Acquisitions

Love’s Travel Stops Purchases Two Illinois Sites in Wadsworth and Rockford

by Kristin Harlow October 29, 2018

WADSWORTH AND ROCKFORD, ILL. — Love’s Travel Stops has purchased two additional land sites in Illinois for the development of its convenience stations. Love’s purchased an 18.8-acre site in Wadsworth from four private individuals. The project will include an Arby’s quick-service restaurant. In Rockford, Love’s purchased a 26-acre site from a local family. The project will include a Hardee’s quick-service restaurant. Construction on both convenience stations is expected to begin in 2019. Dave Schmidt and Linda Kost of Realty Metrix Commercial represented Love’s in both transactions. Love’s plans to open more than 40 new locations during the next year.

October 29, 2018

Acquisitions Florida Multifamily Southeast

Lindemann Multifamily Acquires New Apartment Community Near Orlando’s Mall at Millenia for $63.7M

by Amy Works October 29, 2018

ORLANDO, FLA. — Lindemann Multifamily Management has purchased The Addison on Millenia, a Class A multifamily property located at 4673 Garden Park Blvd. in Orlando. A partnership between Contravest, Case Pomeroy and BBX Capital sold the asset for $63.7 million. Completed in 2017, Addison on Millenia features 292 apartments equipped with high-end finishes, including nine- and 10-foot ceilings, granite countertops, tile backsplashes in the kitchen, pendant lighting, stainless steel GE appliance and full-sized washers and dryers. The community is located 3.7 miles from downtown Orlando and adjacent to Mall at Millenia, a 1.2-million-square-foot upscale retail destination. CBRE’s Shelton Granade, Luke Wickman and Justin Basquill represented the seller in the transaction. Paul Ahmed, Erin Efstahion and Mackenzie Fry of CBRE arranged a $38.2 million, 10-year loan with Fannie Mae on behalf of the buyer.

October 29, 2018

Acquisitions Georgia Multifamily Southeast

Coastal Ridge, Sefira Capital Buy Apartment Complex in Metro Atlanta for $34M

by Amy Works October 29, 2018

LOCUST GROVE, GA. — Columbus, Ohio-based Coastal Ridge Real Estate Partners and Miami-based Sefira Capital have acquired Eagle’s Brooke, an apartment community located on 31 acres at 100 Malago Way in Locust Grove. An undisclosed seller sold the metro Atlanta asset for $34 million. This transaction marks the 12th acquisition in 2018 for Coastal Ridge and its first in a new joint venture with Sefira. Built in 2009, Eagle’s Brook features 120 one-bedroom/one-bath units, 104 two-bedroom/two-bath units and 24 three-bedroom/two-bath units, with rents ranging from $957 to $1,396. Units include patios/balconies, ceiling fans, nine-foot ceilings, garden tubs, linen closets, separate dining areas and walk-in closets. On-site community amenities include a residents’ kitchen/lounge, swimming pool and controlled access gates.

October 29, 2018

Acquisitions Florida Retail Southeast

Transwestern Brokers $16.6M Sale of Retail Center in Orlando’s Tourist Corridor

by Amy Works October 29, 2018

ORLANDO, FLA. — Transwestern has closed the $16.6 million sale of Sand Lake Corners North, a community shopping center located at 8115-8379 S. John Young Parkway in Orlando’s tourist corridor. Situated on 15 acres, the retail center features 151,487 square feet of retail space. At the time of sale, the property was 95.3 percent occupied by a variety of tenants, including Old Time Pottery, PetSmart and Dollar Tree. The property is also shadow-anchored by Walmart and Lowe’s Home Improvement Warehouse. John Bell of Transwestern represented the undisclosed seller in the deal. The name of the buyer was not released.

October 29, 2018

Acquisitions Mississippi Multifamily Southeast

Majestic RV Resorts Acquires Beachfront Land Parcel in Biloxi, Plans Upscale RV Park

by Amy Works October 29, 2018

BILOXI, MISS. — Majestic RV Resorts has purchased 22.8 acres of beachfront property from Trustmark Bank for nearly $3 million. The buyer plans to develop an upscale RV park on the property, which is a vacant commercially zoned property. The property is located one block east of the Mississippi Coast Coliseum and adjacent to the former Broadwater Hotel. Sam Ford, an agent affiliated with Coldwell Banker Commercial Alfonso Realty, represented the seller. Marques Thomas with Biloxi-based Latitude Realty represented the buyer in the deal. Majestic RV Resorts has existing RV parks in Savannah, Ga., and Naples, Fla.

