DALLAS — Weitzman has arranged the sale of Lake Highlands Village, a 100,000-square-foot retail and office property located at 9090 Skillman St. in Dallas. Shadow-anchored by a Tom Thumb grocery story, the property’s tenant roster includes The UPS store as well as several restaurant, service and medical users. Derek Schuster and Kevin Butkus of Weitzman represented the seller in the transaction. The buyer was Dallas-based JAH Realty LP, which plans to renovate the 50,000-square-foot retail building and upgrade the office component.
PHOENIX — Provo, Utah-based PEG Cos. and Dallas-based A.G. Hill Partners have acquired the Luhrs Building, a 10-story historic office property located at 11 W. Jefferson St. in downtown Phoenix. Lincoln Property Co. (LPC) sold the asset for $14 million. PEG plans to renovate 92,000 square feet of the 108,000-square-foot Luhrs Building into an upscale hotel. The redevelopment will convert floors one through nine into hotel rooms, while Hagens Berman Law Firm will continue to occupy the top floor. Additionally, Bitter & Twisted Cocktail Parlour will remain open and occupy ground-floor space during the construction. LPC will maintain ownership of the balance of Luhrs City Center, which includes the 14-story Luhrs Tower office building, an adjacent six-story parking garage and 15,995 square feet of fully renovated, ground-floor retail space called The Arcade that is occupied by La Madeline, Serafina Coffee Bar and Monroe’s Chicken. Bill Murney of Hospitality Real Estate Counselors brokered the sale transaction. A.G. Hill Partners serves as PEG’s main investment partner for the conversion.
LOS ANGELES — Newmark Knight Frank (NKF) has brokered the sale of an industrial property located within Northridge Business Centre at 19851-19853 Nordhoff St. in the Northridge submarket of Los Angeles. GUR Nordhoff sold the asset to Century Park Partners for $10.5 million. Built in 2007 by Overton Moore Properties, the 22,237-square-foot asset features 18-foot clear heights, five grade-level doors and a secure, fenced yard. The U.S. General Services Administration occupies the entire building on a long-term lease. Sean Fulp, Ryan Plummer and Mark Schuessler of NKF’s Private Capital group, along with Kevin Shannon and Ken White of NKF’s Capital Markets, represented the seller, while the buyer was self-represented in the deal.
GLENDALE, ARIZ. — Green Leaf Partners has completed the sale of Green Leaf Arrowhead Ranch, an apartment property in Glendale. Baron Properties acquired the asset for an undisclosed price. Developed in 1996 within the five-phase, master-planned Arrowhead Ranch community, the property is located at the intersection of Loop 101 and 67th Avenue. The 15-building property features 256 apartments, two resort-style swimming pools, a 24-hour fitness center, covered parking and detached garages. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
SAN DIEGO — SRS Real Estate Partners’ National Net Lease Group has arranged the purchase of Sorrento Plaza, a shopping center located in the Sorrento Valley submarket of San Diego. A Northern California-based private investor acquired the asset from Wells Fargo, as the successor trustee, for $9 million, or $756 per square foot. Built in 2007, the 11,901-square-foot property is located at 9254 Scranton Road. At the time of acquisition a variety of tenants fully occupied the property, including Subway, Rubio’s Coastal Grill, Opera Patisserie, Croutons and a dental clinic. Sam Hanna of SRS’ National Net Lease Group represented the buyer, while Rick Puttkammer and Bill Rose of Marcus & Millichap represented the seller in the deal.
LAS VEGAS — A solar company has purchased two industrial properties located in Las Vegas for $5.6 million. The undisclosed company acquired a 17,720-square-foot asset at 3570 W. Post Road for $3.5 million, or $198 per square foot; and a 10,484-square-foot building at 3583 Birtcher Drive for $2.1 million, or $200 per square foot. Situated on a combined a 1.9 acres, the 3570 W. Post Road property features three grade-level doors, one dock door and a large fenced yard, while the building at 3583 Birtcher Drive offers two grade-level doors, solar panels and a fenced yard. Cathy Jones, Paul Miachika, Art Farmanali, Michael Hsu and Schane Cabatu of the Investment Services Group of Sun Commercial represented the undisclosed seller in the transaction.
PHILADELPHIA — Private equity investment firm Tryko Partners has acquired Glendale Uptown Home, a 240-bed skilled nursing facility in the Lexington Park neighborhood of Philadelphia. The center, which has been renamed Roosevelt Rehabilitation & Healthcare Center, is located at 7800 Bustleton Ave. and is situated close to the Nazareth Hospital. Tryko plans to invest in a new therapy gym for the facility and to update patient rooms and mechanical systems. The sales price and seller were undisclosed.
NORTHBOROUGH, MASS. — CBRE has brokered the $9.5M sale of 5 Beeman Road, a 55,515-square-foot industrial building in Northborough, located approximately 35 miles west of Boston. Completed in 2003 and expanded in 2011, the warehouse features 56-foot clear heights, and proximity to State Route 20, Interstate 495 and State Route 9. Scott Dragos, Doug Jacoby and Chris Skeffington led a CBRE team that represented the seller, Ferris Development Group, in the transaction. The team also procured the buyer, Northbridge Partners.
ATLANTA AND WASHINGTON, D.C. — Pebblebrook Hotel Trust has entered into agreements to sell both InterContinental Buckhead Atlanta and Sofitel Washington DC Lafayette Square for a combined $331 million. InterContinental Buckhead Atlanta is a 422-room hotel in Atlanta’s Buckhead district, situated 10 miles north of downtown Atlanta. The hotel sold at a 6.4 percent cap rate. Sofitel Washington DC Lafayette Square is a 237-room hotel situated a block north of The White House. The property sold at a 5.7 percent cap rate. An undisclosed third-party buyer will acquire both properties. Pebblebrook expects to close both sales by the end of the first quarter.
NASHVILLE, TENN. — PNC Bank and CIT have jointly provided an $81.4 million acquisition loan for the DoubleTree by Hilton Nashville Downtown, a 341-room hotel that is situated less than a mile from Nissan Stadium and Bridgestone Arena, home to the NFL’s Tennessee Titans and the NHL’s Nashville Predators, respectively. Walton Street Capital LLC sold the hotel to AWH Partners. The hotel, which was originally built in 1979, offers an upgraded lobby; 20,000 square feet of meeting and event space; Fourth & U restaurant and bar; Patio 315, a seasonal outdoor bar and grill; an indoor pool; onsite Starbucks; a fitness center; and valet parking. Jordan Roeschlaub, Dustin Stolly, Ben Greazel, Joel Simmons Nick Scribani, Chris Kramer and Drew Ahlers of Newmark Knight Frank (NKF) arranged the loan on behalf of the borrower, New York-based AWH Partners. Mark Schoenholtz, also with NFK, brokered the sale.