NEW YORK CITY — New York-based developer Sam Changhas acquired a 9,983-square-foot lot in Long Island City with plans to build a branded hotel on the site. The sales price for the property, located at 38-15 9th St., was $6.5 million. Construction of the hotel is expected to begin this year. Cushman & Wakefield represented the seller, BNC Hospitality, in the transaction. The development site allows up to 49,917 buildable square feet for commercial or hotel development.
HUDSON, MASS. — R.W. Holmes Realty has brokered the $6.9 million sale of 1 Cabot Road, a 69,272-square-foot office building in Hudson, about 30 miles west of Boston. Craig Johnston, Garry Holmes, and Jim Bartholomew of R.W. Holmes represented the seller, K & L Realty, in the transaction. The buyer was Creative Cabot LLC. The property features a fitness center with showers, a lobby and two retail stores.
MIAMI — KKR and Parkway Property Investments LLC have acquired Sabadell Financial Center, a 30-story office tower located at 1111 Brickell Ave. in Miami’s Brickell submarket. PGIM Real Estate Investors sold the asset for $250 million after acquiring the building in 2013 for $184.3 million, according to The Real Deal. Square Mile Capital Management LLC originated acquisition financing on behalf of the new owners. The building was constructed in 2000 in conjunction with the adjacent JW Marriott Hotel. The tower features panoramic views of Miami and Biscayne Bay, roughly 18,000 square feet of green space, an onsite café and deli, fitness center and an airport shuttle service. KKR and Parkway plan to renovate the building’s common areas. The building houses tenants including Sabadell United Bank, Telefonica USA, Ferragamo, Hunton & Williams, Baker & McKenzie, Regus and Barclays.
JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $47.8 million sale of One Imeson Distribution Center, a two-story, 1.7 million-square-foot industrial building located within Jacksonville’s Imeson Industrial Park. The property includes a 12.3-acre container storage area, as well as a 24.2-acre site that can accommodate an expansion or future build-to-suit development. Mike Davis, Karl Johnston, Tyler Newman, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, GIV Imeson LLC. Arsenault Holdings LLC acquired the asset. One Imeson includes 1.5 million square feet of industrial space and 248,317 square feet of office space. The building was 74 percent leased at the time of sale to tenants such as Bacardi, General Dynamics, Komyo America (Honda), Venus Swimware, the Jacksonville Supervisor of Elections and Samsonite. The property was constructed in 1974 and was last renovated in 2015. Improvements included an entire new roofing system, new chillers, lighting upgrades and various cosmetic improvements.
MISSOURI — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have entered into an agreement to acquire a portfolio of eight skilled nursing facilities throughout Missouri for $88.2 million. The undisclosed properties total 1,112 beds and approximately 384,000 square feet. The portfolio is fully leased under a 15-year absolute net lease. As of June 13, the REIT has acquired a 2.7 million-square-foot portfolio of 45 medical office buildings, senior housing facilities and skilled nursing facilities in 16 states.
AMES, IOWA — Arrimus Capital has sold the 518-bed Stadium View in Ames for $44 million. The Class A student housing property is located adjacent to Iowa State University. The property, which features 197 units with a mix of two-, three- and four-bedroom floor plans, is currently 99 percent occupied and more than 80 percent pre-leased for the 2018-2019 academic year. Amenities include a fitness center, clubhouse, study lounge and fire pit. Arriumus used a Delaware Statutory Trust to sell the property to 1031 exchange buyers who otherwise might not have been able to purchase it on their own, according to the company. The buyer was not disclosed. Arrimus acquired the asset in December 2017.
SAN FRANCISCO — NKF Capital Markets has brokered the sale of an office building located at 939 Ellis St. in the Van Ness Corridor of San Francisco. A joint venture between Seattle-based Columbia Pacific Advisors and San Francisco-based Long Market Property Partners sold the property to The Seavest Investment Group for $49 million. The seven-story building features 87,190 square feet of rentable office space, 53 parking stalls and a 4,460-square-foot patio roof deck with views of downtown San Francisco. Kyle Kovac, Michael Taquino, Daniel Cressman and Mandy Lee of NKF Capital Markets represented the seller, while the buyer, assisted by Meridian, was self-represented in the transaction.
TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of Tempe City Center, an office building located at 1400-1470 E. Southern Ave. in Tempe. Tempe CC Hui LLC purchased the 162,640-square-foot property from Tempe City Center Limited Partnership for an undisclosed price. At the time of acquisition, the property was more than 90 percent leased to a variety of tenants, including National Bank of Arizona, Fresensius Medical Care and regional law firm Carpenter, Hazelwood, Delgado & Bolen. Chris Toci and Chad Littell of Cushman & Wakefield represented the seller in the deal. The members of the acquisition group, who are principally from Hong Kong and Honolulu, were introduced to the asset by Brandon Holdings Inc., the investment’s sponsor, and IX Advisors, an investment advisory based in Seattle.
SAN FRANCISCO — Frontier Group has purchased 570 Market Street, a retail and office building located in downtown San Francisco. An undisclosed seller sold the property for $14.5 million. Built in 1922, the two-story building is occupied by a variety of retail and office tenants, including Daiso Japan, Creative Marketing Concepts, ABC Cleaners, Lucky Nails, Mercury Maintenance and Jack’s Shoe Repair. Frank Chiu of Starboard Commercial Real Estate represented the buyer in the deal.
LOS ANGELES — Hanley Investment Group Real Estate Advisors has arranged the $3.5 million sale of a single-tenant building triple-net-leased to Starbucks Coffee in Los Angeles. The newly constructed building is located less than one mile from the University of Southern California (USC) campus. Bill Asher, Jeremy McChesney and Jeff Lefko of Hanley Investment Group arranged the transaction on behalf of both the seller, an undisclosed private developer, and the buyer, a Los Angeles-based private investor. Starbucks has 19 years remaining on its lease.
