WELLESLEY, MASS. — Linear Retail Properties LLC has acquired two buildings totaling 17,000 square feet in Wellesley, located west of Boston in Norfolk County, for a combined price of $12.2 million. The two-story building at 25-35 Central St. houses 8,500 square feet of retail space that is leased to Footstock, Laurel Grove, Marika’s Salon, Skinscapes and Winston Flowers, as well as 2,500 square feet of residential space. The building at 53-61 Central St. spans 6,000 square feet of retail space that is leased to Cocobeet, Eileen Fisher, Lacrosse Unlimited, O’Neil Jewelers and Wellesley Toy Shop. Marilyn Santiago of SVN | Parsons Commercial Group represented the undisclosed sellers in the transactions.
MASSAPEQUA, N.Y. — Cedar Realty Trust (NYSE: CDR) has agreed to sell the company and its portfolio of assets through several transactions totaling $1.2 billion. The Massapequa-based firm’s portfolio includes 53 properties with approximately 7.6 million square feet of gross leasable space. Properties are predominantly located across high-density markets in New York, New Jersey, Connecticut, Pennsylvania, Massachusetts, Washington, D.C., Virginia, Maryland and Delaware. A fund managed by DRA Advisors and KPR Centers will acquire a portfolio of 33 grocery-anchored shopping centers from the company for $840 million. Cedar also agreed to sell its Revelry redevelopment project in Philadelphia for $34 million and its Northeast Heights redevelopment project in Washington, D.C., for $46.5 million to undisclosed buyers. In the event the sales are not completed prior to closing of the grocery-anchored shopping center portfolio acquisition, the DRA-KPR joint venture has agreed to acquire both projects at an aggregate price of $80.5 million. The company and its remaining assets are set to be acquired by Virginia Beach, Va.-based Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) in an all-cash merger valued at $291.3 million. Upon completion of the transaction, Cedar will be wholly owned by Wheeler and the company’s common stock …
MERIDIAN, IDAHO, SHORELINE, WASH., AND ALBUQUERQUE, N.M. — Kennedy Wilson has acquired more than 905 apartment units across three separate transactions in Idaho, Washington and New Mexico. The transactions totaled $264 million, excluding closing costs. The names of the sellers were not released. The communities are the 180-unit Central Park Commons in Meridian, the 221-unit Paceline in Shoreline and the 504-unit AYA ABQ in Albuquerque. Kennedy Wilson has approximately 50 percent ownership in these acquisitions, which were completed within the company’s co-investment portfolio. Kennedy Wilson and its partners invested $149 million of total equity, and the properties are expected to add approximately $11 million of initial annual net operating income, including $6 million to Kennedy Wilson. Kennedy Wilson expects to implement value-add asset management plans at the three properties, which will include renovating unit interiors, refreshing common areas and enhancing amenities.
LOS ANGELES — Stockdale Capital Partners has purchased Los Angeles Athletic Club, a 186,000-square-foot club in downtown Los Angeles, for an undisclosed price. The name of the seller was not released. The 12-story club, which opened at its current location at the corner of Seventh and Olive streets in 1912, features Beaux-Arts architecture, 72 hotel rooms, 17,200 square feet of ballrooms, meeting and event space and rooftop facilities. The property also includes an indoor swimming pool, track, basketball court, racquetball courts, handball courts, squash courts, yoga, kickboxing, aerobics, Pilates studios and spa and wellness facilities. Since 2015, the property has undergone $29.3 million in capital improvements. The acquisition includes the adjacent Olive Park Garage, an eight-story structure with 421 parking spaces, 12,000 square feet of office and retail space and a 114-space surface parking lot.
PHOENIX — Marcus & Millichap has arranged the purchase of Brookstone Office Complex, an office property located at 340 and 350 E. Palm Lane in Phoenix. Pete Katz of Katz Real Estate, a San Diego-based private investor, acquired the asset from a Phoenix-based investment group for $18.2 million. The asset includes two buildings offering a total of 126,806 square feet of office space and a parking lot. The buildings feature brick design; lobbies and balconies; and gardens with courtyards, mature landscaping and koi ponds. At the time of sale, the property was 69 percent leased to a variety of local, regional and national professional office and medical tenants. Nicholas Totah of The Totah Group of Marcus & Millichap represented the buyer in the deal.
