Acquisitions

Castle Lanterra Sells Two Multifamily Properties Totaling 570 Units in Corpus Christi

by Taylor Williams August 17, 2022

CORPUS CHRISTI, TEXAS — New York City-based investment firm Castle Lanterra has sold two multifamily properties totaling 570 units in Corpus Christi. Baypoint is a 350-unit waterfront community that was originally built in 1998 and offers boat parking, a dog park, pool, sports court and a fitness center. Azure is a 220-unit garden-style community that was originally built in 1997 and offers one-, two- and three-bedroom units, as well as a similar suite of Class A amenities. Castle Lanterra acquired the assets in 2018 and 2016, respectively, and implemented value-add programs. The buyer and sales price were not disclosed.

August 17, 2022

Acquisitions Industrial Self-Storage Texas

Berkshire Hathaway Brokers Sale of 278-Unit Self-Storage Facility in Amarillo

by Taylor Williams August 17, 2022

AMARILLO, TEXAS — Berkshire Hathaway has brokered the sale of Create Space Storage, a 278-unit facility in Amarillo. The property spans 31,912 net rentable square feet. A private ownership group sold the property to a REIT for an undisclosed price, with both parties requesting anonymity. Cameron Vale, Parker Sweet and Josh Cato of Berkshire Hathaway brokered the deal.

August 17, 2022

Acquisitions Healthcare Texas

Coldwell Banker Arranges Sale of 61,000 SF Medical Office Building in Edinburg, Texas

by Taylor Williams August 17, 2022

EDINBURG, TEXAS — Coldwell Banker Commercial has arranged the sale of a 61,000-square-foot medical office building in the Rio Grande Valley city of Edinburg. The three-story property was built on three acres in 2003 within Cornerstone Medical Park. Daniel Galvan and Michael Pacheco of Coldwell Banker Commercial represented the buyer and seller, both of which requested anonymity, in the transaction. The building was 99 percent leased at the time of sale.

August 17, 2022

Acquisitions Hospitality Massachusetts Northeast

Mission Hill Hospitality Acquires Two Hotels Totaling 171 Rooms in Lenox, Massachusetts

by Taylor Williams August 17, 2022

LENOX, MASS. — Denver-based Mission Hill Hospitality, a division of private equity firm KSL Capital Partners, has acquired two select-service hotels totaling 171 rooms in the western Massachusetts city of Lenox. Courtyard Lenox Berkshires totals 92 rooms and was built on 6.7 acres in 2017. The Hampton Inn & Suites Berkshires-Lenox comprises 79 rooms and was constructed on a 6.6-acre site in 2008. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the locally based seller, Toole Cos., in the transaction.

August 17, 2022

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Partners Negotiates Sale of 95,886 SF Retail Building Leased to At Home in Metro Boston

by Taylor Williams August 17, 2022

PEABODY, MASS. — Locally based brokerage firm Atlantic Capital Partners has negotiated the sale of a 95,886-square-foot, single-tenant retail building in the northern Boston suburb of Peabody that is fully leased to Texas-based home improvement retailer At Home. The property is located just west of North Shore Mall and adjacent to a grocery-anchored shopping center. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

August 17, 2022

Acquisitions Hospitality Massachusetts Northeast Top Stories

Electra America Hospitality Group Acquires Historic 225-Room Loews Boston Hotel

by Kristin Harlow August 17, 2022

BOSTON — Electra America Hospitality Group (EAHG) has acquired the 225-room Loews Boston Hotel in the heart of Boston’s Back Bay neighborhood. The purchase price was undisclosed. The buyer plans to rebrand the upscale asset as Hotel AKA Back Bay, marking hospitality operator AKA’s debut in the city. Built in 1925 and located at 154 Berkeley St., the historic stone and masonry building served as the headquarters of the Boston Police Department from 1926 to 1990. The property is situated near many of Boston’s cultural attractions as well as its colleges and universities. The new owner plans to invest roughly $20 million in design upgrades and renovations, which will be undertaken while the hotel remains open. The 222 guestrooms, two suites and penthouse suite will undergo a soft design update. The lobby will feature a library with an intimate seating area. Additional enhancements include a second-floor fitness center, spa, theater and a newly imagined rooftop. Renovations will also be made to the hotel’s restaurant, Precinct Kitchen+Bar, which serves classic American dishes and New England seafood. The restaurant will feature a whiskey cellar, wine tasting room and a new private dining room with a spiral staircase. The acquisition marks EAHG’s sixth …

