Acquisitions

Colliers Brokers $20M Sale of Tyee, Levere Apartments in Seattle’s University District

by Amy Works October 22, 2018

SEATTLE — Colliers International has arranged the sale of Tyee Apartments and Levere Apartments, two multifamily properties located in Seattle’s University District. Kennedy Tyee LLC and Levere LLC sold the properties to Seattle University District LP for $20 million. The transaction is the first time the assets have traded in more than 50 years. Built in 1963 and located at 4115 Brooklyn Ave. NE, Tyee Apartments features 48 units in a mix of studios and one-bedroom units. Constructed in 1927 and located at 4105 Brooklyn Ave. NE, Levere Apartments offers 40 studio, one- and two-bedroom units. Tim McKay, Dan Chhan, Sam Wayne and Arvin Vander Veen of Colliers International handled the transaction.

October 22, 2018

Mill-Creek-Medical-Pavilion-Mill-Creek-WA

Acquisitions Healthcare Office Washington Western

Coast Equity Partners Sells 26,126 SF Mill Creek Medical Pavilion in Metro Seattle

by Amy Works October 22, 2018

MILL CREEK, WASH. — Coast Equity Partners has completed the sale of Mill Creek Medical Pavilion (MCMP), a medical office building in Mill Creek, a suburb north of Seattle. A private investor acquired the property for $9.5 million. Located at 16030 Bothell Everett Highway, MCMP features 26,126 square feet of medical office space. Built in 1983 and renovated in 2011, the property is fully leased to a variety of healthcare providers, including outpatient services for family medicine, physical therapy, vision care, psychiatry and dentistry. Chris Bodnar and Lee Asher of CBRE’s Denver office, along with Paul Carr, Steve Perovich and Marcus Yamamoto of CBRE Puget Sound Healthcare Properties, represented the seller.

October 22, 2018

Golden-Orchard-Assisted-Living-Littleton-CO

Acquisitions Colorado Multifamily Seniors Housing Western

Haven Senior Investments Negotiates $4.2M Sale of Memory Care Community Near Denver

by Amy Works October 22, 2018

LITTLETON, COLO. — Haven Senior Investments has arranged the sale of Golden Orchard Assisted Living, a 40-bed memory care facility in Littleton. The property was 85 percent occupied at the time of closing and the price was $4.2 million. Neither the buyer nor seller were disclosed. John Hauber, founder of Haven Senior Investments, facilitated the sale. Live Oak Bank provided acquisition financing.

October 22, 2018

Acquisitions Colorado Restaurant Retail Western

Charles Dunn Co. Arranges $3.2M Sale of Restaurant Property in Metro Denver

by Amy Works October 22, 2018

PARKER, COLO. — Charles Dunn Co. has negotiated the sale of a single-tenant restaurant property located at 11179 Pikes Peak Drive in Parker, a suburb 25 miles southeast of Denver. A California-based private investment group sold the property for $3.2 million in a 1031 exchange. Jack in the Box occupies the 2,920-square-foot property and has 12 years remaining on its lease. The buyer plans to hold the asset as a long-term investment with minimal landlord responsibilities. Justin Mendelson and Joshua Berger with Charles Dunn Co.’s restaurant property group, in collaboration with JDS Real Estate, represented both the seller and the undisclosed buyer.

October 22, 2018

Acquisitions Healthcare Illinois Midwest

SVN Brokers $3.5M Sale of Six-Acre Development Site in Kildeer, Illinois

by Kristin Harlow October 22, 2018

KILDEER, ILL. — SVN | Chicago Commercial has brokered the sale of a six-acre development site at 21481 N. Rand Road in Kildeer for $3.5 million. The purchaser plans to develop a 50,000-square-foot medical office building on the site located about 37 miles northwest of Chicago. Al Lindeman of SVN represented the undisclosed seller, while Avison Young represented the buyer.

