HOUSTON — Ryan Watson of Q10 Kinghorn, Driver, Hough & Co. has secured an $8.4 million acquisition loan for an apartment complex in Houston. The two-story property includes 356 units. Q10 Kinghorn, Driver, Hough & Co. is a Texas-based commercial mortgage banking company that arranges financing for developers and owners of commercial real estate.
IRVING, TEXAS — CBRE has arranged the sale of Casa del Sol, a 104-unit apartment complex in the Dallas suburb of Irving. Ken Durham purchased the asset from Elmstone Group CDS LLC through a tax-deferred 1031 exchange. At closing, the community was 100 percent occupied. Chris Deuillet of CBRE’s Dallas office represented the seller. The asset, located at 730 N. Nursery Road, was built in 1962. The four-building complex is comprised entirely of 432-square-foot, one-bedroom units.
MINNEAPOLIS — WNC, a national investor in real estate and community development initiatives, has provided $3.2 million in low-income housing tax credit equity (LIHTC) to fund the development of Hi-Lake Triangle Apartments, a newly constructed 64-unit affordable seniors housing community in Minneapolis. Hi-Lake Triangle Apartments is a six-story building comprised of 53 one-bedroom and 11 two-bedroom units. Located at 2230 E. Lake St., approximately three miles from downtown Minneapolis, the elevator-serviced community is part of a mixed-use development containing 5,385 square feet of ground-floor retail space. Hi-Lake Triangle Apartments offers residents a rooftop terrace, outdoor picnic area, community room, recreational facility, common living room with a fireplace, laundry facilities, intercom access and onsite management. Each unit is equipped with central air conditioning. The building’s parking area includes 41 spaces reserved for tenants of Hi-Lake Triangle Apartments. Hi-Lake Triangle LLC served as the general partner of the project, while Stephen B. Wellington Jr. served as the project developer. Wellington Management Inc. received the LIHTC financing to help fund the development, which took nearly 10 months to complete.
APPLE VALLEY, MINN. — Marcus & Millichap has brokered the $2.55 million sale of a 6,260-square foot net-leased property occupied by Red Robin, a gourmet hamburger restaurant, in Apple Valley. The restaurant is located at 15560 Cedar Ave., about 19 miles south of Minneapolis. Mike Marzinske, Adam Prins, Matthew Hazelton, Sean Doyle and Cory Villaume, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor. The transaction reflects the trend of capital gravitating from coastal markets to the Midwest for properties that are well located and occupied by strong-performing tenants, says Hazelton. “We have observed this trend throughout the year and foresee it remaining sustainable through the end of 2015.”
ROCKVILLE, MD. — Lantian Development LLC and 1788 Holdings LLC have formed a joint venture to acquire a 31-acre site in Rockville from TA Associates for $50 million. The tract fronts Shady Grove Road between Choke Cherry and Gaither roads. The site currently contains seven separate two-story buildings totaling approximately 450,000 square feet of Class B office space. The joint venture intends to demolish two buildings and renovate the other five buildings in the portfolio to retain the existing tenant base and increase occupancy with new tenants. The partnership will also transform the asset into a mixed-use and multi-functional project that will eventually support 1.5 to 2 million square feet of commercial office, medical office, retail, hospitality and residential space. The joint venture intends to unveil the new branding of the project, as well as architectural renderings, by early 2016. 1788 Holdings and Lantian Development expect more than $500 million to be invested in the project during the next 10 years.
FRESNO, CALIF. — Phillips Edison Grocery Center REIT II Inc. has acquired a grocery-anchored shopping center in Fresno. West Acres LLC sold the 83,414-square-foot West Acres Shopping Center for $10.2 million. The fully leased center is occupied by 14 tenants, including Best Cuts, Little Caesars and Atlas Healthcare, and anchored by a 55,080-square-foot Food Maxx.
VESTAL, N.Y. — Jacobson Properties and Cushman & Wakefield/Pyramid Brokerage Company of Binghamton Inc. have arranged the sale of Our Lady of Lourdes Memorial Hospital medical office building in Vestal. A major private healthcare buyer acquired the 57,000-square-foot property for $22 million. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield negotiated the transaction. The name of the seller was not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 10 Westminster Road in Brooklyn. The 25,990-square-foot asset sold for $6 million, or $300,000 per unit. The 20-unit property features a mix of three- and four-bedroom apartments. Derek Bestreich, Lucien Sproviero, Adam Lobel and Erik Rodriguez of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company, in the transaction.
WARWICK, PA. — NAI Mertz has brokered the sale of an 8,750-square-foot flex building located at 1528 Campus Drive within Warwick Business Campus in Warwick. The buyer, Larry Sfinas of Guardian Academy and Indoor Range Inc., acquired the property from an undisclosed seller. The purchase price also was not disclosed. The buyer plans to expand the building into a 20,000-square-foot, 22-lane indoor gun range and retail store. The completed property will feature an advanced Carey air filtration system, a 3,500-square-foot shoot house, 360-degree computer-generated simulation training, and a 50-person banquet hall. Construction is slated to start in August, with a grand opening scheduled for January 2016. Jeff Licht and Adam Lashner of NAI Mertz arranged the transaction.
HAMDEN, CONN. — Press/Cuozzo Commercial Services has brokered the long-term lease of 2,664 square feet of office space at Hamden Center II in Hamden. FC USA Inc., the parent company of GOGO Worldwide Vacations, will occupy the space at 2321 Whitney Ave. Stephen Press of Press/Cuozzo represented the landlord, while Steve Inglese of The New Haven Group represented the tenant in the transaction.