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Acquisitions

Willowcrest-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

IPA Brokers $18.8M Sale of Willowcrest Apartments in West Seattle

by Amy Works

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willowcrest, an apartment property in West Seattle. Investco sold the property to Raymond Capital Advisors for $18.8 million, or $251,000 per unit. Built in 1988 on two acres, Willowcrest features 75 units in a mix of one- and two-bedroom apartments averaging approximately 780 square feet. All units have a wood-burning fireplace, full-size washer and dryer, and private patio or balcony. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in deal.

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1666-S-University-Blvd-Denver-CO
AcquisitionsColoradoOfficeWestern

Pinnacle Negotiates Sale of 7,514 SF Office Building in Denver for $2.3M

by Amy Works

DENVER — Pinnacle Real Estate Advisors has arranged the sale of an office building located at 1666 S. University Blvd. in Denver. An undisclosed seller sold the asset to 1666 S University LLC for $2.3 million. The building features 7,514 square feet of office space. Darrin Revious of Pinnacle Real Estate Advisors represented the buyer in the deal.

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AcquisitionsIowaMidwestRetail

Marcus & Millichap Brokers $1.2M Sale of Property Net Leased to Dunkin’ in Des Moines

by Kristin Harlow

DES MOINES, IOWA — Marcus & Millichap has brokered the sale of a 2,168-square-foot property net leased to Dunkin’ Donuts in Des Moines for $1.2 million. The building is located at 3611 SE 14th St. Zach Turner, Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a limited liability company. Ray Germain of Marcus & Millichap’s Las Vegas office secured the buyer, a limited liability company. The sales price represents a cap rate of 6.59 percent.

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AcquisitionsIndustrialMidwestWisconsin

Dickman Co./CORFAC International Arranges Sale of 16,000 SF Industrial Building in Wisconsin

by Kristin Harlow

HARTFORD, WIS. — The Dickman Co./CORFAC International has arranged the sale of a 16,000-square-foot industrial building in Hartford, about 40 miles northwest of Milwaukee. The property is located at 1024-26 Western Drive. Nick Keys and TJ Huenerbein of Dickman represented the seller, WB Investments LLC. Endpoint Group LLC purchased the building. Tenants were not disclosed.

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AcquisitionsIndustrialNew JerseyNortheast

CenterPoint Properties Acquires 315,389 SF Industrial Asset in Jersey City

by Alex Patton

JERSEY CITY, N.J. — CenterPoint Properties has acquired a 315,389-square-foot industrial property in Jersey City, a western suburb of New York City. Situated on 44 acres at 1049 Secaucus Road, the property features 36-foot clear heights, 99 dock doors and 371 trailer parking spots. The location offers close access to the New Jersey Turnpike, New York City and nearby ports. Brian Fiumara of CBRE represented the seller, which was undisclosed.

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AcquisitionsHospitalityOklahomaTexas

Marcus & Millichap Brokers $36.2M Sale of Hotel Portfolio in Texas, Oklahoma

by Taylor Williams

AUSTIN, TEXAS — Marcus & Millichap has brokered the $36.2 million sale of a portfolio of five Candlewood Suites hotels totaling 517 rooms in Texas and Oklahoma. Two of the assets are located in San Antonio and Midland, and the other three are located in the Oklahoma cities of Lawton, McAlester and Bartlesville. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, KJ Properties LLC, and procured the buyer, a Texas-based investment firm.

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AcquisitionsHospitalityTexas

HREC Arranges Sale of 384-Room Hilton San Antonio Airport Hotel

by Taylor Williams

SAN ANTONIO — Hospitality Real Estate Counselors (HREC) has arranged the sale of the 384-room Hilton San Antonio Airport hotel. The property is located less than a mile from San Antonio International Airport and offers a pool, fitness center, business center and meeting space. Mike Armstrong and Arnold Armstrong of HREC handled the transaction. Both the buyer and seller were not disclosed.

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AcquisitionsMultifamilyTexas

Rastegar Property Acquires 50-Unit Multifamily Asset in North Austin

by Taylor Williams

AUSTIN, TEXAS — Rastegar Property Co. has acquired Highland Heights, a 50-unit multifamily asset located near Interstate 35 and U.S. Highway 290 in North Austin. The property offers one- and two-bedroom units and amenities such as an outdoor courtyard and onsite laundry facilities. The seller was not disclosed. Rastegar will implement a value-add program at the property.

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AcquisitionsMultifamilyTexas

Limited Liability Company Sells 18-Unit Apartment Property in Austin

by Taylor Williams

AUSTIN, TEXAS — 3405 Helms Street LLC has sold 34@Helms Apartments, an 18-unit multifamily property in Austin. The property is located about six blocks from the University of Texas at Austin and two miles from the downtown area. The property recently underwent a capital improvement plan that upgraded the units’ hardware, backsplashes and cabinets. Muskin Commercial LLC brokered the sale of the asset to the buyer, Helms Eagle LLC.

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Burger King
AcquisitionsMassachusettsNet LeaseNortheastRetailTexasTop Stories

Spirit Realty Capital Acquires 123 Single-Tenant Retail Properties from Service Properties Trust for $435M

by John Nelson

DALLAS AND NEWTON, MASS. — Spirit Realty Capital Inc. (NYSE: SRC), a net-lease REIT based in Dallas, has purchased a national single-tenant retail portfolio for $435 million. The portfolio’s seller is Service Properties Trust (NASDAQ: SVC), a net-lease retail and lodging REIT based in the western Boston suburb of Newton. The portfolio spans 26 states and includes 123 stores leased to 54 different concepts. About a third of the portfolio is leased to restaurants, including Wendy’s, Buffalo Wild Wings, KFC, Skyline Chili, Burger King, Rally’s and Popeye’s. The portfolio’s tenant roster also includes service-oriented and furniture concepts such as LA Fitness, Ashley Home Store, O’Reilly Auto Parts, At Home, Mister Car Wash, Carmax, Crunch Fitness and Tire Warehouse. This transaction is part of SVC’s disposition strategy to sell up to $500 million of net lease assets in connection with its $2.4 billion acquisition of retail properties from Spirit MTA REIT, which Spirit Realty Capital manages. “Coupled with our other recent net lease sales and agreements to sell totaling $66 million, we have reached our target of $500 million in net lease asset sales, the proceeds of which will be used to reduce the company’s leverage,” says John Murray, president and …

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