PORTLAND, MAINE — AAM 15 Management has acquired the Embassy Suites of Portland, Maine, a 119-room hotel in Portland. The price was undisclosed. Located nearby the Portland Jetport, the hotel includes a full-service restaurant and lobby bar, as well as 2,000 square feet of meeting and event space. The hotel’s lobby was recently renovated. AAM 15 plans to further improve the remaining public space, guest rooms, exterior, pool and fitness. The seller was not disclosed.
CAVE CREEK, ARIZ. — Scottsdale, Ariz.-based 1784 Capital Holdings has purchased a five-acre land parcel, located at 4725 E. Dynamite Blvd. in Cave Creek. P&G Properties LLC and Arizona LLC sold the property for an undisclosed price. The buyer plans to develop Tatum Self-Storage, a 120,182-square-foot self-storage property, on the site. The Class A, climate-controlled development will include two stories of above-ground storage and one below-ground level. Completion is slated for first-quarter 2020.
SAN DIEGO — Colliers International has arranged the sale of a freestanding office building, located at 3850 Fifth Ave. in San Diego’s Hillcrest neighborhood. LuxView Properties sold the asset to the AIDS Healthcare Foundation for $4.8 million. The buyer plans to transform the two-story, 13,253-square-foot building into a mixed-use property with a retail thrift store on the ground floor and medical clinic space above. Marc Posthumus of Colliers represented the seller in the deal.
WASHINGTON, D.C. — Penzance, a real estate owner, operator and developer based in Washington, D.C., has bought a 212,780-square-foot office building located at 50 F St. NW in the District’s East End. Washington Business Journal reports Tokyo-based Unizo Holdings Co. sold the property for $85 million, $24.5 million less than when the company bought it in 2016. Developed as part of Capitol Place, 50 F features a 3,500-square-foot conference facility with a 128-person capacity, a ground-floor deli and 134 parking spaces. The asset is situated three blocks from the U.S. Capitol Building and two blocks from Union Station.
FREDERICKSBURG, VA. — New Home Media has acquired a 39,000-square-foot warehouse located at 50 Joseph Mills Drive in Fredericksburg, for $2.6 million. Mid-Atlantic Associates LLC sold the property, which is situated on 2.5 acres. Virgil Nelson of Cushman & Wakefield | Thalhimer represented the seller in the transaction.
BEACON FALLS, CONN. — Institutional Property Advisors has arranged the $28.5 million sale of Beacon Mill Village, an eight-building, 188-unit multifamily property in Beacon Falls. Located at Two North Main St., the property was originally constructed between 1851 and 1911 as a mill. The buildings were converted to apartment units in 1988. Victor Nolletti, Eric Pentore of IPA and Was Klockner of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also undisclosed.
CANONSBURG, PA. — BHI and Contemporary Healthcare Capital have arranged $9.5 million in acquisition financing for a 118-bed skilled nursing facility. The property is located in Canonsburg, approximately 18 miles southwest of downtown Pittsburgh. The borrower is Townview Realty LLC. BHI provided a $7.9 million senior loan that includes a $600,000 line of credit. The lender also has guaranteed a $2.1 million earnout feature based on pre-determined performance metrics. Contemporary Healthcare provided the $1.6 million mezzanine portion of the financing. Proceeds of the loans were used for the acquisition and operation of the facility, as well as to pay customary closing costs. This was the first joint loan transaction between BHI and CHC.
PHILADELPHIA — Colliers International, in conjunction with Max Spann Auctioneers, has negotiated the $6.5 million sale of an industrial facility in the Nicetown-Tioga section of Philadelphia. Located at 2450 Hunting Park Ave., the property is the former home of metal fabricator Budd Co. The site has been vacant for more than a decade. The property is comprised of six buildings totaling 1,871,911 square feet. Rich Weitzman of Colliers represented the undisclosed seller in the transaction. The buyer was New York-based private equity and development firm Plymouth Group.
SENECA FALLS, N.Y. — NorthMarq has secured $2.7 million in acquisition financing for Liberty Center Plaza, an 80,846-square-foot retail property in Seneca Falls. The property’s major tenants include Tractor Supply Company and The Salvation Army. Robert Ranieri of NorthMarq secured the financing on behalf of the undisclosed borrower. Terms of the financing include a seven-year fixed term with a 25-year amortization schedule. The lender was undisclosed.
MIDLAND, TEXAS — Newmark Knight Frank (NKF) has arranged the sale of The Azure, a 156-unit apartment community in the West Texas city of Midland. The Class A property, which was built in 2015 and was 100 percent occupied at the time of sale, is located near numerous retail and restaurant destinations, as well as employment hubs and parks. Floor plans consist of one-, two- and three-bedroom units, and amenities include a pool, fitness center, business center and a resident clubhouse. Bart Wickard, Brian Murphy and Brian O’Boyle Jr. of NKF represented the seller, Odyssey Residential Holdings LLC, in the sale. The buyer and sales price were not disclosed.