Acquisitions

Cronheim Hotel Capital Arranges $42.3M Acquisition Loan for Cambria Hotel in Downtown DC

by John Nelson July 24, 2024

WASHINGTON, D.C. — Cronheim Hotel Capital has arranged a $42.3 million acquisition loan for Cambria Hotel Washington, D.C. Convention Center, a 182-room hotel located at 899 O St. NW in downtown D.C. Built in 2014 by Concord Hospitality, the hotel is situated with a half-mile of the Walter E. Washington Convention Center and features a rooftop gathering area. The borrower, locally based Frontier Development & Hospitality Group, plans to overhaul the hotel and rebrand it to the Hyatt House flag. Other details of the renovation and loan underwriting were not disclosed.

July 24, 2024

Acquisitions Build-to-Rent Multifamily North Carolina Single-Family Rental Southeast

Capital Square Purchases 113-Unit Build-to-Rent Residential Community in Castle Hayne, North Carolina

by John Nelson July 24, 2024

CASTLE HAYNE, N.C. — Capital Square has purchased Sidbury Station, a newly constructed build-to-rent (BTR) residential community located at 6105 Dichondra Road in Castle Hayne, part of the Wilmington metropolitan statistical area. The sales price was not disclosed. Delivered last year by homebuilding giant D.R. Horton, the community features 113 detached single-family rental (SFR) homes, as well as a resort-style swimming pool, fitness center, clubhouse, sport court and a playground. Sidbury Station’s homes average 1,829 square feet in size with floor plans ranging from three to five bedrooms. Features include granite countertops, stainless steel appliances, full-size washers and dryers, walk-in closets, smart home integration, backyards and attached two-car garages. Sidbury Station represents Capital Square’s fifth BTR offering for its Section 1031/Delaware statutory trust (DST) program and the eighth BTR project for its private equity group. The community was acquired on behalf of CS1031 Sidbury Station BFR Housing DST, which seeks to raise equity from accredited investors.

July 24, 2024

Acquisitions Connecticut Northeast Retail

CBRE Brokers $6.2M Sale of Heritage Plaza Shopping Center in New Fairfield, Connecticut

by Taylor Williams July 24, 2024

NEW FAIRFIELD, CONN. — CBRE has brokered the $6.2 million sale of Heritage Plaza, a 26,403-square-foot shopping center in New Fairfield, located on the New York-Connecticut border. The center was fully leased at the time of sale to tenants such as First Step Pre-School and New Fairfield Animal Hospital. Karly Iacono, Dean Rosenzweig and Christopher Betting of CBRE represented the seller in the transaction. Mark Krantz and Derrick Dougherty of Marcus & Millichap represented the buyer. Both parties requested anonymity.

July 24, 2024

Acquisitions Build-to-Rent Indiana Midwest Single-Family Rental

Marcus & Millichap Brokers Sale of 142-Unit Build-to-Rent Community in Greenfield, Indiana

by Kristin Harlow July 24, 2024

GREENFIELD, IND. — Marcus & Millichap has brokered the sale of Sandalwood West, a 142-unit build-to-rent community in the eastern Indianapolis suburb of Greenfield. The sales price was undisclosed. Completed in 2023, the property features a mix of three-, four- and five-bedroom homes. Scott Harris and Samuel McCarthy of Marcus & Millichap represented the seller, D.R. Horton, and procured the buyer, a real estate fund managed by Up&Up. The property is situated in Hancock County, which is experiencing multifamily vacancy of 1.5 percent and rental growth of 11.4 percent over the past 12 months, according to Harris.

July 24, 2024

Acquisitions Arizona Multifamily Western

Bridge Investment Group Divests of 288-Unit Equestrian Multifamily Property in Tucson, Arizona

by Amy Works July 24, 2024

TUCSON, ARIZ. — Bridge Investment Group has completed the disposition of Equestrian, a multifamily property in Tucson. Investors Capital Group acquired the asset for an undisclosed price. Built in 2008, Equestrian features 288 apartments with fully equipped kitchens, granite countertops, in-unit washers and dryers, nine-foot ceilings, large walk-in closets and private patio or balconies. Community amenities include a leasing office, business center, resort-style swimming pool, clubhouse, fitness center, covered parking and 70 private detached garages. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