August 17, 2022

Acquisitions Florida Loans Multifamily Southeast

Berkadia Arranges $64.1M Acquisition Loan for Apartment Community in Tampa

by John Nelson August 17, 2022

TAMPA, FLA. — Berkadia has arranged a $64.1 million acquisition loan for Arbors at Carrollwood, a 325-unit apartment community located at 3939 Ehrlich Road in Tampa. Built in 2001 and renovated in 2019, the 15-building property is situated on 56 acres in Tampa’s Carrollwood submarket. Mitch Sinberg, Matthew Robbins, Brad Williamson and Scott Wadler of Berkadia arranged the five-year, floating-rate loan through an unnamed bank on behalf of the borrower, a joint venture between TruAmerica Multifamily and funds managed by Oaktree Capital Management LP. Arbors at Carrollwood features one-, two- and three-bedroom floor plans including loft-style units with vaulted ceilings and a second-story den. Apartments range from 769 to 1,499 square feet and include open floor plans, nine-foot ceilings, wood-plank flooring, full-size washers/dryers and kitchens with designer cabinets, granite or quartz countertops and stainless steel appliances. The gated community’s amenities include a resort-style pool; cabanas, fire pits and a summer kitchen; 24-hour fitness center; fenced-in bark park with agility equipment and pet spa; a renovated clubhouse with a Wi-Fi café and business center; and attached and detached garages.

August 17, 2022

Acquisitions Georgia Multifamily Southeast

GREA Negotiates $58M Sale of Avenue 33 Apartments in Stockbridge, Georgia

by John Nelson August 17, 2022

STOCKBRIDGE, GA. — GREA has negotiated the sale of Avenue 33 Apartments, a 284-unit multifamily community located at 3386 Mount Zion Road in Stockbridge, a south Atlanta suburb. REM Acquisitions purchased the property from Peak Capital Partners for $58.2 million. Chandler Brown, Taylor Brown, Cory Caroline Sams and Walter Miller of GREA represented the seller in the transaction. Built in 1999, Avenue 33 features one-, two- and three-bedroom floor plans, as well as a clubhouse, resort-style swimming pool, fitness center, business center, dog park and outdoor grilling stations. The new ownership plans to enhance previously completed upgrades at the property.

August 17, 2022

Acquisitions Loans South Carolina Southeast Student Housing

Newmark Secures $29M Acquisition Financing for Student Housing Property in Clemson

by John Nelson August 17, 2022

CLEMSON, S.C. — Newmark has secured $29 million in acquisition financing for Cambridge Creek, a 380-bed student housing community near Clemson University. Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani, Holden Witkoff and Marshall Dickson of Newmark arranged the loan through Synovus Bank on behalf of the borrower, Center Court Mass. Cambridge Creek’s floor plans include two- and three-bedrooms that span up to 1,431 square feet of living space. Amenities include a 5,000-square-foot clubhouse, resort-style pool, fitness studio, cabanas, a coffee bar and a study lounge.

August 17, 2022

Acquisitions Florida Industrial Southeast

Sealy Acquires 841,849 SF Key Logistics Center in Lakeland, Florida

by John Nelson August 17, 2022

LAKELAND, FLA. — Sealy & Co. has purchased Key Logistics Center, an industrial property located at 5300 Allen K Breed Highway in Lakeland. The two-building property includes a 491,920-square-foot distribution center and a 349,929-square-foot facility. The two buildings at Key Logistics Center feature 36-foot clear heights, cross-dock configurations, ample parking, ESFR fire protection, LED lighting and proximity to I-4. Jason Gandy and John Nida led the transactions for Sealy & Co. on an internal basis. Frank Fallon of CBRE represented the undisclosed seller in the off-market transaction. The sales price was not disclosed.

August 17, 2022

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