Acquisitions

34-St.-Martin-Drive-Marlborough-Massachusetts

JLL Brokers $33.2M Sale of Data Center in Marlborough, Massachusetts

by Alex Patton July 25, 2019

MARLBOROUGH, MASS. — JLL has brokered the $33.2 million sale of a 206,000-square-foot data center in Marlborough, located northeast of Worcester. The property, which also offers some flex space, is located at 34 St. Martin Drive. At the time of sale, the center was 95 percent leased. Data center tenants TierPoint and Crown Castle lease 85 percent of the property’s rentable square footage with a weighted average lease term of well over 10 years. Frank Petz, Matt Sherry and Tom Ragno of JLL represented the seller, Lincoln Property Co., in the transaction. The buyer was California-based Menlo Equities.

July 25, 2019

Acquisitions Florida Office Southeast

KBS Sells Office Building in South Florida for $71.8M

by Alex Tostado July 24, 2019

PALM BEACH GARDENS, FLA. — KBS has sold Financial Center at the Gardens, a 10-story, 188,950-square-foot office building in Palm Beach Gardens, for $71.8 million. KBS acquired the property in 2015 and spent more than $1 million in renovations, including a main lobby renovation with a new lounge and wine bar, as well as upgrades to the café, restrooms, corridors and elevators. Mike Davis, Dominic Montazemi, Rick Brugge and Scott O’Donnell of Cushman & Wakefield represented KBS in the transaction. New York Life Insurance Co. bought the property.

July 24, 2019

Acquisitions Loans Multifamily Southeast Tennessee

KeyBank Provides $48M Acquisition Loan for Apartment Community in Metro Nashville

by Alex Tostado July 24, 2019

MT. JULIET, TENN. — KeyBank Real Estate Capital has provided a $48 million Freddie Mac acquisition loan to Bluerock Real Estate for Providence Trail Apartments in Mt. Juliet. Providence Trail Apartments was built in 2008 and underwent a $1.6 million renovation in 2016. The property offers 24 three-story buildings comprising 334 units. Communal amenities include a bark park, saltwater swimming pool, poolside grilling station, clubhouse, courtyard and a community kitchen. The seller was not disclosed.

July 24, 2019

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $33.5M Sale of Multifamily Portfolio in Metro Atlanta

by Alex Tostado July 24, 2019

ATLANTA — Berkadia has arranged the $33.5 million sale of a garden-style multifamily portfolio comprising two properties in metro Atlanta. The first property is Ashford Oaks, a 260-unit property in Union City, which sold for $22.7 million. Ashford Oaks offers two-, three- and four-bedroom plans, as well as communal amenities including a fitness center, swimming pool, business center, sundeck, playground and a barbeque area. The second asset, Ashford Town and Country, is a 132-unit complex in Fairburn that sold for $10.8 million. Ashford Town and Country offers two-bedroom townhomes and amenities such as a sundeck, business center, swimming pool and a playground. Paul Vetter, Andrew Mays, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based Benimax, in the transaction. New York City-based Asden Properties acquired the communities.

July 24, 2019

Acquisitions Development Multifamily North Carolina Southeast

Pollack Shores Acquires 494-Unit Apartment Complex in Charlotte, Plans $6.6M Renovation

by Alex Tostado July 24, 2019

CHARLOTTE, N.C. — Pollack Shores has acquired The Bryce, a 494-unit apartment complex in Charlotte. The Atlanta-based apartment developer and owner plans to invest $6.6 million to upgrade the property and unit interiors. Unit interiors will receive new stainless steel appliances, granite countertops and hard-surface flooring. Exterior upgrades include converting the outdoor volleyball court into a green space with grilling areas and a beer garden, and renovating the clubhouse to include an expanded gym with modern equipment. Other communal amenities include a three-hole golf course, tennis court, swimming pool and several walking trails. The community is situated at 4101 Double Creek Crossing Drive, 10 miles north of downtown Charlotte and four miles from University Research Park. The seller and sales price were not disclosed.

