Acquisitions

Principal Real Estate Investors Sells 148,652 SF Lincoln Plaza Office Campus in Bellevue, Washington

by Amy Works September 27, 2021

BELLEVUE, WASH. — Des Moines, Iowa-based Principal Real Estate Investors has completed the disposition of Lincoln Plaza, an office campus located at 11225, 11235 and 11245 SE Sixth St. in Bellevue. New Rock Acquisition purchased the 148,652-square-foot asset for an undisclosed price. Situated on 9.1 acres, the three-building property was 90 percent occupied by 20 tenants at the time of sale. Tom Pehl, Todd Tydlaska, Charles Safley, Lou Senini, Paige Morgan and Chais Lowell of CBRE Capital Markets represented the seller in the deal. Brad Zampa and Mike Walker of CBRE arranged acquisition financing for the buyer. Scott Davis and Tim Owens, also of CBRE, will continue to handle leasing under the new ownership.

September 27, 2021

Acquisitions California Hospitality Western

Pacifica Cos. Acquires 34-Room El Colibri Hotel & Spa in Cambria, California from Pacifica Hotels

by Amy Works September 27, 2021

CAMBRIA, CALIF. — San Diego-based Pacifica Cos. has completed the sale of El Colibri Hotel & Spa, a coastal boutique hotel in Cambria. Aliso Viejo-based Pacifica Hotels acquired the property for an undisclosed price. El Colibri Hotel & Spa features 34 guest rooms, the Nest Day Spa, a self-pour wine and beer tap wall, Tesla charging stations and beach cruiser rentals. Scott Hall and Aaron Lapping of Berkadia San Diego represented the seller in the transaction.

September 27, 2021

Acquisitions Multifamily Texas Walker & Dunlop

Walker & Dunlop Arranges Sale of 369-Unit Vineyards Apartments in Metro Houston

by Taylor Williams September 27, 2021

KATY, TEXAS — Walker & Dunlop has arranged the sale of Vineyards, a 369-unit value-add apartment community in the western Houston suburb of Katy. Built in 2003, Vineyards features one-, two- and three-bedroom units and amenities such as a fitness center, business center and a playground. Scott Bray, Ryan Epstein and Jennifer Ray of Walker & Dunlop represented the seller, Atlanta-based Preferred Apartment Communities, in the deal. The buyer was Knightvest Capital, an investment firm with offices in Dallas, Houston, Phoenix and Raleigh.

September 27, 2021

Acquisitions California Industrial Western

Coldwell Banker Commercial Brokers $3.8M Acquisition of Industrial Building in Riverside, California

by Amy Works September 27, 2021

RIVERSIDE, CALIF. — Coldwell Banker Commercial has arranged the purchase of a multi-tenant industrial property located at 661 Arlington Ave. in Riverside. The asset traded for $3.8 million. The names of the seller and buyer were not released. Constructed in 1989 on 1.7 acres, the building features 25,850 square feet of industrial space. Carey Paster of Coldwell Banker Commercial SC represented the buyer in the transaction. The buyer plans to hold the property as an investment.

September 27, 2021

Acquisitions Retail Texas

Edens Buys 163,145 SF Grocery-Anchored Shopping Center in Austin

by Taylor Williams September 27, 2021

AUSTIN, TEXAS — Shopping center owner-operator Edens has purchased Springdale Shopping Center, a 163,145-square-foot, grocery-anchored retail property in Austin. Regional grocer H-E-B is the anchor tenant at the center, which was fully leased at the time of sale. Other tenants include Ross Dress for Less, dd’s, Dollar Tree, O’Reilly Auto Parts, Subway, KFC and Wingstop. Chris Gerard, Ryan Shore, Clint Coe, Erin Lazarus and Zach Riebe of JLL represented the seller, Forge Capital Partners, in the transaction.

September 27, 2021

Acquisitions Office Texas

Colliers Brokers Sale of 161,182 SF Northpointe Centre Office Building in Dallas

by Taylor Williams September 27, 2021

DALLAS — Colliers International has brokered the sale of Northpointe Centre, a 161,182-square-foot office building in Dallas. The eight-story building is located on the city’s north side and offers amenities such as a fitness center, conference facility and a deli. Cody Payne, Wayne Bares, Austin Edelmon and Michael Tran of Colliers represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. Northpointe Centre was 75 percent leased at the time of sale.

