SAN DIEGO — Pacific Coast Commercial has arranged the sale of a retail and office property located at 2790 Lytton St. in San Diego. Greentree Enterprises sold the property to Global Disposal for $2.1 million. The property features 13,428 square feet of retail and office space. David Dilday and Erik Anderson of Pacific Coast represented the buyer and seller in the deal.
BETHESDA, MD. — Affiliates of global asset management firm Blackstone have agreed to acquire Maryland-based LaSalle Hotel Properties in an all-cash transaction valued at roughly $4.8 billion. The deal is expected to close during the third quarter. LaSalle’s portfolio spans 104,000 guestrooms across 41 properties in 11 markets. Under the terms of the agreement, Blackstone will acquire all outstanding shares of LaSalle’s common stock at $33.50 per share. This price represents a premium of about 35 percent over the company’s stock price of $24.84 per share at the time the deal was proposed. LaSalle’s stock price closed at $31.90 per share on Friday, May 18, up from $28.53 per share in mid-May 2017. “After careful consideration of multiple proposals received, the board determined that this transaction represents the most compelling opportunity for LaSalle’s shareholders,” said Stuart Scott, chairman of the board for LaSalle. “This transaction will deliver a significant premium with immediate and certain cash value.” Blackstone submitted a winning bid after hospitality REIT Pebblebrook Hotel Trust offered to acquire LaSalle in late April. Local news outlet WTOP reports that Pebblebrook, which is also based in Bethesda, entered a bid of $3.7 billion. However, in a statement released this morning, Pebblebrook claimed …
DALLAS — Lee & Associates has negotiated the sale of a 36,227-square-foot industrial asset located at 121 La Paz St. on Dallas’ southeast side. Corbin Blount and Nathan Denton of Lee & Associates represented the seller, La Paz Partners Ltd., in the transaction. Caleb Bates of Bates & Myers Co., represented the buyer, Jessup Charitable Remainder Trust.
NEW YORK CITY — Cushman & Wakefield has negotiated the $9.3 million sale of 309 East 92nd St., a five-story, 8,600-square-foot apartment building locatedon Manhattan’s Upper East Side. Cushman & Wakefield represented the seller, 309 East 92 LLC, in the transaction. The 10-unit, free-market apartment building includes nine four-bedroom units and one two-bedroom unit. The property underwent a renovation project, which included the construction of a roof deck, in 2015.
RIDGEWOOD, N.J. — Marcus & Millichap has brokered the $2 million sale of a 6,000-square-foot office building in Ridgewood, about 20 miles outside of Manhattan. The property is located at 166 Franklin Ave. near the downtown area.David Thurston of Marcus & Millichap represented the seller and procured the buyer in the transaction, both of which were limited liability companies. Other terms of sale were not disclosed.
MICHIGAN, INDIANA AND OHIO — Global Net Lease Inc., a real estate investment trust focused on the acquisition of net lease industrial properties, has acquired five industrial assets representing approximately 1.4 million square feet for $83 million. Three of the buildings are located in Michigan with one in Indiana and one in Ohio. The properties are leased to Contractors Steel Co., a steel service supplier. The industrial buildings included in this transaction comprise all of Contractors Steel Co.’s facilities and also house the company’s offices, central inventory and processing depot.
EDEN PRAIRIE, MINN. — CBRE Capital Markets has brokered the $11 million sale of City West Business Center North and South in Eden Prairie, 12 miles southwest of Minneapolis. The pair of industrial flex buildings total 172,904 square feet. Constructed in 1984, the properties feature a 67 percent office finish and a clear height of 12 feet. Tenants include Third Wave, InstyMeds, Augustine Biomedical and HRST Inc. Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz of CBRE represented the seller, Provident Real Estate Ventures LLC. Finke Associates Inc. purchased the assets.
TAMPA, FLA. — Marcus & Millichap has brokered the $88.4 million sale of the Tripointe Value-Add Portfolio, a six-property multifamily portfolio located throughout Central and North Florida. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office arranged the transaction on behalf of the seller, an Ohio-based limited liability company, and procured the buyer, a Tampa-based limited liability company. The properties in the transaction included The Palms at Brandon, a 184-unit community in Brandon, roughly 12 miles east of Tampa; the 154-unit Bradford Place in Orange Park, about 20 miles south of Jacksonville; the 168-unit Mallards of Brandywine in Deland, approximately 40 miles north of Orlando; Marsh Oaks, a 120-unit community in Atlantic Beach, roughly 16 miles east of Jacksonville; the 200-unit San Pablo in Jacksonville; and Shadow Lakes, a 184-unit community in Ormond Beach, located six miles north of Daytona Beach. The communities feature amenities such as swimming pools, car was areas, tennis courts, fitness centers and playgrounds.
PALM BEACH GARDENS, FLA. — InvenTrust Properties Corp. has acquired PGA Plaza, a 120,000-square-foot shopping center in Palm Beach Gardens, for $88 million. Menin Development Inc. sold the center. The Delray Beach-based company invested $14 million to renovate the property in 2015. PGA Plaza was 95 percent leased at the time of sale to tenants such as Trader Joe’s, Marshalls, Ulta Beauty, Verizon Wireless, Orangetheory Fitness and Chase Bank.
TULSA, OKLA. — Tulsa-based Stan Johnson Co. has arranged the $57 million sale of a Gateway Academy portfolio located throughout Colorado, North Carolina and South Carolina. The portfolio includes 21 single-tenant assets that are net-leased to the childcare organization. Six of the facilities are located in North Carolina, 10 in South Carolina and five in Colorado. Milo Spector, Chris Lomuto and Matt Lipson of Stan Johnson Co. arranged the transaction on behalf of the seller, which developed the properties and co-founded Gateway Academy. A Texas-based institutional investor acquired the portfolio.
