Acquisitions

Service Properties Trust Purchases Nautilus by Arlo Hotel in Miami Beach for $165.4M

by John Nelson June 5, 2023

MIAMI BEACH, FLA. — Service Properties Trust, a hotel and retail REIT managed by Massachusetts-based RMR Group, has purchased Nautilus by Arlo, a 250-room hotel located at 1825 Collins Ave. in Miami Beach. Quadrum Global sold the beachfront hotel for $165.4 million. Paul Weimer, Christian Charre and Jennifer Jin of CBRE Hotels, along with Scott Ellman, Alyssa Kidd and Peter Flexner of Eastdil Secured, represented the seller in the transaction. Sonesta International Hotels Corp. will take over the operations of the eight-story hotel. Nautilus by Arlo features 50 suites and a two-bedroom penthouse, as well as a lobby with a coffeeshop, sunken lounge and a bar area. The hotel opened in 1951 and was renovated in 2015.

June 5, 2023

Acquisitions Industrial Maryland Southeast

Joint Venture Buys 859,900 SF Industrial Warehouse in Metro Baltimore

by John Nelson June 5, 2023

ABERDEEN, MD. — A joint venture between MCB Real Estate LLC, Artemis Real Estate Partners and principals of Ace Logistics Services Inc. has acquired Tower Logistics Center, an 859,900-square-foot warehouse at 1225 S. Philadelphia Road in Aberdeen. The facility, which will be rebranded Ace Logistics Center, is situated on 98.5 acres in Baltimore’s I-95 North submarket. The seller is a partnership between Merritt Properties and BentallGreenOak, which developed the property in 2021. Benjamin Meisels and Peter Hajimihalis of JLL represented the buyer and Ace Logistics in the lease deal. Bo Cashman and Jonathan Beard of CBRE represented the seller. Ace Logistics Center features clear heights of 40 feet, 189 cross docks, four drive-in doors, 310 trailer parking spaces and 130-foot truck court depths. Ace Logistics Services has signed a long-term lease for the building and expects to begin operations later this month. The firm provides cargo handling, warehousing and logistical services and currently operates eight facilities totaling 1.4 million square feet of space, as well as six outside storage/drop yards, all close to the Port of Baltimore.

June 5, 2023

Acquisitions Development Hospitality Maryland Multifamily Southeast

Byrnes & Associates to Lead $18.5M Hotel-to-Multifamily Conversion Project in Downtown Baltimore

by John Nelson June 5, 2023

BALTIMORE — A group led by Byrnes & Associates Inc. has purchased Hotel RL Baltimore Inner Harbor located at 207 E. Redwood St. in downtown Baltimore. The locally based investment firm will lead the $18.5 million redevelopment strategy that will convert the 10-story hotel into a 130-unit apartment building. The units will comprise studios, “junior one-bedroom” and one-bedroom apartments spanning 400 to 800 square feet with modern furnishings. Byrnes & Associates expects to redevelop the building, which was first developed as an office building, and lease the units in 18 months. The development team includes Brad Byrnes and Kemp Byrnes of Byrnes & Associates; investors Jay Litke and Moe Krohn of Kove Group LLC who will be the general contractors performing all construction activities; and investor/asset manager Brendan Ferrara of Carm Capital LLC. Byrnes & Associates previously purchased and redeveloped the adjacent 225 and 233 E. Redwood St. buildings, which comprise a total of 90,000 square feet of office and retail space, including the reopening and rebranding of the historic Werner’s Diner & Pub.

June 5, 2023

Acquisitions Industrial North Carolina Southeast

Brennan Acquires 143,268 SF Industrial Building in Conover, North Carolina

by John Nelson June 5, 2023

CONOVER, N.C. — Chicago-based Brennan Investment Group has acquired an industrial property located at 221 South McLin Creek Road in Conover. Axjo America Inc., a division of Swedish polymer company Axjo, fully occupies the 143,268-square-foot building, which is situated on an 8.3-acre site about 45 miles northwest of Charlotte. The property offers proximity to I-40, NC Highway 16 and U.S. Route 321. The seller and sales price were not disclosed. The Conover facility is Brennan’s fifth industrial investment in the Carolinas in the past 18 months, according to Scott McKibben, Brennan’s chief investment officer and managing principal.

