Acquisitions

Caesars Agrees to Sell Rio Casino, Hotel in Las Vegas for $516.3M

by Jeff Shaw September 23, 2019

LAS VEGAS — Caesars Entertainment Corp. (NASDAQ: CZR) has agreed to sell the Rio All-Suite Hotel & Casino for $516.3 million. The buyer is a company controlled by a principal of New York City-based investment firm Imperial Cos. The property is located on Flamingo Road, two blocks from the highly concentrated stretch of casinos on Las Vegas Boulevard known as the Las Vegas Strip. The Rio features 117,300 square feet of casino space, over 1,000 slot machines and 2,520 hotel rooms. Caesars will continue to operate the property for a minimum of two years under a triple-net lease, paying annualized rent of $45 million. The buyer has the option to pay Caesars $7 million to extend the lease under similar terms for a third year. At the end of the lease term, Caesars will either continue to manage Rio or provide transition services to the buyer. The agreement allows for co-ownership of Rio-specific guest data and places no restrictions on Caesars’ marketing activities. The Rio will continue to be part of the Caesars Rewards network during the lease term, and “the transaction is not expected to result in any changes to the guest experience,” according to Caesars. The World Series …

September 23, 2019

Acquisitions Georgia Multifamily Southeast

NexPoint Sells Apartment Complex in Metro Atlanta for $101M

by Alex Tostado September 20, 2019

SANDY SPRINGS, GA. — NexPoint Residential Trust has sold Edgewater at Sandy Springs, a 700-unit apartment complex in Sandy Springs, for $101 million. According to Fulton County property deeds, Bridge Investment Group acquired the property for $132,000 per unit. Edgewater at Sandy Springs offers one- and two-bedroom floor plans. The asset is located at 7600 Roswell Road, 19 miles north of downtown Atlanta. Communal amenities include a swimming pool, clubhouse, car wash area, business center, playground and a tennis court.

September 20, 2019

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $1.6M Sale of Multifamily Property in Brooklyn

by Alex Patton September 20, 2019

NEW YORK CITY — Marcus & Millichap has brokered the $1.6 million sale of a multifamily property in Brooklyn. The six-unit apartment building is located at 276 19th St.. Jakub Nowak, Matthew Resenzweig and Jesse Kay represented the seller, a private individual, in the transaction. The team also secured and represented the buyer, an undisclosed limited liability company.

September 20, 2019

Acquisitions Development Georgia Mixed-Use Southeast

Ackerman, MDH Partners Acquire Mixed-Use Project in Atlanta’s West End for $40.3M

by Alex Tostado September 20, 2019

ATLANTA — Ackerman & Co. and MDH Partners have acquired the four-building, 433,204-square-foot Lee + White project in Atlanta’s West End for $40.3 million. The seller, Stream Realty Partners, recently redeveloped the buildings, which were initially constructed as industrial facilities in the 1950s and 1960s. The Lee + White buildings are currently home to breweries, restaurants, retailers and food manufacturers. The buyers plan to add a 20,000-square-foot food hall, 30,000 square feet of additional retail and 170,000 square feet of creative loft offices. A masterplan for the redevelopment is under way and construction is expected to begin in six to 12 months. Leo Wiener and Kelly Wilson of Ackerman will lead the restaurant and retail leasing efforts at the property. Porter Henritze and Sonia Winfield of Cushman & Wakefield will represent ownership in office leasing. The property features more than a half-mile of frontage along the Atlanta BeltLine with direct access to the westside trail. Lee + White is located three miles southwest of downtown Atlanta. Miles Theodore, Mack Freudenstein, Mark Zebouni and Drew Nations of Eastdil Secured represented the seller in the transaction. The buyer was represented internally.

September 20, 2019

Acquisitions Alabama Hospitality Loans Southeast

CHC Hotel Capital Arranges $11.9M Acquisition Financing for Hotel in Hoover, Alabama

by Alex Tostado September 20, 2019

HOOVER, ALA. — CHC Hotel Capital has arranged an $11.9 million acquisition loan for Residence Inn in Hoover. Local hotelier Chiman Patel in partnership with Kana Hotels purchased the 118-room property. Kana will manage the hotel. An undisclosed national lender provided the 10-year loan with a fixed 3.8 percent interest rate and a 30-year amortization schedule. Blackstone sold the asset, which is located about 10 miles south of downtown Birmingham.