July 24, 2019

Acquisitions Arizona Multifamily Student Housing Western

Berkadia Arranges $22 Million Acquisition Financing for 164-Unit Student Housing Community Near Arizona State

by Amy Works July 24, 2019

TEMPE, ARIZ. — Berkadia has arranged $22 million in acquisition financing for MarQ at 1st, a 164-unit community located one mile northwest of the Arizona State University campus in Tempe. Scott Holland and Jeremy Hammill of Berkadia Commercial Mortgage secured the loan through NXT Capital. Terms of the financing and the identity of the borrower were undisclosed. The community offers shared amenities including two swimming pools, a 24-hour fitness center and outdoor picnic and barbecue areas.

July 24, 2019

Acquisitions Hospitality Oregon Western

BHG Hotels Acquires DoubleTree by Hilton Hotel Salem in Oregon

by Amy Works July 24, 2019

SALEM, ORE. — BHG Hotels has purchased DoubleTree by Hilton Hotel Salem, a full-service hotel located at 1590 Weston Court NE in Salem. An institutional seller sold the property for an undisclosed price. Built in 1997, the four-story hotel was converted to a DoubleTree in 2012. Situated on 1.5 acres, the 80-room property features 1,500 square feet of meeting space, an outdoor swimming pool, fitness center and business center. The hotel also features Wake-up DoubleTree Breakfast Buffet, Pavilion Pantry Market and Press NW Bistro & Bar, an on-site restaurant. Scott Hall, Aaron Lapping, Blake Malecha and Nick Kassab of JLL Capital Markets represented the seller in the deal.

July 24, 2019

Acquisitions California Restaurant Retail Western

Evergreen Devco Sells Newly Built 2,750 SF Retail Project in Highland, California

by Amy Works July 24, 2019

HIGHLAND, CALIF. — Developer Evergreen Devco has completed the sale of its newly developed retail project, a Jack in the Box restaurant, located at 27734 Base Line St. in Highland. An unnamed buyer acquired the 2,756-square-foot property for an undisclosed price with a signed a lease to a Jack in the Box franchisee. Jimmy Slusher of CBRE represented the developer and seller, Evergreen Devco, in the deal.

July 24, 2019

Acquisitions Hospitality Midwest Wisconsin

Banyan Investment Group Acquires Three-Property Hotel Portfolio in Madison, Wisconsin for $50M

by Kristin Harlow July 24, 2019

MADISON, WIS. — Banyan Investment Group has acquired a three-property hotel portfolio in Madison for approximately $50 million. Banyan will operate the portfolio, which is comprised of a 127-room Courtyard by Marriott, a 130-room Fairfield Inn & Suites and a 115-room Hampton Inn. Each of the four-story properties features a pool, fitness center and business center. The Fairfield Inn & Suites and the Hampton Inn have newly furnished breakfast lounges. The Courtyard by Marriott features 1,080 square feet of meeting space. Banyan is a hotel investment and management company with offices in Florida and Georgia. The seller was not disclosed.

July 24, 2019

Acquisitions Illinois Midwest Office

Stanton Road Capital Purchases 371,566 SF Office Tower in Chicago’s East Loop

by Kristin Harlow July 24, 2019

CHICAGO — Stanton Road Capital LLC, in partnership with Third Lake Partners LLC, has purchased 200 S. Michigan Avenue, a 371,566-square-foot office tower in the heart of Chicago’s East Loop. The 22-story tower overlooks The Art Institute of Chicago and Millennium Park. Completed in 1958 and widely known by its previous name, the Borg-Warner Building, the property will undergo a modernization. Plans call for an upgraded lobby and improvements to existing amenities such as the tenant lounge. Cushman & Wakefield brokered the sale of the building. Crain’s Chicago Business previously reported that Stanton was under contract to pay approximately $34 million for the leasehold interest in the building. Shidler Group was the seller.

July 24, 2019

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