SKOKIE, ILL. — Newcastle Properties has purchased Orchard Plaza in Skokie for an undisclosed price. This is the first time the 42,452-square-foot retail center has sold in over 60 years. Located near Old Orchard Mall at the corner of Skokie Boulevard and Gross Point Road, the property is home to tenants such as Bonefish Grill, Men’s Wearhouse, Advance Auto and the U.S. Post Office. Beth Sansiper and Jeff Gurian of Becker Gurian represented Newcastle Properties in the transaction. Drew Trammell of Newcastle Properties managed the underwriting and closing. The seller was not provided.
ATLANTA — Atlanta-based Hodges Ward Elliott (HWE) has arranged the $305 million sale of the real estate holdings of Bethesda, Md.-based Condor Hospitality Trust, including a portfolio of 15 select-service hotels located across the Southeast, Texas and Kansas. Daniel Peek, Clint Hodges, John Bourret, Austin Brooks, Mike Tormey and Carolina Bernal of HWE represented Condor Hospitality in the transaction. The buyer was not disclosed. The Condor Hospitality Trust portfolio has an average age of less than 10 years and is affiliated with Marriott, Hilton and IHG brands. The hotel collection spans 1,908 rooms in total. The Texas properties include: Home2 Suites Austin Round Rock in Austin; Residence Inn Austin Airport in Austin; TownePlace Suites Austin Parmer/Tech Ridge in Austin; SpringHill Suites San Antonio Downtown/Riverwalk Area in San Antonio and Fairfield Inn & Suites El Paso Airport in El Paso. The portfolio also comprises hotels in Florida including Hampton Inn & Suites Lake Mary @ Colonial Townpark in Lake Mary; Courtyard Jacksonville Flagler Center in Jacksonville and Home2 Suites Tallahassee State Capitol in Tallahassee. The other properties include Aloft Atlanta Downtown in Atlanta; Hotel Indigo Atlanta Airport – College Park in Atlanta; Home2 Suites Summerville in Summerville, S.C.; Home2 Suites Lexington …
MOUNT PLEASANT, S.C. — Cushman & Wakefield has brokered the sale of a movie theater-occupied property on a seven-acre site located in Mount Pleasant, about 9.5 miles from Charleston. The sales price was $14.3 million. Nick Tanana and Brady Dashiell of Cushman & Wakefield represented the seller, Knoxville, Tenn.-based Regal Cinemas, which operates a 33,000-square-foot movie theater onsite called Regal Cinebarre. Collett Capital was the buyer. Built in 2005, the site currently has no tenants now that Regal Cinemas sold the property. Located at 963 Houston Northcutt Blvd., the site is just over the Arthur Ravenel Jr. Bridge and is easily accessible from downtown Charleston.
DALLAS — Tampa-based multifamily development and investment firm ZMR Capital has acquired Pecan Square and Bayou Bend, two communities totaling 748 units in northwest Dallas. The properties were built in the 1980s and are located within a half mile of each other. Both the 440-unit Pecan Square and the 308-unit Bayou Bend offer one- and two-bedroom units and amenities including pools, playgrounds and onsite clubhouses. ZMR Capital will upgrade unit interiors with new appliances, vinyl plank flooring, kitchen cabinets and tile backsplashes. The multimillion-dollar capital improvement plan also will include the enhancement of building exteriors and common areas.
CORPUS CHRISTI, TEXAS— Texas-based multifamily development and investment firm SWBC Real Estate has sold Stoneleigh Apartments, a 348-unit community in Corpus Christi. Built in phases between 2005 and 2008, Stoneleigh Apartments offers three pools, a fitness center, clubhouse and a community room with a kitchen. SWBC purchased the property in 2019 and executed $3.3 million in renovations to unit interiors, building exteriors and common areas. Berkadia represented SWBC in the sale of the property to Austin-based GVA Management.
HOUSTON — Marcus & Millichap has brokered the sale of Easy Self Storage, a 236-unit facility in Houston. Built In 1984, the property spans 29,716 net rentable square feet across 172 non-climate-controlled units and 64 climate-controlled units. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. Knobler also secured the buyer, a limited liability company. Both parties requested anonymity.
MILLVILLE, N.J. — New York-based investment and management firm Irgang Group has acquired Union Lake Crossing, a 393,000-square-foot grocery-anchored shopping center in Millville, located in the southern part of the state. Built on 43.3 acres in 2006, the property houses tenants such as Shoprite, Kohl’s, Ross Dress for Less, Staples and PetSmart. Restaurant users include Buffalo Wild Wings, Moe’s Southwest Grill and Sonic. Ben Bruner of Bruner Group represented Irgang Group in the transaction. Chris Munley, James Galbally and Colin Behr of JLL represented the seller, Goodman Properties.
QUINCY, MASS. — CBRE has negotiated the sale of The Residences at Munroe Place, a 111-unit multifamily property located in the southern Boston suburb of Quincy. The property was built in 2003 and includes 10,100 square feet of retail space that is leased to Starbucks, JPMorgan Chase, T-Mobile and Miam Miam Macaronerie. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, 1205 Hancock Street LLC, an entity controlled by Structure Tone Equities LLC, in the transaction. The trio also procured the buyer, a joint venture between John M. Corcoran & Co. and an institutional investor.
BOSTON — Cabot Properties Inc. has sold its Value Fund V portfolio in two separate transactions for a total of $2.8 billion. Blackstone Real Estate Income Trust Inc. (BREIT) acquired the portfolio, which features logistics properties in the United States and Europe. The U.S. portfolio includes 102 properties totaling 15.2 million square feet located in major logistics markets such as the Inland Empire, California; Eastern Pennsylvania; South Florida; and the New York metropolitan area. In a separate transaction, Blackstone’s European Core Plus business and its affiliates acquired the remaining European properties, which feature 22 properties totaling 2.2 million square feet of industrial space. The properties are located in European markets such as the Midlands, North West and South East in the United Kingdom; Amsterdam; and Düsseldorf in Germany. “The sale of our Value Fund V portfolio completes our most ambitious logistics property investment program over the past 20 years,” says Franz Colloredo-Mansfeld, chairman and chief executive officer of Cabot. “This portfolio was created through 90 transactions, including 24 development projects throughout the U.S., U.K. and Europe completed over the past five years. We are pleased to have now completed approximately $5 billion in three transactions with Blackstone Real Estate over …
CHARLOTTE, N.C. — JLL Capital Markets has brokered the sale of Lowe’s Global Technology Center, a recently completed, 357,526-square-foot office tower in Charlotte’s South End submarket. Chris Lingerfelt, Ryan Clutter and Coleman Benedict of JLL represented the sellers, Childress Klein Properties Inc. and Ram Realty Advisors. An affiliate of Apollo Global Management purchased the property for $318 million, according to the Charlotte Business Journal. The Lowe’s Global Technology Center is a 23-story tower that was completed this fall with the full interior and tenant buildout slated for completion by 2022. The building features two sky terraces, an interior auditorium, steel staircase spanning multiple floors, touchless features throughout the property and a 950-space parking deck. Lowe’s Global Technology Center is fully leased to Lowe’s Cos. Inc., parent company of home improvement retail giant Lowe’s. After the tenant buildout is complete, the center will be home to nearly 2,000 employees and will serve as the company’s global technology and e-commerce hub. Located at 100 West Worthington Ave., the property is located 7.3 miles from Charlotte Douglas International Airport and 13.3 miles from the University of North Carolina at Charlotte.