NORTH PALM BEACH, FLA. — American Commercial Realty Corp., a Palm Beach Gardens-based commercial real estate firm, and Investment Capital Partners, a commercial real estate firm based in Connecticut, have acquired Crystal Cove Commons, a mixed-use property in North Palm Beach totaling over 120,000 square feet of commercial space. The seller and sales price were not disclosed. Crystal Cove Commons includes 73,738 square feet of retail space and 46,787 square feet of office space on three floors. The property is anchored by Cod & Capers, a seafood market and restaurant, as well as Cucina Cabana, a fine Italian dining and entertainment attraction. Stormhouse Brewery, a family-owned brewpub, also recently joined the tenant roster. Other tenants include Fuse Specialty Appliances, USA Tile & Marble, Crystal Tree Carpet by STARK, Cabinets by Lenore and The Ice Cream & Yogurt Club. In total, more than 50 businesses call the center their home, many of which have been in the plaza for more than thirty years. The mixed-use property is situated along US 1 just south of PGA Boulevard. Built in 1982, Crystal Cove Commons was substantially renovated between 2017 and 2019.
Acquisitions
TAMPA, FLA. — Ready Capital has closed on a $35.3 million loan for the acquisition, renovation and stabilization of two Class B, garden-style multifamily properties in the Northwest Tampa submarket of Tampa totaling 293 units. Upon acquisition, the unnamed sponsor will implement a capital improvement plan to renovate unit interiors, building exteriors and common areas of both properties. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Neither of the properties’ names were disclosed.
CLEARWATER, FLA. — DSH Hotel Advisors, a Tampa-based hotel brokerage and advisory firm, has arranged the sale of Days Inn By Wyndham, a 90-room hotel in Clearwater. Dennis Hopper and Randy Taylor of DSH represented the seller, an entity known as Mega C Hospitality LLC, and the buyer, an entity known as Prism Development LLC. The sales price was not disclosed. Located at 2940 Gulf to Bay Blvd., the Days Inn is about 13.6 miles from Tampa International Airport and six miles from Clearwater Beach.
HYATTSVILLE, MD. — Terreno Realty Corp. has purchased an industrial property in Hyattsville for approximately $8 million. The seller was not disclosed. The industrial property is located on a 2.9-acre land parcel at 5380 Tuxedo Road. The property is situated less than one mile outside of Washington, D.C., and is adjacent to the intersection of U.S. Route 50 and the Baltimore-Washington Parkway. The property is fully leased to two undisclosed tenants. Terreno Realty Corp. is a Bellevue, Wash.-based commercial real estate company that acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.
WEST PALM BEACH, FLA. — SRS Real Estate Partners’ National Net Lease Group (NNLG) has brokered the $2.9 million off-market sale of a single-tenant medical office property fully occupied by Heartland Dental in West Palm Beach. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private investor, in the deal. Richard Dorfman of SRS represented the buyer, a Massachusetts-based private investor. Located at 8961 Okeechobee Blvd., the 3,533-square-foot medical office property is located near a Publix, Mobil gas station and T-Eka Photo electronics store. Built in 2000, the property previously was a Truist Bank property and now is currently being renovated by Heartland Dental, which recently signed a 10-year lease for the property. The asset was acquired by the new ownership during the renovation process and prior to the rent commencement date.
SAN ANTONIO — Los Angeles-based investment firm DB Capital Management has acquired Salado Springs, a 352-unit apartment community located on the north-central side of San Antonio. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, playground, fitness center, clubhouse, pet play area and a media room. San Francisco-based Hamilton Zanze sold the property, which was originally built in 1997, to DB Capital for an undisclosed price. The new ownership plans to invest about $6.5 million in capital improvements and to rebrand the property as Summit at Salado Springs.
AUSTIN, TEXAS — Arbor Management Acquisition Co. (AMAC) has purchased The Mont, a 288-unit apartment community in Austin’s East Riverside neighborhood, for $61.9 million. The newly built property features one- and two-bedroom units averaging 730 and 1,048 square feet, respectively. Residences are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies. Amenities include a pool with a tanning deck, fitness center with a yoga studio, courtyard, business center, game room and a dog park. The seller was not disclosed.
DALLAS — Colliers has negotiated the sale of Search Plaza, a 155,000-square-foot office building located along the North Central Expressway in North Dallas. New Orleans-based Uhalt Investments purchased the asset from Pillar Commercial for an undisclosed price. Creighton Stark and Chris Boyd of Colliers brokered the deal. Pillar Commercial will continue to manage and lease the building, which was 91 percent leased at the time of sale.
SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Mission Villas, a 176-unit apartment complex in San Antonio. Built on five acres in 1965, the property offers one- and two-bedroom units and amenities such as a pool, playground, picnic area and onsite laundry facilities. Paul Yazbeck of TMG represented the seller in the transaction, and Chris Siemasko of TMG procured the buyer, a California-based REIT.
Capstone Brokers Sale of Six-Property Multifamily Portfolio in Southwest Denver for $56.5M
by Amy Works
DENVER — Capstone Apartment Partners has completed the sale of a six-community apartment portfolio located in Southwest Denver. Monarch Investment and Management Group acquired the portfolio from a group of investors connected through Abiete Real Estate for $56.5 million. Totaling 325 apartments, the portfolio includes The Amherst, Federal Terrace, Autumn Ridge, Pinecrest Apartments, Elm Creek Apartments and The Hill Apartments. All six properties are located along South Federal Boulevard and were approximately 96 percent occupied at the time of closing. Jason Koch, Adam Riddle, Sean Holamon and Austin Smith of Capstone represented the seller in the deal.