FRISCO, TEXAS — New York-based Innovatus Capital Partners LLC has acquired Frisco Bridges Place, a 163,923-square-foot office building located along the $5 Billion Mile in Frisco. The Class A property was 93 percent leased at the time of sale to 23 tenants and features structured parking and direct access to the Dallas North Tollway. Innovatus will implement capital improvements to certain amenities, including the fitness center and café. The seller and sales price were not disclosed.
RICHARDSON, TEXAS — Charlotte, N.C.-based Romans Properties LLC has arranged the sale of a 75,119-square-foot data center located at 1001 E. Campbell Road in Richardson, a northeastern suburb of Dallas. The sales price was approximately $36.6 million. The property is fully leased to Sungard AS, a Pennsylvania-based provider of recovery software for cloud computing and data systems. Chris Orr of Romans Properties represented the buyer, an institutional investor, in the transaction.
CHICAGO — Mansueto Properties LLC has acquired The Wrigley Building, which is located on North Michigan Avenue in Chicago. HFF arranged $150 million in acquisition financing, but the actual purchase price was $255 million, according to local media reports. The iconic Class A office and retail property totals 478,920 square feet. Originally built in 1921 and 1924, the property is listed on the National Register of Historic Places. The two-tower property, which has connecting walkways on the third and 14th floors, was renovated from 2012 to 2014 to create modern office and retail space, to further enhance the historic façade and to provide amenities such as a fitness center, tenant lounge and conference center. The towers are 90 percent leased. Tenants include American Medical Association, Leo Burnett, ABA, Nuveen, Walgreens and Perkins + Will. Stephen Skok of HFF arranged the 30-year, fixed-rate financing through a major life insurance company. The seller was BDT Capital Partners, according to local media.
WAUKEE, IOWA — Besyata Investment Group and The Scharf Group have acquired Autumn Ridge Apartments in Waukee for $58 million. The purchase will be completed in two phases, as the second half of the apartment property has yet to be constructed. Jeff Seidenfeld of Eastern Union arranged a $27.5 million, 85 percent loan-to-value bridge loan with Greystone for the first phase of the acquisition, which comprises 236 units. Upon completion, the Class A property will total 434 units. HFF brokered the sale of the property and represented the undisclosed seller. BH Management will handle property management and leasing. Both Besyata and Scharf groups are based in New York.
LEWIS CENTER, OHIO — Romans Properties has brokered the $5 million sale of a data center in Lewis Center, about 20 miles north of Columbus. The 57,000-square-foot facility is located at 8180 Green Meadows Drive. The property is fully leased by Cyxtera, which provides data center colocation, cybersecurity and cloud-based services. Chris Orr of Romans represented the buyer, an institutional client. The seller was not disclosed.
BRENTWOOD, CALIF. — Chicago-based Fairbourne Properties has purchased The Streets of Brentwood, a grocery- and theatre-anchored lifestyle center located at 2455 Sand Creek Road in Brentwood. A fund managed by DRA Advisors sold the asset for $85.7 million, according to property records obtained by the San Francisco Business Times. The 358,615-square-foot center includes a 14-screen AMC Theatre, DSW, Ulta Beauty and Sprouts Farmers Market. Nicholas Bicardo and Brandon Rogoff of NKF Capital Markers represented the seller in the transaction.
LONG BEACH, CALIF. — Stepp Commercial has negotiated the sale of Patio Gardens, an apartment community located at 4874 E. Los Coyotes Diagonal in Long Beach’s Traffic Circle neighborhood. Emeryville, Calif.-based HFH Limited acquired the property from a Long Beach-based private investor for $50.8 million. Built in 1958, the property features 19 two-story buildings with a total of 127 two-bedroom units averaging 1,000 square feet. On-site amenities include landscaped gardens and lawns, laundry facilities, a fitness center and parking garages. Robert Stepp of Stepp Commercial represented the seller and buyer in the deal.
SAN JOSE, CALIF. — PCCP, in a joint venture with Lincoln Property Co., has acquired Valley Technology Centre, a seven-building office and R&D complex located on 26.4 acres in San Jose. MWest sold the property for an undisclosed price. Built in 2000, the 464,000-square-foot property was 74 percent leased at the time of sale. The complex comprises seven two-story office and R&D facilitates with 18-foot clear height on the ground floors to accommodate roll-up doors and shipping/receiving requirements. The properties are located at 2660, 2680, 2700, 2720, 2740 Zanker Road and 2585 and 2595 Junction Ave. in North San Jose.
FORT MYERS, FLA. — Coastal Ridge Real Estate and H. Katz Capital have acquired Coastal Village Apartments, an 800-bed student housing community in Fort Myers, for $44 million. The community is located at 19401 Skidmore Way, less than three miles from Florida Gulf Coast University. Constructed in 2004, Coastal Village Apartments features four-bedroom, fully furnished units with bed-to-bath parity. Community amenities include a lakeside pool, barbecue and picnic areas, clubhouse, fitness center, sand volleyball court and a computer lab. Kevin Larimer, Greg Gonzalez, Jason Stanton and Cole Whitaker of Berkadia arranged the transaction on behalf of the undisclosed seller.
LAS VEGAS — VICI Properties has acquired the 23-story Octavius Tower at Caesars Palace Las Vegas for $507.5 million in cash. Under the terms of an existing ground lease, the REIT will lease the 668-room hotel back to the seller, Caesars Entertainment Corp., which currently operates the property. Caesars’ annual rent payment to VICI will be $35 million. Constructed in 2012, the hotel spans 1.2 million square feet and is located on the Flamingo Avenue side of Caesars Palace Las Vegas. At the time of closing, VICI announced that it will also acquire Harrah’s Philadelphia from Caesars. The original purchase price of $241.5 million will be reduced to $82.5 million to reflect modifications to VICI’s existing leases with Caesars. “These agreements with VICI unlock more than $500 million in value from our real estate assets to support value-adding growth opportunities and reduce the volatility of our future rent payments, demonstrating our commitment to create value for our shareholders while maintaining financial discipline,” says Mark Frissora, president and CEO of Caesars Entertainment. Constructed in 2006, Harrah’s Philadelphia underwent a renovation in 2017. The property spans 2 million square feet and includes 2,450 slot machines, live table games, and several bars, restaurants and parking garages. …