DALLAS — Consolidated-Tomoka Land Co. has acquired 0.91 acres at 2501 N. Field St. in Dallas for $14.9 million. The property is leased to a 10,340-square-foot CVS Pharmacy for an initial term of 25 years and guaranteed by CVS Health Corp. The property is located near downtown Dallas one block from the American Airlines Center. The zoning of the property allows for potential future development of approximately 400,000 square feet of commercial space. This acquisition was part of a 1031 tax-deferred exchange.
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GARLAND, TEXAS — The Vitorino Group has brokered the sale of Take 5 Oil Change on Forest Lane in Garland. The Vitorino Group represented the seller, a Dallas-based partnership, and cooperated with an outside broker that represented the buyer, a local investor. A local bank provided financing.
WILLIAMSBURG, VA. — WM Dougherty & Co. LLC has acquired an unfinished memory care community in Williamsburg for $7.5 million. The Jacksonville, Fla.-based investment bank and brokerage firm will open the community as Berkeley Oaks. Solvere Senior Living, a New Jersey-based operator, will manage the property upon completion. New Dawn Assisted Living was developing the community before the project declared bankruptcy in late 2015. In addition to the purchase price, WM Dougherty plans to invest $2 million in the community. When completed, Berkeley Oaks will offer 48 memory care units divided into three 16-unit buildings that will operate as separate neighborhoods. Architectural firm Lantz-Boggio designed the project, which is scheduled to open in February 2017. Berkeley Oaks will be the fourth developer-operator partnership between Dougherty and Solvere.
DEERFIELD BEACH, FLA. — Berger Commercial Realty has arranged two retail and industrial leases in Deerfield Beach, roughly 40 miles outside of Miami. The leases include 10,351 square feet of industrial space to Vapor Supply LLC at Enterprise Commerce Center, located at 1901 Green Road, and 8,077 square feet of retail space to PGH International LLC at 1825 S. Powerline Road. John Forman and Keith Graves of Berger Commercial represented the landlord, Mancini & Sons Florida LLC, in both transactions.
Vista Investment Group Receives $30.8M to Acquire Woodlake Manor Apartment Complex in Baldwin Hills
by Nellie Day
BALDWIN HILLS, CALIF. — Vista Investment Group has received $30.8 million to finance the acquisition of the 276-unit Woodlake Manor apartment building. The community is located at 4555 W. Martin Luther King, Jr. Blvd. in Baldwin Hills. It was built in 1964. The transaction also included a land parcel currently occupied by two radio towers. A commercial bank provided the capital for the seven-year, fixed-rate loan. HFF’s Marc Schillinger arranged the loan.
DENVER — Big Brothers Big Sisters of Colorado has signed a seven-year lease for a new headquarters facility in Denver. The space is located at 750 West Hampden Ave. JLL’s Andy Cullen represented the organization. Jim Cortney of NAI Shames Makovsky represented the landlord.
Bridge Development Partners Breaks Ground on Refrigerated Facility near Seattle-Tacoma International Airport
by Nellie Day
SEATTLE — Bridge Development Partners has broken ground on a 241,140-square-foot refrigerated facility near Seattle’s Sea-Tac Airport. The facility is located at 1010 S. 146 St. Western Distribution Services will operate the property, which Tippmann Innovation will build.
CITY OF INDUSTRY, CALIF. — Ardmore Home Design has leased a 128,810-square-foot industrial facility in the City of Industry. The Class A facility is located at 768 Turnbull Canyon Road. The property provides immediate access to California State Route 60 and is minutes from Interstate 605. The space will serve as the corporate headquarters for Ardmore’s home décor business lines Made Goods and Pigeon & Poodle. Ty Newland of Cushman & Wakefield represented Ardmore in the deal.
Brady Sullivan Properties Arranges $7.9M Sale of Two Apartment Communities in New Hampshire
by Jeff Shaw
MANCHESTER, N.H. — Brady Sullivan Properties has arranged the sale of Deerhaven Preserve and Jefferson Place, multifamily communities in Manchester, for $7.9 million. The two properties total 75 units. Charles Panasis, Ben Kelley and James Tobin facilitated the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of 1424 Avenue J, a mixed-use retail and multifamily property in the Midwood section of Brooklyn, for $3.6 million. Di Fara Pizza occupies the property. GFI Realty’s Shulem Paneth and Eli Matyas represented the seller, a foreign investor, in the transaction. GFI’s Sylvia Spielman represented the buyer, a local investor with several properties in the area. The four-story building is comprised of six apartments and four stores, all of which are currently occupied.