Acquisitions

Cantrell Arranges Sale of 117-Unit Apartment Community in Richardson, Texas

by Taylor Williams July 17, 2018

RICHARDSON, TEXAS — Dallas-based Cantrell Co. & Partners has arranged the sale of Camelot Apartments, a 117-unit multifamily community in the northern Dallas metro of Richardson. The property was built in phases in 1966 and 1970 and includes two pools, a fitness center and a playground. Sam Pettigrew of Cantrell represented the Toronto-based seller, which recently invested $650,000 in capital improvements to the property, in the sale. Pettigrew also represented the buyer, JSNB Camelot LLC, which will continue to make upgrades. Camelot Apartments was 96 percent occupied at the time of sale and drew a dozen offers.

July 17, 2018

Acquisitions Industrial Texas

Hartman Income REIT Sells 66,504 SF Industrial Asset Near DFW Airport

by Taylor Williams July 17, 2018

IRVING, TEXAS—Investment and management firm Hartman Income REIT has sold Skyway Business Center, a 66,504-square-foot industrial asset located near Dallas-Fort Worth (DFW) International Airport in Irving. Built in 1981 and acquired by Hartman Income REIT in 2008, the property was roughly 73 percent leased at the time of sale. The buyer was Dallas-based Dalfen America Corp.

July 17, 2018

Acquisitions California Hospitality Western

Mani Brothers Real Estate Acquires 205-Room Hotel in Napa Valley

by Amy Works July 17, 2018

NAPA, CALIF. — Mani Brothers Real Estate Group has purchased the Embassy Suites by Hilton Napa Valley, located at 1075 California Blvd. in Napa, for an undisclosed price. The seller was RLJ Lodging Trust. The buyer plans to convert the 205-room hotel into a Curio Collection property, complete with a refurbishment and overall renovation of the existing property. Upgrades will include a redesign of all guest rooms and restaurant spaces, addition of a full-service space, new pools and a 54-room expansion. Situated on more than eight acres, the property features over 10,000 square feet of indoor and outdoor event space, including a rose garden, chef’s garden, fire pits, mill pond with resident swans and year-round pool.

July 17, 2018

Acquisitions California Retail Western

Kidder Mathews Arranges Sale of Four-Building Retail Property in California’s Central Valley

by Amy Works July 17, 2018

VISALIA, CALIF. — Kidder Mathews has brokered the sale of The Shops at Visalia Pavilion, located at 3833, 3837, 3927 and 4015 W. Caldwell Ave. in Visalia. Toor Capital purchased the four-building property for $8.7 million. At the time of sale, the 33,000-square-foot asset was 95 percent occupied by a variety of tenants, including Starbucks Coffee, T-Mobile and Papa Murphy’s Pizza. Peter Beauchamp, Darren Tappen and Jenette Bennett of Kidder Mathews represented the seller, a New York-based private equity firm, in the deal.

July 17, 2018

Acquisitions California Industrial Self-Storage Western

Loeffler Negotiates $4.5M Sale of Self-Storage Facility in Northern California

by Amy Works July 17, 2018

REDDING, CALIF. — Loeffler Self-Storage Group has arranged the sale of All-Preferred Mini-Storage, a self-storage facility located in Redding. The Raudman Family sold the property to a local investor for $4.5 million, or $57.62 per square foot. Situated on 3.9 acres, the 78,095-square-foot facility features 530 storage units and a cellular antenna. The property comprises 13 single-story buildings with asphalt drive aisles, plus a manager’s office and residence. Bobby Loeffler and Tyler Skelly of Loeffler Self-Storage Group represented the seller and buyer in the transaction.

July 17, 2018

Acquisitions Multifamily Nevada Western

La Esperanza Apartments in North Las Vegas Trades for $4.5M

by Amy Works July 17, 2018

NORTH LAS VEGAS — Northcap Multifamily has facilitated the sale of La Esperanza Apartments, a multifamily property located at 900-1208 E. Carey Ave. in North Las Vegas. Tayla Family Trust & Miklos Steuer Trs sold the asset for $4.5 million, or $62,500 per unit. Built in 1962, the property features 72 apartment units. The buyer plans to renovate the property. Devin Lee, Robin Willett, Jared Roberts and Jason Dittenber of Northcap Multifamily represented the seller and buyer in the off-market deal.

