Acquisitions

Pellerin Purchases 375-Room Hotel in South Atlanta’s Summerhill District

by John Nelson November 6, 2020

ATLANTA — Pellerin Real Estate has purchased the former Ramada Plaza by Wyndham Atlanta Downtown & Conference Center, a 375-room hotel in south Atlanta’s Summerhill neighborhood. Atlanta-based Pellerin is partnering with New York-based Life House via its management arm, Life Hospitality, to stabilize the property and explore redevelopment opportunities. The former hotel is located next to Center Parc Stadium, Georgia State University’s (GSU) football stadium that was once the Atlanta Braves home ballpark (Turner Field), as well as a site for the 1996 Summer Olympics. The property is adjacent to Summerhill, an 80-acre master development by Carter USA and GSU. Phase I will feature 306 apartments with 8,575 square feet of ground-level retail, 82,000 square feet of grocery-anchored retail, the redevelopment of 47,000 square feet along Georgia Avenue, a 676-bed student housing project, 100 townhomes and build-to-suit Class A office space. GSU recently announced a new $85 million, 8,000-seat athletic arena that will be directly across the street from the former hotel and is expected to deliver in 2022. Pellerin and Life House are partnering to grow their hospitality portfolio by a minimum of 1,000 rooms over the next 12 months. The firms are targeting 100- to 300-room midscale hotels …

November 6, 2020

Acquisitions Retail Southeast Virginia

Partnership Purchases Shopping Center in Richmond’s Short Pump District for $10.8M

by John Nelson November 6, 2020

RICHMOND, VA. — A partnership between Auerbach Funds, Elevation Real Estate Group and Beechmont Acquisitions has acquired Parc Place, an 82,968-square-foot shopping center in Richmond. The sales price was $10.8 million, a discount to its 2016 sales price of $25 million. This marks the second acquisition since Auerbach Funds announced its first close for Auerbach Opportunity Fund III in mid-October. The fund has a target size of $100 million. Parc Place is located at 11736 W. Broad St. in the city’s Short Pump district. The shopping center’s tenant roster includes Dollar Tree, PetSmart, Anytime Fitness, DXL Big + Tall, LensCrafters and Sports Clips. Loretta Cataldi and Sara Goodall of Divaris Real Estate’s Richmond office represented the buyer in the transaction. The seller is an entity doing business as London Reo Retail-VA LLC.

November 6, 2020

Acquisitions Multifamily Texas

JLL Brokers Sale of 262-Unit Willow Ridge Apartments in Southwest Houston

by Taylor Williams November 6, 2020

HOUSTON — JLL has brokered the sale of Willow Ridge Apartments, a 262-unit multifamily community located near Texas Medical Center in southwest Houston. Built in 1977, the property features one-, two- and three-bedroom units and amenities such as a pool, business center and a clubhouse. Joey Rippel, Chris Young and Kyle Whitney of JLL represented the seller, Houston-based Sentinel Capital LLC, in the transaction. Laura Sellingsloh of JLL originated a 10-year, fixed-rate Fannie Mae acquisition loan on behalf of the buyer, Alfa TX Investment Group. Willow Ridge has had an average occupancy rate of 93 percent over the past five years.

November 6, 2020

Acquisitions Midwest Minnesota Multifamily

Timberland Partners Purchases 205-Unit Luxury Apartment Property in Rochester, Minnesota

by Kristin Harlow November 6, 2020

ROCHESTER, MINN. — Timberland Partners has purchased Preserve on Maine, a 205-unit luxury apartment property in Rochester near Minneapolis. The purchase price was undisclosed. Built in 2017, the community is located at 4010 Maine Ave. SE. The seller, Harbor Bay Real Estate Advisors, was also the property’s developer. Amenities include a fitness center, outdoor heated pool, entertainment room, dog run, pet spa and walking trails. There is also a daily shuttle service to the Mayo Clinic. Ted Abramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented Harbor Bay.

November 6, 2020

Acquisitions Illinois Midwest Retail

First National Realty Partners Acquires Tesla Dealership in Westmont, Illinois

by Kristin Harlow November 6, 2020

WESTMONT, ILL. — First National Realty Partners has acquired a 23,164-square-foot Tesla sales and service center located at 50 W. Ogden Ave. in Westmont, about 18 miles west of Chicago. The purchase price and seller were undisclosed. The location is one of five Tesla service centers in the state of Illinois. It is situated near other car dealerships such as Mercedes-Benz, Porsche and Lamborghini.

