Acquisitions

JLL Arranges $835M Sale of Diplomat Beach Resort in Hollywood, Florida

by Taylor Williams February 6, 2023

HOLLYWOOD, FLA. — JLL has arranged the sale of Diplomat Beach Resort, a 1,000-room hotel located in the South Florida community of Hollywood. Brookfield Asset Management (NYSE: BAM) sold the beachfront property for $835 million, according to The Wall Street Journal. Diplomat Beach Resort is a twin-spired, 33-story hotel that sits on a 10-acre site. The property houses 200,000 square feet of meeting and event space, a 14,000-square-foot spa, eight restaurants and bars and multiple pools and cascading waterfalls. Guests also have access to kayak, paddleboard and jet ski rental services. The buyer, a joint venture between Credit Suisse Asset Management and Honolulu-based Trinity Fund Advisors, has entered into an agreement with Hilton Hotels & Resorts to operate the hotel under the chain’s Curio Collection by Hilton family of brands. According to the brokerage team, the deal marks the third-largest single-asset hotel sale in U.S. history by price. Diplomat Beach Resort underwent a $90 million capital improvement program in 2018. The Journal reports that the new ownership plans to make additional renovations and improvements to enhance the guest experience. Jeffrey Davis, Gregory Rumpel, Kevin Davis and Gilda Perez-Alvarado of JLL brokered the deal on behalf of the seller. The team …

February 6, 2023

Acquisitions Mississippi Multifamily Southeast

Marcus & Millichap Brokers $2.4M Sale of Campus Cottages Apartments in Hattiesburg, Mississippi

by John Nelson February 3, 2023

HATTIESBURG, MISS. — Marcus & Millichap has brokered the sale of Campus Cottages, a 44-unit apartment community located at 119 North 35th St. in Hattiesburg, less than a half-mile from the University of Southern Mississippi. Built in 1967, the community features apartments in one- and two-bedroom layouts. Andrew Jacobs, Josh Jacobs and Royce Emerson of Marcus & Millichap represented the undisclosed seller in the $2.4 million transaction. The buyer was also not disclosed.

February 3, 2023

Acquisitions Industrial Self-Storage Texas

Versal Arranges Sale of 162-Unit Self-Storage Facility in Athens, Texas

by Taylor Williams February 3, 2023

ATHENS, TEXAS — Self-storage brokerage firm Versal has arranged the sale of West Loop Storage, a 162-unit facility in Athens, about 70 miles southeast of Dallas. The property, which includes a 2.6-acre parcel for future expansion, was built in 2013 and totals 29,000 net rentable square feet of non-climate-controlled space. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller and procured the buyer, both of which were Texas-based limited liability companies, in the transaction.

February 3, 2023

Acquisitions Office Texas

Cypressbrook Co. Negotiates Sale of 39,000 Office Building in The Woodlands, Texas

by Taylor Williams February 3, 2023

THE WOODLANDS, TEXAS — Houston-based brokerage firm Cypressbrook Co. has negotiated the sale of a 39,000-square-foot office building located on Houston’s northern outskirts in The Woodlands. According to LoopNet Inc., the property was built in 1981. John Hornbuckle of Cypressbrook, along with Rick Hazard of Realty Services Group, represented the seller, Woodmark Capital, in the transaction. Will Austin of Bridge Commercial represented the buyer, Milner Properties.

February 3, 2023

Acquisitions Midwest Multifamily Wisconsin

CBRE Arranges Sale of 784-Unit Multifamily Portfolio in Metro Milwaukee

by Kristin Harlow February 3, 2023

MILWAUKEE — CBRE has arranged the sale of an 11-property multifamily portfolio totaling 784 units in metro Milwaukee for an undisclosed price. The portfolio includes: Sunburst Apartments and Howard Green Apartments in Greenfield; Newbury Place Apartments in Oak Creek; and 376 units across eight assets in Shorewood and Milwaukee. A 2,520-square-foot building leased to Einstein Bros. Bagels in Shorewood was also included in the sale. Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE represented the seller, Blankstein Enterprises and several affiliated entities. Blankstein is a family-owned investment and property management firm established in Milwaukee in 1932. Katz Properties was the buyer.

