Acquisitions

Kiser Group Brokers $3.1M Sale of Apartment Community in Chicago’s Morgan Park

by Kristin Harlow January 16, 2023

CHICAGO — Chicago real estate brokerage Kiser Group has arranged the sale of 1901 W. Pryor, an apartment community located in Chicago’s Morgan Park area for $3.1 million. A Chicago land trust sold the property to an investor based out of New York. Kiser Group’s Birk-Sklar team, including Noah Birk and Aaron Sklar, brokered the sale. The property offers 34 units, all of which comprise just under 700 square feet and have been remodeled. The building has a parking lot in both the front and rear for tenants and recently was equipped with a new roof. According to Apartments.com, 1901 W. Pryor rises two stories and includes features such as community laundry facilities and high speed internet access.

January 16, 2023

Acquisitions Georgia Office Southeast

Spear Street Capital Acquires Atlanta Office Complex for $247.5M

by John Nelson January 13, 2023

ATLANTA — San Francisco-based Spear Street Capital has purchased three office buildings in Atlanta for $247.5 million. Situated within the Perimeter Summit development, the properties are located at 1001, 2002 and 4004 Summit Blvd. Perimeter Summit was leased to 12 tenants at the time of sale and features amenities including fitness centers, conferencing centers, common area workspaces, underground parking and jogging trails and green space. Richard Reid, Ed Coco, Ryan Clutter, Ralph Smalley and Huston Green of JLL Capital Markets represented the undisclosed seller in the transaction.

January 13, 2023

Acquisitions Office Texas

CDC Houston Acquires Two Office Buildings Totaling 476,300 SF in North Houston

by Taylor Williams January 13, 2023

HOUSTON — CDC Houston, a division of Coventry Development Corp., has acquired 100 percent interests in two office buildings totaling 476,300 square feet in North Houston that the company developed in a joint venture with Patrinely Group and USAA Real Estate. Built in 2019, City Place 1 totals 149,500 square feet and is leased to tenants such as Arroyo Energy Investors and Focus Optical. Completed in 2018, City Place 2 spans 326,800 square feet and serves as the headquarters of the American Bureau of Shipping. The firm acquired the assets in conjunction with a purchase of majority stakes in two Marriott-branded hotels that are located within the City Place master-planned development.

January 13, 2023

Acquisitions Industrial Texas

Marcus & Millichap Negotiates Sale of 440-Unit Self-Storage Facility in Denton

by Taylor Williams January 13, 2023

DENTON, TEXAS — Marcus & Millichap has negotiated the sale of Stuff Hotel, a 440-unit self-storage facility located in the North Texas city of Denton. The property was built in 1985 and spans 56,310 square feet of net rentable of space. Brandon Karr, Danny Cunningham and Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Danklefs also procured the buyer, another limited liability company. Both parties requested anonymity.

January 13, 2023

Acquisitions Industrial Texas

Lake Washington Partners Buys 418,000 SF Industrial Facility in South Dallas

by Taylor Williams January 13, 2023

DALLAS — Seattle-based investment firm Lake Washington Partners has purchased Tradepoint 20/45, a 418,000-square-foot industrial facility in South Dallas. Built in 2022, the property features 36-foot clear heights, 78 dock doors, two ramps, 124 car parking spaces and 107 trailer stalls. Dustin Volz, Stephen Bailey, Adam Citron, Dom Espinosa and Zach Riebe of JLL represented the seller, a partnership between Blumenfeld Development Group and Declaration Partners, in the transaction.

January 13, 2023

Acquisitions Multifamily Texas

Coldwell Banker Brokers Sale of 100-Unit Apartment Complex in Lubbock

by Taylor Williams January 13, 2023

LUBBOCK, TEXAS — Coldwell Banker Commercial Capital Advisors has brokered the sale of San Remy Apartments, a 100-unit complex in the West Texas city of Lubbock. The five-building complex was built on 3.5 acres in 1973 and was 96 percent occupied at the time of sale. Chase Tucker and Taylor Tucker of Coldwell Banker represented the seller, a limited liability company, in the transaction. A private investment group purchased the asset for an undisclosed price.

January 13, 2023

Acquisitions Hospitality Massachusetts Northeast

Electra America Acquires 190-Room Kimpton Nine Zero Hotel in Downtown Boston

by Taylor Williams January 13, 2023

BOSTON — Electra America Hospitality Group, a division of Florida-based private equity firm Electra America, has acquired Kimpton Nine Zero, a 190-room boutique hotel in downtown Boston. The new ownership plans to implement a $15 million capital improvement program and to rebrand the property as the Hotel AKA Boston Common. The deal traded off-market, and the seller and sales price were not disclosed.

January 13, 2023

Acquisitions Hospitality Massachusetts Northeast

JLL Negotiates Sale of 164-Room Marriott-Branded Hotel in South Boston

by Taylor Williams January 13, 2023

BOSTON — JLL has negotiated the sale of a 164-room Courtyard by Marriott hotel in South Boston. The six-story building was constructed in 2005 and offers a fitness center, business center, onsite restaurant, 625 square feet of meeting and event space and a 6,000-square-foot retail space. Alan Suzuki and Matthew Enright of JLL represented the seller, Pennsylvania-based Hersha Hospitality Trust, in the transaction. The buyer and sales price were not disclosed.

January 13, 2023

Acquisitions Civic Northeast Pennsylvania

Colliers Brokers $22.5M Sale of Community Service Center in Norristown, Pennsylvania

by Taylor Williams January 13, 2023

NORRISTOWN, PA. — Colliers has brokered the $22.5 million sale of a 262,000-square-foot community service center located at 1430 Dekalb Ave. in Norristown, a northwestern suburb of Philadelphia. The 3.1-acre site of the five-story building was formerly home to Sacred Heart Hospital and includes a parking deck. Eric Grad of Colliers, in conjunction with CBRE and local brokerage firm Flynn Co., represented the seller in the transaction. Both parties involved requested anonymity.

January 13, 2023

Acquisitions Midwest Minnesota Retail

Atlantic Capital Partners Arranges $64.8M Sale of Shopping Center in Metro Minneapolis

by Jeff Shaw January 13, 2023

ST. LOUIS PARK, MINN. — Atlantic Capital Partners has arranged the sale of The Shops at West End, a 381,804-square-foot shopping center located southwest of downtown Minneapolis in St. Louis Park. An undisclosed buyer purchased the property for $64.8 million. Duke Realty Corp. developed The Shops at West End in 2009. The center, which was 81 percent leased at the time of sale, features 36 retail tenants as well as office space. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic worked with Kris Schisel and Anthony Strauss of Transwestern to arrange the transaction. The seller was also undisclosed.

January 13, 2023

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