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Acquisitions

AcquisitionsHospitalityLouisianaSoutheast

Partnership Acquires 1,193-Room Hyatt Regency Hotel in Downtown New Orleans

by Alex Tostado

NEW ORLEANS — A partnership has purchased the 1,193-room Hyatt Regency New Orleans and will continue to manage the property as a Hyatt hotel. A partnership between investment company ERG, GMB Properties, The Berger Co. and asset management firm Fulcrum Hospitality purchased the downtown New Orleans hotel for an undisclosed price. The seller was Los Angeles-based Poydras Hotel Holdings Co. The ownership team plans to invest $20 million in capital investments over the next few years. According to ERG Enterprises, the sale represents the largest hotel acquisition in Louisiana history and the first time the Hyatt Regency will fall under local majority ownership. The Hyatt Regency New Orleans is the third-largest hotel in New Orleans and is accessible to sports venues including Mercedes-Benz Superdome and Smoothie King Center. Established in 1976, the 601 Loyola Ave. property occupies a space near the French Quarter and Mississippi Riverfront and features a pool, fitness center and meeting facilities.

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AcquisitionsFloridaOfficeSoutheast

Cushman & Wakefield Negotiates $32.7M Sale of Sawgrass Village Office Campus in South Florida

by Alex Tostado

SUNRISE, FLA. — Cushman & Wakefield has negotiated the sale and financing of Sawgrass Village, a more than 112,000-square-foot office campus in Sunrise, 12 miles northwest of Fort Lauderdale in Broward County. MG3 Realty LLC acquired the asset for $32.7 million, or $290 per square foot. The name of the seller was not disclosed, but multiple media outlets have reported the seller as DWS Group, a subsidiary of Deutsche Bank. Sawgrass Village comprises two single-story office buildings developed in 2000 on an 11.3-acre site within Sawgrass International Corporate Park. The 612-acre master-planned office park houses more than 3 million square feet of office and industrial space. Located at 1300 Concord Terrace, the park is adjacent to Interstates 75 and 595, offering direct access to Fort Lauderdale-Hollywood Airport and Miami International Airport. Both buildings at Sawgrass Village were 100 percent occupied at the time of sale by Comcast and Bolton Medical. Dominic Montazemi, Mike Davis, Greg Miller, Scott O’Donnell, Miguel Alcivar, Rick Brugge, Rick Colon and Michael Ciadella of Cushman & Wakefield’s Capital Markets team represented DWS in the sale. Jason Hochman of Cushman & Wakefield’s Equity, Debt and Structured Finance Group secured a $21.3 million acquisition loan from Citigroup Inc. for MG3 …

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AcquisitionsLoansMultifamilyNorth CarolinaSoutheast

KeyBank Secures $34.6M Acquisition Financing for New Multifamily Property in Asheville

by Alex Tostado

ASHEVILLE, N.C. — KeyBank Real Estate Capital has provided $34.6 million in Freddie Mac financing for the purchase of a new multifamily community in Asheville. The borrower, an affiliate of Waypoint Real Estate Investments, a national real estate investment firm based in Boca Raton, Fla., will acquire Skyland Exchange Apartment Homes. Trevor Ritter and Joe Fadus of KeyBank structured the financing. Built in 2019, Skyland Exchange Apartment Homes is a 290-unit multifamily property comprising seven four-story buildings on 11 acres of land at 12 Sky Exchange Drive. The complex is located seven miles south of downtown Asheville and features one-, two-, and three-bedroom layouts, as well as a saltwater pool, outdoor lounge area, fitness center and a clubhouse.

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AcquisitionsIndustrialTexas

NAI Partners Arranges Sale of 25,000 SF Industrial Building in Metro Houston

by Taylor Williams

SUGAR LAND, TEXAS — NAI Partners has arranged the sale of a 25,000-square-foot industrial building located at 120 Industrial Blvd. in Sugar Land, a southwestern suburb of Houston. Gulf Coast Athletic Supply Inc. sold the property to DetectaChem, a manufacturer of handheld detection systems, for an undisclosed price. Chris Caudill of NAI Partners handled the transaction.

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Colby-Creek-Everett-WA
AcquisitionsMultifamilyWashingtonWestern

Rise, Aegon Real Assets Buy Two Multifamily Properties in Metro Seattle Totaling $161.3M

by Amy Works

KENT AND EVERETT, WASH. — Rise Properties Trust and Aegon Real Assets have purchased two multifamily assets located in metro Seattle totaling $161.3 million. The joint venture acquired the 366-unit Mosaic Hills Apartments in Kent for $81 million and the 336-unit Colby Creek Apartments in Everett for $80.3 million. These transactions conclude more than $300 million of Seattle-area acquisitions for the joint venture in 2019. Seattle-based Thrive Communities will manage the properties. Including Mosaic Hills Apartments and Colby Creek Apartments, RISE owns approximately 4,000 units across 22 multifamily properties in the Pacific Northwest.