ATLANTA — Boca Raton, Fla.-based CP Group has purchased Bank of America Plaza, a 55-story office tower in Midtown Atlanta that is also the city’s tallest building. The tower was acquired in a joint venture with funds managed by HPS Investment Partners LLC. Shorenstein Properties sold the tower to CP Group for an undisclosed price. Will Yowell, Jay O’Meara, Justin Parsonnet and Ryan Reethof with CBRE’s Capital Markets Institutional Properties represented the seller. Built in 1992, Bank of America Plaza is an office tower featuring over 1.4 million square feet of space. The property features a mix of both traditional and tech-focused tenants including Bank of America and law firms Troutman Pepper and Lewis Brisbois (LBBS). Building amenities at Bank of America Plaza include 10,000 square feet of a newly renovated conference center space with breakout rooms, fitness center, newly constructed food hall, onsite bank branch and a salon. CP Group plans to launch a $50 million capital improvements program that will include complete renovations of the lobby, development of an onsite restaurant and 100,000 square feet of customizable prebuilt office suites, as part of CP Group’s in-house flexible workspace program, worCPlaces. In addition to Bank of America Plaza, CP …
MOUNT PLEASANT, S.C. — Baltimore-based Continental Realty Corp. (CRC) has acquired Sweetgrass Landing Apartments, a multifamily community in Mount Pleasant, about 9.1 miles from Charleston. Tai Cohen of Cushman & Wakefield represented the seller, Chaucer Creek Capital, in the $55.5 million sale. CRC purchased Sweetgrass Landing on behalf of Continental Realty Fund V LP, a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. The firm acquired 175 of the 200 apartment units, with the remaining 25 consisting of privately owned condominiums. Sweetgrass Landing is a two-story, 14-building apartment community developed in 2001. The property offers one-, two- and three-bedroom floorplans ranging from 787 to 1,596 square feet in size with open kitchen areas with a dining room, extra-large kitchen sinks, tile backsplashes, walk-in closets, stainless steel appliances, master bedrooms that can accommodate a king-sized bed, in-unit washers and dryers, garden tubs, screened patios and private balconies The property was 96 percent occupied at the time of sale. Community amenities include an outdoor swimming pool with fountain and sundeck, clubhouse with fireplace, fitness center, automotive care center and a pet park. Located at 1100 Legends Club Drive, the property is …
WILKESBORO, N.C. — JLL Capital Markets has arranged the $7.4 million sale of an 80,000-square-foot, single-tenant industrial facility in Wilkesboro that is triple net leased to InterFlex Group, a provider of flexible and sustainable packaging solutions. Pete Pittroff, Patrick Nally, Dave Andrews, Zach Lloyd, Michael Scarnato and Josh McArdle of JLL represented the seller, Effingham, Ill.-based Agracel Inc., in the transaction. McLean, Va.-based Gladstone Commercial Corp. acquired the property, which was a build-to-suit in 2014 for InterFlex. With 12.7 years of remaining on the lease term, the tenant uses the facility for its manufacturing and distribution of packaging products. Situated on 9.2 acres at 251 Industrial Drive, the facility is adjacent to US-421, which connects to North Carolina’s Triad region. The location is also proximate to Interstates 77 and 40, providing connectivity to Charlotte and Raleigh, as well as Interstate 85. The property is also located less than two miles from InterFlex’s North American headquarters.
AUSTIN, TEXAS — Atlanta-based hospitality brokerage firm Hodges Ward Elliott (HWE) has arranged the sale of the 319-room Hotel Van Zandt in downtown Austin. The luxury hotel, which opened in 2015 and is part of the Kimpton International family of brands, offers rooms ranging in size from 330 to 1,100 square feet and includes 52 suites. Amenities include two food and beverage outlets, 25,000 square feet of meeting and event space and a pool with views of Lady Bird Lake. Daniel Peek, John Bourret, Austin Brooks and David Auer of HWE advised the undisclosed seller in the negotiations.
HOUSTON — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Winsome Court, a 105-unit apartment complex in Houston. Winsome Court was built in 1973 on a four-acre site, and its units have an average size of approximately 1,000 square feet. Greg Miller of TMG represented the seller in the deal while Bryce Smith of TMG procured the buyer. Both parties requested anonymity.