CRYSTAL LAKE, ILL. — Premier Commercial Realty has negotiated the sale of a 20,600-square-foot office building located at 333 Commerce Drive in Crystal Lake, about 50 miles northwest of downtown Chicago. The sales price was undisclosed. The property was 65 percent leased at the time of sale. Michael Deacon of Premier brokered the transaction. A private investor purchased the asset from 333 Commerce Drive LLC.
LAS VEGAS — Las Vegas Sands Corp. (NYSE: LVS) has agreed to sell its Las Vegas properties and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center, for an aggregate purchase price of approximately $6.2 billion. Under the terms of the agreement, VICI Properties Inc. (NYSE: VICI) will acquire all of the land and real estate assets associated with the Venetian for $4 billion in cash, representing a capitalization rate of 6.2 percent. Affiliates of Apollo Global Management Inc. (NYSE: APO) will acquire the operating company of the Venetian for $2.2 billion, of which $1.2 billion is in the form of a secured term loan, and the remainder is payable in cash. The closing of the transactions is subject to customary closing conditions, including regulatory approvals. It is expected to be completed by the end of the year. Regarding the sale, Sands says it plans to focus on reinvestment in Asia and pursue new growth prospects. “Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities,” says Robert Goldstein, chairman and …
AUSTIN, TEXAS — Hodges Ward Elliott, a hospitality brokerage firm with offices across the country, has arranged the sale of four Omni Hotels & Resorts in Texas. The hotels are located in the metro areas of each of the state’s four largest markets: Austin, Dallas, Houston and San Antonio. The hotels were sold as part of a five-property, 1,729-room portfolio transaction, with the fifth hotel located in Jacksonville, Fla. John Bourret, Daniel Peek, Austin Brooks and David Auer of Hodges Ward Elliott represented the seller, TRT Holdings, the Dallas-based owner-operator of the Omni family of brands. The undisclosed buyer plans to renovate and rebrand all five hotels.
SPRINGDALE, ARK. — CBRE has arranged a $30.1 million sale-leaseback of 13 freestanding grocery stores leased to Harps Foods Stores Inc. totaling 459,525 square feet in Arkansas and Missouri. Harps sold the portfolio to New Jersey-based Essential Properties Realty Trust Inc. Will Lightfoot, Jason Little, David Erstine and Hunter Groce of CBRE represented the seller in the transaction. Since 2015, CBRE assisted Harps in sale-leaseback transactions totaling $110 million. All 13 properties were sold subject to new, long-term net leases with Harps and will continue to operate under Harps-operated brands, including Harps Food Stores and 10Box. The sale will not affect store operations in any way. Harp’s Food Stores Inc., based in Springdale, is a chain of 113 supermarkets located across Arkansas, Oklahoma, Missouri and Kansas. In 2001, the company did a leveraged buy-out with the Employee Stock Ownership Plan (ESOP) purchasing outstanding stock from the family and management. Harps is the largest employee-owned company headquartered in Arkansas and the 20th largest in the United States.
CHANHASSEN, MINN. — JLL Capital Markets has negotiated the $5.5 million sale of Olive Branch Estates in Chanhassen, a suburb of Minneapolis. The 24-unit, 28-bed memory care facility was constructed in 2015. The one-story property sits on 4.6 acres. John Klement of JLL represented the seller, a private owner and operator. The buyer, a limited liability company, has retained Elysian Senior Homes to operate the community. The sales price represents a cap rate of 8.75 percent.
DALLAS — Locally based hospitality investment firm NewcrestImage has purchased the Magnolia Hotel, a 325-room hotel located at 1401 Commerce St. across the street from AT&T’s headquarters office in downtown Dallas. The historic 29-story building was originally constructed in 1922 as the headquarters for Magnolia Petroleum and was redeveloped into a boutique hotel in 1999. NewcrestImage purchased the property from Denver-based Stout Street Hospitality for an undisclosed price. John Bourret, Daniel Peek, Austin Brooks and David Auer of Hodges Ward Elliott brokered the deal.
TAMPA, FLA. — A joint venture between Birtcher Anderson & Davis and Belay Investment Group has purchased Sunstate Business Park in Tampa for $17.1 million. The property’s eight buildings total 180,323 square feet of flex and industrial space and are located at the intersection of West Waters Avenue and Sunstate Street, two miles from Tampa International Airport. Ryan Vaught, Robyn Hurrell and Nathan Lynch of Colliers International represented the seller, Indianapolis-based Citimark. The buyer was self-represented. At the time of the sale, Sunstate Business Park was 91.1 percent leased to 26 tenants, including Freedom Scientific Inc., Cooper Speed, Calta’s Fitness Center and American Technologies Group. The property recently underwent capital improvements to refresh signage, landscaping and exterior paint. Having sold off over 1 million square feet in Tampa-based assets over the past two years, Sunstate Business Park is currently the only property Birtcher Anderson & Davis owns in the Tampa Bay market.
CONSHOHOCKEN, PA. — Washington, D.C.-based investment firm PRP has acquired a preferred equity investment in the 429,122-square-foot office headquarters building of drug wholesaler AmerisourceBergen in Conshohocken, a northern suburb of Philadelphia. The Philadelphia Business Journal reports that the value of PRP’s stake is $340 million. Developer Keystone Property Group is nearing completion of the headquarters building, which will be located within the company’s $325 million SORA West mixed-use development and will house approximately 1,500 AmerisourceBergen associates. The company announced its plan to relocate to Conshohocken from Chesterbrook in summer 2018.
FLORHAM PARK, N.J. — JLL Income Property Trust has acquired 170 Park Avenue, a 147,000-square-foot life sciences building in the Northern New Jersey city of Florham Park. The sales price was approximately $47 million. The property is net leased on a long-term basis to biotechnology firm Celularity Inc. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer, Zach McHale and Tom Sullivan of CBRE represented the undisclosed institutional seller. With this acquisition, JLL Income Property Trust now owns five life sciences properties totaling more than 450,000 square feet that are valued in excess of $215 million.
DOVER, N.J. — Gebroe-Hammer Associates has brokered the $15.7 million sale of Dover Hills Apartments, a 100-unit multifamily asset in Morris County. Built in 1964, the property offers 15 studio units, 72 one-bedroom residences, 12 two-bedroom apartments and one three-bedroom unit. Debbie Pomerantz of Gebroe-Hammer represented the seller, Dover Hills Properties LLC, in the transaction. Steve Tragash, also with Gebroe-Hammer, procured the undisclosed buyer.