Acquisitions

JLL Brokers Sale of Two Industrial Buildings in San Diego Business Park

by Amy Works July 3, 2018

SAN DIEGO — JLL has arranged the sale of two light industrial buildings located within Scripps Ranch Business park in San Diego. Carroll Canyon Properties acquired the properties, located at 9965 Carroll Canyon Road and 9850 Businesspark Ave., from Hill Properties for an undisclosed price in an off-market transaction. At the time of sale, the buildings were fully leased to Kone and Foresight Sports. The two-building asset consists of 27,801 square feet on a 2.1-acre corner lot. Sach Kirpalani, Bob Prendergast and Lynn LaChapelle of JLL represented the seller in the deal.

July 3, 2018

Acquisitions California Development Hospitality Retail Western

Brixton Capital Purchases Former Police Station in California for $4.2M

by Amy Works July 3, 2018

EL CAJON, CALIF. — Brixton Capital has acquired the former El Cajon Police Station, located at 100 Fletcher Parkway in El Cajon, for $4.2 million. The seller was the City of El Cajon. The buyer plans to transform the 4.1-acre site in Fletcher Marketplace, a mixed-use project comprising approximately 16,000 square feet of retail space and a 60,000-square-foot hotel. Brixton will sell 1.4 acres of the site to Excel Hotel Group, which will handle the hotel development portion of the project. The retail center is 99 percent pre-leased to a variety of tenants, including In-and-Out, Blaze Pizza, California Fish Grill, Urbane Café and Mattress Firm. Dempsey Construction is serving as contractor for the retail development. Don Moser and Matt Moser of Retail Insite represented the buyer and seller in the transaction.

July 3, 2018

Acquisitions Hospitality New York Northeast

Hilton Grand Vacations Acquires Quin Hotel in Manhattan for $175M

by David Cohen July 2, 2018

NEW YORK CITY — Hilton Grand Vacations has acquired the Quin, a 17-story, 208-room hotel in Midtown Manhattan, for $175 million. The seller is a fund managed by UBS Asset Management, as reported by Bloomberg. The acquisition is the company’s fourth property in New York City. The Quin is a luxury lifestyle hotel located at 101 West 57th St. near Carnegie Hall and Times Square with views of Central Park. The hotel opened in 1929 as the Buckingham and housed a number of famous artists, including Georgia O’Keeffe and Marc Chagall. Hilton Grand Vacations plans to convert the existing 208 rooms into 212 timeshare units. Amenities are expected to include a private owner’s lounge, fitness center and restaurant. The property will remain open during all phases of the transition.

July 2, 2018

Acquisitions Northeast Rhode Island

CBRE Brokers $3.4M Sale of Office Building in East Providence, Rhode Island

by David Cohen July 2, 2018

EAST PROVIDENCE, R.I. — CBRE New England has brokered the $3.4 million sale of a single-story, 50,664-square-foot office building in East Providence. Located on nearly eight acres at 20 Risho Ave., the property includes 283 parking spaces. John Cregan of CBRE represented the seller, the Maurice Mizrahi and Sophie Mizrahi Trust, in the transaction. Fox Paw Properties purchased the property. Currently two tenants occupy 13,164 square feet at the building. The buyer plans to renovate the property and occupy the remaining space.

July 2, 2018

Acquisitions Mixed-Use Northeast Pennsylvania

Dalzell Capital Partners Acquires Mixed-Use Property in Philadelphia

by David Cohen July 2, 2018

PHILADELPHIA — Dalzell Capital Partners has acquired Waverly Court, a mixed-use property located in Center City, Philadelphia, for $21 million. Originally built in the early 1900s, the property includes 61 apartments and 2,800 square feet of commercial space. All residential units feature factory-style windows, exposed brick walls, 12- to 14-foot ceiling heights and stainless steel appliances. Dalzell acquired the mixed-use building from Yess Properties. Waverly Court is Dalzell Capital’s third acquisition in Center City in less than a year.