July 24, 2024

Acquisitions California Lee & Associates Office Western

NAI Capital, Lee & Associates Negotiate $28.2M Acquisition of Two Office Buildings in San Gabriel Valley, California

by Amy Works July 24, 2024

DIAMOND BAR AND MONTEREY PARK, CALIF. — NAI Capital Commercial has arranged the sale of two separate office buildings in Diamond Bar and Monterey Park, both located in the San Gabriel Valley east of Los Angeles. The assets sold for a total consideration of $28.2 million. Ryan Campbell of NAI Capital Commercial’s Investment Services Group and Tony Naples of Lee & Associates represented the buyer, a private investor, in the transactions. In the first deal, the 80,753-square-foot building at 21680 Gateway Center Drive in Diamond Bar sold for $18.9 million, or $234 per square foot. Situated on a 13.3-acre campus, the fully renovated asset is fully leased to 13 diverse tenants. In the second transaction, a 39,233-square-foot facility at 1100 Corporate Center Drive in Monterey Park sold for $9.3 million, or $237 per square foot. The two-story standalone building features ample parking. The seller or sellers were not disclosed.

July 24, 2024

Acquisitions California Industrial Western

Lee & Associates Brokers $2.4M Sale of Industrial Building in Vista, California

by Amy Works July 24, 2024

VISTA, CALIF. — Lee & Associates – North San Diego County (NSDC) has arranged the sale of an industrial property located at 1204 Avenida Chelsea in Vista, approximately 40 miles north of San Diego. Hyatt Die Cast & Engineering Corp. sold the asset to an undisclosed buyer for $2.4 million. Situated within Vista Business Park, the single-tenant, 7,424-square-foot building features two grade-level doors, 18-foot clear heights and approximately 25 percent office space. Rusty Williams, Chris Roth, Jake Rubendall and Stephen Crockett of Lee & Associates – NSDC represented the seller, while Brandon Powell and Jeff Gan of RE/MAX Direct represented the buyer in the deal.

July 24, 2024

Acquisitions Development Multifamily Washington Western

Marcus & Millichap Arranges $1.8M Sale of Apartment Development Site in Seattle

by Amy Works July 24, 2024

SEATTLE, WASH. — Marcus & Millichap has brokered the sale of a 5,178-square-foot land parcel at 849 NW Market St. in Seattle. A private investor acquired the asset for $1.8 million, or $51,000 per unit. Jake Morse, Ryan Dinus and Sidney Warsinske of Marcus & Millichap’s Seattle office represented the buyer in the deal. The 5,178-square-foot parcel is fully entitled for a 35-unit multifamily development.

July 24, 2024

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $3.5M Sale of New Central Florida Restaurant Leased to Chipotle

by John Nelson July 23, 2024

OCALA, FLA. — SRS Real Estate Partners has brokered the $3.5 million sale of a newly delivered restaurant property located at 4916 E. Silver Springs Blvd. in Ocala, a city in Central Florida. The 2,490-square-foot building was delivered last year and was triple-net leased to Chipotle Mexican Grill at the time of sale. The lease includes scheduled rent increases and extension options for Chipotle, which has a 15-year, corporate-guaranteed lease in place. The restaurant is situated on a 1-acre lot near an Aldi grocer store, Walmart Supercenter, Lowe’s Home Improvement and Ross Dress for Less. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate investment and development firm, in the sale. The 1031 buyer is based in Spain and purchased the restaurant at a 4.47 cap rate.

July 23, 2024

Acquisitions Office Texas

JLL Brokers Sale of 277,187 SF Churchill Tower Office Building in North Dallas

by Taylor Williams July 23, 2024

DALLAS — JLL has brokered the sale of Churchill Tower, a 277,187-square-foot office building in North Dallas. Built in 1999 and recently renovated, the 12-story building was 73 percent leased at the time of sale to tenants such as Carr Riggs & Ingram, Level Four Advisory Services, Borden and Relation. Amenities include a fitness center, conference center and a café. Todd Savage, Ben Esterer, Megan Babovec and Andrew Griffin of JLL represented the undisclosed seller in the transaction and procured the buyer, Irving-based TXRE Properties.

July 23, 2024

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