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Acquisitions

City-Place-2-Houston
AcquisitionsOfficeTexas

CDC Houston Acquires Two Office Buildings Totaling 476,300 SF in North Houston

by Taylor Williams

HOUSTON — CDC Houston, a division of Coventry Development Corp., has acquired 100 percent interests in two office buildings totaling 476,300 square feet in North Houston that the company developed in a joint venture with Patrinely Group and USAA Real Estate. Built in 2019, City Place 1 totals 149,500 square feet and is leased to tenants such as Arroyo Energy Investors and Focus Optical. Completed in 2018, City Place 2 spans 326,800 square feet and serves as the headquarters of the American Bureau of Shipping. The firm acquired the assets in conjunction with a purchase of majority stakes in two Marriott-branded hotels that are located within the City Place master-planned development.

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AcquisitionsIndustrialTexas

Marcus & Millichap Negotiates Sale of 440-Unit Self-Storage Facility in Denton

by Taylor Williams

DENTON, TEXAS — Marcus & Millichap has negotiated the sale of Stuff Hotel, a 440-unit self-storage facility located in the North Texas city of Denton. The property was built in 1985 and spans 56,310 square feet of net rentable of space. Brandon Karr, Danny Cunningham and Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Danklefs also procured the buyer, another limited liability company. Both parties requested anonymity.  

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AcquisitionsIndustrialTexas

Lake Washington Partners Buys 418,000 SF Industrial Facility in South Dallas

by Taylor Williams

DALLAS — Seattle-based investment firm Lake Washington Partners has purchased Tradepoint 20/45, a 418,000-square-foot industrial facility in South Dallas. Built in 2022, the property features 36-foot clear heights, 78 dock doors, two ramps, 124 car parking spaces and 107 trailer stalls. Dustin Volz, Stephen Bailey, Adam Citron, Dom Espinosa and Zach Riebe of JLL represented the seller, a partnership between Blumenfeld Development Group and Declaration Partners, in the transaction.

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AcquisitionsMultifamilyTexas

Coldwell Banker Brokers Sale of 100-Unit Apartment Complex in Lubbock

by Taylor Williams

LUBBOCK, TEXAS — Coldwell Banker Commercial Capital Advisors has brokered the sale of San Remy Apartments, a 100-unit complex in the West Texas city of Lubbock. The five-building complex was built on 3.5 acres in 1973 and was 96 percent occupied at the time of sale. Chase Tucker and Taylor Tucker of Coldwell Banker represented the seller, a limited liability company, in the transaction. A private investment group purchased the asset for an undisclosed price.

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Kimpton-Nine-Zero-Boston
AcquisitionsHospitalityMassachusettsNortheast

Electra America Acquires 190-Room Kimpton Nine Zero Hotel in Downtown Boston

by Taylor Williams

BOSTON — Electra America Hospitality Group, a division of Florida-based private equity firm Electra America, has acquired Kimpton Nine Zero, a 190-room boutique hotel in downtown Boston. The new ownership plans to implement a $15 million capital improvement program and to rebrand the property as the Hotel AKA Boston Common. The deal traded off-market, and the seller and sales price were not disclosed.

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Courtyard-by-Marriott-South-Boston
AcquisitionsHospitalityMassachusettsNortheast

JLL Negotiates Sale of 164-Room Marriott-Branded Hotel in South Boston

by Taylor Williams

BOSTON — JLL has negotiated the sale of a 164-room Courtyard by Marriott hotel in South Boston. The six-story building was constructed in 2005 and offers a fitness center, business center, onsite restaurant, 625 square feet of meeting and event space and a 6,000-square-foot retail space. Alan Suzuki and Matthew Enright of JLL represented the seller, Pennsylvania-based Hersha Hospitality Trust, in the transaction. The buyer and sales price were not disclosed.

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AcquisitionsCivicNortheastPennsylvania

Colliers Brokers $22.5M Sale of Community Service Center in Norristown, Pennsylvania

by Taylor Williams

NORRISTOWN, PA. — Colliers has brokered the $22.5 million sale of a 262,000-square-foot community service center located at 1430 Dekalb Ave. in Norristown, a northwestern suburb of Philadelphia. The 3.1-acre site of the five-story building was formerly home to Sacred Heart Hospital and includes a parking deck. Eric Grad of Colliers, in conjunction with CBRE and local brokerage firm Flynn Co., represented the seller in the transaction. Both parties involved requested anonymity.

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AcquisitionsMidwestMinnesotaRetail

Atlantic Capital Partners Arranges $64.8M Sale of Shopping Center in Metro Minneapolis

by Jeff Shaw

ST. LOUIS PARK, MINN. — Atlantic Capital Partners has arranged the sale of The Shops at West End, a 381,804-square-foot shopping center located southwest of downtown Minneapolis in St. Louis Park. An undisclosed buyer purchased the property for $64.8 million. Duke Realty Corp. developed The Shops at West End in 2009. The center, which was 81 percent leased at the time of sale, features 36 retail tenants as well as office space. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic worked with Kris Schisel and Anthony Strauss of Transwestern to arrange the transaction. The seller was also undisclosed.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges Sale of 130-Unit Multifamily Portfolio in Chicago

by Jeff Shaw

CHICAGO ­— Chicago-based commercial real estate investment services firm Interra Realty has arranged the sale of a three-building, 130-unit multifamily portfolio in Chicago’s Hyde Park neighborhood. The properties included in the portfolio are located at 5454 S. Everett Ave., 5501 S. Everett Ave. and 5527 S. Everett Ave. The portfolio sold for an undisclosed price. The three buildings comprise 52 one-bedroom units, 60 two-bedroom units and 18 retail spaces. The rental units were approximately 95 percent occupied at the time of sale. All three properties are served by the Metra Electric and South Shore lines, as well as multiple Chicago Transit Authority bus routes. Interra’s senior managing partner, Joe Smazal, represented the seller, an affiliate of the Chicago-based Tricap Residential Group. The brokerage firm’s managing partner, Patrick Kennelly, and director, Paul Waterloo, represented the undisclosed, private West Coast-based buyer.

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AcquisitionsKansasMidwestRetail

JLL Brokers Sale of 363,076 SF Retail Center in Metro Kansas City

by Jeff Shaw

MERRIAM, KAN. — JLL Capital Markets has brokered the sale of Merriam Town Center, a 363,076-square-foot open-air retail center located at 8800 Johnson Drive in Merriam, approximately 10 miles southwest of Kansas City. Built in 1998, the property was 97 percent leased at the time of sale. Tenants include The Home Depot, Dick’s Sporting Goods, Cinemark, Ross Dress for Less and PetSmart. Amy Sands and Michael Nieder of JLL represented the undisclosed seller in the transaction. The R.H. Johnson Co. acquired the property for an undisclosed price.

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