LOS ANGELES — Terreno Realty has purchased an industrial building, located at 2425 Porter St. in Los Angeles. An undisclosed seller sold the asset for $4.4 million. Situated adjacent to Interstate 10 in downtown Los Angeles, the 13,000-square-foot building features seven dock-high loading positions and parking for 64 cars. At the time of sale, the property was fully leased to a single tenant.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Pueblo Springs Apartments located at 3003 N. Alvernon Way in Tucson. Pueblo Springs by Bakerson LLC sold the asset to Pueblo Springs Holdings LLC for $4.2 million. The 41,850-square-foot multifamily property features 75 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield | PICOR represented the seller, while Anna Sepic of Levrose Commercial Real Estate represented the buyer in the transaction.
HENDERSON, NEV. — Rockstream Properties has purchased an industrial building located at 1172 Wigwam Parkway in Henderson. An undisclosed seller sold the asset for $1.3 million. Situated within Traverse Pointe Commerce Center, the property features 6,170 square feet of industrial space. Greg Pancirov and Mike De Lew of RealComm Advisors represented the buyer in the deal.
NEWPORT BEACH, CALIF. — A partnership between locally based private equity firm Eagle Four Partners LLC and development and management firm Lyon Living has acquired the 532-room Newport Beach Marriott Hotel & Spa for $216 million. The price equates to approximately $406,000 per room. The seller was Host Hotels & Resorts (NASDAQ: HST), a Maryland-based hospitality REIT. The Newport Beach Marriott is situated on 10 acres adjacent to Newport Harbor and Newport Beach Country Club. The hotel is located within the 3 million-square-foot Newport Center mixed-use development and across from the 1.3 million-square-foot Fashion Island shopping and dining destination. Eagle Four owns and operates the Newport Beach Country Club and recently developed the new clubhouse at Newport Center. The hotel features more than 32,000 square feet of indoor and outdoor meeting and event space, as well as a full-service, spa, pool and fitness center. A fine dining restaurant, grab-and-go food market and a Starbucks Coffee shop also operate within the property. The Newport Beach Marriott was built in 1975 and renovated in 2005. The new ownership plans to build on past capital improvements with its own upgrades. “The hotel will complete a comprehensive renovation of both public space and guestrooms …
Left: Randall Shearin, Senior Vice President, France Media. Right: Peter Margolin, Commercial Real Estate Loan Originator, Alliant Credit Union. The manufactured housing community and RV park business (long considered recession resilient) is having a moment in the midst of economic uncertainty. Travel restrictions and a wealth of amenities have further thrust RV parks into the spotlight as an emerging getaway for those cut off from other vacation destinations. Peter Margolin of Alliant Credit Union talks about trends for RV parks and mobile home communities, the pandemic’s impact on lending, plus recently closed deals. Learn all about the increasing interest in this property type and Alliant’s approach to structuring deals. Watch this brief interview with REBusinessOnline and hear about demand and establishing value in this increasingly popular asset class. Q&A sponsor: Alliant Credit Union is one of the nation’s largest credit unions with more than $12 billion in assets. Working in concert with mortgage bankers, Alliant as a balance sheet lender provides tailor-made solutions for commercial real estate borrowers by offering step-down yield maintenance with open periods, interest only periods and limited to non-recourse on qualified loans, longer term competitive fixed-rate pricing, stabilized to value-add structures, future earn outs and …
CHARLOTTE AND MOORESVILLE, N.C. — Greystar has purchased two apartment communities in the Charlotte market totaling 660 units. Boca Raton, Fla.-based Waypoint Real Estate Investments sold the properties, Barrington Place in Charlotte’s University City district and Waterlynn Ridge in Mooresville, to Charleston-based Greystar. The sales price was not disclosed, but the Charlotte Business Journal reports that the Class A communities traded for a combined $121 million. Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn of JLL represented Waypoint in the transaction. Andy Scott and Cory Fowler of JLL arranged acquisition financing on behalf of Greystar.
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 …
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.
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.
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.