Acquisitions

Wu Properties Acquires 231,126 SF Shopping Center in Northwest Houston

by Taylor Williams March 10, 2022

HOUSTON — Locally based investment firm Wu Properties has acquired Willowchase Center, a 231,126-square-foot shopping center that sits on a 19.5-acre site in northwest Houston. At the time of sale, Willowchase Center was 97 percent leased, with Hispanic grocer Fiesta serving as the anchor. Other tenants include dd’s DISCOUNTS, Jo-Ann Fabrics, Goodwill, Northern Tool + Equipment, Mattress Firm, Family Dollar, America’s Best, Jamboree Dentistry and Metro PCS. Ryan West, Chris Gerard, John Indelli, Katherine Miller, Bailey Black and Grant Rexrode of JLL represented the seller, Houston-based Fidelis Realty Partners, in the transaction. Wu Properties has tapped NAI Partners to lease the center moving forward.

March 10, 2022

Acquisitions Hospitality Texas

HREC Investment Advisors Arranges Sale of 295-Room Sonesta Suites Hotel in Downtown Dallas

by Taylor Williams March 10, 2022

DALLAS — Hospitality brokerage firm HREC Investment Advisors has arranged the sale of the 295-room Sonesta Suites Dallas Park Central, located in the city’s central business district. The property offers a pool, fitness center, business center and a bar/lounge. Mark Rome and Monty Levy of HREC represented the seller, hospitality REIT Service Properties Trust, in the transaction. Omni Vision Dallas LLC acquired the asset for an undisclosed price with plans to reposition it as a multifamily property.

March 10, 2022

Acquisitions Development Industrial Office Texas

Welcome Group Buys Land in San Antonio for 135,000 SF Industrial Flex Project

by Taylor Williams March 10, 2022

SAN ANTONIO — Houston-based development and investment firm Welcome Group has purchased 7.6 acres in San Antonio for the construction of a industrial flex project that could span as much as 135,00 square feet. The site is located within the 350-acre Connection Industrial Park master-planned development, in between distribution centers occupied by Amazon and Dollar General. Michael Kent of Stream Realty Partners represented the seller in the land deal. A construction timeline was not disclosed.

March 10, 2022

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 126-Room Hotel in Fort Worth

by Taylor Williams March 10, 2022

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of the 126-room Holiday Inn Fort Worth North Fossil Creek. The property offers a pool, business center and a cocktail lounge. Allan Miller, Chris Gomes and Matt Omansky of Marcus & Millichap represented the seller, a bank/financial institution, in the transaction. The buyer was an individual/personal trust.

March 10, 2022

Acquisitions Georgia Industrial Southeast

Fundrise Purchases Industrial Facility in South Atlanta for $30.4M

by Julia Sanders March 10, 2022

ATLANTA — Fundrise has purchased Aerotropolis North, a more than 200,000-square-foot modern industrial and logistics facility on the south side of Atlanta, for $30.4 million. Dennis Mitchell, Matt Wirth, Britton Burdette and Bo Osgood of JLL Capital Markets represented the seller, Orange County, Calif.-based Bixby Land Co., in the transaction. Built in 2020, Aerotropolis North is a single-tenant distribution facility fully leased to Kal Freight Inc., a provider of modern transportation services. The tenant uses the facility for some of its warehousing, distribution and administrative offices. The front-load building features 32-foot clear heights, 31 dock-high doors, two drive-in doors, 29 trailer parking stalls, LED lighting, ESFR fire protection and 115 auto parking spaces. Located at 3435 Jonesboro Road SE on 16.2 acres, the property is situated less than one mile from Interstate 285 and 5.9 miles from Hartsfield-Jackson Atlanta International Airport.

