NEW YORK CITY — Hilton Grand Vacations (NYSE: HGV) will acquire The Central at 5th, a 34-story hotel under construction in Manhattan. The site is located on E. 48th St. in between Fifth Avenue and Madison Avenue and offers proximity to several tourist destinations, including Rockefeller Center, Radio City Music Hall and the Theater District. Developed by local firm Hidrock Properties exclusively for HGV, the property will consist of 161 studio and one-bedroom units that Hilton plans to acquire in phases. Anticipated resort amenities will include a fitness center, outdoor terrace and private owners’ lounge. The opening is expected to occur in spring 2020.
LAS VEGAS AND LITHIA SPRINGS, GA. — TruAmerica Multifamily, in partnership with an institutional partner, has purchased a two-property apartment portfolio in an off-market transaction valued at $97 million. The properties are Vintage Pointe, a 368-unit community in Las Vegas, and Sweetwater Creek, a 240-unit asset in Lithia Springs, a suburb of Atlanta. Neither property—Vintage Pointe built in 1994, nor Sweetwater Creek built in 2003—have undergone significant renovations. The new ownership plans to invest in a multi-million dollar capital improvement program to reposition both properties.
SAN MATEO, CALIF. — Nazareth Enterprises has purchased the ice rink facilities and retail building at BridgePointe Shopping Center, a 55,000-square-foot asset located at 2200-2202 BridgePointe Parkway in San Mateo. SPI Holdings sold the property for $11.5 million in an off-market transaction. SPI Holdings, the previous owner, wished to convert the property into retail-only space, but the City of San Mateo and the public mounted a “Save the Rink” campaign. In 2017, Nazareth Enterprises leased the space from the seller and reopened — and later acquired — the ice rink.
APPLE VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail building at Rancherias Plaza, located at 20162 Highway 18 in Apple Valley. A private Los Angeles-based investor sold the property to a private San Diego-based investor for $2.6 million. Built in 1991, the asset features 15,105 square feet of retail space. At the time of sale, the shopping center was 92 percent occupied. CVS/pharmacy and 99 Cents Only Stores anchor the property. Greg Bedell and Chris Lindholm of Progressive Real Estate Partners represented the seller in the transaction.
WAUWATOSA, WIS. — Hospitality Properties Trust has acquired the 198-room Crowne Plaza Milwaukee West in Wauwatosa for $30 million. The full-service hotel, built in 2008, includes 6,100 square feet of meeting space, a health and fitness center, indoor pool, restaurant and lounge. IHG operates the property. Atlanta-based Peachtree Hotel Group was the seller, according to local media.
LAWRENCE, KAN. — Cushman & Wakefield has negotiated the sale of The Connection at Lawrence, an 888-bed student housing community located near the University of Kansas campus in Lawrence. Travis Prince, Victoria Marks, Gib Kerr and Jeffrey Bentz of Cushman & Wakefield represented the unnamed seller in the transaction. University Partners acquired the property for an undisclosed price. The Connection at Lawrence was built in 2010 and features 14 three-story buildings offering one-, two-, three- and four-bedroom, fully furnished units. Shared amenities include a 24-hour fitness center, charcoal grills, lighted basketball and sand volleyball courts, a tanning bed, two resort-style swimming pools, a heated spa, game room, computer lounge, clubhouse, private study rooms, an outdoor fireplace and a private shuttle to campus.
BEVERLY HILLS, CALIF. — A joint venture between SHVO, Bilgili Group and Deutsche Finance has acquired 9200 Wilshire Boulevard, a surface parking lot in the upscale, first-ring Los Angeles suburb of Beverly Hills, for $130 million. The seller was New Pacific Realty Corp. The venture plans to build a 307,397-square-foot condominium and retail building on the site. The seven-story building will feature a glass exterior, 54 residential units and 6,650 square feet of retail space adjacent to the Golden Triangle, Beverly Hills’ famed shopping district. Exclusive amenities for residents will include a rooftop swimming pool and courtyard. The Beverly Hills City Council has already approved the project. Since 2018, SHVO, Bilgili Group and Deutsche Finance have partnered to buy two other properties, the Raleigh Hotel in Miami and 685 Fifth Ave. in New York City, an office building being converted into Mandarin Oriental Residences. The joint venture’s investors include Bayerische Versorgungskammer, one of the largest institutional investors in Germany. Lotus Capital Partners arranged a $51 million acquisition loan from California-based Acore Capital for the transaction. “We are thrilled to add 9200 Wilshire to our portfolio of luxury assets in prime locations,” says Michael Shvo, chairman of SHVO. “Our new residential concept will offer the highest quality …
KNIGHTDALE, N.C. — CBRE|Raleigh has arranged the $14.3 million sale of Eastgate 540, a 30-acre industrial site in Knightdale. The property houses a 150,000-square-foot industrial building with room for an additional 150,000-square-foot building on the parcel. Francini Marble occupied a portion of the existing building at the time of the sale. Eastgate 540 is situated at the intersection of Hodge Road and Spectrum Drive, 10 miles east of downtown Raleigh. Chester F. Allen, Barry Bowling, Carlton Midyette III and Tiffany Hilburn of CBRE|Raleigh represented the buyer, Trinity Capital, in the transaction. Scannell Properties was the seller.
NEW YORK — An affiliate of Miami-based H.I.G Capital, which has offices in the United States, Europe and South America, has acquired a portfolio of industrial and flex assets located throughout the New York City metropolitan area for $487 million. The portfolio spans approximately 3.1 million square feet, comprises 56 properties and is leased to about 260 tenants across a diverse range of industries. With this transaction, H.I.G. Capital now has more than $30 billion of assets under management. Jose Cruz, Marc Duval, Jordan Avanzato, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli and Michael Oliver of HFF represented the seller, Mack-Cali Realty Corp., in the transaction. In addition, Mike Tepedino, Peter Rotchford, Scott Findlay and Jackie Ferrer of HFF arranged $400 million in floating-rate acquisition financing through Bank of America for the deal.
ELSMERE, DEL. — Philadelphia-based Rittenhouse Realty Advisors has arranged the sale of Parklynn Apartments, a 140-unit multifamily complex located in Elsmere, a western suburb of Wilmington. The garden-style property is located near a major shopping center and several employment hubs, including Wilmington VA Medical Center and the University of Delaware-Wilmington campus. Units include hardwood floors, oversized closets and onsite laundry facilities. The buyer and seller were not disclosed.