ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has arranged the sale of a 134-room Red Roof Inn property in Arlington Heights for $6 million. Built in 1984, the hotel is located at 22 W. Algonquin Road, nine miles from the Chicago O’Hare International Airport. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also represented the buyer, a partnership.
HIGHLAND PARK, ILL. — The Northern Suburban Special Recreation Association (NSSRA) has purchased a 30,000-square-foot property at 1221 Lake Cook Road in Highland Park for an undisclosed price. NSSRA provides recreation programs and services to people with disabilities in 13 North Shore communities. The new property will enable the organization to expand and offer additional programing and services onsite. Larry Serota, Cece Conway and John Marquardt of Transwestern represented NSSRA. The facility previously belonged to the Lakeside Congregation for Reform Judaism.
SAN FRANCISCO AND MALVERN, PA. — San Francisco-based Prologis Inc. has entered into a definitive agreement to acquire Pennsylvania-based Liberty Property Trust in an all-stock transaction valued at approximately $12.6 billion, inclusive of outstanding debt. The deal between the two industrial REITs is expected to close in the first quarter of 2020. Under the terms of the agreement, Prologis (NYSE: PLD) will acquire roughly 107 million square feet of stabilized logistics space, 5.1 million square feet of logistics product in various stages of development and 1,684 acres with a future build-out potential totaling 19.7 million square feet. In addition, Liberty (NYSE: LPT) shareholders will receive 0.675 in shares of Prologis common stock for each Liberty share they own. Both the board of directors of Prologis and the board of trustees of Liberty have unanimously approved the transaction. Prologis plans to dispose of $3.5 billion in assets, including $2.8 billion of non-strategic logistics properties and $700 million of office properties, to help finance the acquisition. “The joining of these two platforms at this moment, when industrial logistics has become so pivotal to the new economy, will further the industry’s ability to support the nation’s supply chain and enhance value creation for …
SAN MATEO, CALIF. — Meridian has closed escrow on the acquisition of a six-story office building located at 1300 S. El Camino Real in San Mateo. DivcoWest sold the asset for an undisclosed price. Situated near downtown San Mateo, the 100,000-square-foot property was 72 percent occupied at the time of sale. Current tenants include Charles Schwab, LendingTree and the Silicon Valley Community Foundation. The property was built in 1987. Tyler Meyerdirk of Newmark Knight Frank’s San Francisco office represented the buyer and seller in the deal.
PHOENIX, SALT LAKE CITY AND LAS VEGAS — Next Wave Investors has expanded its investments in the Western United States with the purchase of 380 multifamily units spanning four apartment communities. Details of the transactions were not released. The properties are the 96-unit La Estrella Vista and 149 units of the 160-unit Westover Parc in Phoenix; the 63-unit Townhomes at Mountain Ridge in Salt Lake City; and the 72-unit Bella Vida in Las Vegas. Next Wave plans to implement capital upgrades at each property, including significant exterior and interior renovations at all properties except Bella Vida, which will undergo only interior unit renovations.
RICHMOND, VA. — Bristol Development Group has sold 2000 West Creek, a 373-unit multifamily property that the company delivered in 2018. Richmond-based Capital Square acquired the asset for $103 million. The property is located at 2000 Broad Branch Road in Richmond’s West Creek neighborhood. The community offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, outdoor courtyard, fitness center and a clubroom. Will Mathews, Charles Wentworth, G.S. Hankins, Rawles Wilcox, Victoria Pickett, Clay Ellis and Garrison Gore of Colliers International represented the seller in the transaction.
AUBURN, ALA. — CBRE has arranged the sale of The Connection at Auburn, a 900-bed student housing community located near Auburn University. The property comprises 13 three-story buildings offering two-, three- and four-bedroom units. Shared amenities include a 24-hour fitness center, swimming pools, heated spa, game room, picnic areas, sand volleyball court, computer lounge, clubroom, private study areas and a lighted basketball court. BCEG International Investment-US purchased the community for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Brett Kingman and Russ Oldham of CBRE arranged the transaction on behalf of the undisclosed seller. Ben Roelke and Ian Walker of CBRE originated a Freddie Mac Green Program acquisition loan on behalf of the buyer. The 10-year loan features a fixed 3.66 percent interest rate and five years of interest-only payments.
ACWORTH AND LITHONIA, GA. — JLL has negotiated the sale of two Publix-anchored shopping centers near Atlanta: Publix at Acworth and Centre at Panola in Lithonia. Publix at Acworth is located at 3507 Baker Road in Acworth, 30 miles northwest of downtown Atlanta. The 69,628-square-foot center was 98 percent leased at the time of sale to tenants including CVS/pharmacy, WellStar, Domino’s Pizza, Coast Dental Services, Supercuts and Cricket Wireless. Centre at Panola is located at 3007 Panola Road, 15 miles east of downtown Atlanta. Centre at Panola was fully leased at the time of sale to tenants including Marco’s Pizza, Let’s Talk Therapy, Cricket Wireless and Benchmark Physical Therapy. Jim Hamilton, Mike Allison and Brad Buchanan of JLL represented the seller, an undisclosed publicly traded REIT, in the sale. Rothenberg-Rosenfield Inc. acquired both properties for an undisclosed price.
AUSTIN, TEXAS — High Street Residential, the multifamily development arm of Trammell Crow Co., and Principal Real Estate Investors have sold Crestview Commons, a 353-unit apartment community in Austin. The property features one-, two- and three-bedroom units ranging in size from 642 to 1,405 square feet. Amenities include a pool, outdoor grilling areas, multiple courtyard spaces, a fitness center, entertainment kitchen and a resident lounge. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE brokered the deal on behalf of the sellers. The buyer was Verbena Road Holdings.
AUSTIN, TEXAS — CSA Realty Group has negotiated the sale of West Anderson Plaza, a 117,000-square-foot shopping center in north Austin. Tenants at the property include restaurants Bartlett’s, Hopdoddy Burger Bar and Jason’s Deli, as well as specialty retailers Precision Camera, Sun & Ski and Terra Toys. Grady Field and Andrew Creixell of CSA Realty Group represented the sellers in the transaction. Carr Development Inc. represented the buyers. Both sides requested anonymity.