June 5, 2023

Acquisitions California Multifamily Western

The REMM Group To Manage 1,000 Multifamily Units Across Eight Properties in Southern California

by Jeff Shaw June 5, 2023

SANTA ANA, CALIF. — The REMM Group, a property management company headquartered in Santa Ana, has been assigned as operator for eight Southern California multifamily properties totaling over 1,000 units. The largest of the properties is McComber Creek Apartment Homes, a 348-unit community in Buena Park. McComber Creek offers studio, one- and two-bedroom apartments, as well as amenities such as a pool and two tennis courts. The other seven properties include: Villa Creek Apartment Homes in Cypress; The Jagger in Los Angeles; Pasadena Village Apartment Homes in Tustin; Fountain Park Apartment Homes in Buena Park; Orange Creek Apartment Homes in Orange; Courtyard at La Pat Place Westminster; and Lincoln Village in Anaheim.

June 5, 2023

Acquisitions California Office Western

CBRE Brokers $6.4M Sale of Office Complex in San Diego

by Jeff Shaw June 5, 2023

SAN DIEGO – Barron Team and CAPRO Network Financials have acquired a 22,532-square-foot office building in San Diego for $6.4 million. The building is located at 10085 Carroll Canyon Road in the Scripps Ranch submarket. The new buyers plan to occupy the building, which is currently 50 percent leased. The 11,339-square-foot second floor is fully leased to short-term tenants. The 11,193-square-foot bottom floor is available for the buyer to occupy. Chris Powers, Matt Pourcho, Anthony DeLorenzo, Nick Williams and Matt Harris of CBRE Investment Properties represented the seller, Rosner Law & Mansfield, in the transaction.

June 5, 2023

Acquisitions California Industrial Western

EverWest Acquires 101,175 SF Warehouse in Long Beach, California

by Jeff Shaw June 5, 2023

LONG BEACH, CALIF. — EverWest Real Estate Investors has acquired a 101,175-square-foot warehouse facility in Long Beach. The facility is situated immediately off interstates 710 and 405, just north of the Ports of Long Beach/Los Angeles. The building features up to 22-foot clear height, 12 dock-high and three grade-level doors, a separate truck court and a secured fenced storage yard. It is fully leased to FLS Warehouse and Distribution. The site also offers significant acreage deployable for a variety of uses, including industrial outdoor storage (IOS). Abie Kassin, Ikey Betesh and Michael Schoenbrun of Meridian Investment Sales represented both the buyer and the seller in the transaction.

June 5, 2023

Acquisitions Hospitality Oklahoma Texas

Park-Equities Negotiates Sale of 96-Room Hotel in Tulsa

by Taylor Williams June 5, 2023

TULSA, OKLA. — Miami-based hospitality brokerage firm Park-Equities has negotiated the sale of a 96-room hotel in Tulsa. The property originally opened as a Residence Inn and was operated under the Motel 6 brand at the time of sale. SL Capital purchased the property from an undisclosed seller. Park-Equities brokered the deal in conjunction with Jennifer Stein Real Estate.

June 5, 2023

Acquisitions Illinois Midwest Office

Colliers Brokers Sale of 80,978 SF Office Building in Elgin, Illinois

by Kristin Harlow June 5, 2023

ELGIN, ILL. — Colliers has brokered the sale of an 80,878-square-foot office building located at 2250 Point Blvd. in Elgin for an undisclosed price. Originally built by PanCor Construction & Development in 1999, the four-story property is located within Randall Point Executive Center. The building was 30 percent leased at the time of sale. Alissa Adler and John Homsher of Colliers, in partnership with the Ten-X Commercial Real Estate auction platform, represented the undisclosed seller. An entity doing business as Elgin Square Property LLC was the buyer.

June 5, 2023

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges Sale of 21,080 SF Retail Property in North Brunswick, New Jersey

by Taylor Williams June 5, 2023

NORTH BRUNSWICK, N.J. — Marcus & Millichap has arranged the sale of Church Lane Plaza, a 21,080-square-foot retail property in North Brunswick, about 40 miles southwest of Manhattan. The sales price was $4.4 million. Built on 2.9 acres in 1991, Church Lane Plaza was 90 percent leased at the time of sale to tenants such as Bagel Fresh, Brunswick US Cleaners, Karate School, F45 Fitness and Thai Lotus. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a New Jersey-based limited liability company, in the transaction.

June 5, 2023

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