PORTLAND, TEXAS — LRC Commercial, an owner-operator primarily focused on secondary and tertiaruy markets in the Midwest, has acquired Westcliffe-Royal Palms, a 132-unit multifamily property in Portland, located in South Texas outside Corpus Christi. The Waller Group represented LRC Commercial and the undisclosed seller in the transaction. Chris Litzler of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal. LRC Commercial will rebrand the property as LUX Off Moore.
TUSCALOOSA, ALA. — A partnership between Arch Cos. and Drake Real Estate Partners has purchased a three-property multifamily portfolio in Tuscaloosa totaling 649 units. The communities in the sold portfolio include Broadmoor Gardens, Copper Greek and Woodlawn Manor. The seller(s) and sales price was not disclosed. Arch will be implementing value-add capital improvements to the portfolio through its Arch Builders division and operate the communities in-house. Arch Cos. and Drake have purchased three garden-style portfolios in the past five months. The partners jointly own approximately 2,000 multifamily units. The investment sales brokers for this transaction include Josh Jacobs of Marcus & Millichap and Brian Savage of Colliers International. Walker & Dunlop arranged acquisition financing.
VIRGINIA BEACH, VA. — S.L. Nusbaum Realty Co. has arranged the sale of Buildings Four, Five and Six within Pembroke Office Park in Virginia Beach. The three buildings total 167,660 square feet of Class B office space. Suburban Capital sold the buildings to the undisclosed buyer for $15.7 million. Pembroke Office Park is a 300,000-square-foot office park with five multi-tenant office buildings. The property is located close to Pembroke Mall, as well as retail, dining, hospitality and entertainment options at Town Center of Virginia Beach, a 25-acre lifestyle center in the city’s downtown district fronting the Atlantic Ocean. Stephanie Sanker and Sam Rapoport of S.L. Nusbaum Realty worked with Ten-X to represent the seller. The new owner has retained S.L. Nusbaum Realty to provide leasing and management services for the property.
MALVERN, PA. — Bridge Office, a subsidiary of Bridge Investment Group, has acquired Lindenwood Corporate Center, a 280,034-square-foot office campus in Malvern, a northwestern suburb of Philadelphia. The property was built in 1985 and houses tenants such as PQ Corp., Siemens Corp. and Cisco Systems. The new ownership plans to invest about $8 million in capital improvements.
NEW YORK CITY AND LAS VEGAS — VICI Properties Inc. (NYSE: VICI), MGM Growth Properties LLC (NYSE: MGP) and MGM Resorts International (NYSE: MGM) have entered into a definitive agreement under which VICI will acquire MGP for a total consideration of $17.2 billion, including the assumption of approximately $5.7 billion of debt. MGM Resorts is the controlling shareholder of MGP. Upon completion of the merger, VICI will have an estimated enterprise value of $45 billion representing 43 properties in 15 states. The deal will add 15 Class A entertainment resort properties across the country to VICI’s portfolio, comprising 33,000 hotel rooms; 3.6 million square feet of meeting and convention space; and hundreds of food, beverage and entertainment venues. The deal represents an estimated 30 to 40 percent discount to replacement cost. The move will solidify VICI as the largest experiential net-lease REIT, while also advancing its goals of portfolio enhancement and diversification, according to the company. Following the transaction, approximately 55 percent of VICI’s rent base will be generated by market-leading regional properties, while the remaining 45 percent will come from properties on the Las Vegas Strip. Simultaneous with the closing of the transaction, VICI will enter into an amended …
CARROLLTON, TEXAS — CBRE has negotiated the sale of Keystone at Castle Hills, a 690-unit multifamily property in the northern Dallas suburb of Carrollton. According to Apartments.com, the property was built in 1988 and offers one-, two- and three-bedroom units. Amenities include two pools, a fitness center, resident clubhouse with a coworking lounge and outdoor grilling areas. Danny Baker, Nita Stewart, Chandler Sims and Kevin O’Boyle of CBRE represented the seller, Acre Valley Real Estate Capital, in the transaction. Miami-based Starwood Capital Group purchased the property for an undisclosed price.
LUFKIN, TEXAS — Marcus & Millichap has brokered the sale of Texas Moving & Storage, a 223-unit self-storage facility in Lufkin, about 120 miles north of Houston. The facility was built in 2008 and spans 22,630 square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. Knobler also secured the buyer, a locally based private investor. Both parties requested anonymity.
PLYMOUTH, MICH. — Pulte Family Management SJ LLC, a wholly owned for-profit entity of the William J. Pulte Trust, has acquired The Inn at St. John’s in Plymouth, about 30 miles west of Detroit. The Archdiocese of Detroit sold the 118-room property for an undisclosed price. The hotel, conference rooms and reception centers will continue to serve and support business, civic and private events. The golf course will operate as usual, and the chapel will remain available for Catholic weddings. The Pulte family plans to announce property upgrades in the coming months. The late William Pulte was an active philanthropist and founder of home building giant PulteGroup Inc. He also served with a small group of local Catholic business leaders to help finance and transform the former St. John’s Seminary campus into the hotel, conference center and 27-hole golf course. St. John’s Provincial Seminary opened in 1948 and closed in 1988. The inn opened in the early 2000s.
CHICAGO — Kiser Group has arranged the $1.7 million deconversion sale of 4944 N. Harding Ave. in Chicago’s Albany Park neighborhood. The property includes 13 units, 11 of which are two-bedroom floor plans and two of which are three-bedrooms. The building was renovated and converted to condominiums in 2005. Andy Friedman and Jake Parker of Kiser represented the seller, the condominium association, as well as the buyer, Block & Key. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.
BEDFORD, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $54.5 million sale of Bedford Marketplace, a 153,000-square-foot shopping center in the northwestern Boston suburb of Bedford. The sales price equates to $355 per square foot. Whole Foods Market anchors the center, which also houses tenants such as Marshalls, Cambridge Savings Bank, Bank of America, Brookline Bank, U.S. Post Office, AFC Urgent Care and Lincoln Liquors. Jim Koury of IPA represented the seller, RFPS 181 Owner LLC, and procured the buyer, Ramco Property Acquisitions LLC. Bedford Marketplace was 97 percent leased at the time of sale.