Acquisitions

Continental Partners Arranges $18.7M in Acquisition Financing for Flex Property Near Seattle

by Amy Works January 24, 2020

REDMOND, WASH. — Los Angeles-based Continental Partners has arranged $18.7 million in financing for the acquisition of Redmond Heights Center, an industrial/office flex property in Redmond, a suburb of Seattle. The borrower, ALCO Investment Co., acquired the 126,545-square-foot asset from Wakefield Redmond Heights. At the time of sale, the property was fully leased to 13 tenants. The 10-year, non-recourse loan has a fixed rate of 3.25 percent with a 30-year amortization schedule and step-down prepayment option. Carl Riggins of Continental Partners secured the permanent financing for the borrower.

January 24, 2020

Acquisitions New Jersey Northeast Retail

JLL Negotiates Sale of 128,172 SF Larchmont Commons Retail Asset in Metro Philadelphia

by Taylor Williams January 24, 2020

MOUNT LAUREL, N.J. — JLL has negotiated the $18.2 million sale of Larchmont Commons, a 128,172-square-foot retail center in Mount Laurel, a suburb of Philadelphia. Anchored by ALDI, Planet Fitness and Dollar Tree, the property was 88 percent leased at the time of sale. Other tenants include Hair Cuttery, The UPS Store and Kumon Learning Center. Chris Munley, James Galbally, Jose Cruz and Colin Behr of JLL represented the sellers, RPC Real Estate and Merion Realty Partners. Ryan Ade of JLL placed a $12.9 million, fixed-rate acquisition loan through an institutional lender on behalf of the buyer, Wisconsin-based Gorman & Co. LLC.

January 24, 2020

Acquisitions Massachusetts Northeast Retail

Crosspoint Associates Buys 81,702 SF Amherst Shopping Center in Central Massachusetts

by Taylor Williams January 24, 2020

AMHERST, MASS. — Metro Boston-based investment firm Crosspoint Associates Inc. has purchased Amherst Shopping Center, an 81,702-square-foot retail asset in the central Massachusetts city of Amherst. Built in 1997 and anchored by Big Y Supermarket and CVS, the property was 97 percent leased at the time of sale. Additional tenants include Dunkin’, Goodwill and Supercuts. Nat Heald and Chris Angelone of JLL represented the undisclosed seller in the transaction. The price was not released.

January 24, 2020

Acquisitions District of Columbia Hospitality Southeast

Geolo Capital, JW Capital Sell Thompson Hotel in D.C. for $120M

by Alex Tostado January 23, 2020

WASHINGTON, D.C. — Geolo Capital and JW Capital Partners have sold Thompson Washington D.C., a 225-room hotel that opened Jan. 8, to Hamburg, Germany-based Union Investment for $120 million. Union Investment agreed to purchase the hotel more than two years before its completion. Geolo and JW Capital Partners developed Thompson Hotel over the past three years. Following the sale, the Geolo and JW Capital Partners joint venture will remain a long-term tenant, leasing the property back from Union Investment and overseeing management of the asset, which will continue to be operated as a Thompson Hotel. The hotel offers three restaurant and bar concepts by Union Square Hospitality Group, in addition to 7,000 square feet of indoor and outdoor meeting space. Thompson Hotel anchors The Yards, Brookfield Property’s 3 million-square-foot mixed-use development. Bank OZK provided construction financing for the hotel, which is located in Washington, D.C.’s Navy Yard neighborhood. Studios Architecture and Parts and Labor Design NYC designed the hotel, and John Moriarty & Associates provided preconstruction and general contracting services for the project.

January 23, 2020

Acquisitions Development Retail Southeast Virginia

S.L. Nusbaum Brokers Sale of Former Macy’s Store at Metro Richmond Mall, Buyers Plan New Sports Complex

by Alex Tostado January 23, 2020

GLEN ALLEN, VA. — S.L. Nusbaum has brokered the sale of a 109,813-square-foot former Macy’s within Virginia Commons Mall in for $2 million. The buyers, VCC Partners LLC and Shamin VCC LLC, plan to demolish the existing building and redevelop the nine-acre property into a sports arena that will include indoor event space, basketball courts and seating for 4,500 spectators. Demolition will begin by May. The mall, which is home to tenants including Burlington, JCPenney, Bath & Body Works, Foot Locker and Finish Line, is located 12 miles north of downtown Richmond. David Kalman of S.L. Nusbaum Realty Co. represented the seller, Impact Investments Group LLC, in the transaction.