October 22, 2018

Acquisitions Hospitality Midwest Ohio Wisconsin

HREC Arranges Sales of Red Roof Inn Hotels in Ohio, Wisconsin

by Kristin Harlow October 22, 2018

POLAND, OHIO AND MADISON, WIS. — HREC Investment Advisors has arranged the sale of the 117-room Red Roof Inn in Poland, Ohio, and the 108-room Red Roof Inn in Madison, Wis. The properties were sold separately to different investors for undisclosed prices. Each hotel will undergo renovations. Herb Warmbrodt, Zane Varvel, Lewis Thompson, Tom Sommer and Jim Merkel of HREC represented the seller.

October 22, 2018

Acquisitions District of Columbia Hospitality Southeast Top Stories

Queensgate Investments Acquires Marriott in Washington, D.C. for $54.1M, Plans Rebrand

by Taylor Williams October 22, 2018

WASHINGTON, D.C. — London-based investment firm Queensgate Investments (QI) has acquired the 148-room Courtyard by Marriott Washington D.C. for $54.1 million. QI purchased the property from affiliates of local builders Quadrangle Development Corp. and Capstone Development. The new ownership will rebrand the hotel as a Generator hotel, a line of hospitality properties featured in major European cities like Dublin, Paris, Barcelona and Amsterdam. Generator opened its first U.S. property in Miami in September. The hotel is located near Dupont Circle and offers amenities such as an outdoor pool, rooftop terrace and an onsite restaurant. Crestline will continue to manage the asset through 2019 as the rebranding effort unfolds. “The acquisition of the Washington D.C. asset marks the next step in Queensgate’s U.S. ambitions as we look to acquire both additional hotel assets to expand Generator as well as work on the acquisition of new standalone real estate platforms of significant scale,” says Jonathan Millet, head of acquisitions of QI. Brown Rudnick LLP, Ernst & Young and Rockwell Acumen advised Queensgate and Generator in the transaction. — Taylor Williams

October 22, 2018

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Greystone Provides $19.5M Acquisition Financing for Skilled Nursing Facility in Pittsburgh

by David Cohen October 19, 2018

PITTSBURGH — Greystone has provided $19.5 million in bridge financing for the acquisition of Squirrel Hill Center for Rehabilitation and Health in Pittsburgh. The borrower is Squirrel Hill PA Realty LLC. The property is an eight-story, 178-bed skilled nursing facility, and will be renamed The Squirrel Hill Wellness & Rehabilitation Center. It was originally built in 1964 and is currently undergoing refurbishing and improvements. Fred Levine of Greystone originated the non-recourse, floating-rate loan. The financing features a 24-month term, two six-month extension options and interest-only payments for the life of the loan. The borrower intends to refinance the bridge loan with a fixed-rate, HUD-insured permanent takeout loan.

October 19, 2018

Acquisitions Massachusetts Northeast Retail

NKF Arranges $10.7M Sale of Retail Center in Cambridge

by David Cohen October 19, 2018

CAMBRIDGE, MASS. — Newmark Knight Frank has arranged the $10.7 million sale of a 12,128-square-foot retail strip center in Cambridge. Located at 351-359 Fresh Pond Parkway, the property is fully leased to a tenant roster that includes Bank of America, AT&T, Sherwin Williams, Sleep Number and The Vitamin Shoppe. The retail center was built in 2013. NKF represented the seller, a joint venture between Spellman Ventures and Sydney Associates, in the transaction. The buyer was an affiliate of The Grossman Companies.

October 19, 2018

Acquisitions Industrial Texas

Slater Sports Sells 62,132 SF Industrial Asset in Metro Houston

by Taylor Williams October 19, 2018

RICHMOND, TEXAS — Sporting goods provider Slater Sports LLC has sold 727 Plantation Drive, a freestanding, 62,132-square-foot industrial asset located in Richmond, a southwestern suburb of Houston. Burdette Huffman and Josh Jacobs of EDGE Realty Capital Markets represented Slater Sports in the transaction. Other terms of sale were not disclosed.

October 19, 2018

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