Acquisitions

NewcrestImage to Acquire Four La Quinta Hotels in California, Texas, Arizona

by Amy Works July 14, 2022

DALLAS — Dallas-based NewcrestImage has agreed to purchase four La Quinta by Wyndham-branded hotels, totaling 696 rooms. A joint venture between Highgate and Cerberus sold the properties for an undisclosed price. The hotels include La Quinta Inn & Suites by Wyndham LAX in Los Angeles; La Quinta Inn & Suites by Wyndham Anaheim in Anaheim, Calif.; La Quinta Inn by Wyndham Phoenix North in Phoenix; and La Quinta Inn & Suites DFW Airport South/Irving in Irving, Texas. The acquisition of the LAX property marks NewcrestImage’s first gateway location in California.

July 14, 2022

Acquisitions Arizona Office Western

Colliers Arranges Sale of 31,962 SF Office Building in Tempe, Arizona

by Amy Works July 14, 2022

TEMPE, ARIZ. — Colliers has brokered the sale of Kyrene Corporate Center, an office property located at 9280 S. Kyrene Road in Tempe. Handwrytten Software Co. acquired the asset for an undisclosed price. The company, which provides software and hardware to mimic human handwriting for use in marketing materials, will use the 31,962-square-foot property as its headquarters. Situated on 2.6 acres, the asset was built in 1998. Michael Marsh of Colliers Arizona represented the buyer, while Michael Milic of Colliers Arizona represented the undisclosed seller in the deal.

July 14, 2022

Acquisitions Maryland Retail Southeast Virginia

Klein Enterprises Acquires Nine-Property Shopping Center Portfolio in Mid-Atlantic

by John Nelson July 14, 2022

BALTIMORE — Klein Enterprises, an investment and development firm based in Baltimore, has purchased a portfolio of nine grocery-anchored shopping centers in the Mid-Atlantic. The portfolio spans 800,000 square feet of retail space and was 80 percent leased at the time of sale. Cedar Realty Trust sold the portfolio for an undisclosed price in conjunction with the broader asset acquisition of Cedar’s grocery-anchored portfolio by a joint venture between DRA Advisors and KPR. United Bank provided an undisclosed amount of debt financing for the acquisition. As part of the transaction, Klein is acquiring seven stabilized shopping centers and two centers actively under redevelopment: Valley Plaza in Hagerstown, Md., and Yorktowne Plaza in Cockeysville, Md. The other seven centers in the portfolio include: • The Shoppes Arts District located in Hyattsville, Md. • Oakland Mills located in Columbia, Md. • Elmhurst Square located in Portsmouth, Va. • General Booth Plaza located in Virginia Beach, Va. • Kempsville Crossing located in Virginia Beach, Va. • Oak Ridge Shopping Center located in Suffolk, Va. • Swede Square located in East Norriton, Pa.

July 14, 2022

Acquisitions Georgia Multifamily Southeast

Westside Capital Buys Lofts at Twenty25 Apartments in Atlanta for $136M

by John Nelson July 14, 2022

ATLANTA — Miami-based Westside Capital Group has purchased The Lofts at Twenty25, a 16-story high-rise apartment tower located at 2025 Peachtree Road in Atlanta. The unnamed developer sold the 623-unit property, which was originally built in 1951 and completely redeveloped in 2021, for $136 million. Situated between Atlanta’s Buckhead and Midtown districts, Lofts at Twenty25 features one-bedroom apartments ranging from 430 square feet to 600 square feet. Unit interiors feature eight- to 10-foot ceilings, wood-style plank flooring, quartz countertops and stainless steel appliances, walk-in closets and barn-style doors. Amenities include a 5,000-square-foot fitness center, swimming pool, movie theater, convenience store and coffee shop, dog park and dog wash, swimming pool, billiards and game room, office and conference rooms, bike storage, putting green, laundry facility and dry cleaning service, EV charging stations and 405 parking spaces.

July 14, 2022

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Brokers $64M Sale of New Distribution Center in Winston-Salem

by John Nelson July 14, 2022

WINSTON-SALEM, N.C. — Cushman & Wakefield has brokered the $64 million sale of Union Cross Distribution Center, a newly built logistics center located at 4051 Wallburg Road in Winston-Salem. The developer, Front Street Capital, sold the 610,000-square-foot facility to Galaxy Investments LLC, an affiliate of The Halle Cos. Rob Cochran, Nolan Ashton, Bill Harrison, Stewart Calhoun, Casey Masters, Bobby Finch, Jason Ofsanko and Hap Royster of Cushman & Wakefield represented the seller in the transaction. Union Cross Distribution Center was fully leased to an undisclosed tenant at the time of sale. The property features 40-foot clear heights, cross-dock loading, LED lighting, concrete tilt-wall construction and access to the Triad’s major transportation arteries along with Piedmont Triad International Airport. It is also located adjacent to the established Union Cross Business Park, a 403-acre industrial park.

