OMAHA, NEB. — Eastham Capital and Bender Cos. have acquired Village at Grant Square Apartments, a 204-unit community in Omaha. South Florida-based Eastham utilized its fund, Eastham Capital Fund VII LP. To date, Eastham and Bender have co-invested in 16 projects. Village at Grant Square is currently 93 percent occupied and features average monthly rents of $1,025. The joint venture plans to make capital improvements, including renovations to select units, enhancements to the clubhouse and common areas, and targeted roof and exterior upgrades. Originally constructed in 1974, Village at Grant Square is an eight-building community with a mix of one- and two-bedroom floor plans averaging 946 square feet. Amenities include a pool, dog park, fitness center, business center, laundry facilities and detached garage parking. Anthony Martinez, Parker Stewart, Dominic Martinez and Alex Malzone of Northmarq brokered the $17.2 million sale of the property and represented the seller, a New York-based private investment group. Brett Hood of Northmarq originated $13.8 million in Fannie Mae DUS acquisition financing. The loan features a five-year term.
Acquisitions
MINNEAPOLIS — Marcus & Millichap has brokered the sale of Radisson RED, a 164-room hotel in the Mill District of Minneapolis. Joseph Ferguson, Jon Ruzicka, Reed Gizinski and Brock Banken of Marcus & Millichap represented the seller, Choice Hotels International Inc. Ferguson procured the buyer, Minneapolis Hotel Ventures. The property is located on 1.5 acres at 609 S. Third St., two blocks from U.S. Bank Stadium and 0.2 miles from the light rail station, providing direct access to the Minneapolis-St. Paul International Airport. Built in 2016 as the first Radisson RED in the United States, the hotel features OUI Bar + Kitchen, event space and a fitness center.
WEST CHESTER, OHIO — CBRE has arranged the $8 million sale of Liberty Office Park, a 76,501-square-foot flex industrial property in West Chester. Boulder Properties LLC purchased the asset from Wang Brothers Investments LLC. CBRE’s Will Roberts, Steve Timmel and Beau Nimer represented the seller. At the time of sale, the property was fully occupied by five tenants with an average tenure of nearly 10 years. Built in 2007, the facility features eight docks, one drive-in door and a clear height of 19 feet.
LAKEWOOD, CALIF. — Faris Lee Investments has arranged the sale of a 97,319-square-foot portion of Lakewood Center, a retail center in Lakewood. A consortium of multiple owners sold the asset to an undisclosed seller for $37.3 million. Situated on 5 acres within Lakewood Center, the sold portion is leased to tenants including Burlington, 24 Hour Fitness and Bank of America. Don MacLellan, Jeff Conover, Scott DeYoung and Greg Lukosky of Faris Lee represented the seller in the deal. This is the second large portion of Lakewood Center that Faris Lee has sold this year, culminating in a total of $76 million. Lakewood Center occupies a full city block at four major signalized intersections. Major retailers at the center include Costco, Target, The Home Depot and Albertsons.
SAN DIEGO — A joint venture between a private equity group and a local operator has acquired Canyon Villas, a 122-unit seniors housing community located in the Clairemont neighborhood of San Diego. The San Diego Christian Foundation sold the property for an undisclosed price. Constructed in 1991, the community features independent living, assisted living and memory care residences. Amenities at the property include a courtyard, library, gazebo, activity room and transportation services. Hap Knowles, Nick Stahler and Michael Mooney of Marcus & Millichap brokered the sale on behalf of the seller. Though the sales price was not disclosed, a board member of the San Diego Christian Foundation said in a statement that the deal closed at a price that was “nearly 50 percent more than other brokers thought possible.”
Coastal Commercial Arranges Sale of Historic Balboa Theater in Newport Beach, California
by Amy Works
NEWPORT BEACH, CALIF. — Coastal Commercial has brokered the sale of Balboa Theater, a nearly century-old landmark theater located at 707 E. Balboa Blvd. in Newport Beach. A local family office sold the asset to a local private real estate investor for an undisclosed price. The new owner plans to restore the theater, which originally opened in 1928 as Ritz Theater. The theater ultimately closed in 1991 and despite previous restoration efforts, the property has remained closed for approximately 35 years. Coastal Commercial represented the seller, while Christian Emerson of The Oppenheim Group represented the buyer in the transaction.
MIAMI — A partnership between Gencom and locally based White Bridge Capital has purchased the InterContinental Miami, a 652-room hotel located at 100 Chopin Plaza in downtown Miami. Strategic Hotels & Resorts sold the hotel. The sales price was not disclosed, but Bloomberg reports it traded for approximately $300 million. The 34-story hotel overlooks the confluence of the Miami River and Biscayne Bay and was recently renovated. The property features 22 suites that range in size from 850 to 2,800 square feet, as well as 90,000 square feet of indoor-outdoor meeting space. Other amenities include a rooftop pool with private cabanas, full-service spa, fitness center, business center, the Club InterContinental Lounge and onsite retail space. InterContinental Miami also houses restaurants including Toro Toro, Bluewater, Starbucks Coffee and Freddy’s Speakeasy.
NEW ORLEANS — Gayle Benson, owner of the NFL’s New Orleans Saints and the NBA’s New Orleans Pelicans, has announced she is acquiring The Windsor Court, a 314-room hotel located at 300 Gravier St. in downtown New Orleans. The luxury property opened in 1984 ahead of the World Fair and is a member of Preferred Hotels & Resorts’ Legend Collection. The Windsor Court houses high-end restaurants including The Grill Room, The Polo Club and Le Salon, as well a coffee bar, pool bar and an expansive art collection. The Berger Co., which has operated the hotel since 2009, helped facilitate the acquisition and will continue to manage the property, as well as retain a minority interest. Benson plans to invest in capital improvements at The Windsor Court during her ownership.
DALLAS — HALL Group has acquired 2525 McKinnon Street, a 112,000-square-foot office building in Uptown Dallas. The eight-story building was constructed in 2003 at the nexus of McKinnon Street, Olive Street and Cedar Springs Road. HALL Group plans to make capital improvements to the building, including a refresh of the lobby and common areas, the addition of new spec suites and a modernization of building systems, as well as to rebrand the building as HALL Uptown. Eastdil Secured brokered the deal. The seller and sales price were not disclosed.
ALICE, TEXAS — Marcus & Millichap has brokered the $7.3 million sale of a 4,874-square-foot retail building in Alice, about 50 miles west of Corpus Christi, that is leased to 7-Eleven. The building was constructed on a 1.9-acre site at 1910 E. Main St. in 2025. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap represented the buyer, an Arizona-based limited liability company that acquired the building via a 1031 exchange, in the transaction. The seller was a Texas-based limited partnership. Both parties requested anonymity.