HOUSTON — NAI Houston has arranged the sale of a 27,000-square-foot spec building located on 3.3 acres at 9851 Genard Road in Houston. Chris Kugle and John Ferruzzo of NAI Houston represented the seller, Brennan Investments. John Nicholson of Cassidy Turley represented the buyer, Ferguson Enterprises Inc.
KALAMAZOO AND GRAND RAPIDS, MICH. — Devonshire REIT Inc. has acquired three shopping centers at a total cost of $69.7M. The properties include Maple Hill Mall in Kalamazoo and Alpine Summit Shopping Center in Grand Rapids; and Northwest Crossings Shopping Center in Knoxville, Tenn. Maple Hill Mall is a 283,551-square-foot, open air power center. Target shadow anchors the shopping center. The property is fully occupied by several national tenants. Marshalls, HomeGoods and ABC Warehouse anchor the 136,942-square-foot Alpine Summit Shopping Center in Grand Rapids, which is 95 percent occupied. A separately owned Wal-Mart Supercenter anchors the 124,453-square-foot Northwest Crossings Shopping Center in Knoxville, which is fully occupied. The acquisition pushes Devonshire’s total assets under management to more than $370 million.
OTSEGO, MINN. — Suntide Commercial Realty and KW Commercial Midwest have arranged the lease of a new 20,887-square-foot retail property at the Great River Centre in Otsego. Igloo LLC will use the space for a hockey rink with a restaurant/sports bar. The Great River Centre of Otsego is a mixed-use development project located at U.S. Highway 101 and County Road 39. The center features more than 230,000 square feet of retail and more than 100,000 square feet of office space. A Super Target anchors the center. Tim Igo of Suntide Commercial Realty and Tammy Brown of KW Commercial Midwest represented the Great River Centre in the transaction.
VAN NUYS, CALIF. – A 26-unit apartment building in the Los Angeles submarket of Van Nuys has sold to a 1031 exchange buyer for $3.6 million. The community is located at 8165 Langdon Ave. It was built in 1964. The buyer was represented by Yubin Tao of IREA. The seller, a private LLC, was represented by Rick Raymundo of Marcus & Millichap.
SAN DIEGO – A 13-unit apartment community in the San Diego submarket of Golden Hill has sold to the Barthell Family Trust for $2.6 million. The community is located at 2329 C Street. The property was built in 1928 and recently underwent renovations. The trust was represented by Kevin Kawaoka of NAI Capital Bluechip Investment Group. The seller, the Gagon Family Trust, was represented by Rita Lancaster-Hannah of Colliers International.
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 949 Pacific St. in Brooklyn for $1.6 million or $385 per buildable square foot. Located on the border of Prospect Heights and Crown Heights, the site was delivered with a partially constructed property and active permits with approved plans for residential development. The plans include 4,120 gross square feet with four units, including three one-bedroom apartments and one duplex two-bedroom penthouse unit. Ofer Cohen, Melissa DiBella Warren, Dan Marks, Peter Matheos, Michael Hernandex and Joey Terzi of TerraCRG represented the seller in the transaction.
DALLAS — Dougherty Mortgage LLC has arranged a $9 million Fannie Mae loan for Bristol Square, a 341-unit apartment complex in Dallas. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for the borrower, McGuire Family Taraval Property LLC. Apartment units at Bristol Square include ceiling fans, walk-in closets, washer and dryer connections, sunrooms, patios and balconies.
BEAUMONT, TEXAS — NAI Wheeler has brokered the sale of the Historic Hotel Beaumont. NAI represented the seller, the city of Beaumont. Garden Street Holdings LLC was the buyer. Hotel Beaumont was built in the “Beaux-Arts” architectural style in 1922 and received historical designation in 1978. The property was renovated in 2000 and is surrounded by museums and other historical buildings.
ROWLETT, TEXAS — Marcus & Millichap has arranged the sale of a 4,965-square-foot McDonald’s in Rowlett. Blake Burnett of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Jason Vitorino and Jared Aubrey of the firm’s Dallas office procured the buyer, also a limited liability company. The McDonald’s is located at 8503 Lakeview Pkwy. near the Lakeview Square shopping center. Nearby tenants include Albertsons, Tom Thumb, Starbucks and Chase Bank.
ARLINGTON, TEXAS — UCR Investment Sales has arranged the sale of Arlington Park Square, a 94,125-square-foot retail center located in Arlington. The property is located at the northeast corner of South Cooper Street and West Arbrook Boulevard. The Parks at Arlington Mall anchors the property. Fitness Connection is the shadow anchor. The property was 47 percent occupied at the time. Five retail pad sites, including ground leases for Jack in the Box, Rockfish Seafood Grill and Raising Cane’s, were also part of the transaction. Adam Howells, Jace Hinderland and Jessica Donnelli of UCR marketed the property on behalf of the Dallas-based seller. Bo Avery, president of TriMarsh Properties, purchased the center for an undisclosed sales price.