July 2, 2018

Acquisitions Loans Multifamily New Jersey Northeast

Progress Capital Funds $2.3M Acquisition of Vacant Jersey City Gas Station

by David Cohen July 2, 2018

JERSEY CITY, N.J. — Progress Capital has provided a $2.3 million bridge loan for the acquisition of a vacant gas station located at 348 Baldwin Ave. in Jersey City. Kathy Anderson of Progress Capital arranged the financing for borrower, 350 Pavonia Group LLC. The term of the interest-only loan is 12 months accompanied by a fixed-rate of 12 percent. The gas station is slated to be demolished and the site has been approved for rezoning as residential. The borrower plans to construct a 45-unit multifamily building on the site. The below-ground tanks at the site were properly sealed at the time the gas station closed, according to the lender. Prior to purchase and approval of the multifamily development, testing at the site showed no risk of environmental hazard.

July 2, 2018

Acquisitions Alabama Industrial Southeast

Monmouth Purchases Amazon-Leased Industrial Building Near Mobile for $33.7M

by Camren Skelton July 2, 2018

THEODORE, ALA. — Monmouth Real Estate Investment Corp. has acquired a newly constructed industrial building located at 6735 Trippel Road in Theodore, roughly 15 miles southwest of Mobile, for $33.7 million. The 362,942-square-foot facility, which opened in the second half of 2017, is net-leased to Amazon Fulfillment Service Inc. for 11 years. Johnson Development Associates Inc. developed the facility in partnership with Amazon. The property is situated on 31.3 acres, roughly 14 miles from the Port of Mobile. The acquisition marks Monmouth’s second property leased to Amazon.

July 2, 2018

Acquisitions Georgia Hospitality Southeast

Apple Hospitality Acquires Hampton Inn & Suites in Metro Atlanta for $29.5M

by Camren Skelton July 2, 2018

DUNWOODY, GA. — Apple Hospitality REIT Inc. has acquired the 132-room Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody for $29.5 million, or roughly $223,000 per room. The hotel, which opened in 2016, is located at 4565 Ashford Dunwoody Road, roughly 15 miles north of downtown Atlanta in the city’s Central Perimeter submarket. The name of the seller was not disclosed. The hotel features a business center, meeting rooms, fitness center and a pool. Following the acquisition, Apple Hospitality’s portfolio spans 243 hotels across 34 states.

July 2, 2018

Acquisitions Florida Retail Southeast

ShopOne Acquires Publix-Anchored Shopping Center Near Daytona Beach for $21.9M

by Camren Skelton July 2, 2018

ORMOND BEACH, FLA. — ShopOne Centers REIT Inc. has acquired The Trails Shopping Center, a 135,286-square-foot shopping center located at 282 N. Nova Road in Ormond Beach, a city on Florida’s east coast near Daytona Beach. Sabal Financial Group LP – Slate Trails Holdings LLC sold the asset for $21.9 million. Richard Chichester, Donald MacLellan and Shaun Riley of Faris Lee Investments arranged the transaction on behalf of ShopOne. Originally constructed in 1978, The Trails Shopping Center underwent a major renovation in 2017. A 36,866-square-foot Publix anchors the property, which was 77 percent leased at the time of sale. Additional tenants include Talbot’s, Chico’s, LOFT, Dairy Queen, Anytime Fitness, Jos. A. Bank, White House-Black Market, BurgerIM and Supercuts.

July 2, 2018

Acquisitions Florida Retail Southeast

NKF Capital Markets Arranges $18.3M Sale of Shopping Center, Outparcel in North Florida

by Camren Skelton July 2, 2018

LAKE CITY, FLA. — NKF Capital Markets has arranged the $18.3 million sale of Gleason Place, a 129,000-square-foot shopping center located at 275 Hutton Place N.W. in Lake City, a city in North Florida. The sale included the shopping center and a 1.3-acre land outparcel. Drew Fleming and Mark Joines of NKF Capital Markets represented the seller, Hutton, in the transaction. North Lauderdale Associates acquired the property. Constructed in 2017, Gleason Place was fully leased at the time of sale to tenants such as Hobby Lobby, Ross Dress for Less and Dick’s Sporting Goods. The center is located adjacent to a Publix-anchored center and the recently renovated Lake City Mall.

July 2, 2018

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