Acquisitions

Stos Partners Acquires 37,500 SF Office/Manufacturing Facility in Poway, California

by Amy Works November 9, 2021

POWAY, CALIF. — Stos Partners has purchased a corporate headquarters and manufacturing facility located at 13955 Stowe Drive in Poway. A private seller sold the asset for $8.6 million. Stos Partners plans to implement a series of capital upgrades including interior office rehabilitation, roof repair and HVAC system replacement. Shortly after closing, the buyer secured a tenant to fully occupy the 37,500-square-foot office and manufacturing building. James Duncan and Mickey Morera of Kidder Matthews represented Stos Partners in the transaction. C3Bank provided financing for the acquisition.

November 9, 2021

Acquisitions Industrial Massachusetts Northeast

CBRE Negotiates $17.6M Sale of Light Industrial Building in Mansfield, Massachusetts

by Taylor Williams November 9, 2021

MANSFIELD, MASS. — CBRE has negotiated the $17.6 million sale of an 81,596-square-foot light industrial building in Mansfield, located south of Boston. Built in 1986 and renovated in 2017, the property is located within the 50-acre Cabot Business Park and was fully leased to seven tenants at the time of sale. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, QS Forbes Boulevard LLC, in the transaction. Andrew Stone of CBRE arranged acquisition financing on behalf of the buyer, Connecticut-based investment firm Brickman.

November 9, 2021

8-Essex-Center-Drive-Peabody-Massachusetts

Acquisitions Massachusetts Northeast Office

JLL Negotiates $6.4M Sale of Metro Boston Office Building

by Taylor Williams November 9, 2021

PEABODY, MASS. — JLL has negotiated the $6.4 million sale of 8 Essex Center Drive, a 67,544-square-foot office building located in the northeastern Boston suburb of Peabody. The three-story building sits on 8.2 acres and was 83 percent leased at the time of sale. Kerry Hawkins and Scott Carpenter of JLL represented the seller, PGA Realty, in the transaction. The duo also procured the buyer, an entity doing business as Essex Drive Realty LLC.

November 9, 2021

Acquisitions Development Florida Hospitality Southeast Top Stories

Athens Group, MSD Partners Acquire Naples Beach Hotel & Golf Club in Florida, Plan Mixed-Use Redevelopment

by John Nelson November 9, 2021

NAPLES, FLA. — A partnership between The Athens Group and MSD Partners has purchased Naples Beach Hotel & Golf Club, a 125-acre resort that fronts the Gulf of Mexico in Naples. The Watkins Family sold the beachfront resort to the partnership for an undisclosed price, but the Naples Daily News reports the price tag exceeded $362 million. The new ownership plans to redevelop the resort into a mixed-use destination called Naples Beach Club. The development will include a 216-room hotel operated by Four Seasons Hotels and Resorts, the first Four Seasons property on the Gulf Coast. The lodging component will include indoor and outdoor lounges connected to the lobby; a beachside garden with outdoor pools, cabanas and an event lawn; high-end stores; an event ballroom; and multiple dining experiences. In addition, guests will have access to Market Square, which will comprise a general store; bar and grill with a game room and bowling alley; a kids club; and an activities lawn for events featuring eateries including an ice cream parlor. Naples Beach Club will also feature 185 for-sale residential units managed by Discovery Land Co., with amenities for residents and members that include golf, tennis, fitness center, spa and clubhouse. Hart …

November 9, 2021

Acquisitions Hospitality Texas

Summit Hotel Properties Enters into Agreement to Buy NewcrestImage Portfolio for $822M

by Taylor Williams November 8, 2021

AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN), an Austin-based hospitality REIT, has entered into an agreement to purchase a portfolio of 27 hotels totaling 3,709 rooms from Dallas-based developer NewcrestImage. The price tag of $822 million comprises $776.5 million for the hotels, or $209,000 per room, as well as $24.8 million for two parking structures and $20.7 million for various financial incentives. Three of the hotels are located in Louisiana, and three are located in Oklahoma with the remainder in various Texas markets. The portfolio includes properties that are operated under brands such as AC Hotels by Marriott, Hilton Garden Inn, Residence Inn by Marriott and Canopy by Hilton, among others. More than 70 percent of the rooms were developed in 2015 or later. Bank of America and Wells Fargo have provided $410 million in acquisition financing to Summit Hotel Properties. The deal is expected to close in late in the fourth quarter of this year or in early 2022.