October 29, 2018

Acquisitions District of Columbia Office Southeast Top Stories

JBG Smith Sells 154,384 SF Office Building in Washington, D.C. for $65M

by Taylor Williams October 29, 2018

WASHINGTON, D.C. — Maryland-based REIT JBG Smith Properties (NYSE: JBGS) has sold the Lion Building, a 154,384-square-foot office property in Washington, D.C., for $65 million. The Lion Building, which is located at 1233 20th St. near Dupont Circle, houses the embassies of Vietnam and South Sudan. The location puts the property within walking distance of three different Metrorail stations, 500 retail stores and restaurants and eight hotels. Jim Meisel, Andrew Weir, Matt Nicholson and David Baker of HFF represented JBG Smith in the sale. This quartet of investment advisory professionals also procured the buyer, a joint venture between private investment manager GreenOak Real Estate and Mid-Atlantic investment firm MRP Realty. Cary Abod, Dan McIntyre and Robert Carey of HFF arranged $47.6 million in acquisition financing for the transaction. The lender and loan terms were not disclosed. JBG Smith’s stock price closed at $37.10 per share on Friday, October 26, up from $31.26 per share a year ago. The company, which is listed on Standard & Poor’s MidCap 400 Index, owns and operates assets in infill markets around the Washington, D.C. area. — Taylor Williams

October 29, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $57M Sale of Multifamily Portfolio in the Upper West Side

by David Cohen October 26, 2018

NEW YORK CITY — Rosewood Realty Group has arranged the $57 million sale of a 120-unit, five-building multifamily portfolio in the Upper West Side of Manhattan. The properties are located at 4, 8, 10-16 Manhattan Ave. and 3-5 and 7-9 W. 108th St. Rosewood Realty’s Aaron Jungreis represented the seller, The Orbach Group, in the transaction. The buyer was undisclosed. The purchase price of the portfolio equates to a 4.7 percent capitalization rate.

October 26, 2018

Acquisitions Northeast Pennsylvania Retail

Onyx Equities, PCCP Acquire 270,000 SF Westgate Mall in Lehigh Valley

by David Cohen October 26, 2018

BETHLEHEM, PA. — Onyx Equities LLC and PCCP LLC have acquired the Westgate Mall, a 270,000-square-foot enclosed mall in the Lehigh Valley community of Bethlehem. The sales price was undisclosed. Situated on more than 22 acres on Schoenersville Road, Westgate Mall is anchored by Weis Markets, Rite Aid and Sky Zone. Steven Klein and Ryan Ade of HFF secured acquisition financing for Onyx Equities LLC and PCCP LLC. Chris Munley and Michael DiCosimo of HFF represented the undisclosed seller in the transaction.

October 26, 2018

Acquisitions Arizona Hospitality Western

Colliers Brokers $16M Sale of Best Western in Yuma, Arizona

by Amy Works October 26, 2018

YUMA, ARIZ. — Colliers International has arranged the sale of Best Western Inn & Suites, located at 1450 S. Castle Dome Ave. in Yuma. Palm Springs Inn LLC acquired the hotel from Yuma Hospitality Properties for $16 million. James Meng and Jon Grantham of Colliers in Greater Phoenix represented the seller, while Steve Usher of Titan Hospitality and Susan Lee of Ocean 5 Investments represented the buyer in the deal. Built in 1998, the hotel features 166 rooms and suites spread across six buildings.

October 26, 2018

Acquisitions Development Industrial Washington Western

Terreno Realty Buys Industrial Development in Washington for $12.4M

by Amy Works October 26, 2018

KENT, WASH. — Terreno Realty Corp. has acquired an industrial property, currently under construction at 8615 S. 192nd St. in Kent, for $12.4 million. The name of the seller was not released. Situated on 12.7 acres, the 220,000-square-foot, rear-load industrial distribution facility is slated for completion by the end of 2019. The property will feature 47 dock-high and two grade-level loading positions, 36-foot clear heights, and parking for 137 cars and 30 trailers. The estimated stabilized cap rate of the property is 5.6 percent and the total expected investment is $33.9 million.

October 26, 2018

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