January 23, 2020

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Secures $22.5M Sale of Apartment Complex in Daphne, Alabama

by Alex Tostado January 23, 2020

DAPHNE, ALA. — Cushman & Wakefield has arranged the $22.5 million sale of Palladian at Daphne, a 120-unit apartment complex near Mobile Bay in Daphne. The community offers residents home-style living with attached garages, ground-floor entry and an average floor plan size of 1,800 square feet. Amenities include a fitness center, conference room, outdoor TV lounge, 15-seat movie theater, swimming pool and a bark park with pet washing station. Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, The Gateway Cos., in the transaction. Hathaway and Lynx Capital, both based in Atlanta, acquired the property.

January 23, 2020

Acquisitions Mississippi Multifamily Southeast Student Housing

JLL Arranges Sale of 504-Bed Student Housing Community Near Mississippi State University

by Alex Tostado January 23, 2020

STARKVILLE, MISS. — JLL has arranged the sale of Lakeside Student Living, a 504-bed student housing community located near the Mississippi State University campus in Starkville. The property opened in 2006 and features a mix of studio, one-, two- and four-bedroom, fully furnished units. Community amenities include a fitness complex, swimming pool, volleyball court, hammock beach, computer lab and private study lounges. Scott Clifton, Stewart Hayes and Barry Brown of JLL represented the undisclosed seller in the transaction. The buyer and terms of the transaction were also not disclosed.

January 23, 2020

Acquisitions Florida Retail Southeast

MMG Equity Partners Acquires Two Shopping Centers in Metro Miami for $12.7M

by Alex Tostado January 23, 2020

MIAMI — MMG Equity Partners has acquired two retail centers in metro Miami for a total of $12.7 million: Naranja Plaza and Lakeside Plaza. Naranja Plaza was purchased for $7.1 million, or $139 per square foot, in an-off market deal. The shopping center spans 51,246 square feet and is situated at 27000-27100 S. Dixie Highway in Homestead, 29 miles southwest of downtown Miami. The Dollar General-anchored asset was built in 1980 and was fully leased at the time of sale. MMG Equity Partners also acquired Westlake Plaza for $5.6 million, or $128 per square foot. The property is a 43,781-square-foot retail center located at the intersection of Bird Road and 109th Avenue in Miami. Lakeside Plaza was built in 1959 and comprises five buildings. Amerant Bank provided acquisition loans for both transactions totaling $9.5 million, including a future advance for construction. The two sellers were not disclosed.

January 23, 2020

Acquisitions Midwest Minnesota Multifamily

JLL Arranges Sale of 212-Unit Apartment Property in Downtown Minneapolis

by Kristin Harlow January 23, 2020

MINNEAPOLIS — JLL Capital Markets has arranged the sale of Eitel Apartments in downtown Minneapolis for an undisclosed price. The 212-unit apartment property is located at 1367 Willow St. and overlooks Loring Park. The community consists of three buildings, one of which is a repurposed historic building that formerly housed Eitel Hospital. Unit sizes average 800 square feet. Amenities include a rooftop deck, sky lounge, fitness center, yoga studio, billiards room, sauna and two-level parking garage. The property was 90 percent occupied at the time of sale. Matthew Lawton, Kevin Girard, Wick Kirby, Josh Talberg, Dan Linnell and Mox Gunderson of JLL represented the undisclosed seller. The team also procured the institutional buyer.

January 23, 2020

Acquisitions Industrial Midwest Ohio

Stan Johnson Co. Negotiates $16.8M Sale of Distribution Facility in Findlay, Ohio

by Kristin Harlow January 23, 2020

FINDLAY, OHIO — Stan Johnson Co. has negotiated the sale of a single-tenant, 402,604-square-foot distribution facility in Findlay for $16.8 million. The warehouse is fully leased to American Plastics, a designer, manufacturer and distributor of plastic-injection molded products. It is located at 14801 County Road 212. Originally built in 1998, the property sits on 24 acres and features a clear height of 28 feet, 44 dock doors and a fenced truck court. Rob Gemerchak and Jeff Hughes of Stan Johnson represented the seller, local developer Nickolas LLC. Plymouth Industrial REIT Inc. purchased the asset.

January 23, 2020

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