RANCHO CUCAMONGA, CALIF. – Crunch Fitness & UFC has leased 25,015 square feet of space in Rancho Cucamonga. The space is located at 12739 Foothill Blvd. The lease is valued at $3.2 million. Vicky Espinosa, Fred Encinas and Lidia Talavera of NAI Global represented both Crunch Fitness and the landlord, THM Enterprises LLC, in this transaction.
CARROLLTON, TEXAS — Olympus Property has acquired Union at Carrollton Square, a 311-unit Class A apartment complex in Carrollton. The asset was purchased from High Street Residential, a subsidiary of Trammell Crow Co. High Street Residential built the five-acre complex in two phases during 2013 and 2014. Union at Carrollton Square includes a five-story parking garage, 4,700 square feet of ground-level retail space, two pools, an outdoor fireplace, clubhouse and fitness center.
SAN ANTONIO — Old Capital has arranged a $2.3 million purchase loan for the 74-unit Darby Square Apartments in San Antonio. The 10-year, non-recourse Fannie Mae loan included a 4.6 percent interest rate and 30 year amortization schedule. David Walls of Old Capital’s Dallas office arranged the loan for a local investor group in San Antonio. The buyer plans to make interior and exterior improvements to the properties.
ADDISON, TEXAS — NAI Robert Lynn’s office division has arranged a 7,017-square-foot office lease for Solutions by Text, an Addison-based company that identifies and streamlines communication efficiency for a number of businesses. Nick Lee of NAI Robert Lynn represented the tenant and secured the fifth-floor space with exterior building signage located at 15110 N. Dallas Pkwy.
PASSAIC, N.J. — CBRE Group Inc. has arranged the sale of an office and retail property located at 615-625 Main Ave. in Passaic. The 65,000-square-foot building sold for $8.4 million. The building, which includes a two-story parking garage, underwent a $5 million capital improvements program in 2007. Current tenants include Valley National Bank, which has been in the location for more than 40 years. Charles Berger and Elli Klapper of CBRE Tri-State Investments Properties represented the seller and procured the buyer, a long-time CBRE client, in the deal.
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 414-416 Tompkins Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. Located between Hancock and Halsey streets, the two-lot property sold for $2 million. The site was delivered with a vacant 6,400-square-foot mixed-use building and full basement. The site has a considerable number of air rights and is located outside of the Geographic Exclusion area, which means it is eligible for the 412-a tax exemption. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the seller in the transaction.
HOUSTON — Marcus & Millichap has arranged the sale of Market Square, a 9,567-square-foot retail property located in Houston. Justin Miller, Jerry Goldstein and Derek Hargrove of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Market Square is located at 56 FM 1960 Road West in Houston.
NEENAH, WIS. — The Morgan Partners LLC has arranged the $760,000 sale of an 8,000-square-foot bank property in Neenah. CitizensFirst Credit Union of Oshkosh purchased the property located at 640 S. Green Bay Road. The buyer intends on renovating the building and opening to the public in spring 2015. Ed Bowen and Nicholas Lang of The Morgan Partners represented the buyer. Joe Kleiman and Dan Rosenfeld of Mid-America Real Estate-Wisconsin represented the seller, a regional bank.
ARLINGTON, VA. — Federal Capital Partners (FCP) has sold a 10-story, 182,832-square-foot office building located at 4040 N. Fairfax Drive in Arlington’s Ballston submarket for $56.2 million. The buyer, a joint venture between Lionstone Investments and Penzance, also holds an option to acquire the adjacent office building located at 4000 N. Fairfax Drive. The McMullin Revocable Family Trust, FCP’s partner and prior owner of 4040 N. Fairfax, has retained control of the property’s density rights, which will be sold separately to the Lionstone-Penzance venture. FCP entered into a partnership with the McMullin Family on the office building in July 2012 with a preferred equity investment. Since then, the partnership has fully renovated the office building and inked lease agreements with Marymount University and Virginia Heritage Bank, which is now known as Eagle Bank. Law firm McGuire Woods negotiated the transaction via a trust structure that separated the building from its additional density rights. Bill Collins and Jud Ryan of Cassidy Turley represented the buyer in the transaction.
SAVANNAH, GA. — Newmark Grubb Knight Frank Hotels (NGKF Hotels) has brokered the sale of the 101-room Country Inn & Suites located at 320 Montgomery St. in Savannah’s Historic District. The sales price was undisclosed. The buyer, an affiliate of InSite Group, plans to renovate and rebrand the hotel into a boutique property known as B Historic Savannah. The hotel will be affiliated with B Hotels & Resorts. The property will be open during renovations and will add a spa suite with customizable treatments, upscale bedding and linens and a small-plate and tapas lounge/bar in the lobby. The hotel currently features a fitness center, heated indoor swimming pool and 1,000 square feet of meeting space. NGKF Hotels represented the seller, Tara of Savannah LLC, in the privately marketed transaction.