BURLINGTON, VT. — RLJ Lodging Trust (NYSE: RLJ) has sold the 309-room DoubleTree by Hilton Burlington Vermont in Burlington for $35 million. The sales price represents a 4.5 percent capitalization rate. The buyer was not disclosed. Located at 870 Williston Road, the property features a fitness room, indoor pool, business center and meeting rooms. The hotel is located nearby the University of Vermont and Champlain College.
GLENMOORE, PA. — FPA Multifamily LLC has acquired Stone Rise, a 216-unit apartment community in Glenmoore for $42.5 million. Glenmoore is approximately 41 miles northwest of Philadelphia. Located 900 Selwyn Place, the eight-building property is set on 21 acres and features a unit mix of one- and two-bedroom apartment homes. Mark Thomson, Ed Coco, Carl Fiebig and Fran Coyne of HFF represented the seller, a subsidiary of Preferred Apartment Communities Inc., in the transaction.
NEPTUNE, N.J. — Marcus & Millichap has negotiated the $4.2 million sale of an 18,150-square-foot retail property in Neptune. Located at 36 State Route 35, the property is currently occupied by a Family Dollar and a Bubbakoo’s Burritos. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented the seller, a developer, in the transaction. The buyer was undisclosed.
CRANSTON, R.I. — Sweeney Real Estate has brokered the $1.7 million sale of a 25,548-square-foot industrial building in Cranston. Located at 25 Slater Road inside the Howard Industrial Park, the property sits on nearly two acres. Thomas O. Sweeney and Kevin Casey of Sweeney Real Estate represented the seller, Alves Properties LLC, in the transaction. The buyer was G3 Slater Road LLC.
WOODSTOCK, GA. — Smyrna, Ga.-based Halpern Enterprises has purchased Shoppes at Trickum, a shopping center located at 12184 Highway 92 in Woodstock, for an undisclosed price. Developed in 2004, the 49,900-square-foot retail center is 94 percent leased to Dollar Tree, Sally Beauty, H&R Block, SportClips, GameStop and Cricket Wireless. The name of the seller and sales price were not released.
PINECREST, FLA. — MMG Equity Partners has purchased Pinecrest Center, a two-story mixed-use property located at 11975 S. Dixie Highway in Pinecrest, a village in Miami-Dade County. A family-owned investment group sold the property for $9.7 million, or $284 per square foot. Drew Kristol, Kirk Olson and Jean-Baptiste Ramet of Marcus & Millichap’s Miami office represented the seller in the deal. Pet Supermarket, Miami Home Center and IHOP are tenants at the 34,306-square-foot property. The second floor of the property features recently remodeled office space ranging from 240 square feet to 600 square feet, plus a shared conference room.
MORENO VALLEY, CALIF. — MCA Realty has purchased a portion of Stoneridge Towne Centre, a retail center located in Moreno Valley, for $16.5 million. Totaling 117,191 square feet, the acquisition includes four multi-tenant buildings and two retail boxes located at 27110, 27120, 27130, 27140, 27190 and 27220 Eucalyptus Ave., as well as four developable pads totaling 5.24 acres. At the time of sale, the retail assets were 88 percent occupied, with Best Buy and West Elm currently occupying the two box spaces on short-term leases. Phil Voorhees, Jimmy Slusher, James Tyrrell and John Read of CBRE represented the buyer and undisclosed seller in the transaction.
SALT LAKE CITY — Hanley Investment Group Real Estate Advisors has arranged the $3.2 million sale of a 2,513-square-foot, single-tenant building leased to Café Rio in Salt Lake City’s Sugar House district. The building is a renovated Carl’s Jr. property with a drive-thru. Jeremy McChesney and Dylan Mallory of Hanley Investment Group represented both the buyer and seller in the off-market transaction. The buyer was a private investor from the San Francisco Bay Area, and the seller was a private investor based in Salt Lake City.
HOUSTON — Dallas-based multifamily developer SWBC Real Estate LLC has acquired Cypress Lake Apartments, a 216-unit multifamily community in northwest Houston. Built in 1995, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling area and a private lake with an encompassing jogging trail. Cypress Lake Apartments, which SWBC acquired as a value-add investment, was 90 percent occupied at the time of sale.
DALLAS — NKF Capital Markets has arranged the sale of Northpoint III, a 34,794-square-foot medical office building in Dallas. The two-story property is fully leased to Texas Health Resources. Sean Fulp, Garth Hogan, Ryan Plummer and Mark Schuessler of NKF Capital Markets represented the seller, a California-based private investor. The buyer, Rich Uncles NNN REIT, was self-represented.
