JOHNS CREEK, GA. — Big V Property Group has acquired Johns Creek Town Center, a 303,297-square-foot retail center located at 3630 Peachtree Parkway in Johns Creek, roughly 30 miles northeast of Atlanta. Sprouts Farmers Market anchors the property, which was built in 2001 and almost fully leased at the time of sale. Other tenants at the center include HomeGoods, Michaels, Market by Macy’s, Kohl’s, PetSmart and Ulta Beauty. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the undisclosed seller in the transaction.
Acquisitions
Cushman & Wakefield Arranges $64.1M in Acquisition Financing for Industrial Portfolio Near Phoenix
by Amy Works
CHANDLER AND MESA, ARIZ. — Cushman & Wakefield has advised Newport Beach, Calif.-based CapRock Partners in securing $64.1 million in financings for the acquisition of a Class A industrial portfolio comprising two newly built, multi-building business parks totaling 562,969 square feet in metro Phoenix. The assets include the four-building, 318,683-square-foot Chandler Airport Business Park in Chandler and the two-building, 244,286-square-foot Longbow Industrial Center in Mesa. Funds and accounts managed by BlackRock’s U.S. real estate debt team provided a $38.5 million floating-rate bridge loan for Chandler Airport Business Park in March. California Bank & Trust provided an approximately $25.6 million floating-rate bridge loan for Longbow Industrial Center in May. Situated on 20 acres, Chandler Airport Business Park features 28-foot to 30-foot clear heights and 428 auto parking stalls, while Longbow Industrial Center features 30-foot clear heights and 320 auto parking stalls on 14 acres. Both industrial parks offer ample speculative office space, ESFR sprinklers, numerous loading positions, large secured concrete truck courts, full warehouse HVAC and LED lighting. Rob Rubano, Brian Share, Max Schafer, Lars Weston and Billy Coyle of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in both financing transactions. Will Strong, Molly Hunt and Michael Matchett …
HENDERSON, NEV. — Colliers has arranged the sale of Desert Canyon Industrial Park, a five-building, small-bay industrial complex in Henderson. Nicola Wealth Commercial Real Estate sold the asset to an undisclosed buyer for $16.9 million. Built in 2001, the five-building complex offers 93,550 square feet of industrial space. The property is situated on 4.7 acres at 249-257 Elliott Road. Brian Riffel and Tyler Jones at Colliers represented the seller in the deal.
BOISE, IDAHO — Obie Cos. has purchased Residence Inn Boise Downtown University from an institutional seller for an undisclosed price. Brian Embree of Hunter Hotel Advisors facilitated the transaction. Built in 1986, Residence Inn Boise Downtown University features 104 guest rooms with in-room kitchenettes and complimentary breakfast, as well as a fitness center, business center and an outdoor pool. Crystal Investment Property served as the Idaho licensed broker of record for the seller and assisted the buyer during the deal.
CHANDLER, ARIZ. — NAI Horizon has arranged the sale of Chandler Medical Center, a multi-tenant medical office building at 655 S. Dobson Road in Chandler. New York City-based Chandler Medical Property Company LLC (Tolis Advisors) sold the asset to Cleveland-based Provider Real Estate Partners Fund I LP for $7.3 million, or $323.14 per square foot. Lane Neville, Cole Neville, Brandon Hall, Whitney Heritage and Matt Westra of NAI Horizon represented the seller, while the buyer was self-represented in the transaction. The 22,591-square-foot Chandler Medical Center is located adjacent to Dignity Health’s 429-bed Chandler Regional Medical Center.
EOS Hospitality Acquires The William Vale Luxury Hotel in Brooklyn for $177M in Bankruptcy Sale
by Katie Sloan
NEW YORK CITY — EOS Hospitality has acquired The William Vale, a luxury hotel located at 111 N. 12th St. in the Williamsburg neighborhood of Brooklyn in New York City. The property was purchased for $177 million through a bankruptcy sale. The acquisition by stalking horse bidder EOS followed a three-year ownership restructuring and litigation process, which was led by Asaf Ravid of All Year Holdings Ltd. The transaction was approved by the U.S. Bankruptcy Court for the Southern District of New York in late May and resulted in the full payment of all outstanding secured bonds. Developed in 2016 by Riverside Developers, The William Vale rises 21 stories and offers 183 rooms. The property is one of four luxury hotels in Brooklyn and features eateries by restaurateur Andrew Carmellini, 7,300 square feet of indoor and outdoor function spaces, retail and office space. Eastdil Secured and A&G Real Estate Partners arranged the sale of the property. The partnership also secured the sale of the Williamsburg Hotel, a 147-room property also located in the Williamsburg neighborhood of Brooklyn, last summer. Manhattan-based EOS Hospitality is a full-service hospitality management company with a portfolio ranging from budget-conscious to five-star luxury properties. —Katie Sloan
CHARLOTTE, N.C. — Avison Young has arranged the $97 million sale of an industrial building located at 1900 Continental Blvd. in Charlotte. The multi-tenant property totals 1.4 million square feet. LM Real Estate acquired the building from a joint venture between Somerset Properties and Waterfall Asset Management. Chris Skibinski, Chris Loyd and Erik Foster of Avison Young brokered the transaction. According to the firm, this marks the largest industrial sale within the Charlotte market this year.
NORTH CHARLESTON, S.C. — Marcus & Millichap has brokered the $18.8 million sale of The Shoppes at Montague Corners, a retail center located at 5060 Dorchester Road in North Charleston. Planet Fitness anchors the property, which totals 106,518 square feet. The 23-tenant center was 94.6 percent occupied at the time of sale. Other tenants at the property include Dollar General, Harbor Freight Tools and Save-A-Lot. The center has undergone renovations and tenant improvements totaling $4 million within the past two years. Allyssa Paragano and Ani Paulson of Marcus & Millichap represented the seller and procured the buyer in the transaction.
SAN ANTONIO — Miami-based investment firm Black Salmon has purchased Interchange at Live Oak, a 493,688-square-foot speculative industrial project in San Antonio. The development, which is under construction and slated for an early 2025 completion, will ultimately consist of four rear-load buildings. Black Salmon acquired the property in partnership with Chicago-based investment firm Stotan Industrial. The seller and sales price were not disclosed.
NEW YORK CITY — Marcus & Millichap has brokered the $6.3 million sale of a seven-unit apartment building located at 1226 Second Ave. on Manhattan’s Upper East Side. The four-story building consists of six one-bedroom apartments and a retail space that is leased to Italian restaurant Primola. Joe Koicim, Logan Markley, Zan Colin and Kory Barbanel of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.