ATLANTA — Berkadia has brokered the sale of an office asset in downtown Atlanta that will be redeveloped into a hotel property called Origin Hotel Atlanta. Kyle Stevenson and John Testerman of Berkadia completed the sale on behalf of the seller, Atlanta-based Access Point Financial. The Thrash Group purchased the property for $16 million. Built in the 1950s, the six-story office building is being redeveloped into a 124-room hotel that will offer standard king-bed rooms, two queen-bed rooms and handicap-accessible rooms and suites. After the completed renovation, the hotel will feature a restaurant, bar and meeting and event space. The construction timeline was not disclosed. Located at 166 Pryor St., the property is situated 10.8 miles from Hartsfield-Jackson Atlanta International Airport, less than a half-mile from Georgia State University and 2.6 miles from Midtown Atlanta.
MOORPARK, CALIF. — Transwestern Development Co. (TDC) has completed the disposition of 6000 Conor Drive, a distribution center in Moorpark, along with a two-acre parcel offering additional parking. An undisclosed buyer acquired the property for $50.7 million. At the time of sale, Amazon occupied the 202,421-square-foot facility, which is near U.S. Route 101 and California State Routes 118 and 23. TDC recently completed interior and exterior upgrades to the property. Barbara Perrier, Darla Longo and Bennett Robinson of CBRE represented TDC in the transaction. Transwestern Real Estate Services provided asset services for the property.
MARINA DEL REY, CALIF. — CBRE has brokered the sale of an office building located at 5005 McConnell Ave. in Marina del Rey. Montana Avenue Capital Partners sold the asset to a joint venture between Los Angeles-based HATCHspaces, Denver-based NexCore Group and Nuveen Real Estate. Terms of the transaction were not released. The 56,300-square-foot property underwent a full renovation since Montana Avenue Capital Partners acquired it in 2018. Armata Pharmaceuticals, a biotechnology company on pathogen-specific bacteriophage therapeutics for antibiotic-resistant and difficult-to-treat bacterial infections, leased the entire property starting in 2021. Mike Longo, Todd Tydlaska, Sean Sullivan, Greg Grant, Jeff Pion, Michelle Esquivel and Andrew Riley of CBRE represented the seller in the deal.
PUEBLO WEST, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of Sun Haven Apartments, a multifamily community located at 201 S. McCulloch Blvd. in Pueblo West. An undisclosed buyer acquired the asset for $5.6 million, or $78,875 per unit. Built in 1970 and renovated in 2008, Sun Haven Apartments features 71 units and a large amount of excess land. Michael Krebsbach of Pinnacle represented the seller, while Jamie Mitchell of Pinnacle represented the buyer in the deal.
ARDMORE, PA. — Locally based brokerage firm Starkman Realty Group has negotiated the sale of Greenfield Commons, a 53-unit affordable housing property located in the eastern Philadelphia suburb of Ardmore. The property was built in 2006. Starkman Realty represented the locally based seller, Canus Development, as well as the undisclosed buyer, in the transaction.
CORALVILLE, IOWA — Artisan Capital Group and MJW Investments have purchased Latitude at River Landing in Coralville, which is located just north of Iowa City. The purchase price was undisclosed. The buyers plan to rebrand the 663-bed student housing property as The Banks-Student Living. Completed in 2019, the community features an outdoor pool, fitness center, lounge, game room, basketball court, study rooms and campus shuttle service. Located near the University of Iowa, the property is situated within Iowa River Landing, a master-planned development featuring retail, restaurant, entertainment and hospitality space. JLL arranged debt financing through Pacific Life.
KANSAS CITY, KAN. — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a 30,000-square-foot retail building occupied by Frontier Justice in Kansas City. The purchase price was undisclosed. Frontier Justice a retail destination founded in 2015 by Mike and Bren Brown, offers firing ranges, a café and an exclusive fashion boutique that sells a variety of men’s and women’s apparel, jewelry and home décor. Judd Dunning of DWG Capital Group arranged debt financing for MAG Capital Partners, which is a Texas-based private investment firm founded by Dax Mitchell and Andrew Gi. The transaction marks the second sale-leaseback that MAG Capital Partners has completed in the Kansas City market.
DURHAM AND MORRISVILLE, N.C. — Dallas-based Stream Realty Partners has arranged the sale of two multi-tenant office buildings in the Research Triangle area. Continental Capital Partners, which has an office in Charlotte, sold the two properties to Texas-based Woodside for an undisclosed price. Jared Londry, Mack Freudenstein and Alex Olofson of Stream Realty Partners represented the seller in the transaction. The two buildings are Park40 Plaza in Durham and RDU Center II in Morrisville. Located at 1000 Park Forty Plaza Drive, Park40 Plaza spans 122,311 square feet. Located at 3131 RDU Center Drive, RDU Center II totals 61,606 square feet. Park40 Plaza and RDU Center II offer easy access to Interstate 40, Research Triangle Park, Raleigh-Durham International Airport and cities including Raleigh, Cary and Chapel Hill.
CLEVELAND — An affiliate of Phoenix Investors has reached a definitive agreement to acquire Nela Park in Cleveland for an undisclosed price. Nela Park is home to GE Lighting, a Savant company. The acquisition will add more than 1 million square feet of industrial space to Phoenix’s portfolio. Built in 1913, Nela Park is considered the first industrial park in the world, according to Phoenix. The 138-acre property consists of industrial space, office space, a cafeteria, fitness center and outdoor recreation facilities. Savant acquired GE Lighting in July 2020. GE Lighting plans to maintain partial tenancy at Nela Park after Phoenix’s acquisition.
KANSAS CITY, MO. — Northmarq has arranged the sale of Centropolis on Grand, a 56-unit apartment building in Kansas City’s River Market neighborhood. The sales price was undisclosed. Gabe Tovar and Jeff Lamott of Northmarq represented the seller, KC Commercial Realty Group, which developed the property in 2016. Tovar and Lamott are also arranging permanent financing on behalf of the buyer, Minneapolis-based Oaks Properties. The transaction marks the buyer’s first investment in the Kansas City market.