November 6, 2020

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Brokers $2.5M Sale of Industrial Building in Lansing, Illinois

by Kristin Harlow November 6, 2020

LANSING, ILL. — Marcus & Millichap has brokered the $2.5 million sale of a 45,000-square-foot industrial building located at 2200 Bernice Road in Lansing, a southern suburb of Chicago. National Express Transit occupies the property on a net-lease basis. The company operates and repairs buses for southern Cook County locally. It also operates public transportation services in North America, Europe and Africa. Peter Doughty of Marcus & Millichap marketed the property on behalf of the seller, a private investor. He also secured and represented the buyer, a private investor.

November 6, 2020

Acquisitions Industrial Massachusetts Northeast

CBRE Arranges Sale of Two Industrial Buildings in Methuen, Massachusetts, for $64.1M

by Taylor Williams November 6, 2020

METHUEN, MASS. — CBRE has arranged the sale of two industrial buildings totaling 362,252 square feet in Methuen, located north of Boston near the Massachusetts-New Hampshire border. The sales price was approximately $64.1 million. One of the buildings is a 291,400-square-foot cold storage facility that was built in 1985 and renovated in 1990. The other is a 70,872-square-foot property that was built in 1989. The buildings were fully leased at the time of sale to Shaw’s Supermarkets and McCollister’s Transportation Group, respectively. Scott Dragos, Douglas Jacoby, Chris Skeffington and Daniel Hines of CBRE represented the seller, Equity Industrial Properties, in the transaction.

November 6, 2020

Acquisitions Industrial Office Washington Western

New Blueprint Partners, Rabina Acquire 700,000 SF Vancouver Technology Center in Washington

by Amy Works November 6, 2020

VANCOUVER, WASH. — New Blueprint Partners and Rabina have purchased The Vancouver Technology Center located at 18110 SE 34th St. in East Vancouver. Terms of the transaction were not released. The new owners have renamed the 700,000-square-foot campus Vancouver Innovation Center and plan to implement a multi-million-dollar repositioning program to transform the property into a best-in-class office/industrial flex campus. Built in 1980, the current campus features six buildings with office, flex and light manufacturing space; an exterior courtyard; community garden; park area; and basketball and volleyball courts. The new owners plan to create new building entrances, new common areas, indoor and outdoor amenities and energy-efficient building systems. The partnership’s long-term plan includes the addition of new uses to the campus that will create a live-work-play environment that connects residential, office, manufacturing and retail uses with a network of public pathways, parks and common spaces. Once complete, the campus will be part of a connected community with all components within a 20-minute walk. Evan Pariser, Marko Kazanjian, Nicco Lupo and Casey Davidson of JLL Capital Markets arranged acquisition financing for the buyers.

November 6, 2020

British-Colonial-Apartments-Amesbury-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers Sale of Two Multifamily Assets Totaling 183 Units in Amesbury, Massachusetts

by Taylor Williams November 6, 2020

AMESBURY, MASS. — Marcus & Millichap has brokered the sale of two multifamily assets totaling 183 units in the northeastern Massachusetts city of Amesbury. British Colonial Apartments is a 111-unit community located at 164 Whitehall Road that features one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Amesbury Gardens is a 72-unit complex at 106 Friend St. that offers studio, one- and two-bedroom floor plans. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity. The properties sold for $26.5 million and had a combined occupancy rate of 98 percent at the time of sale.

November 6, 2020

Acquisitions Colorado Office Western

CapRidge Partners Sells DTC Collection Office Portfolio in Southeast Denver for $28.7M

by Amy Works November 6, 2020

DENVER — CapRidge Partners has completed the disposition of The DTC Collection, a Class A office portfolio located in southeast Denver. TerraCap Management purchased the property for $28.7 million. Totaling 181,763 square feet, the two-building portfolio includes Terrace at Orchard Station, a three-story, 115,050-square-foot building at 5575 DTC Parkway, and a six-story, 66,713-square-foot building located at 4949 S. Syracuse St. Built in 1982 and renovated in 2008 and 2015, Terrace at Orchard Station features a conference center, locker rooms and showers, a structured parking deck and web-based service request system. The property on South Syracuse Street, which was also built in 1982, features a two-story atrium and an attached parking structure. Tim Richey, Charley Will, Jenny Knowlton and Chad Flynn of CBRE Capital Markets, Institutional Properties, represented the seller in the transaction. C.J. Kelly, Brady O’Donnell and Jeff Halsey of CBRE Capital Markets’ Debt & Structured Finance arranged acquisition financing for the buyer.

November 6, 2020

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