Acquisitions

Greystone Brown Arranges Sale of Presidential Tower in Atlanta, Buyer Planning Seniors Housing Conversion

by Camren Skelton June 8, 2018

ATLANTA — Greystone Brown Real Estate Advisors has arranged the sale of the Presidential Tower, a 15-story commercial building located at 4001 Presidential Parkway in Atlanta. Taylor Brown of Greystone Brown arranged the transaction on behalf of the seller, Hays Financial Consulting LLC. Known for its cylindrical shape, the building is visible from one of the city’s main traffic corridors — Spaghetti Junction, which is situated at the intersection of Interstates 285 and 85. Originally constructed in 1973, Presidential Tower was the former Presidential Hotel. Over the last several years, the property fell into disrepair. Peacock Partnership Inc. acquired the building for an undisclosed price, with plans to convert the property into a seniors housing community. Once complete, the complex will be one of the largest seniors housing communities in Atlanta, according to Greystone Brown. A construction timeline for the project was not disclosed.

June 8, 2018

Acquisitions California Retail Western

CBRE Negotiates $46.5M Sale of 165,508 SF Shopping Center in Orange County

by Amy Works June 7, 2018

SANTA ANA, CALIF. — CBRE has arranged the sale of Bristol Center, a community shopping center located at 3601-3825 S. Bristol St. in Santa Ana. Dallas-based Sarofim Realty Advisors sold the retail center to Orange County, Calif.-based JH Real Estate Partners for $46.6 million. Preston Fetrow, Kirk Brummer, Megan Wood, Sean Heitzler and Philip Voorhees of CBRE’s National Retail Partners-West represented the seller and buyer in the deal. Built in 1974, Bristol Center features 165,508 square feet of retail space and is situated on 14.2 acres directly across from South Coast Plaza. At the time of sale the property was 97 percent leased to a variety of tenants, including CVS/pharmacy, Michaels, Staples, Party City, Wells Fargo, Buffalo Wild Wings, Chick-fil-A, Chipotle and Firestone Auto Care.

June 7, 2018

Acquisitions Connecticut Hospitality Northeast

Queens Plaza West Purchases 120-Room Hotel in Norwalk, Connecticut

by David Cohen June 7, 2018

NORWALK, CONN. — Queens Plaza West has acquired the 120-room Dolce Norwalk hotel in Norwalk. The sales price was not disclosed. Lakota Hotels & Resorts will operate the 66-acre facility after renovations and upgrades, which will include updates to the 240-seat ballroom, amenity areas and guest rooms. Situated in the center of Fairfield County, the hotel offers views of outdoor terraces, wide green lawns, wooded areas and ponds. The property features a 10,500-square-foot event space, lap pool, full-sized basketball court, racquetball courts and a fitness center. Dolce Norwalk was acquired for $24.9 million in 2007 by Broadreach Capital Partners.

June 7, 2018

Acquisitions Multifamily New Jersey Northeast

One Wall Partners Acquires Three Multifamily Properties in New Jersey

by David Cohen June 7, 2018

EAST ORANGE AND NEWARK, N.J. — One Wall Partners has acquired three multifamily properties in Northern New Jersey. The properties, which have a combined 217 units, are located at 742 Park Ave. in East Orange, 103 Chancellor Ave. in Newark and 25 Van Velsor Place in Newark. With these acquisitions, One Wall’s portfolio now comprises 39 buildings spanning 1,917 units in Northern New Jersey. One Wall Partners specializes in transit-oriented workforce housing options. Gebroe-Hammer Associates represented One Wall Partners in the transactions.

June 7, 2018

Acquisitions Connecticut Loans Northeast

Fantini & Gorga Secures $4.6M Acquisition Financing for Days Inn & Suites in Mystic, Connecticut

by David Cohen June 7, 2018

MYSTIC, CONN. — Fantini & Gorga has secured a $4.6 million first mortgage loan for the acquisition of the Days Inn & Suites in Mystic. A major New England-based financial institution provided the financing to the undisclosed borrower, a long-time client of Fantini & Gorga, as part of a 1031 exchange. The property consists of a 120-room, two-story motel with 51,732 square feet of space on a nearly five-acre lot.

