas. Cary Belovicz of Commercial Property Advisors marketed the property on behalf of Parkstone Capital Partners LP.
ENID, OKLA. — Three new tenants have signed on at GBT Realty Corp.’s shopping center in Enid. Famous Footwear, Buckle and Sprint are joining the tenant lineup at the $17 million Land Run Town Center, occupying a combined 13,100 square feet of retail space. The shopping center is now 93 percent leased. Academy Sports + Outdoor and Famous Footwear are now open. Maurices, Ulta Beauty and Buckle will open by the end of the year. Acquired in March by GBT Realty, the 15-acre site, situated across from Oakwood Mall, is formerly home to Walmart and was most recently a distribution center for regional home and garden retailer Atwoods Ranch and Home. Enid is located 90 miles northwest of Oklahoma City.