July 14, 2022

Acquisitions Alabama Retail Southeast

GBT Realty Sells 188,406 SF McFarland Plaza Shopping Center in Tuscaloosa

by John Nelson July 14, 2022

TUSCALOOSA, ALA. — GBT Realty has sold McFarland Plaza, a 188,406-square-foot shopping center located at 2600 McFarland Blvd. in Tuscaloosa. Cincinnati-based Select Strategies Realty purchased the property from the Brentwood, Tenn.-based owner for an undisclosed price. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented GBT Realty in the transaction. Situated one mile from the University of Alabama, McFarland Plaza’s tenant roster includes HomeGoods, T.J. Maxx, Ross Dress for Less, Michaels, Dollar General, CosmoProf, Shoe Carnival, Slim Chickens, Party Wow, MS Cos. and Jersey Mike’s.

July 14, 2022

Acquisitions Illinois Midwest Multifamily

EQT Exeter Acquires 380-Unit Multifamily Property in Suburban Chicago

by Kristin Harlow July 14, 2022

WEST DUNDEE, ILL. — EQT Exeter’s U.S. multifamily team has acquired Reserve Randall Road in West Dundee, a far northwest suburb of Chicago. The purchase price was undisclosed. The 380-unit multifamily property, located at 400 Randall Road, comprises 19 buildings. Amenities include a clubhouse, fitness center, pool, grilling station, dog park and entertainment lounges. The seller, Milwaukee-based Fiduciary Real Estate Development, developed the community in two phases. Phase I was completed in 2021 and consists of 300 units, while Phase II was completed earlier this year. EQT Exeter plans to make certain enhancements to the property, including upgrading the outdoor grill area and dog park, the addition of a cabana to the pool area and the implementation of a KeyTrak management system as well as various upgrades to the parking lot, sidewalks and landscaping. EQT Exeter’s property management company, Redwood Residential, will manage the property.

July 14, 2022

Acquisitions Multifamily Texas

S2 Capital Acquires 4,455-Unit Multifamily Portfolio in Dallas-Fort Worth, Houston

by Taylor Williams July 14, 2022

DALLAS — Locally based investment firm S2 Capital has acquired a portfolio of 14 multifamily properties totaling 4,455 units that are located in various cities throughout the Dallas-Fort Worth (DFW) metroplex as well as in Houston. The DFW component of the portfolio totals 3,399 units, and the Houston portion comprises 1,056 units. All properties were built between 1979 and 1987. Mark Brandenburg, Lauren Dow and Michael Cosby of JLL, along with Lauren Bresky and Loren Heikenfeld of Northmarq, arranged debt financing for the transaction. Roberto Casas, Rob Key, Matthew Lawton and Dustin Selzer with JLL, as well as Taylor Snoddy with Northmarq, brokered the sale. The seller was not disclosed. S2 Capital plans to extensively renovate and enhance the unit interiors, building exteriors and amenity spaces at all of the properties.

July 14, 2022

Acquisitions Illinois Industrial Midwest

Cresa Brokers Sale-Leaseback of 58,000 SF Industrial Building in Franklin Park, Illinois

by Kristin Harlow July 14, 2022

FRANKLIN PARK, ILL. — Cresa has brokered the sale-leaseback of a 58,000-square-foot industrial building in the Chicago suburb of Franklin Park for an undisclosed price. The property at 11058 Addison Ave. features a clear height of 20 feet, five docks and parking for 50 cars. Ed Lowenbaum of Cresa represented the seller, ConCan II, an affiliated party to the tenant, Alliance Paper and Foodservice Equipment. Clear Height Properties was the buyer. Alliance Paper, which has occupied the building since 2002, signed a lease for roughly 55 percent of the building. The remainder of the facility will become vacant effective Monday, Aug. 1.

July 14, 2022

Acquisitions New Jersey Northeast Office

Cantor Fitzgerald Acquires Northern New Jersey Office Building for $131.7M

by Taylor Williams July 14, 2022

NUTLEY, N.J. — Global investment firm Cantor Fitzgerald has acquired 200 Metro Boulevard, a 300,000-square-foot office building in the Northern New Jersey community of Nutley, for $131.7 million. The building is located within Prism Capital Partners’ 116-acre ON3 campus, which is a redevelopment of the former North American headquarters site of Swiss pharmaceutical company Hoffman-La Roche. The building also serves as the U.S headquarters of Japanese pharmaceutical giant Eisai Inc., which relocated some 1,200 employees to the ON3 campus in 2020. Eastdil Secured represented Prism Capital Partners in the sale. Other tenants at ON3 include Quest Diagnostics, Ralph Lauren Corp., the Hackensack-Meridian School of Medicine and Seton Hall University’s Graduate College of Nursing & School of Health & Medical Sciences.

July 14, 2022

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