September 27, 2021

Acquisitions Hospitality Maryland Southeast

Condor Hospitality Trust to Sell Entire Hotel Portfolio to Blackstone for $305M

by Jeff Shaw September 27, 2021

BETHESDA, MD. — Condor Hospitality Trust Inc. (NYSE: CDOR) has agreed to sell its entire hotel portfolio to affiliates of Blackstone Real Estate Partners for $305 million. The all-cash transaction does not include the assumption of any existing debt. Completion of the deal, which is expected to occur in the fourth quarter of 2021, is subject to customary closing conditions, including the approval of the company’s shareholders. The Bethesda-based real estate investment trust’s hotel portfolio includes 15 properties in eight states. Blackstone entered into voting agreements with Condor’s certain shareholders that hold approximately 60 percent of the common shares. Those shareholders voted in favor of the transaction.

September 27, 2021

Acquisitions Florida Hospitality Southeast

Pebblebrook Hotel Trust Acquires Margaritaville Hollywood Beach Resort in Florida for $270M

by Jeff Shaw September 27, 2021

HOLLYWOOD, FLA. — Pebblebrook Hotel Trust (NYSE: PEB) has acquired the 369-room Margaritaville Hollywood Beach Resort in Hollywood. An affiliate of KSL Capital Partners LLC sold the asset for $270 million. Davidson Hospitality Group will continue to manage the lifestyle resort. Margaritaville Hollywood Beach Resort is located on 6.2 acres off the Hollywood Boardwalk with 450 linear feet of direct beach frontage. Built in 2015, the resort includes over 30,000 square feet of indoor and outdoor event space overlooking the Atlantic Ocean. The resort also features eight dining venues, including Jimmy Buffet’s Margaritaville, Landshark Bar & Grill, JWB Prime Steak and Seafood, 5 o’Clock Somewhere Bar & Grill and Floridays Airstream Cafe. Resort amenities also include the 11,000-square-foot St. Somewhere Spa, Fitness and Salon, multiple outdoor swimming pools, 22 full-service cabanas, the Flowrider Surf Simulator, the Parakeets Kid’s Club, retail outlets and live entertainment nightly at one of the resort’s several outdoor entertainment venues. Located at 1111 N Ocean Dr., Margaritaville Hollywood Beach Resort is located about 16.2 miles from Miami Beach and 9.6 miles from Fort Lauderdale. The resort is also about 6.4 miles from the Fort Lauderdale International Airport. Pebblebrook plans to make physical enhancements to the property …

September 27, 2021

Acquisitions Florida Office Southeast

TerraCap Management Sells 82,000 SF Office Building in Tampa

by Jeff Shaw September 27, 2021

TAMPA, FLA. — TerraCap Management LLC has sold Eastpointe, a three-story, Class B office building in Tampa that totals approximately 82,000 square feet. Rick Brugge, Mike Davis, Rick Colon, Ryan Jenkins and Zach Eicholtz of Cushman & Wakefield represented the seller, TerraCap, in the transaction. TriOut Advisory acquired the property for an undisclosed price. Built in 1987, the property has a two-story parking garage. TerraCap acquired Eastpointe in March 2014 as part of a two-property acquisition. TerraCap invested capital into the roof, HVAC, parking lot, parking garage, restrooms and signage. After signing Circle K to a 10-year deal for approximately 19,000 square feet and extending the approximately 36,000-square-foot anchor tenant Pharmerica through 2025, Eastpointe reached 96 percent occupancy, and TerraCap began moving the property towards a disposition.

September 27, 2021

Acquisitions Georgia Retail Southeast

First National Realty Partners Acquires City Center Crossing Shopping Center in Sandy Springs, Georgia

by Jeff Shaw September 27, 2021

SANDY SPRINGS, GA. — First National Realty Partners (FNRP) has acquired City Center Crossing, a grocery-anchored shopping center located at 6331 Roswell Road in Sandy Springs, a northern suburb of Atlanta. City Center Crossing is a 98,408-square-foot asset that is 77 percent occupied. A 27,858-square-foot Lidl Supermarket that opened in May 2020 anchors the property. The seller and price were not disclosed. “We are extremely excited to not only acquire our first asset in the Atlanta Market but to also add Lidl to our portfolio, one of the most rapidly growing grocers in the country,” says Matt Annibale, senior director of acquisitions at First National Realty Partners. “The remaining vacancy in the center will provide significant upside for our investors.”

September 27, 2021

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