November 8, 2021

Acquisitions Multifamily Texas

MC Cos. Acquires Two Adjacent Multifamily Properties Totaling 455 Units in Metro Austin

by Taylor Williams November 8, 2021

PFLUGERVILLE, TEXAS — Investment and development firm MC Cos. has acquired The Sage at 1825 and Sage Cottages, two adjacent multifamily properties totaling 455 units in the northern Austin suburb of Pflugerville. MC Cos. will implement a value-add program and rebrand the communities as a single property known as The Place at 1825. Once capital improvements are complete, The Place at 1825 will feature studio, one-, two- and three-bedroom floor plans ranging in size from 690 to 1,350 square feet. Amenities will include a pool, clubhouse, business center, fitness center, soccer field, onsite dog park and a playground. CBRE arranged acquisition financing for the deal. The seller was not disclosed.

November 8, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 240-Unit Aspire at Live Oak Apartments Near San Antonio

by Taylor Williams November 8, 2021

LIVE OAK, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Aspire at Live Oak, a 240-unit apartment community located on the northeastern outskirts of San Antonio. The property was built on nine acres in 2020. Units average 888 square feet, and amenities include a pool, game room and a package handling system. Will Balthrope and Drew Garza of IPA represented the seller, Covenant Development, and procured the buyer, Maryland-based RailField Partners, in the transaction.

November 8, 2021

Acquisitions Northeast Office Pennsylvania

Accesso Acquires 455,183 SF Westlakes Office Campus in Metro Philadelphia

by Taylor Williams November 8, 2021

BERWYN, PA. — Florida-based investment firm Accesso has acquired Westlakes, a four-building, 455,183-square-foot office campus located in the northwestern Philadelphia suburb of Berwyn. Situated on 40.4 acres, Westlakes was 92 percent leased at the time of sale with a weighted average remaining lease term of 4.7 years. Tenants include PNC Bank, Brinker Capital, Montgomery McCracken, Chartwell Investment Partners and Amring Pharmaceuticals. Amenities include multiple dining options, two fitness centers and walking trails. The seller was locally based investment and development firm Keystone Property Group. The sales price was not disclosed.

November 8, 2021

Acquisitions Georgia Multifamily Southeast

Vista Realty Partners Sells Apartment Community in Metro Atlanta for $63.3M

by Julia Sanders November 8, 2021

MCDONOUGH, GA. — Vista Realty Partners has sold Carmel Vista Apartments, a 228-unit multifamily community in McDonough. Equus Capital Partners Ltd. purchased the property for $63.3 million. David Gutting of Newmark represented Vista Realty in the transaction. Opened in Feb. 2021, Carmel Vista Apartments offers studio, one-, two- and three-bedroom floorplans. Unit amenities include stainless steel appliances, granite countertops, sunrooms, direct access attached garages, walk-in closets and washers and dryers. Community amenities include a business center, playground, dog park, fitness center, 24-hour package concierge lockers, controlled access gates, clubhouse with game room and coffee bar and pool. Located at 91 Mt. Carmel Road, Carmel Vista has access to Interstates 75 and 285. The property was fully occupied at the time of sale. Trustmark Bank provided an undisclosed amount of construction financing for the project. A joint venture among The Radco Cos. and Blue Vista Asset Management LLC., Eduard de Guardiola’s Family Office, provided an undisclosed amount of equity.

November 8, 2021

Acquisitions Multifamily Northeast Pennsylvania

CBRE Brokers $28M Sale of Philadelphia Multifamily Portfolio

by Taylor Williams November 8, 2021

PHILADELPHIA — CBRE has brokered the $28 million sale of a portfolio of six multifamily properties totaling 78 units in Philadelphia’s Fairmount and Brewerytown neighborhoods. The portfolio consists of: The Fairmount Flats at 745-751 North 20th Street; 726 North 19th Street; 711 North 16th Street; 714 North 19th Street; The Fairmount Greenery at 817 North 20th Street; and The Porter at 2940 West Thompson Street. Samantha Kupersmith and Spencer Yablon of CBRE represented the seller, Philadelphia-based Stamm Development Group, and procured the buyer, Treeco Cos., in the transaction.

November 8, 2021

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