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2181-Kalakaua-Ave-Waikiki-HI
AcquisitionsHawaiiRetailWestern

LVMH Acquires Two Occupied Retail Assets in Waikiki for $72M

by Amy Works

WAIKIKI, HAWAII — An entity controlled by LVMH Moet Hennessey Louis Vuitton and Mockingbird Interests Waikiki LLC has purchased two commercial units located at 2181 Kalakaua Ave. in Waikiki. The Hawaii-based Moore family trust sold the retail assets for $72 million. Bryan Ley of JLL, in collaboration with Avalon Commercial, represented the sellers in the deal. Cushman & Wakefield, with Sofos Realty Corp. as a local partner, originally listed the property in July 2017 with no asking price. The two units are currently occupied by Quiksilver and First Hawaiian Bank, the latter of which plans to relocate to 1958 Kalakaua Ave. in Waikiki. The assets are located across the street from Tiffany & Co.’s three-story flagship location at Royal Hawaiian Center, while Max Mara and the flagship Louis Vuitton store are located nearby.

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The-George-Besaw-Portland-OR
AcquisitionsMixed-UseMultifamilyOregonRetailWestern

C.E. John Co. Divests of The George Besaw Building in Portland for $23.6M

by Amy Works

PORTLAND, ORE. — Vancouver, Wash.-based developer C.E. John Co. has completed the sale of The George Besaw, a multifamily and retail property located at 2323 NW Savier St. in Portland. An undisclosed buyer acquired the asset for $23.6 million. Located in Northwest Portland’s Alphabet District, The George Besaw features 51 apartment residences above three floors of retail space. Current retail tenants include Pine State Biscuits, Life of Pie, Moberi and The Barbers. The building was completed in 2018. Clay Newton, Jordan Carter and Tyler Linn of Kidder Mathews represented the seller in the transaction.

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AcquisitionsCaliforniaIndustrialWestern

Voit Brokers $21.5M Sale of Industrial Park in Rancho Cucamonga, California

by Amy Works

RANCHO CUCAMONGA, CALIF. — Voit Real Estate Services has directed the sale of a multi-tenant industrial park in Rancho Cucamonga. Newport Beach, Calif.-based Focus Real Estate Services sold the asset to Pasadena, Calif.-based Teamrise International for $21.5 million. Located at 9007-9087 Arrow Route, the property features 138,081 square feet of industrial space. Juan Gutierrez of Voit’s Ontario, Calif., office and Mike Bouma of Voit’s Anaheim, Calif., office represented the seller, while KMBJ Inc. represented the buyer in the deal.

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7500-West-Lane-Stockton-CA
AcquisitionsCaliforniaRetailWestern

Meridian Sells Newly Built Dialysis Clinic in California for $7.5M

by Amy Works

STOCKTON, CALIF. — Meridian, a full-service real estate developer and owner of medical real estate, has completed the sale of an outpatient dialysis clinic in Stockton. A Northern California-based private investor acquired the asset for $7.5 million. The 13,600-square-foot property is located at 7500 West Lane. In 2018, Meridian originally acquired a 7,500-square-foot building situated on 2.06 acres to develop the Stockton dialysis clinic. The development team included Walnut Creek, Calif.-based Harriman Kinyon Architects; Livermore, Calif.-based Kier and Wright; and Napa, Calif.-based H2 Builders. Paul Beckwith of Cushman & Wakefield’s Oakland, Calif., office represented the buyer, while Chris Sheldon of Cushman & Wakefield’s San Francisco office represented the seller in the transaction.

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AcquisitionsHospitalityMidwestWisconsin

Midas Hospitality Acquires 160-Room Aloft Hotel in Downtown Milwaukee

by Kristin Harlow

MILWAUKEE — Midas Hospitality has acquired Aloft Milwaukee Downtown, a 160-room hotel located at 1230 Old World Third St. The purchase price was nearly $26.5 million, according to the Milwaukee Business Journal. Jackson Street Holdings LLC developed the property in 2009. The hotel is home to five meeting rooms, a bar, fitness center, indoor swimming pool and outdoor space. It is adjacent to Fiserv Forum, the new arena for the Milwaukee Bucks basketball team. This is the third hotel Midas has acquired through its Midas Hotel Fund, which has raised $25 million to date. Aloft is under the Marriott umbrella of hotels.

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