February 3, 2023

Acquisitions Midwest Missouri Retail

Hanley Investment Group Brokers Sale of 20,400 SF Retail Property in Metro St. Louis

by Kristin Harlow February 3, 2023

O’FALLON, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of a 20,400-square-foot retail property in O’Fallon within metro St. Louis for an undisclosed price. Named Shops on K, the center is located at 2376-2400 Highway K. The property is fully leased to Aaron’s, Advance America Cash Advance, American Family Insurance, Cloud 9 Massage, Stallone’s Formal Wear, Pottery Hollow, a dance academy, dog groomer and fitness center. Constructed in 1997, the building is situated next to a Target and Kohl’s-anchored shopping center. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller, a St. Louis-based private owner. The buyer was a private investor from metro Nashville.

February 3, 2023

Acquisitions California Retail Western

Red Mountain Group Buys 20 Former Big Lots Locations for $47.5M

by Amy Works February 3, 2023

SANTA ANA, CALIF. — Orange County-based Red Mountain Group has acquired 20 empty fee-simple former Big Lots stores from Big Lots for $47.5 million in an off-market transaction. The portfolio includes 463,427 square feet of retail space and 3.5 acres of land for future pad development. The empty big box properties are located throughout 20 cities and four states in the United States, with most of the sites in Northern and Southern California.

February 3, 2023

Acquisitions Retail Washington Western

Newmark Brokers Sales of Two Retail Properties in Washington Totaling 124,660 SF

by Amy Works February 3, 2023

KENT AND KENNEWICK, WASH. — Newmark has arranged the sales of two retail properties, totaling 124,660 square feet, in Kent and Kennewick. The assets sold for undisclosed amounts. One property is a 67,240-square-foot vacant former Tops Foods Grocer, located at 26000 100th Pl. SE in Kent. The asset is part of the Canyon Ridge Shopping Center, which is shadow-anchored by Target, Ross Dress for Less, Old Navy and Petco. Located at 6603 W. Canal Drive in Kennewick, the second building is a 57,420-square-foot, single-tenant property that is triple-net leased to Sportsman’s Warehouse. The property is within the Colonnade Shopping Center, which includes Ross Dress for Less, Best Buy, PetSmart and Michaels. Sportsman’s Warehouse has operated at this location for more than 20 years and recently extended its lease. Paul Sleeth and Billy Sleeth of Newmark represented the private sellers in both transactions. Kent is a suburb of Seattle, while Kennewick is located in the southeast quadrant of the state.

February 3, 2023

Acquisitions California Industrial Western

SENTRE Sells Two-Building Industrial Property in Azusa, California for $20.5M

by Amy Works February 3, 2023

AZUSA, CALIF. — SENTRE, a San Diego-based, vertically integrated real estate investment firm, has completed the disposition of Azusa Center, a two-building industrial property in Azusa. JAR Commercial Investments acquired the asset for $20.5 million. Situated on 3.6 acres at 301 and 411 N. Aerojet Ave., Azusa Center features 75,081 square feet of industrial space. The two buildings offer 22-foot to 26-foot clear heights, concrete tilt-up construction, ESFR fire systems, three dock-high doors and four ground-level doors. At the time of sale, the property was fully leased. Michael Longo, Barbara Perrier, Anthony DeLorenzo, Mark Shaffer, Darla Longo, Rebecca Perlmutter, Brett Hartzell, Joe Cesta, Paige Morgan, Eric Cox, Lynn Knox and Case Dahlen of CBRE represented the seller in the deal.

February 3, 2023

Acquisitions Industrial New Jersey Northeast

Colliers Brokers Sale of 48,000 SF Industrial Building in West Berlin, New Jersey

by Taylor Williams February 3, 2023

WEST BERLIN, N.J. — Colliers has brokered the sale of a 48,000-square-foot industrial building located in the Southern New Jersey community of West Berlin. The building, which sold for $4.2 million and was fully leased at the time of sale, features a clear height of 18 feet, five drive-in doors and six loading docks. Ian Richman, Ross Abramsohn and Marc Isdaner of Colliers represented the seller, metro Philadelphia-based Velocity Venture Partners, in the transaction. The buyer was not disclosed.

February 3, 2023

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