Acquisitions

Finmarc Acquires Shopping Center in Metro D.C. for $43.9M

by Alex Tostado January 18, 2019

UPPER MARLBORO, MD. — Finmarc Management Inc. has acquired Largo Town Center, a 280,000-square-foot shopping center in Upper Marlboro, for $43.9 million. The asset was fully leased at the time of the sale to tenants such as Marshalls, Regency Furniture, Shoppers Food Warehouse, Advanced Auto, Dollar Tree and Dress Barn. The center’s tenant roster features 35 retailers and restaurants, including both fast-casual and sit-down concepts. Largo Town Center is situated about 18 miles east of downtown Washington, D.C., and about three miles east of FedEx Field, home of the Washington Redskins. Bill Kent, Ryan Sciullo and Chris Decoufle of CBRE represented the seller, Site Centers, in the transaction.

January 18, 2019

Acquisitions Industrial Southeast Virginia

HFF Arranges $25.9M Sale of New Pepsi Bottling Distribution Center in Richmond

by Alex Tostado January 18, 2019

RICHMOND, VA. — HFF has arranged the sale of the newly constructed Pepsi Bottling Distribution Center in Richmond. ElmTree Funds purchased the 220,825-square-foot asset for $25.9 million. The center was delivered in November and is triple-net-leased to Bottling Group LLC, a wholly owned subsidiary of Pepsi Beverages Co. Situated along Interstate 95 near Interstates 64 and 295, the facility is located about 12 miles south of downtown Richmond. Steve Conley, Bruce Strasburg, Chris Norvell, Coler Yoakam and Patrick Nally of HFF represented the seller, Armada Hoffler Properties Inc., in the transaction.

January 18, 2019

Acquisitions District of Columbia Multifamily Southeast

UIP-Led Joint Venture Purchases Historic Apartment Building in D.C. for $22M

by Alex Tostado January 18, 2019

WASHINGTON, D.C. — A joint venture led by Urban Investment Partners (UIP) has purchased The Policy, a 62-unit apartment building in Washington, D.C., for $22 million. The partner and seller were not disclosed, though multiple media outlets report that the partner is Pacolet Milliken Enterprises and the seller was an affiliate of Goldman Sachs. The 90-year-old building is situated in the Adams Morgan historic district. UIP is expected to begin renovations in the first quarter of this year. UIP purchased The Policy in 2009 as part of a separate joint venture, performed a major renovation and sold the asset in 2014. The pet-friendly community offers studio, one- and two-bedroom floor plans, and amenities include bike storage and a clothes care center.

January 18, 2019

Acquisitions Northeast Office Pennsylvania

IPA Brokers $17.5M Sale of Office Building in Norristown, Pennsylvania

by David Cohen January 18, 2019

NORRISTOWN, PA. — Institutional Property Advisors (IPA) has brokered the $17.5 million sale of a 102,894-square-foot office building in Norristown. Located at 1000 Madison Ave., five tenants fully occupy the three-story property, including the Commonwealth of PA, which occupies 37 percent of the building. The property was constructed in 1990 and includes 469 surface parking spaces. John Abuja and Robert Filley of IPA along with David Beyel, Lawrence Gariano and Robert Bechtel of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was a regional investor.

January 18, 2019

Acquisitions Multifamily Texas

NAPA Ventures Sells Four Multifamily Communities Totaling 700 Units in DFW

by Taylor Williams January 18, 2019

DALLAS AND FORT WORTH, TEXAS — Austin-based multifamily investment firm NAPA Ventures LLC has sold four communities totaling approximately 700 units in the Dallas-Fort Worth (DFW) area. The properties include Brandon Mill and Westwood in Dallas, Oates Creek in the eastern Dallas suburb of Mesquite and Ravenwood in Fort Worth. NAPA acquired the assets in 2016 and implemented value-add programs to the communities’ unit interiors and amenity spaces. The buyers were not disclosed.

