MESA, ARIZ. — HSL Properties has acquired two hotels in Mesa for a combined $50.2 million from Power Hotel Group. Bill Murney and Mike Montoya of Cushman & Wakefield’s Western Hospitality Advisory Group represented the seller. The portfolio includes a 180-room Sheraton, a 129-room Courtyard by Marriott, 15,000 square feet of retail space, a commercial laundry facility, a full spa and 18,000 square feet of meeting space, including an 11,000-square-foot ballroom.
LOS ANGELES — Colliers has arranged the sale of Mar Vista Lofts, a multifamily property located at 3992 Inglewood Blvd. in Los Angeles’ Mar Vista neighborhood. Park Towers (1990) Corp. sold the asset to Mar Vista Lofts 4 LLC for $9 million, or $452,380 per unit. Kitty Wallace and Melanie Nutting of Colliers’ Wallace Team represented the seller and the buyer in the deal. Constructed in 2012, Mar Vista Lofts features 21 apartments on a 14,638-square-foot double lot.
SPARKS, NEV. — CapRock Partners has acquired 55 Vista Boulevard, a freestanding industrial building in Sparks, for an undisclosed price. The transaction marks CapRock’s third acquisition in Northern Nevada, increasing the firm’s total statewide investment and development pipeline to 5.4 million square feet of industrial space. Built in 1995, 55 Vista Boulevard is a single-tenant warehouse offering 117,000 square feet on 5 acres. The asset features a clear height of 24 feet, 26 dock-high doors, two grade-level doors and a 0.5-acre trailer parking yard. The property is fully leased to a national provider of commissary goods to prisons and jails. Joel Fountain and Nick Knecht of Dickson Commercial Group, as well as Jeff Huberman of Lee & Associates, facilitated the transaction. The name of the seller was not released.
WEST MILWAUKEE, WIS. — An affiliate of Phoenix Investors has purchased a 56-acre industrial campus totaling approximately 750,000 square feet in West Milwaukee. The property, located at 4701 W. Greenfield Ave., was previously owned by industrial giant Regal Rexnord. The campus, which is available for lease, features numerous dock doors, clear heights up to 47 feet, heavy power infrastructure and ample trailer and car parking. The nine buildings were constructed between 1920 and 1973. The site also has surplus land available for new residential and commercial development. Jeff Cartwright of First Financial Bank originated senior financing.
KANSAS CITY, MO. — PPR Capital Management (PPR) has acquired Infinity at Plaza West, a 224-unit multifamily property in Kansas City, for $33.6 million. The garden-style community is situated in close proximity to Country Club Plaza. The acquisition marks PPR’s second investment in metro Kansas City. The investment structure includes a total equity investment of $11.4 million, with PPR contributing $10.2 million as the primary equity partner. PPR worked alongside Aspen Funds as the general partner and Petra as co-general partner and onsite property manager. The financing includes a 3.9 percent loan assumption.
MIDLAND AND ODESSA, TEXAS — Dallas-based investment firm AVAD Capital has purchased a portfolio of nine self-storage facilities totaling 5,180 units in the West Texas cities of Midland and Odessa. Utah-based REIT Extra Space Storage sold the portfolio, which totals 782,998 net rentable square feet. Steve Mellon, Brian Somoza, Adam Roossien and Matthew Wheeler of JLL represented Extra Space Storage in the transaction. The sales price was not disclosed. Avid Storage, the buyer’s wholly owned subsidiary and operating brand, will operate the portfolio. John Bauman, Kris Lowe, Luke Rogers and Scott Cole, also with JLL, arranged an undisclosed amount of fixed-rate acquisition financing for the deal through 3650 Capital and Goldman Sachs.
CHARLOTTE, N.C. — Westwood Financial has acquired Eastway Square, a 130,156-square-foot, grocery-anchored shopping center located at the intersection of Eastway Drive and Central Avenue in Charlotte. The Los Angeles-based investor purchased the center for an undisclosed price. The seller was also not disclosed. Berkeley Capital Advisors brokered the sale. The property’s tenant roster includes Food Lion, Ross Dress for Less, America’s Best, Papa Johns Pizza, Subway, Wingstop, Rainbow, Dental Works, Hibbett Sports and Showmars. Eastway Square joins Westwood Financial’s existing portfolio of grocery-anchored shopping centers in Charlotte including Prosperity Village Square, Steele Creek Crossing, Steelecroft Shopping Center and The Arbors at Mallard Creek.
DALLAS — CBRE has brokered the sale of Villa Ladera, a 184-unit apartment complex in East Dallas. Built in 1972, Villa Ladera is a gated, pet-friendly community that offers one- and two-bedroom units as well as onsite laundry facilities. Chris Deuillet and Matthew Pastrano of CBRE represented the undisclosed seller in the transaction and procured the buyer, Blue Ocean Real Estate. Josh Berde, Andrew Woertendyke and Peyton Chur, also with CBRE, arranged an undisclosed amount of acquisition financing for the deal through an unnamed lender.
HOUSTON — Locally based brokerage firm Oxford Partners has arranged the sale of a 41,450-square-foot industrial building in northwest Houston. According to LoopNet Inc., the building at 14199 Westfair Drive E was constructed on 2.7 acres in 2008 and features 28-foot clear heights. Perry Mazzone and Matt Rogers of Oxford Partners represented the buyer, Immobile Industrial LLC, in the transaction. Wyatt Huff, Hunter Stockard and Gray Gilbert of Partners Real Estate represented the undisclosed seller.
ABINGDON, VA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built retail property in Abingdon, a city in southwest Virginia near the Tennessee border. Firestone occupies the 6,262-square-foot retail property on a 15-year triple-net lease. A developer based in Ohio sold the property to an out-of-state 1031 buyer for an undisclosed price. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller in the transaction. Located on a 1.5-acre site at 127 Cook St., the Firestone property serves as an outparcel to a Food City grocery store off I-81. The Taylor-McMinn Retail Group is marketing two other retail properties in the Southeast leased to Firestone, a retail automobile maintenance concept owned by Nashville-based tire manufacturing giant Bridgestone Americas Inc. “We continue to see increased demand and aggressive pricing for Bridgestone assets due to the strong credit, limited supply and growing buyer pool,” says McMinn. “Bridgestone assets continue to command aggressive pricing due to the long-term, triple-net leases backed by investment-grade credit.”