September 20, 2019

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Negotiates $6.7M Sale of Flex Buildings in Charlotte

by Alex Tostado September 20, 2019

CHARLOTTE, N.C. — Cushman & Wakefield has negotiated the $6.7 million sale of Hawkins @ Rampart, a 1.2-acre property comprising two flex buildings in Charlotte’s South End totaling 19,120 square feet. The adjacent buildings were constructed in 1987 at 2170 Hawkins St. and 210 Rampart St., two miles south of downtown Charlotte. The assets were fully leased at the time of sale to three tenants. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Carolina Commercial Holdings LLC and R 2170 LLC, in the sale. The buyer was undisclosed.

September 20, 2019

Acquisitions California Loans Multifamily Western

Berkadia Arranges $108.7M Acquisition Loan for 800-Unit Apartment Community in Los Angeles County

by Amy Works September 20, 2019

LANCASTER, CALIF. — Berkadia has secured $108.7 million in acquisition financing for Afton Property’s purchase of Sunset Ridge Apartments, an 800-unit, mixed-income, garden-style multifamily community in Lancaster. Berkadia originated the 15-year, fixed-rate loan, which was purchased by Freddie Mac. The financing features eight years of interest-only payments through Freddie Mac’s Targeted Affordable Housing program. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia’s Boca Raton, Fla., office secured the financing for the Los Angeles-based borrower. Built in four separate 200-unit phases between 1986 and 1988, Sunset Ridge features 800 units in a mix of one-, two- and three-bedroom layouts with fully equipped kitchens, pantries, dishwashers and ceiling fans. Community amenities include a laundry facility, on-site maintenance, a fitness center and swimming pool.

September 20, 2019

Acquisitions California Industrial Western

Rexford Industrial Acquires Eight-Building Industrial Park in Southern California for $66.2M

by Amy Works September 20, 2019

TORRANCE, CALIF. — Rexford Industrial Realty has purchased an eight-building industrial portfolio in Torrance for $66.2 million, or $247 per square foot. The acquisition was funded using cash on hand. The name of the seller was not released. Comprised of four single-tenant buildings and four two-tenant buildings, the asset offers a total of 267,503 square feet of industrial space on 14.2 acres. At the time of sale, the complex was 91 percent leased. Rexford plans to complete capital improvements at the property, including fire sprinkler upgrades, modernization of offices and other functional enhancements.

September 20, 2019

Pacific-Pointe-Active-Senior-Living-Chula-Vista-CA

Acquisitions California Multifamily Seniors Housing Western

The Mogharebi Group Negotiates Sale of 111-Unit Seniors Housing Community in Southern California for $12M

by Amy Works September 20, 2019

CHULA VISTA, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Pacific Pointe Active Senior Living, a 111-unit active adult community in Chula Vista. A San Gabriel Valley-based private investor sold the community to a Los Angeles-based buyer for $12 million. Pacific Pointe is in downtown Chula Vista, located between San Diego and the border of Mexico. The property is within a mile of Scripps Mercy Hospital Chula Vista, Interstate 5 and over 1 million square feet of retail. “Due to the location and quality of this property, the potential buyer pool was significant in size,” says Otto Ozen, executive vice president of TMG. “To maximize the value of this community, we aggressively marketed it to our list of high-net-worth private clients who are currently looking for [1031] exchange up-legs.” Alex Mogharebi and Ozen of TMG represented both the seller and buyer.

September 20, 2019

Acquisitions California Office Western

CBRE Brokers Sale of 85,500 SF Office Building in San Francisco’s Jackson Square District

by Amy Works September 20, 2019

SAN FRANCISCO — CBRE has arranged the sale of an office building located at 747 Front St. in San Francisco’s Jackson Square district. Polidev sold the asset to Bridgeton Holdings for an undisclosed price. Built in 1909, the four-story, 85,500-square-foot property has undergone substantial creative improvements in recent years, including open floor plans and expansive windows that showcase the 12- to 15-foot clear heights. The property also features a private roof deck with 360-degree views of the San Francisco Bay. At the time of sale, the property was 100 percent leased to a diverse tenant base, including Minted and Funding Circle. Kyle Kovac, Mike Taquino, Russell Ingrum, Mandy Lee and Giancarlo Sangiacomo of CBRE’s San Francisco office represented the seller. Mike Walker, Brad Zampa and Megan Woodring of CBRE’s San Francisco office arranged $54.9 million acquisition loan for the buyer. The five-year, non-recourse loan features full-term interest-only payments and a floating rate.

September 20, 2019

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