January 18, 2019

Acquisitions Hospitality New York Northeast Rhode Island Southeast Virginia

Excel Group Acquires Three-Hotel Portfolio in New York, Rhode Island and Virginia

by David Cohen January 18, 2019

FARMINGVILLE, N.Y., SMITHFIELD, R.I., AND HERNDON, VA. — Washington D.C.-based real estate investment firm Excel Group has acquired three hotel properties in New York, Rhode Island and Virginia. The price and seller were not disclosed. The properties are the 161-room Hampton Inn Long Island Brookhaven in Farmingville; the 101-room Hampton Inn & Suites Providence-Smithfield in Smithfield; and the 151-room Hyatt Place Dulles Herndon-East in Herndon.

January 18, 2019

Acquisitions California Hospitality Western

Kennedy Wilson Sells Ritz-Carlton Lake Tahoe for $120M

by Amy Works January 18, 2019

TRUCKEE, CALIF. — Kennedy Wilson has completed the sale of The Ritz-Carlton Lake Tahoe, located at 13031 Ritz Carlton Highlands Court in Truckee, to Ashford Inc. (NYSE: AINC) for $120 million. Kennedy Wilson, a global real estate investment company, and its partner acquired the hotel’s 170 guest rooms, 23 condominiums and a 3.4-acre development parcel in 2012 for $74 million. The hotel features a 17,000-square-foot spa and fitness center, more than 15,000 square feet of indoor and outdoor function space, ski-in/ski-out location on Northstar California, a 17,000-square-foot slope-side spa, Slopeside Backyard Bar and BBQ, and a children’s program. The company also completed the sellout of all 23 condominium units at the The Ritz-Carlton Residences in 2016 for a total gross sales price of approximately $50 million. Additionally, in December, Kennedy Wilson sold a portfolio of hotels located across the United Kingdom for $54 million. A cash profit of $73 million to Kennedy Wilson was generated over the lifetimes of the two investments.

January 18, 2019

Acquisitions Healthcare Texas

HFF Brokers Sale of 6,400 SF Medical Clinic in Arlington

by Taylor Williams January 18, 2019

ARLINGTON, TEXAS — HFF has brokered the sale of a 6,400-square-foot medical clinic in Arlington that is net-leased to Dallas-based primary care provider QuestCare Partners. Marc Mandel, Steve Schrenk and Michael George of HFF represented the seller, Todd Interests, and procured the buyer, California-based Moss Group, in the transaction.

January 18, 2019

Acquisitions Mixed-Use Office Restaurant Retail Washington Western

HFF Secures $32.5M Acquisition Financing for Old Rainier Brewery Mixed-Use Campus in Seattle

by Amy Works January 18, 2019

SEATTLE — HFF has arranged $32.5 million in financing for the acquisition of the Original Rainier Brewery, a mixed-use campus located at 5624-6004 Airport Way South in Seattle’s historic Georgetown neighborhood. Tom Wilson and Zachary Kersten of HFF secured a three-year, floating-rate loan with two one-year extension options with a debt fund for the borrower, ScanlanKemperBard. The borrower plans to make improvements to the property. Originally built in the early 1990s as a brewery for Seattle Brewing and Malting Co., the property eventually housed Rainier Beer and is a designated landmark. The campus encompasses four separate buildings — the Bottling Plant, the Malt House, the Warehouse and the General Office — and two land parcels. The assets feature natural light, exposed brick, original flooring, historical detailing and unique layouts. At the time of financing, the property was 92 percent leased to 55 tenants, including REI, Patagonia, Keen, Elysian Brewing Co., Frans Chocolate and Kyoto Art and Antiques.

January 18, 2019

Acquisitions Colorado Office Western

Unique Properties Arranges $14.2M Sale of The Forum Office Building in Aurora, Colorado

by Amy Works January 18, 2019

AURORA, COLO. — Unique Properties has negotiated the sale of The Forum, an office building located in Aurora. An undisclosed buyer acquired the property for $14.2 million, or $82.04 per square foot. Located at 14001 E. Illiff Ave., the property features 174,622 square feet of office space. At the time of sale, the building was 76 percent occupied. The Lippitt/Shwayder Team of Unique Properties represented the undisclosed seller, while Newmark Knight Frank represented the buyer in the deal.

January 18, 2019

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