PROVIDENCE, R.I. — Standard Communities has acquired Curtis Arms Apartments, a 106-unit affordable housing community in Providence. The sales price was not disclosed. Standard Communities plans to invest more than $6 million to renovate and modernize the property, including updating unit interiors and upgrading buildings systems such as the roof and elevators. No residents will be displaced as a result of this work.
CARLSTADT, N.J. — Terreno Realty Corp. has acquired a 24,000-square-foot industrial property in Carlstadt for $3.5 million. Located at 130 Commerce Road, the property is less than two miles north of the Meadowlands Sports Complex and features four dock-high loading positions as well as parking for 20 cars. The property is currently fully leased to one tenant, Metrovision Production Group. The seller was undisclosed.
MINNEAPOLIS — Arch Street Capital Advisors LLC has acquired the Lafayette Park Office Campus in metro Minneapolis. The purchase price was $86.4 million, according to the Minneapolis/St. Paul Business Journal. The four office buildings total 677,514 square feet and are fully leased to the state of Minnesota. The properties have served as the headquarters for four state agencies since the mid-1980s. Ladder Capital, a New York-based real estate investment trust, was the seller.
WISCONSIN RAPIDS, WIS. — The Boulder Group has arranged the $5.2 million sale of a single-tenant property net leased to Pick ‘n Save in Wisconsin Rapids. The 46,608-square-foot property is located at 900 E. Riverview Expressway. Wisconsin Rapids is in the central part of Wisconsin.Pick ‘n Save recently expanded its lease for 10 years. The store is scheduled to undergo a $2 million interior remodeling in 2019. The property was originally constructed in 1980. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. A West Coast-based real estate fund purchased the asset.
HOUSTON — A partnership between Cushman & Wakefield and JLL has arranged the sale of a 797-unit self-storage facility located at 5321 Richmond Ave. in the Galleria-Uptown area of Houston. The property was sold in conjunction with an 849-unit facility in Los Angeles. The two properties feature more than 158,000 square feet. Greg Wells of Cushman & Wakefield and Steve Mellon of JLL represented the seller, California-based Cardiff Mason Development, in the transaction. The buyer was an undisclosed, national owner/operator.
PLANO, TEXAS — A partnership between Dallas-based Pillar Commercial and investment firm Artemis Real Estate Partners has acquired Lincoln Legacy II, a 130,371-square-foot office building in Plano. The property is located near the intersection of the Dallas North Tollway and Tennyson Parkway and offers amenities such as a fitness center, tenant lounge and conference facilities. Curtis Jaggers of JLL secured acquisition financing through MetLife Inc. for the deal.
DALLAS — HFF has negotiated the sale of The Highland Dallas Curio, a 198-room hotel in Dallas. The property has undergone $6.2 million in renovations since 2014 and currently features a pool, fitness center, salon and 1,400 square feet of meeting space. John Bourret and Austin Brooks of HFF represented the undisclosed seller in the transaction. Pete Fehlman of HFF arranged acquisition financing for the sale on behalf of the buyer, St. Louis-based Lennox Capital Partners. The hotel is located at 5300 E. Mockingbird Lane near Southern Methodist University.
KAPOLEI, HAWAII — Garn Development Co. has purchased a 2.6-acre land parcel on Manawai Street in Kapolei on the island of Oahu for an undisclosed price. Garn Development plans to construct a limited-service hotel on the site, which is located within the 40-acre Leihano development. An affiliate of Kisco Senior Living is master developer for Leihano, a mixed-use development situated in the urban core of Kapolei. Slated to open in fall 2019, the four-story, extended-stay hotel will feature 183 suites with full kitchens, complimentary breakfast and family-friendly amenities. Garn Development is a managing partner of the existing 180-room Embassy Suites by Hilton and Residence Inn by Marriott, which is currently under construction at Leihano. In 2016, Kisco opened Ilima at Leihano, its 84-unit assisted living community within Leihano. Additional tenants within Leihano include St. Jude Catholic Church, First Hawaiian Bank, C.S. Wo, National Kidney Foundation, Lili’uokalani Trust, Hele Gas and Starbucks Coffee. Currently the master-planned community has only two land parcels remaining for sale. Nathan Fong of Colliers International handled the transaction.
SEATTLE — Westcore Properties has completed the sale of a single-tenant industrial building in Seattle’s Georgetown submarket. Talon Private Capital acquired the property for $14.5 million, or $193.21 per square foot. OpenSquare, a provider of office space workstations and furniture for corporate users, fully occupies the 75,048-square-foot property, which is located at 303 S. River St. Andy Miller of Kidder Mathews, along with Mike Roy and Kevin Skillestad of Neil Walter Co., represented the seller in the deal.
COSTA MESA, CALIF. — Invesco Real Estate has acquired The Hive, a three-building creative office campus in Costa Mesa. A joint venture between Goldman Sachs and Steelwave sold the asset for an undisclosed price. Situated on 14.2 acres at 3333, 3335 and 3337 S. Susan St., the 181,822-square-foot property features flexible and open floor plans, a coffee bar adjacent to an outdoor tenant lounge area, a fitness facility with showers and lockers, a conference center, and multiple open-air patios with community activities. At the time of sale, the property was 82 percent occupied by five tenants: Los Angeles Chargers, Lazy Dog Café, Coding Dojo, Agility Fuel Solutions and Steelwave. In addition to existing buildings, the site is entitled for 65,000 square feet of additional commercial development. The seller purchased the property in 2015 and invested approximately $22 million into transforming the development, which was built in 2003, into a creative Class A environment. Kevin Shannon, Paul Jones, Blake Bokosky, Ken White and Brunson Howard of Newmark Knight Frank represented the seller, while Invesco Real Estate was self-represented the in the deal.