Acquisitions

Hodges Ward Elliott Arranges Sale of 486-Room Sheraton Lake Buena Vista Resort in Orlando

by John Nelson February 8, 2021

ORLANDO, FLA. — Hodges Ward Elliott (HWE) has arranged the sale of Sheraton Lake Buena Vista Resort, a 486-room hotel located at 12205 S Apopka Vineland Road in Orlando. Mark Elliott, Daniel Peek, Rudy Reudelhuber and Alexandra Lalos of HWE represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed. The seller previously implemented an extensive multimillion-dollar renovation to upgrade the property to a resort-style complex. The Sheraton Lake Buena Vista Resort is located one mile from Walt Disney World. The property offers numerous guest amenities including four restaurants, two outdoor pools and a full-service spa. In addition, the resort features two bars/lounges, a 24-hour fitness center, a poolside bar and free transportation to all Disney theme parks. Hodges Ward Elliott is a hospitability brokerage firm based in Atlanta.

February 8, 2021

Acquisitions Industrial North Carolina Southeast

Dollar Tree Sells Metro Charlotte Distribution Center for $10.5M

by John Nelson February 8, 2021

MATTHEWS, N.C. — Dollar Tree Inc. has sold a 354,518-square-foot cross-dock industrial property in metro Charlotte for $10.5 million. The property is located on 43.5 acres at 10301 Monroe Road in Matthews. The Silverman Group bought the property. Chris Skibinski of Avison Young’s Charlotte office and Jeff Heller in Avison Young’s New Jersey office represented Dollar Tree in the transaction. The building was sold vacant and is part of a larger complex, the remainder of which is occupied by Family Dollar, a subsidiary of Dollar Tree. The property, known as Eastside Logistics Center, is being marketed for last-mile distribution, light manufacturing and other uses that will have direct impact to nearby household density areas. The Silverman Group is a private equity and real estate development firm based in Basking Ridge, N. J. Dollar Tree is a discount retailer based in Chesapeake, Va.

February 8, 2021

Acquisitions Multifamily Texas

Venterra Realty Acquires 324-Unit Elation at Grandway West Apartments in Metro Houston

by Taylor Williams February 8, 2021

KATY, TEXAS — Locally based investment firm Venterra Realty has acquired Elation at Grandway West, a 324-unit apartment community in the western Houston suburb of Katy. The property offers one- and two-bedroom units ranging in size from 671 to 1,116 square feet. Units feature quartz countertops, stainless steel appliances and smart door locks. Amenities include three outdoor grilling areas, two pools, a dog park, pergolas with swings, a yoga and spin studio, fire pits and a bocce ball court. Matt Philips and Clint Duncan of CBRE brokered the deal, the seller in which was not disclosed.

February 8, 2021

Acquisitions Multifamily Texas

IPA Brokers Sale of 320-Unit Park at Estancia Multifamily Property in Austin

by Taylor Williams February 8, 2021

AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Park at Estancia, a 320-unit multifamily property in Austin’s Far South submarket. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, dog park, outdoor grilling stations and a resident clubhouse with a lounge and game area. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, GenCap Partners, in the transaction. The team also procured the buyer, Churchill Forge Properties.

February 8, 2021

Acquisitions Multifamily Texas

JRK Property Holdings Buys 258-Unit Apartment Community in Southeast Houston

by Taylor Williams February 8, 2021

HOUSTON — Los Angeles-based investment firm JRK Property Holdings has purchased Carrington Park at Gulf Point, a 258-unit apartment community in southeast Houston. Built on 16 acres in 2017, the property features one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center and a clubhouse, according to Apartments.com. The seller was not disclosed.

February 8, 2021

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates $95.5M Sale of Strata Apartments in Malden, Massachusetts

by Taylor Williams February 8, 2021

MALDEN, MASS. — CBRE has negotiated the $95.5 million sale of Strata, a 295-unit apartment community located in the northern Boston suburb of Malden. The sales price equates to approximately $324,000 per unit. The property, which was 100 percent occupied at the time of sale, is situated on 8.4 acres and offers one-, two- and three-bedroom units with an average size of 892 square feet. Amenities include a pool, outdoor grilling areas and fire pits and a fitness center. Simon Butler, Biria St. John and John McLaughlin of CBRE the seller, Boston-based Taurus Investment Holdings, and procured the buyer, an affiliate of The Green Cities Company of Portland, Oregon.

February 8, 2021

Acquisitions Industrial New York Northeast

HGI, Turnbridge Sell 90,000 SF Industrial Property Leased to Amazon in Brooklyn

by Taylor Williams February 8, 2021

NEW YORK CITY — A joint venture between investment and development firms Harbor Group International (HGI) and Turnbridge Equities has sold a 90,000-square-foot industrial property leased to Amazon in Brooklyn. The joint venture acquired the property in 2018, when it was vacant, and invested $2.6 million in capital improvements. Institutional investor BentallGreenOak purchased the property for an undisclosed price.

February 8, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.5M Sale of Multifamily Portfolio in Chicago’s Lincoln Square

by Kristin Harlow February 8, 2021

CHICAGO — Interra Realty has brokered the $9.5 million sale of a multifamily portfolio in Chicago’s Lincoln Square neighborhood. The portfolio includes: 4621-25 N. Lincoln Ave., a building with 25 apartment units and four ground-floor retail spaces; and 2243-51 W. Eastwood Ave., a 16-unit apartment building. The properties were originally built in the 1920s. The apartment units feature new tile flooring and cabinetry as well as stainless steel appliances. Joe Smazal of Interra represented the seller, a venture of New York-based Pioneer Acquisitions LLC. Smazal also represented the buyer, a venture led by Jeff Weinberg of Chicago-based Drexel Properties. The buyer assumed the existing CMBS financing.

February 8, 2021

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $4.1M Sale of Walgreens-Occupied Property in Metro St. Louis

by Kristin Harlow February 8, 2021

COLUMBIA, ILL. — Marcus & Millichap has negotiated the $4.1 million sale of a Walgreens-occupied property in Columbia, approximately 15 miles south of St. Louis. The net-leased asset, built in 2003, is located at 100 Admiral Weinel Blvd. Walgreens has 10 years remaining on its lease term. Nicholas Kanich of Marcus & Millichap’s Chicago office represented the seller, a private investor. Benedict Gutierrez, Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office secured and represented the buyer, an individual trust.

February 8, 2021

Acquisitions California Office Western

EverWest Sells Linq Creative Office Campus Near Los Angeles to Harkwood Ventures for $24M

by Amy Works February 8, 2021

REDONDO BEACH, CALIF. — Hawkwood Ventures has purchased Linq, a two-building creative office campus located at 2400 Marine Ave. in the Los Angeles suburb of Redondo Beach. EverWest Real Estate Investors sold the property for $24 million. Developed in 1964 and renovated in 2018, Linq features a total of 50,000 square feet of office space with private tenant entrances, glass roll-up doors, skylights and a wrap-around boardwalk, as well as new power, landscaping, lobby, restrooms and signage. At the time of sale, the property was fully leased to multiple tenants. Steve Solomon, Kristen Bowman and Andrew Harper of JLL represented the seller, while the buyer was self-represented in the transaction.

February 8, 2021

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