July 17, 2018

Acquisitions Arizona Development Multifamily Western

Orion Investment Brokers Acquisition of Nine-Acre Land Parcel for Multifamily Development in Chandler, Arizona

by Amy Works July 17, 2018

CHANDLER, ARIZ. — Orion Investment Real Estate has arranged the purchase of a nine-acre land parcel located within the Price Corridor of Chandler. Houston-based Kaplan Cos. acquired the property from Price Revocable Trust and Circle R Investments for $4.4 million. The buyer plans to develop The District at Chandler, 340-unit multifamily project on the site. Larry Kush of Orion represented the buyer in the deal.

July 17, 2018

Acquisitions Illinois Industrial Midwest

Midwest Industrial Funds Acquires 600,000 SF Industrial Complex in Hodgkins, Illinois for $17M

by Kristin Harlow July 17, 2018

HODGKINS, ILL. — Midwest Industrial Funds has purchased a 600,000-square-foot, two-building industrial complex in Hodgkins, about 17 miles southwest of Chicago, for more than $17 million. The company plans to renovate and reposition both buildings at a total cost of $15 million. Midwest Industrial plans to tear down part of the building at 6600 River Road in order to modernize the property with 45 additional exterior docks, new glass façade, new office space, a new roof and HVAC. Once renovated, the 408,000-square-foot building will be named Hodgkins Center of Commerce and feature 62 dock doors, onsite trailer parking and a clear height of 26 feet. The smaller property at 6620 River Road will remain 110,000 square feet and undergo an exterior renovation. Walter Murphy of Lee & Associates represented the undisclosed seller. Steve Roth of CBRE secured construction financing for the project. Harris Architects will provide architectural services and Spaceco is the civil engineer.

July 17, 2018

Acquisitions Illinois Industrial Midwest

Amerco Purchases Two Industrial Buildings in Libertyville, Illinois

by Kristin Harlow July 17, 2018

LIBERTYVILLE, ILL. — Amerco Real Estate Co. has purchased two industrial buildings in Libertyville, about 40 miles northwest of Chicago. The purchase price was not disclosed. Amerco is the parent company of U-Haul and provides real estate and development services to U-Haul. The company purchased a 48,439-square-foot building at 14045 Rockland Road as well as a 12,000-square-foot building located next door. Both properties will serve as storage and truck rentals for U-Haul. Brian Bocci of Entre Commercial Realty represented the buyer in both transactions. John Hauser of Avison & Young represented the undisclosed seller of the larger building. The second building was not officially on the market, but JLL represented its seller.

July 17, 2018

Edgewater-Hotel-&-Casino-Resort-Laughlin-Nevada

Acquisitions Hospitality Nevada Top Stories Western

Golden Entertainment to Acquire Two Casino Resorts in Nevada for More Than $168M

by Taylor Williams July 16, 2018

LAUGHLIN, NEV. — Golden Entertainment Inc. (NASDAQ: GDEN), an owner-operator of casino resorts, has agreed to acquire two properties in Nevada for more than $168 million. Golden will acquire Edgewater Hotel & Casino Resort and Colorado Belle Hotel & Casino Resort, both of which are located about 100 miles south of Las Vegas in Laughlin. The seller is Marnell Gaming LLC, which is also based in Nevada. The deal is expected to close during the first quarter of 2019. Combined, Edgewater Hotel & Casino Resort and Colorado Belle Hotel & Casino Resort feature more than 1,400 slot machines, 40 table games and 2,150 hotel rooms. The casino resorts also offer 11 restaurants and dedicated entertainment venues, including the 12,000-seat Laughlin Event Center. The properties are situated adjacent to Aquarius Casino Resort, an asset owned by Golden Entertainment that features 1,200 slot machines, 30-plus game tables and roughly 2,000 hotel rooms. “Over the past several years, Marnell Gaming has taken their expertise and created a significant hotel, casino and entertainment presence in Laughlin,” says Blake Sartini, chairman and CEO of Golden Entertainment. “We are excited to solidify our presence in this growing and attractive game market.” The exact sales price has …

July 16, 2018

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