LOWELL, MASS. — Northeast Private Client Group (NPCG) has brokered the $1.3 million sale of Salem Street Apartments in Lowell, located approximately 25 miles northwest of Boston. The building is located near the UMass Lowell campus and offers six units of one- and two-bedroom apartments. Drew Kirkland and Francis Saenz of NPCG represented the seller, XYZ Atlantic Property LLC, in the transaction. The team also procured the buyer, Bird and Fish Realty LLC.
SPRINGFIELD, OHIO — Marcus & Millichap has brokered the sale of Springfield Plaza for an undisclosed price. The 156,630-square-foot shopping center is located at 1510-1608 Upper Valley Pike in Springfield, about 25 miles northeast of Dayton. Dunham’s Sports and Ollie’s Bargain Outlet anchor the property. Other tenants include JoAnn Fabrics, Sherwin-Williams, CosmoProof and The Reserves Network. The center was 70 percent leased at the time of sale. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap marketed the property on behalf of the Illinois-based private seller. The team also procured the buyer, a Maryland-based private investment group.
BETHESDA, MD. — Shareholders of Condor Hospitality Trust Inc., a lodging REIT based in Bethesda, have approved the proposed $318 million merger between Condor and NexPoint Hospitality Trust, a hotel REIT headquartered in Toronto. NexPoint and Condor expect the merger to close in the fourth quarter. As part of the deal, NexPoint will acquire Condor’s outstanding equity interests and operating partnership. “The transaction instantly expands [our] geographical footprint and balances NexPoint’s value-add portfolio with extended-stay hotels,” says Jim Dondero, CEO of NexPoint. “We believe the future for quality extended-stay and select-service hotels remains bright.” The shareholders of Condor (NYSE: CDOR) held a special meeting on Monday, Sept. 23 whereby 81.8 percent of the shares of Condor common stock voted in favor of adopting and approving the merger agreement, which NexPoint announced in late July. The merger allows NexPoint to enter several new markets, including Georgia, Kansas, Kentucky, Maryland, Mississippi and South Carolina. The move will also expand the REIT’s presence in Florida and Texas. Condor Hospitality Trust currently owns 15 hotels in eight states totaling more than 1,900 rooms. The hotel flags in the company’s portfolio includes Hilton, Marriott and InterContinental Hotels Group (IHG). NexPoint Hospitality Trust began operations in …
CHARLESTON, S.C. — Northland Investment Corp. has acquired two multifamily communities in Charleston: Wharf 7 and The Standard. The 312-unit Wharf 7 is located on Daniel Island, 13 miles north of downtown Charleston. The community offers studio- through three-bedroom floor plans. Communal amenities include a saltwater pool, poolside TV lounges and grilling stations, hammock garden, fitness center with a separate yoga/spinning studio, community bikes and an event lawn with a terraced, outdoor amphitheater. The 280-unit The Standard is located on James Island, five miles southwest of downtown Charleston. The Standard offers communal amenities such as a saltwater pool with a tanning ledge and cabanas, picnic courtyard with grilling station and outdoor kitchen, public courtyard and a Lowcountry-inspired clubhouse. The seller and sales prices were not disclosed.
RALEIGH, N.C. — CBRE|Raleigh has arranged the sale of Beltline Center, a two-building, 513,787-square-foot industrial center in Raleigh. The buildings offer warehouse and flex space and were 62 percent leased at the time of sale to tenants including UPS, Iron Mountain and Andrew & Hamilton Co. Inc. Beltline Center is located within an Opportunity Zone on 30.8 acres, two miles from downtown Raleigh. Ben Kilgore, Butch Miller, Ann-Stewart Patterson, Chandler Hawkins and Leslie Holmes of CBRE|Raleigh, along with the BPG Management team of Ken Pennington and Mike Green, represented the seller, Equus Capital Partners, in the transaction. New York City-based LM Real Estate Partners acquired the property.
WEST PALM BEACH, FLA. — Ready Capital Structured Finance has provided an $18 million acquisition and renovation loan for a 199-room hotel in West Palm Beach. The undisclosed borrower plans to upgrade the property and reflag it from a Holiday Inn hotel to a Crowne Plaza. The non-recourse, floating-rate loan features a 36-month term and two extension options. The seller was not disclosed.
COCOA, FLA. — Generation Income Properties Inc. (GIP) has acquired a Walgreens-occupied retail building in Cocoa for $4.5 million. The 15,000-square-foot building is located at 1106 Clearlake Road, 19 miles west of the Kennedy Space Center. American Momentum Bank provided acquisition financing. The seller was not disclosed.
KATY, TEXAS —American Landmark, a Tampa-based multifamily owner-operator, has acquired Elan 99 West, a 360-unit multifamily community in Katy, a western suburb of Houston that will be rebranded as Elite 99 West. Built in 2016, the property features one-, two- and three-bedroom units with quartz countertops, washes and dryers, private patios and yards, walk-in closets and wood flooring. Community amenities include a pool with lounge seating, lake with jogging path, fitness center, outdoor kitchen and lounge and a clubhouse. Mitch Sinberg, Matthew Robbins, Robert Falese and Matthew Cullison of Berkadia arranged acquisition financing on behalf of American Landmark, which will implement a $1.3 million capital improvements program. Following this transaction, American Landmark now owns and manages about 28,000 apartments throughout the Southeast and Texas.
DALLAS — CBRE has negotiated the sale of a 14-property, 431,902-square-foot retail portfolio located throughout Texas. The seller was Dallas-based Rainier Cos., which disposed of the assets as part of the sale of a 677,979-square-foot portfolio of 27 retail properties in seven states. The larger portfolio was 92 percent leased at the time of sale. The buyer and sales price were not disclosed. Michael Austry and Jared Aubrey of CBRE handled the transaction.
SAN ANTONIO — Berkadia has arranged the sale of Villas de Santa Fe, a 208-unit multifamily asset located near San Antonio Medical Center on the city’s northwest side. Built in 1982, the property features one- and two-bedroom units with tile floorings, window coverings, pantries, solar screens and washer and dryer connections. Community amenities include a clubhouse, swimming pool, fitness center, picnic area and a sports court. Mike Miller, Will Caruth, Chris Ross and Cody Courtney of Berkadia handled the transaction on behalf of the seller, San Diego-based Comunidad Realty Partners. The buyer was not disclosed.
