ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of the 101-room Homewood Suites Arlington hotel, located near the University of Texas at Arlington and the Arlington Entertainment District. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, Dallas-based DPG Partners, in the transaction. The duo also procured the buyer, Northwest Airport Management LP.
GREENSBORO, N.C. — Highwoods Properties Inc. (NYSE: HIW), a publicly traded REIT based in Raleigh, has sold its industrial and single-story flex portfolio in Greensboro, comprising 2.8 million square feet, for $193.4 million. The company also plans to close the $40 million sale of The Knollwood, a 250,000-square-foot office complex in Greensboro, by Feb. 15. The sale follows Highwoods’ recent announcement of its initiative to exit both the Greensboro and Memphis, Tennessee, markets. That plan led to the recent $76.4 million sale of the 248,000-square-foot International Paper IV office building in Memphis. “These sales are a significant step to completing the first phase of our plan to exit the Greensboro and Memphis markets and reinvest that capital in … high-growth markets such as Charlotte,” says Ted Klinck, president and CEO of Highwoods Properties. “With these dispositions, we will have completed approximately 75 percent of the first phase of sales, and we remain on track to complete the first phase by mid-2020.” Highwoods’ two-phased exit plan consists of selling a select portfolio of its Greensboro and Memphis assets and acquiring Bank of America Tower at Legacy Union in Charlotte in November for $436 million. The second phase consists of selling all remaining …
NASHVILLE, TENN. — JLL has arranged the $45.3 million sale of Lion’s Head Village, a Trader Joe’s-anchored shopping center in Nashville. The center is shadow-anchored by Target and was fully leased at the time of sale to tenants including Great Clips, Sport Seasons, Cosmos Nails, Plato’s Closet Nashville and Dalts American Grill. Lion’s Head Village is situated on 9.5 acres at 90 White Bridge Road, two miles from Vanderbilt University and four miles from downtown Nashville. Jim Hamilton of JLL represented the locally based seller, Boyle Investment Co., in the transaction. San Francisco-based Stockbridge acquired the shopping center.
GREENSBORO, N.C. — Berkadia has provided a $25.8 million Freddie Mac acquisition loan for Waterford Place, a 240-unit apartment complex in Greensboro. The property was built in 1997 at 101 Shore Lake Drive, a few blocks from Lake Jeanette and six miles north of downtown Greensboro. Waterford Place offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, playground, tennis court and maid service. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia secured the loan on behalf of the buyers, a joint venture between New York City-based GMF Capital and Lakewood, N.J.-based Eminent Capital. The loan features a 10-year term with a fixed interest rate and five years of interest-only payments. The seller was McLean, Va.-based Kettler Management.
GAINESVILLE, GA. — Marcus & Millichap has brokered the $5.5 million sale of Washington Street Commons, a 73,618-square-foot retail center in Gainesville. The shopping center was leased to 15 tenants at the time of sale, including Bargain Hunt, El Patron, SalonCentric and World Finance. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented both the buyer and seller in the transaction. Atlanta-based shopping center owner Mimms Enterprises sold Washington Street Commons. The buyer, Mark Nelkin of M.B.D. Properties, is a multifamily owner phasing out of apartment assets who was attracted to the yield that Washington Street Commons provides compared to apartments, according to Taylor.
AUSTIN, TEXAS — New York-based investment firm Castle Lanterra Properties (CLP) has sold Villas Tech Ridge, a 350-unit apartment community in Austin. Built in 2008, the property is part of the 236-acre Tech Ridge master-planned community and features one-, two- and three-bedroom units. Amenities include a pool, fitness center and a resident clubhouse. CLP acquired the asset in 2016 and implemented a value-add program that upgraded unit interiors and amenity spaces. Villas Tech Ridge was 98 percent occupied at the time of sale.
AUSTIN, TEXAS — Muskin Commercial LLC has arranged the sale of Palo Santo Apartments, a 72-unit community located in north central Austin. Units at the property feature hardwood-style flooring and upgraded appliances, and amenities include a pool and onsite laundry facilities. Muskin Commercial represented the seller, AL Rundberg Apartments LLC, in the transaction. James Young of Newmark Knight Frank represented the buyer, 1809 West Rundberg Lane LP.
ELK GROVE VILLAGE, ILL. — Dayton Street Partners has acquired two industrial properties in Elk Grove Village. Seller information and purchase prices were not disclosed. The first warehouse, 2454 Elmhurst Road, was built in 1982. Situated on 1.3 acres, the 16,473-square-foot property features 4,900 square feet of office space, five exterior docks and two drive-in doors. It is fully leased to Crown Roll Leaf and Associated Builders and Contractors. The second building, 2500 York Road, spans 55,356 square feet and sits on 3.3 acres. It features two interior docks and three drive-in doors. Dayton Street plans to update painting and lighting. Chicago-based Dayton Street is a commercial real estate investment and development firm focused on industrial properties.
LITTLETON, COLO. — LaSalle Investment Management (LIM) has acquired Parc Santa Fe, an industrial development located on 22 acres along South Santa Fe Drive in Littleton. Jackson-Shaw, LaPour Partners and Stream Realty Partners sold the asset for an undisclosed price. Totaling 345,126 square feet, the three-building property features 24-foot and 28-foot clear heights, gated outside storage and car parking, ample dock doors and abundant power. The development consists of an 85,903-square-foot building, a 169,590-square-foot facility and a 89,633-square-foot building. Delivered in September 2019, the project represented the first new industrial development in the area since 1997. At the time of sale, the asset was 62 percent leased. Tyler Reed, Peter Beugg and Dominic DiOrio of Stream Realty, along with Bo Mills of JLL’s Los Angeles office, handled the acquisition. Stream Realty will continue to handle leasing and management of Parc Santa Fe on behalf of LIM, with Reed, Beugg and DiOrio leading leasing efforts and Tom Bahn leading property management.
CITY OF INDUSTRY, CALIF. — CBRE has arranged the sale of a single-tenant industrial property in City of Industry. A client of BentallGreenOak, a global real estate investment management firm, acquired the property for $61 million, or $265 per square foot. Cameron Merrill of CBRE represented the seller, 300 Baldwin Park LLC, a private owner, in the deal. Located at 300 N. Baldwin Park Blvd., the 230,247-square-foot property was completed in 2015. Jacmar Foodservice Distribution fully occupies the facility, which features 6 million cubic feet of multi-temperature storage with six different temperature zones, allowing for direct refrigerated and frozen receiving and loading.