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FORT WORTH-The Hudgins Co. breaks ground next week on the first multifamily complex to rise in the City View section of southwest Fort Worth since 1999. The Malone-financed project gets going with a 40-year loan at 7% interest.
LANSING, MI-Okemos, MI-based CLD Management pays just under $40,000 per unit for the garden-style asset at 400 Dornett Dr. formerly owned by D-52 Partnership. Jeff Blanton of the Dietz Organization represents buyer and seller.
BEVERLY HILLS, CA-Property commands above-market price because the operator of the auto dealership, publicly held Sonic Automotive of Charlotte, N.C., signed a 25-year lease.
TRAVERSE CITY, MI-A 14-unit fractional-ownership fractional-ownership complex in the Sleeping Bear Bay area has the blessing of the township. It will offer high-priced living near Lake Michigan on a buy-weekly basis.
HOUSTON-Ross and Linens 'N Things join the mix at the 350,000-sf, CalPERs-owned center in Houston. Ross takes 28,556 sf and the home goods retailer, 24,772 sf. The new deals push the 52-year-old asset, renovated two years ago, to 98% occupancy.
PHOENIX-The 22-unit Ward Manor complex fetches $850,000 to mark the final leg of a four-property shuffle. The 15-unit Scottsdale Shadows brings $577,150, bought via a California sale. The newly acquired assets come with upside potential.
FOUNTAIN HILLS, AZ-The limited partner owners of the 150-unit Ridge View in Fountain Hills take advantage of market conditions. Washington Mutual put up the capital, part of which reportedly will to go to repairs.
SAN DIEGO-The latest group in an exodus of brokers to leave the San Diego office of Grubb & Ellis has landed at Colliers International. Most of Grubb & Ellis' top brokers have now left for such firms as BRE Commercial/NAI, CB Richard Ellis, Colliers, Burnham Real Estate Services and Voit Commercial.
HOUSTON-The Houston-based owner of ambulatory surgery centers spends $6 million on a land bank of development sites. A flurry of deals creates a real estate subsidiary and starts the take-over of a Colorado firm to be its developer.
CORAL GABLES, FL-Deerfield Beach, FL-based contracting and design firm RCC Associates takes on the build out of three upscale retailers to open in the $276 million Village of Merrick Park shopping center.