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Acquisitions

AcquisitionsHospitalityIllinoisMidwestNew YorkNortheastTop Stories

Hyatt Agrees to Acquire Hospitality Brand Standard International for up to $335M, Forms Lifestyle Group

by Kristin Harlow

CHICAGO AND NEW YORK CITY — Hyatt Hotels Corp. (NYSE: H) has agreed to acquire the brands and most of the affiliates of lifestyle hospitality company Standard International, parent company of The Standard and Bunkhouse Hotels brands. The transaction is anticipated to close later this year. The acquired portfolio will be 100 percent asset-light and includes management, franchise and license contracts for 11 open hotels with approximately 2,000 rooms, including The Standard, London; The Standard, High Line in New York City; The Standard, Bangkok Mahanakhon; and boutique properties like Hotel Saint Cecilia in Austin, Texas; and Hotel San Cristóbal in Baja California, Mexico. Upon closing, Hyatt will pay a base purchase price of $150 million, with up to an additional $185 million over time as additional properties enter the portfolio. The Standard hotels have attracted a loyal following among the most discerning lifestyle guests, says Mark Hoplamazian, president and CEO of Chicago-based Hyatt. “These properties truly drive the zeitgeist, creating destinations unto themselves with celebrated and talked-about programming and events, such as the Met Gala afterparty.” With this acquisition, Hyatt will form a new dedicated lifestyle group that will be headquartered in New York City and led by Amar Lalvani, …

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AcquisitionsHealthcareOfficeTexas

Edge Capital Markets Arranges Sale of 525,580 SF Office, Healthcare Property in West Houston

by Taylor Williams

HOUSTON — Edge Capital Markets has arranged the sale of Southwest Corporate Center, a 525,580-square-foot office and healthcare property in Houston. The 39-acre site at 9700-9702 Bissonnet St. is located on the city’s west side and includes 8.6 acres of undeveloped land for future expansion. Texas Children’s Pediatrics, the State of Texas and DIRECTV are the anchor tenants at the property, which was originally built in 1975 and renovated in 2020, according to LoopNet Inc. Micha van Marcke and Chace Henke of Edge Capital Markets represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 483-Unit Self-Storage Portfolio in Inez, Texas

by Taylor Williams

INEZ, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of two self-storage facilities totaling 483 units in Inez, located in southeast Texas. Inez Storage and Beck Road Storage span a combined 11 acres and consist of 10 buildings that house 214 climate-controlled units, 258 drive-up non-climate spaces and 10 covered parking spaces. Dave Knobler and Mixson Staffel of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer, a California-based family trust. The sales price was not disclosed.

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AcquisitionsHospitalityIllinoisMidwest

Sterling Bay, Wheelock Street Capital Sell 200-Room Hyatt House Hotel in Chicago

by Kristin Harlow

CHICAGO — Sterling Bay and Wheelock Street Capital have sold the Hyatt House Chicago/West Loop-Fulton Market hotel for an undisclosed price. Located at 105 N. May St. in the Fulton Market district, the 200-room extended-stay property includes 5,224 square feet of retail space on the ground floor that is now fully leased to The Original Pancake House. The breakfast restaurant plans to open in late spring or early summer 2025. Sterling Bay and Wheelock completed development of the hotel in 2019. Amenities at the property, designed by Eckenhoff Saunders Architects, include an indoor rooftop pool, sky deck, fitness center and full-service lobby bar. Columbus, Ohio-based Rockbridge Capital was the buyer, according to Crain’s Chicago Business.

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AcquisitionsCaliforniaRetailWestern

Paragon Real Estate Investments Sells Heritage Towne Center Retail Property in Chula Vista, California for $14.7M

by Amy Works

CHULA VISTA, CALIF. — Paragon Real Estate Investments has completed the disposition of Heritage Towne Center, a retail property in the San Diego suburb of Chula Vista. Palomar Heritage LLC acquired the asset for $14.7 million. Situated on 1.9 acres, the 36,161-square-foot property consists of four retail buildings that were built in 2002. At the time of sale, the asset was fully occupied by 21 tenants. Reg Kobzi, Joel Wilson, Michael Peterson, Lane Robertson, Philip Voorhees and Joe Yetter of CBRE represented the seller in the deal.

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AcquisitionsArizonaIndustrialWestern

Sorrento Seven Acquires Industrial Building in Gilbert, Arizona for $10.9M

by Amy Works

GILBERT, ARIZ. — Sorrento Seven has purchased an industrial building located at 2228 W. Guadalupe Road in Gilbert, approximately 20 miles southeast of Phoenix. Simon Charitable Foundation sold the asset for $10.9 million. Moog Aerospace and Defense (NYSE: MOG.A/MOG.B) fully occupies the 34,132-square-foot facility, which was built in 2019. Brian Ackerman of Colliers handled the marketing and sale of the property.

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AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Arranges $5.8M Sale of Retail Pad in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Hanley Investment Group has arranged the sale of a three-tenant retail pad building located at 22430 Van Buren Blvd. in the Inland Empire city of Riverside. A Los Angeles-based 1031 exchange investor acquired the asset from Irvine-based Greens Development Inc. for $5.8 million. Completed in 2020, the 6,300-square-foot property is occupied by Chipotle Mexican Grill, MA Dental and BHC Chicken, which is slated to open in October. The pad building is part of Veteran’s Plaza, a community shopping center and hotel complex developed by Greens Development. Tenants at the shopping center include In-N-Out Burger, Starbucks Coffee, Hampton Inn + Home2 Suites and Circle K with a 76 gas station. Eric Wohl and CJ Kiehler of Hanley Investment Group represented the seller, while Justin Altemus of The Altemus Co. represented the buyer in the deal.

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AcquisitionsArizonaMultifamilyWestern

Cushman & Wakefield | PICOR Brokers Sale of 23-Unit Multifamily Portfolio in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a 23-unit multifamily portfolio in Tucson. Plowden/Martin Properties LLC acquired the asset from Welsey James Krajicek Family Revocable Trust for $2.1 million. The portfolio includes Pima Apartments at 4238-4246 E. Pima St. and Lee Apartments at 4223-4245 E. Lee St. Allan Mendelsberg and C. Joey Martinez of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.

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AcquisitionsIndustrialNortheastPennsylvania

EQT Exeter Buys Industrial Property in Middletown, Pennsylvania for $170M

by Taylor Williams

MIDDLETOWN, PA. — EQT Exeter has purchased a 1.2 million-square-foot industrial property in Middletown, located on the southeastern outskirts of Harrisburg, for $170 million. The 196-acre site at 3327 E. Harrisburg Pike offers proximity to two major American shipping carriers and Harrisburg International Airport. Building features include a clear height of 40 feet, 224 dock-high doors and parking for 702 cars and 363 trailers (expandable to 500). EQT Exeter acquired the property, which was constructed last year and fully leased at the time of sale, in conjunction with a 638,000-square-foot industrial facility in Portland, Tennessee, for a combined price of $245 million. John Plower, John Huguenard, Ryan Cottone, Zach Maguire, Paul Torosian and Jeff Lockard of JLL represented the seller, Atlanta-based Core5 Industrial Partners, in the transaction.

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AcquisitionsNew YorkNortheastOfficeRetail

Marcus & Millichap Brokers $7M Sale of Office, Retail Building in Queens

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $7 million sale of a 4,634-square-foot office and retail building in the Astoria area of Queens. The transit-served building at 2502-2508 31st St. houses retail space on the ground floor and office space on the second floor. Matt Fotis and Lazarus Apostolidis of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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