FITCHBURG, MASS. — Atlantic Capital Partners, a division of Boston-based Atlantic Retail, has arranged the sale of John Fitch Plaza, a 186,809-square-foot retail center in Fitchburg, located in the northern-central part of the state. Anchored by Cinema World and The Paper Store, the property was 79 percent leased at the time of sale. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder represented the buyer and seller, both of which requested anonymity, in the transaction.
GREENFIELD, IND. — Hanley Investment Group Real Estate Advisors has arranged the sales of three restaurant properties in Greenfield, an eastern suburb of Indianapolis. Dylan Mallory of Hanley and Jacque Haynes of Midland Atlantic Properties represented the seller and developer, Indianapolis-based Midland Atlantic Properties, in all three transactions. All three properties are part of a new development named Greenfield Market. In the first sale, a 2,616-square-foot building occupied by Chipotle Mexican Grill sold to a Simi Valley, Calif.-based private investor for $2.9 million. The property features a mobile order drive-thru lane. David Leibowitz of IREA Inc. represented the buyer. In the second transaction, a 3,500-square-foot property occupied by Panera Bread sold to a Hillsborough, Calif.-based private investor for $2.9 million. The building features two drive-thru lanes. Jeff Ida and Doug Ogard of Marcus & Millichap represented the buyer. In the third sale, a 4,500-square-foot Chick-fil-A ground lease sold for $3.1 million to a Dallas-based private investor, who was self-represented.
CHICAGO — Interra Realty has brokered the sale of a pair of multifamily buildings located at 906-908 N. Damen Ave. in Chicago’s Ukrainian Village neighborhood for $2.5 million. Originally built in 1905, the buildings comprise two one-bedroom units, eight two-bedroom units and two three-bedroom floor plans. The apartments were fully occupied at the time of sale. Brad Feldman of Interra represented the seller, a local real estate partnership. Feldman also represented the group when it bought the properties in 2017 for $1.7 million. Jeremy Morton of Interra represented the local buyer, which plans to increase electric capacity and make minor upgrades to units, hallways and facades.
NEW HAVEN, IND. — Bradley Co. has negotiated the sale of a 53,000-square-foot industrial building located along Hartzell Street in New Haven, just east of Fort Wayne. The sales price was undisclosed. Bill Drinkall and Dave Horacek of Bradley represented the seller, an entity doing business as Debray LLC. Marquardt Property Management LLC was the buyer.
GRAPEVINE, TEXAS — A joint venture between NewcrestImage and Hospitality Capital Partners (HCP) has agreed to acquire 16 Marriott-branded hotels totaling 2,155 rooms across nine states. The portfolio includes 13 Courtyard and three Residence Inn properties located in Georgia, Massachusetts, North Carolina, New York, Oklahoma, Pennsylvania, South Carolina, Texas and Virginia. The transaction is expected to close in the fourth quarter. The seller and price were not disclosed. “This acquisition affirms our high expectations and high confidence in hotel investments, both near term and long term,” says Mehul Patel, managing partner and CEO of Grapevine-based NewcrestImage. Over the company’s history, HCP and its principals have owned almost 50 hotels in the western United States, notably The Saguaro Scottsdale, located in that city’s historic Old Town area. Other projects include 25 golf courses through its associated company, Parks Legacy Project. After selling 27 hotels in January to Summit Hotel Properties for $822 million, NewcrestImage has been in active acquisition mode. The company has added 76 hotels totaling approximately 7,600 rooms since March, including this latest transaction. Earlier this month, NewcrestImage agreed to purchase 45 hotels with a total of approximately 3,300 rooms from a private investment firm. The portfolio includes 35 …
KYLE, TEXAS — Locally based investment firm Palladius Capital Management has purchased Citizen House Kyle, a 342-unit multifamily property that is located along the I-35 corridor on the southern outskirts of Austin. Built in 2022, the community is situated within Dry River, a 65-acre mixed-use development by Endeavor Real Estate Group. Residences come in one- and two-bedroom formats, and amenities include a pool, fitness center, outdoor lounge, coworking space and a resident clubhouse. Austin-based Endeavor developed and sold the property. The price was not disclosed. Tony Stein and B.K. Newsom of CBRE arranged a $60 million acquisition loan through CBRE Investment Management on behalf of Palladius.
DALLAS — New York-based investment firm Seavest Healthcare Properties has acquired six emergency hospitals totaling 190,000 square feet that are located throughout the Dallas-Fort Worth metroplex. Specifically, the facilities, which typically feature 24/7 emergency services and eight to 12 beds for overnight stays, are located in Burleson, Colleyville, Keller, Murphy, Rockwall and Grand Prairie. Seavest acquired the properties, which are operated by Baylor Scott & White, in a joint venture with global asset management firm Heitman LLC. The seller was not disclosed.
IRVING, TEXAS — CBRE has brokered the sale of Zander Park, a 160-unit apartment complex in Irving that was originally built in 1971. Jordan Multifamily, an owner-operator specializing in Class B and C properties, purchased the asset from an entity doing business as BW Zander Park LLC for an undisclosed price. Chris Deuillet, William Hubbard and Jaxx Davis of CBRE brokered the sale. Josh Berde, Andrew Woertendyke and Bond Foster, also with CBRE, arranged acquisition financing on behalf of the buyer, which plans to use a portion of the proceeds to fund capital improvements.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $6 million sale of an 18-unit apartment building in Harlem. The four-story building at 61-63 E. 125th St. was originally constructed in 1930. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer, Sapphire Investments, and the seller, Madison Realty Capital, in the transaction. The deal traded at a cap rate of 5.5 percent.
JACKSONVILLE, FLA. — PCCP LLC has provided a $72.7 million acquisition loan for Carlyle at Bartram Park, a 336-unit apartment community located at 14701 Bartram Park Blvd. on the south side of Jacksonville. The borrower, Rose Valley Capital, an affiliate of Hampshire Properties, will use a portion of the proceeds to renovate interiors and amenities at the property, which was built in 2009. Situated near the Bartram Park mixed-use development, Carlyle at Bartram Park was 93 percent occupied at the time of financing. The property includes one-, two- and three-bedroom floor plans with an average size of 991 square feet, as well as a playground, fitness studio, clubhouse with fireplace, gated access, outdoor fireplace and grill area, resort-style pool with sundeck and a walking trail around a lake.