SUMMERVILLE, S.C. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a single-tenant retail property in Summerville leased to Walmart Neighborhood Market. Richard Dorfman of SRS represented the 1031 exchange buyer, a private investor from California. The seller, an undisclosed investor based in Florida, sold the property for $14.5 million. Cushman & Wakefield represented the seller in the transaction. Built in 2016 on nearly seven acres at 1616 Central Ave., the store is situated at the signalized intersection of Orangeburg Road and Central Avenue. The property is located 22.6 miles from North Charleston and 26.7 miles from Charleston.
MATTESON, ILL. — Marcus & Millichap has arranged the $5.1 million sale of a 10,502-square-foot retail building in Matteson, a southern suburb of Chicago. The property, located at 4801 211th St., has been fully occupied by the same four tenants since its construction in 2011. Tenants include Verizon, Chipotle, Five Guys and Vitamin Shoppe. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local developer. Carlos Cain of Marcus & Millichap secured and represented the buyer, a Mexico-based limited liability company. The deal was part of a multi-property purchase with debt structured by Anita Paryani-Rice of Marcus & Millichap Capital Corp.
BOSTON — A joint venture between global asset manager Värde Partners and California-based Hawkins Way Capital has purchased the 1,220-room Sheraton Boston Hotel, located at 39 Dalton St. in the city’s Back Bay neighborhood. The hotel sold for $233 million, or roughly $191,000 per room, according to multiple local news outlets including The Boston Globe and WCBV. The partnership purchased the 29-story, 1.1 million-square-foot property from Maryland-based REIT Host Hotels & Resorts Inc. (NASDAQ: HST). The luxury hotel offers amenities such as a pool, business center, fitness center, meeting space, spa and wellness center, convenience store and an onsite restaurant. The Sheraton is Boston’s largest hotel, and the sales price is below that of comparable hotel deals that traded in Boston’s downtown area prior to the pandemic, according to the Globe. Citing data from Pinnacle Advisory Group, the local newspaper puts the downtown Boston hotel market’s average nightly occupancy rate for 2021 at approximately 45 percent. The deal marks the sixth acquisition between Värde Partners and Hawkins Way Capital as part of a larger plan to acquire $1 billion in value-add and distressed hospitality and housing assets in major U.S. cities. The joint venture’s portfolio also includes the DoubleTree by …
DILLON, S.C. — Equus Capital Partners has sold 95 Inland Port Logistics Center, a 373,100-square-foot warehouse logistics facility in Dillon, about 62.8 miles from Myrtle Beach. An entity doing business as IPD South LLC purchased the property for $47.5 million. Frank Fallon and Bob Barrineau of CBRE represented Equus in the sale of 95 Inland Port Logistics Center, which was fully leased to Calabasas, Calif.-based retailer Harbor Freight Tools at the time of sale. Developed by Equus Development LP on a 30-acre site, 95 Inland Port Logistics Center is a 410-foot deep, single-side loaded building with a 180-foot deep, all-concrete truck court that includes excess trailer parking away from the loading docks. The warehouse was constructed with precast concrete panels and features 32-foot clear heights, LED interior lighting, 50-foot by 50-foot column spacing, an ESFR sprinkler system and air conditioning. The property is located near Interstate 95 and is 3.5 miles from South Carolina Ports Authority’s Inland Port Dillon.
JEKYLL ISLAND, GA. — New Castle Hotels & Resorts, a Ridgefield, Conn.-based resort hotel owner and operator, has acquired the Holiday Inn Resort Jekyll Island, a 158-room hotel in Jekyll Island. Georgia Coast Holdings LLC and NorthPointe Hospitality sold the property for $41 million. Rich Lillis of Colliers represented the buyer in the transaction. The Holiday Inn Resort Jekyll Island is a full-service hotel situated on more than seven acres of oceanfront property, including a quarter-mile of beachfront. The hotel features oversized rooms and suites, as well as a playground and lawn area, fire pits and cabanas, kid programming and activities, bike rentals, fitness center, pool and a hot hub. Located at 701 N Beachview Drive, the hotel is located near Driftwood Beach and the Georgia Sea Turtle Center. The hotel also is situated near numerous bike trails and 18 miles from Saint Simons Island.
SAN ANTONIO — Arlington-based 180 Multifamily Properties has acquired Casa Luna and Casa del Encanto, two properties totaling 679 units that are located across the street from one another on San Antonio’s north side. According to Apartments.com, the properties offer studio, one- and two-bedroom units and amenities such as a pool, soccer field, playgrounds, outdoor grilling and dining stations and onsite laundry facilities. The seller and sales price were not disclosed. The new ownership plans to implement a capital improvement program and combine the properties into a single community that will be known as Palatia Apartment Homes.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of the 210-room Wyndham Garden Austin hotel, located just south of the city’s downtown area. Hotel amenities include a pool, fitness center, business center, 10,500 square feet of meeting space and a snack bar/deli. Allan Miller, Chris Gomes and Matt Omansky of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a partnership between two undisclosed firms based in Texas and Arkansas that are conducting business as Dreamliner Global Inc. The new ownership has tapped G&G Hospitality to manage the hotel.
MONONA, WIS. — Berkadia has negotiated the $10.3 million sale of Fairway Glen in Monona near Madison. The 56-unit, garden-style apartment community was built in 2014. Amenities include a community room, fitness room and underground parking. Ralph DePasquale, Pete Evans, Jack Maloney and Richard Evans of Berkadia represented the seller, Madison-based developer 5001 Monona Drive LLC. Wisconsin-based Spaulding Group was the buyer. The property was 97 percent occupied at the time of sale.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Sylvan Thirty, a 201-unit apartment community in West Dallas. Built on six acres in 2015, the property offers studio, one-, two- and three-bedroom units with an average size of 856 square feet. Amenities include a pool, fitness center, clubhouse and a party lounge. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, Los Angeles-based Arc Capital Partners, in the transaction. The team also procured the buyer, San Francisco-based Polaris Real Estate Partners.
SEATTLE — Kennedy Wilson and the real estate business within Goldman Sachs Asset Management have purchased Coppins Well, a high-rise multifamily property in Seattle, for $106.5 million, excluding closing costs. Kennedy Wilson has a 30 percent ownership interest in the property, which the partnership acquired with a total equity investment of $44 million and a $66 million loan. The ownership team plans to roll out a value-add asset management plan, which includes investing $4 million to renovate unit interiors, refresh common areas and enhance amenities. Completed in 2012, the 17-story building features 236 apartments in a mix of studio, one- and two-bedroom layouts, a movie lounge, fitness center and dog runs. Ground-floor retail tenants include a coffee house, restaurant and bank.