LOS ANGELES — Park Hotels & Resorts has completed the disposition of Ace Hotel Downtown Los Angeles, located at 929 S. Broadway. An undisclosed buyer acquired the property for $117 million, or $643,000 per key before customary closing costs. Located in downtown Los Angeles, the hotel features 182 guest rooms in a mix of seven layouts; a rooftop wading pool; on-site food and beverage options, including Best Girl, Upstairs and Coffee Counter; event space; and The Theatre, a restored 1920s theater with 1,600 seats, a three-story, 2,300-square-foot grand lobby, open balcony, mezzanine and vaulted ceiling.
COFFEYVILLE, KAN. — An affiliate of Phoenix Investors has purchased an approximately 880,000-square-foot distribution center in Coffeyville in southeastern Kansas. The purchase price was undisclosed. The original facility was built as a distribution center for Golden Brooks in 1978 and then served as an Amazon fulfillment center from 1999 through 2014. The property, which features 70 dock doors and three drive-in doors, sits on 105 acres adjacent to the Coffeyville Municipal Airport. Upon closing, Phoenix executed a lease for the entire facility with Array Technologies for the distribution of solar tracking equipment. Wisconsin Bank & Trust provided acquisition financing. Ken Szady of Marcus & Millichap brokered the sale.
HILLIARD, OHIO — Broder & Sachse Real Estate has acquired The Shoppes at Haydens Crossing in Hilliard, a suburb of Columbus. The purchase price was undisclosed. Located at 6700 Hayden Run Blvd., the 70,366-square-foot shopping center is anchored by Giant Eagle. Other tenants include Get Go Café + Market, Marco’s Pizza, Great Clips, Hayden Run Dentistry and Free to Be Me Salon. There is one retail space currently available for lease. Ben Wineman and Amy Holter of Mid-America Real Estate Corp. represented the seller, Echo Realty.
DENVER — Nelson Partners Student Housing has sold Auraria Student Lofts. The 438-bed student housing community is located near the Auraria Campus, an educational facility which serves the University of Colorado – Denver, Metropolitan State University and the Community College of Denver. The community offers two- and four-bedroom units with shared amenities including a rooftop swimming pool, cabanas, an outdoor dining area, fitness center, yoga studio, gaming lounge and study spaces. Terms of the transaction and the buyer were undisclosed.
OAK BROOK, ILL. — Cawley Chicago has arranged the sale of a 57,832-square-foot office building in Oak Brook for $5.7 million. The three-story property is located at 2021 Midwest Road. Ryan Freed and Rawly Lantz of Cawley represented the seller, Chesapeake Associates Limited. Dan McKay of McKay Investments represented the buyer, BBI Property Management Inc., which will occupy a portion of the building.
WESTMINSTER, COLO. — New York-based The Praedium Group purchased Legacy on the Promenade, an apartment community located in Westminster, for an undisclosed price. Additional terms of the transaction were not released. The buyer plans to rebrand the property and make several enhancements to the amenity areas. Constructed in 2018, the 300-unit Legacy on the Promenade comprises an elevated four-story building with interior conditioned hallways and a six-level central parking garage. Additionally, the property features 24 townhome units with attached two-car garages. In a mix of one-, two- and three-bedroom layouts, the units range in size from 641 square feet to 1,888 square feet and feature nine- to 20-foot ceilings, lakefront views, granite countertops and stainless steel appliances. Community amenities include an outdoor lounge, pool and spa; outdoor grill and fire pit station; a two-story fitness center with a spin and yoga studio; and resident clubhouse and game room.
ALBUQUERQUE, N.M. — Seattle-based Thayer Manca Residential has purchased Mirabella Heights, an apartment property located in Albuquerque, for an undisclosed price. The buyer plans to implement a $4.7 million renovation and repositioning plan that includes a reinvented clubhouse, modernized 24-hour fitness center, upgraded pool area, a new pet park, additional package lockers, interior unit renovations, property rebranding and additional capital upgrades. Situated on 13 acres at 701 Stephen Moody St. SE, Mirabella Heights features 280 units and is the only post 2000-built garden-style apartment community in the surrounding market, according to Thayer Manca. The acquisition marks the buyer’s third multifamily purchase in Albuquerque. Combined with renovation costs, the company has invested more than $100 million investment in the Albuquerque multifamily market in the last two years.
MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of East Gate Business Center, a 116,000-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. The complex comprises eight buildings that were 94 percent leased at the time of sale. Tenants include NJ Default Group LLC, pest control company Terminix International Co. and employee recruitment firm The McSweeney Agency. Scott Mertz, John Adderly, Rebecca Ting and Julie Kronfeld of NAI Mertz represented the seller, Eastgate Business Center LLC, in the transaction. The buyer was Strategic Funding Alternatives LLC. The sales price was undisclosed.
NEW YORK CITY — Newmark Group Inc., a division of New York City-based real estate firm Newmark Knight Frank (NKF), has acquired Harper Dennis Hobbs Holdings Ltd. (HDH), a London-based firm specializing in retail acquisitions. NKF operates numerous offices across the United States, and the acquisition of the HDH opens opportunities to service European tenants seeking access to North American consumers. More than 50 employees, including 30 brokers and staff, will join Newmark Group as a result of the acquisition, though the firm will continue to operate as Harper Dennis Hobbs.
MEMPHIS, TENN. — Raleigh-based Highwoods Properties Inc. has sold International Paper IV, a 248,000-square-foot, single-customer building, for $76.4 million. The property, located at 1740 International Drive in Memphis, was sold to an undisclosed buyer. Highwoods also expects to sell Atrium I and II, a two-building office complex in nearby Germantown encompassing 84,000 square feet, for $13.2 million prior to the end of 2019. The sales are part of Highwoods’ two-phased plan to exit the Greensboro and Memphis markets. The first phase consists of selling a specific portfolio of assets in Greensboro and Memphis by mid-2020, with the remaining assets to be sold as part of the second phase. No timeline has been announced for the second phase.