March 10, 2022

Acquisitions Florida Hospitality Southeast

LCP Group, Safanad Acquire Hotel in St. Pete Beach, Florida for $83M

by Julia Sanders March 10, 2022

ST. PETE BEACH, FLA. — A joint venture between The LCP Group LP and Safanad have acquired Postcard Inn on the Beach, a 196-room resort in St. Pete Beach, for $83 million. The seller was not disclosed. CBRE arranged a $72.3 million loan for the purchase. Built in 1957, Postcard Inn features a lobby café, full-service restaurant, pool and 3,880 square feet of combined indoor and outdoor terrace meeting space that can accommodate up to 200 guests. Located on 9.6 acres, the beachfront property offers over 300 feet of frontage along the Gulf of Mexico. The joint venture plans to modernize the guestrooms and improve the food and beverage offerings. Crescent Hotels & Resorts will manage the asset under the Latitudes Collection umbrella.

March 10, 2022

Acquisitions Northeast Retail Rhode Island

Capital Group Properties Buys 160,000 SF Shopping Center in Warwick, Rhode Island

by Taylor Williams March 10, 2022

WARWICK, R.I. — Massachusetts-based investment firm Capital Group Properties has purchased Warwick Center, a 160,000-square-foot retail center in Rhode Island. The property sits on 15 acres at the intersection of Interstates 95 and 295 and houses tenants such as Barnes & Noble, Designer Shoe Warehouse, Edge Fitness, Ulta Beauty, Carrabba’s Italian Restaurant and Walpole Outdoors. Capital Group Properties purchased the asset from institutional investment firm Nuveen Real Estate for $12.3 million and plans to upgrade the landscaping, parking areas, signage, lighting and building façade. Nat Heald, Bill Moylan, Chris Angelone and Zach Nitsche of JLL represented the undisclosed seller in the transaction.

March 10, 2022

Acquisitions Arkansas Hospitality Southeast

MCR Buys 116-Room Homewood Suites by Hilton Hotel in Downtown Little Rock

by Julia Sanders March 10, 2022

LITTLE ROCK, ARK. — MCR, a hotel owner-operator with offices in New York City and Dallas, has bought Homewood Suites by Hilton Little Rock Downtown, a 116-room extended stay property in Little Rock’s downtown district. The seller and sales price were not disclosed. Homewood Suites by Hilton Little Rock Downtown is a six-story hotel that offers studio, one- and two-bedroom suites. Room features include a fully equipped kitchen, refrigerator, microwave, dishwasher and twin burner stove. Hotel amenities include a pool, basketball court, complimentary breakfast, free Wi-Fi, 24-hour business center, a grab-and-go market with snacks and beverages, lobby lounge, covered parking, laundry facilities and 1,058 square feet of event space. Located at 400 River Market Ave., the property is situated 1.2 miles from downtown Little Rock and 5.9 miles from the University of Arkansas. The property is also 7.7 miles from the North Little Rock Municipal Airport.

March 10, 2022

Acquisitions Affordable Housing Multifamily New Jersey Northeast

OneWall Communities Sells Two Workforce Housing Buildings in Newark for $30M

by Taylor Williams March 10, 2022

NEWARK, N.J. — OneWall Communities, a Connecticut-based owner-operator, has sold two workforce housing buildings totaling 191 units in Newark for $30 million. The properties primarily house one- and two-bedroom units. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE represented OneWall Communities in the transaction. The team also procured the undisclosed buyer, which plans to implement a value-add program.

March 10, 2022

Acquisitions Indiana Industrial Midwest

Marcus & Millichap Arranges $4.9M Sale-Leaseback of Industrial Building in Fremont, Indiana

by Kristin Harlow March 10, 2022

FREMONT, IND. — Marcus & Millichap has arranged the $4.9 million sale-leaseback of a 129,920-square-foot industrial building in Fremont, a city in northeast Indiana that is a few miles south of the Michigan state line. Koester Metals Inc. (KMI) occupies the property, which is located at 301 W. Water St. and was built in 1975. Nikalos Beery, Joseph DiSalvo and Forest Bender of Marcus & Millichap represented KMI in the transaction. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap secured and represented the buyer, a limited liability company.

March 10, 2022

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