June 7, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $3M Sale of Mixed-Use Building in Queens

by David Cohen June 7, 2018

NEW YORK CITY — Marcus & Millichap has brokered the sale of a 6,100-mixed-use building located at 853 Onderdonk Ave. in the Ridgewood neighborhood of Queens. The sales price was $3 million. The property was built in 1930 and features 2,230 square feet of ground-floor retail space. Shaun Riney and Tom Shihadeh of Marcus & Millichap represented the seller and buyer, both private investors, in the transaction.

June 7, 2018

Acquisitions Retail Texas

REATA Brokers Sale of Marshalls-Anchored Shopping Center in San Antonio

by Taylor Williams June 7, 2018

SAN ANTONIO — REATA Real Estate Services LP has brokered the sale of Valley View Shopping Center, an 86,196-square-foot retail center located at 8523 Blanco Road on San Antonio’s north side. Anchored by Marshalls, the property was 89 percent occupied at the time of sale. Kevin Catalani of REATA represented the seller, Weingarten Realty, in the transaction. Dallas-based LRIC Properties purchased the center for an undisclosed price.

June 7, 2018

Acquisitions Retail Texas

HFF Arranges Sale of 6,880 SF Retail Strip Center in Houston

by Taylor Williams June 7, 2018

HOUSTON — HFF has arranged the sale of a 6,880-square-foot retail strip center located at 4902-4930 Washington Ave. in the Washington Memorial Heights area of Houston. Completed in 1999, the property was fully leased at the time of sale to tenants such as FedEx Kinko’s, Subway and Bell Cleaners. Ryan West, John Indelli and Charlie Strauss of HFF represented the seller, Orr Commercial, a development and brokerage firm founded by former NHL player Bobby Orr. A private investor purchased the asset for an undisclosed price.

June 7, 2018

Acquisitions Multifamily North Carolina Southeast

Lantower Acquires Newly Constructed Apartment Community in Downtown Durham for $76.3M

by Camren Skelton June 7, 2018

DURHAM, N.C. — Lantower Residential has acquired BullHouse, a 305-unit apartment community located in downtown Durham, for $76.3 million. Woodfield Development, which completed construction on the property earlier this year, sold the asset. BullHouse is located at 504 E. Pettigrew St., roughly three miles from Duke University & Hospital. The community features a mix of studio to three-bedroom units with stainless steel appliances, designer kitchen cabinets, white quartz countertops, USB outlets and floor-to-ceiling windows in select units. Community amenities include a heated saltwater pool, sky terrace, fitness center with separate yoga and massage rooms, electric car charging stations, Amazon Hub package system, dog spa and a clubhouse with entertaining space. Including this acquisition, Lantower Residential’s portfolio features 18 multifamily properties consisting of 5,938 units.

June 7, 2018

Acquisitions Multifamily Southeast Virginia

STAR III Acquires Multifamily Community in Hampton Roads Region for $30.1M

by Camren Skelton June 7, 2018

CHESAPEAKE, VA. — Steadfast Apartment REIT III Inc. (STAR III) has acquired Cottage Trails at Culpepper Landing, a 183-unit multifamily community in Chesapeake, for $30.1 million. The name of the seller was not disclosed. Completed in 2015, the Hampton Roads property include eight, three-story buildings with a mix of one-, two- and three-bedroom units. Community amenities include a community clubroom with catering kitchen, saltwater pool, fitness and yoga studio, dog park, playground, residential storage units, cyber café and grilling areas. STAR III plans to replace laminate countertops with quartz countertops in the kitchens and bathrooms, as well as renovate and update some of the common amenities.

June 7, 2018

Newer Posts

Older Posts