LA PORTE, TEXAS — Lancaster Pollard and MRC have arranged the refinance of Happy Harbor Apartments, a 51-unit affordable seniors housing community in La Porte. Originally built in 1983, Methodist Retirement Community (MRC) owns and manages the site that is part of its healthy living communities. The $2.2 million loan is insured by the FHA Sec. 223(f) program. The transaction provided for nearly $930,000 in repairs for the foundation, plumbing fixtures, drywall repair, painting and other related damage at the property.
TAMPA, Fla. — DTZ has arranged the $20 million sale of Arbor Terrace at Citrus Park in Tampa on behalf of Citrus Park ALF LLC. The project was pre-sold to Capitol Seniors Housing prior to breaking ground and the transaction closed upon certificate of occupancy. The property is built on 6.3 acres and comprises 52 assisted living, 14 transitional memory care and 26 memory care units. Arbor Terrace was designed by Tampa architectural firm Chancey Design and developed by a joint venture between Tampa architect/developer Walt Chancey and Rookis Development Co. based in Santa Rosa Beach, Fla. The DTZ team of Allen McMurtry, Megan Fetter and David Kliewer closed the transaction.
CRANFORD, N.J. — Marcus & Millichap has brokered the sale of Cranford Square, a retail property located in Cranford. The 34,573-square-foot property sold for $7.5 million. The fully leased center is occupied by Dunkin Donuts, UPS and Dollar General, among others. Michael Lombardi, Robert Angus and Julienne Pape of Marcus & Millichap represented the seller, a private investor, in the transaction. Lombardi and Angus also represented the undisclosed buyer.
NEW YORK CITY — NAI James E. Hanson has facilitated a long-term lease for Plated, a weekly subscription-based service that provides boxes of fresh, seasonal, pre-portioned ingredients and chef-designed recipes. The company will occupy 84,400 square feet of industrial space at 511 Barry St. in the Bronx. Located off the Bruckner Expressway, the site provides easy access to several major highways, including the Major Deegan and Cross Bronx Expressways, as well as the Bronx River Parkway. Barry Cohorsky of NAI Hanson represented Plated, while John Reinertsen and Timothy Sheehan of CBRE Inc. represented the landlord, Baldor Specialty Foods Inc., in the transaction.
SAN JOSE, CALIF. – A 160,000-square-foot office and R&D campus in Silicon Valley has sold to Drawbridge Realty for an undisclosed sum. The campus contains two office and R&D buildings that were fully leased to Cobham Electronic Solutions. The buildings are located at 5300 and 5350 Hellyer Ave. in San Jose. It was constructed in 2000. The seller, Hellyer Avenue Limited Partnership, is a partnership lead by affiliates of Berg & Berg and Republic Properties Corporation. It was represented by CBRE’s Joseph Moriarty, Russell Ingrum, Sean Sullivan, Brad Zampa, Tyler Meyerdirk and Bob Steinbock.
LOS ANGELES – A 16-unit apartment complex in the Los Angeles submarket of Glendale has sold to a private family trust for $4.1 million. The community is located at 1323 N. Columbus Ave. It was built in 1927. The trust was represented by Salleh Beitollahi and Rick Raymundo of Marcus & Millichap Real Estate Investment Services.
SAN MARCOS AND LUBBOCK, TEXAS — Vesper Holdings has purchased two student housing properties in Texas. The properties include Wildwood San Marcos in San Marcos and University Fountains in Lubbock. Wildwood San Marcos is a 132-unit, 528-bed student housing community located near Texas State University. Wildwood includes 11 three-story residential buildings and a clubhouse. Built in 2013, Wildwood currently maintains a 99 percent occupancy rate. Vesper is allocating $250,000 toward property improvements at Wildwood. These funds will be used to improve curb appeal, renovate the clubhouse and pool, and upgrade the amenities.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Pioneer House and Executive Apartments, a 146-unit apartment portfolio located in Irving. William Jarnagin and Michael Ware of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Ware and Jarnagin also procured the buyer, a local private investor. The seller plans to utilize the sale of the portfolio to acquire a larger asset with additional cash flow. The buyer intends to make minor improvements to the stabilized asset and improve upon the existing cash flow. Old Capital arranged financing with a Fannie Mae loan from Arbor Commercial Mortgage. Pioneer House is located at 2851 W. Pioneer Drive. Executive Apartments is located at 2700 W. Grauwyler Road. The Class C multifamily communities include 15 buildings with nine efficiency, 66 one-bedroom/one-bath, 36 two-bedroom/one-bath, 34 two-bedroom/two-bath, and one three-bedroom/two-bath floor plans. At the time of listing, both properties reported 99 percent occupancy rates.
WEST ALLIS, WIS. — Siegel-Gallagher has arranged the $304,000 sale of a 2,366-square-foot retail building in West Allis. Forward Dental West Allis is located at 8801 W. National Ave. Zeon Properties LLC purchased the property from The Oliver E. Moths Estate LLC for an undisclosed sales price. Patrick Gallagher, Matson Holbrook and Max Schultz of Siegel-Gallagher represented the seller.
NEW YORK CITY — RKF has arranged the sale of a retail condominium located at 50 Bond St. in New York City’s NoHo district. Thor Equities purchased the 6,400-square-foot property from Stewart & Sons for $11 million. The property features seven units with 13-foot ceilings on the ground floor and more than 30 feet of frontage on Bond Street. Eva Scrivo Salon currently occupies the ground-floor retail space. Brian Segall of RKF represented both parties in the transaction.