Acquisitions

Hodges Ward Elliott Arranges Sale of DoubleTree Albuquerque Downtown in New Mexico

by Amy Works August 26, 2019

ALBUQUERQUE — Hodges Ward Elliott (HWE) has arranged the sale of DoubleTree by Hilton Hotel Albuquerque Downtown, located at 201 Marquetta Ave. NW in Albuquerque. AWH Partners acquired the hotel for an undisclosed price. Connected to the recently renovated Albuquerque Convention Center, the hotel features 295 guest rooms and more than 8,100 square feet of meeting space. Additionally, the property has undergone more than $8.3 million in capital improvements since 2015. Michael DiPrima, Rick Rush and Diana Simpson of HWE’s Los Angeles team represented the undisclosed seller, while Lawrence Britvan, also of HWE, advised the buyer on acquisition financing.

August 26, 2019

Acquisitions Net Lease Oregon Restaurant Retail Western

Marcus & Millichap Brokers $1.2M Sale of Restaurant Building in Portland

by Amy Works August 26, 2019

PORTLAND, ORE. — Marcus & Millichap has arranged the sale of a restaurant property located at 704 NW 21st Ave. in Portland. A limited liability company sold the asset to a private investor for $1.2 million in an off-market transaction. Bhuna, a fast-casual Indian restaurant, occupies the 1,878-square-foot property on a net-leased basis. Joseph Blatner and Scott Logan of Marcus & Millichap’s Portland office represented the seller. Michael Shall, also of Marcus & Millichap, represented the buyer in the deal. Neither party was disclosed.

August 26, 2019

Acquisitions North Carolina Office Southeast

TerraCap Management Acquires Three Office Buildings in Charlotte for $59.3M

by Alex Tostado August 23, 2019

CHARLOTTE, N.C. — TerraCap Management LLC has acquired Resource Square I, II and V for $59.3 million. The three properties are located within the Resource Square office campus and total 337,611 square feet. The property is located near Interstates 85, 77 and 485, as well as Charlotte’s LYNX Light Rail Blue Line. Patrick Gildea of CBRE represented the seller, The Dilweg Cos., in the transaction. IberiaBank provided TerraCap with an undisclosed amount of acquisition financing for the deal.

August 23, 2019

Acquisitions Retail Southeast Virginia

American Commercial Realty Purchases 198,741 SF Shopping Center in Hampton Roads Region

by Alex Tostado August 23, 2019

CHESAPEAKE, VA. — American Commercial Realty Corp. (ACR) has purchased Crossroads at Chesapeake Square, a 198,741-square-foot shopping center in Chesapeake. Ross Dress for Less, Aldi, Best Buy and Old Navy anchor the center. The Hampton Roads property was built in 1991 with Walmart as its anchor. Walmart relocated in 2005, making room for a new tenant mix. This is ACR’s first purchase in Virginia. Virginia Beach-based Divaris Real Estate will manage the leasing for the center.

August 23, 2019

Acquisitions Florida Multifamily Southeast

Avison Young Arranges $46M Sale of Contiguous Sites in Miami’s Wynwood District, Buyer Plans to Build Multifamily Units

by Alex Tostado August 23, 2019

MIAMI — Avison Young has arranged the $46 million sale of seven contiguous parcels in Miami’s Wynwood neighborhood. An affiliate of PMG Acquisitions LLC purchased the land and plans to build multifamily units up to six stories high above the existing single-story retail buildings. Six of the seven parcels have retail buildings already in place. The land is located at the corner of Second Avenue and 24th Street, three miles north of downtown Miami. Details for construction were not disclosed. John Crotty, Michael Fay, David Duckworth, Brian de la Fé and Myles Stepner of Avison Young represented the seller, a private family trust, in the sales transaction. Peter Desiderio of Stearns Weaver Miller Weissler Alhadeff & Sitterson P.A., and Laura Bourne Burkhalter of Laura Bourne Burkhalter P.A., provided legal representation on behalf of the seller.

August 23, 2019

Acquisitions Retail Texas

Marcus & Millichap Closes Sale of 8,144 SF Retail Property in Houston

by Taylor Williams August 23, 2019

HOUSTON — Marcus & Millichap has closed the sale of Bellaire Town Center, an 8,144-square-foot retail center located at 13438 Bellaire Blvd. in Houston. Gus Lagos and Alex Wolansky of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed.

August 23, 2019

Acquisitions Retail Texas

EDGE Realty Brokers Sale of 4,800 SF Strip Retail Center in Metro Houston

by Taylor Williams August 23, 2019

SPRING, TEXAS — EDGE Realty Capital Markets has brokered the sale of Meadows Edge Shopping Center, a 4,800-square-foot strip retail property located along Interstate 45 in the northern Houston suburb of Spring. Shadow-anchored by Lowe’s Home Improvement, the property was fully leased at the time of sale to tenants such as Sprint, Leslie’s Pool Supplies, Lenny’s Grill & Subs and Paradise Grills. Burdette Huffman and Josh Jacobs of EDGE represented the seller, 20141 North Freeway LLC, in the transaction. Sam Affanhe of Hunington Properties represented the buyer.

August 23, 2019

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Negotiates $58M Sale of Retail Center in Attleboro, Massachusetts

by Alex Patton August 23, 2019

ATTLEBORO, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $58 million sale of Bristol Place, a retail center located about 30 miles south of Boston. At the time of sale, the property was 88 percent leased to tenants including Market Basket, Home Depot and Hobby Lobby. Joseph French, Glen Kunofsky, Thomas Dalzell, Russell Wachtler of IPA represented the undisclosed seller in the transaction. French procured the buyer, a joint venture between a Boston-based private real estate firm and an institutional investor.

August 23, 2019

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Brokers $7.5M Sale of Comfort Inn Hotel in Arlington Heights, Illinois

by Kristin Harlow August 23, 2019

ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has brokered the sale of a 125-room Comfort Inn hotel in Arlington Heights for $7.5 million. The 125-room property is located at 2120 S. Arlington Heights Road, less than nine miles from Chicago O’Hare International Airport. The three-story hotel features a business center, fitness center, meeting rooms and dry cleaning services. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the undisclosed seller and represented the buyer.

August 23, 2019

Acquisitions Hospitality Utah Western

Columbus Pacific Acquires Ski-in/Ski-out Hyatt Centric Park City in Utah

by Amy Works August 23, 2019

PARK CITY, UTAH — Los Angeles-based Columbus Pacific has purchased Hyatt Centric Park City, a lifestyle hotel located on North Escala Court in Park City, for an undisclosed price. The name of the seller was not released. Situated at the base of Park City Mountain, the ski-in/ski-out property offers 120 deluxe guest rooms plus 85 one-, two-, three- and four-bedroom condominium residences. Accommodations range in size from 680-square-foot studios with kitchenettes to 2,820-square-foot, four-bedroom residences with full kitchens. Resort amenities include a full-service bar; three-meal restaurant; grab-and-go café; 10,000 square feet of indoor and outdoor event space; a fitness center; an outdoor pool with spa; ski valet; kids’ game room area; valet parking service and direct lift; and access to Park City Mountain.

August 23, 2019

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