ATLANTA — Resurgens Technology Partners, a tech-focused private equity firm, has opened its new 15,000-square-foot headquarters office at One Phipps Plaza, a newly built, Class A office tower in Atlanta’s Buckhead district. The office building anchors the newly expanded Phipps Plaza mixed-use campus, which is owned by mall REIT Simon and includes the Nobu Hotel & Restaurant, five-story Life Time athletic club and Citizen’s Market food hall. Resurgens Technology Partners has offices in Austin, London and Silicon Valley in addition to Atlanta. Other office tenants at One Phipps Plaza include aluminum rolling and recycling company Novelis and financial giant Goldman Sachs & Co.
VERO BEACH, FLA. — Marcus & Millichap has brokered the $6.4 million sale of Best Western Vero Beach, a 65-room hotel located at 9330 19th Lane in Vero Beach. The buyer, a private, undisclosed 1031 exchange investor, financed the acquisition with a bridge loan. Ahmed Kabani and Kian McLean of Marcus & Millichap’s Miami office represented the seller, a partnership, in the transaction. The Best Western hotel is situated off I-95 near the Vero Beach Outlets, an outlet mall housing national retailers including LOFT and Columbia Factory Store. Hotel amenities include complimentary breakfast, guest laundry, an outdoor swimming pool and a fitness center.
COVINGTON, PA. — Atlanta-based investment and development firm Portman has sold Covington Logistics Center, a 501,600-square-foot industrial property in northeast Pennsylvania. The facility sits on 36 acres, features a clear height of 40 feet and was fully leased at the time of sale to third-party logistics firm All-Ways Pacific. Gerry Blinebury of Cushman & Wakefield represented Portman in the transaction. Houston-based real estate giant Hines purchased the property for an undisclosed price.
LIVINGSTON AND NEW PROVIDENCE, N.J. — Cushman & Wakefield has arranged the $40.5 million sale of two medical office buildings totaling 131,314 square feet in Northern New Jersey. The buildings, which are located in Livingston and New Providence, were both fully leased at the time of sale to regional provider Summit Health. Gary Gabriel, Frank DiTommaso, David Bernhaut, Andy Merin and Max Helfman of Cushman & Wakefield represented the seller, The Silverman Group, in the transaction. Len Blackman of Leklen Realty represented the buyer, Nashville-based Montecito Medical Real Estate.
NEW CASTLE, DEL. — Colliers has brokered the sale of a 100,000-square-foot industrial building in New Castle, located south of Wilmington in Delaware. The building sits on 6.6 acres and offers 80 car parking spaces, 30 trailer parking spaces, one drive-in door and 5,000 square feet of office space. Charles Brown and Carl Neilson of Colliers represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.
NEW YORK CITY — National Equity Fund (NEF), a Chicago-based lender in the affordable housing space, has provided a $12.5 million loan for the refinancing of a portfolio of five workforce housing buildings totaling 56 units in Brooklyn. Known as The Jefferson MacDonough Portfolio, the properties are located in the Bedford Stuyvesant area and house a mix of studio, one-, two- and three-bedroom units. The borrower was Iris Holdings Group, a national owner-operator.
ALGONQUIN, ILL. — A joint venture between Chicago-based real estate developer Hubbard Street Group and athletic club owner and operator College Park Athletic Clubs is building Pickle Haus, a pickleball-themed sports and entertainment center in the Chicago suburb of Algonquin. The project will breathe new life into a vacant retail property. Pickleball has been the fastest-growing sport in the U.S. each of the last three years, according to the developers. Construction is currently underway on the 41,000-square-foot project, and completion is slated for November. Pickle Haus will feature 12 indoor pickleball courts, three golf simulators, a bar and event space and an outdoor patio. Sheamus Feeley of Family Is Food designed the restaurant and bar portion, including a custom menu. Hubbard Street Group has owned the vacant building since 2018. It was originally developed in 2008 for Dania Furniture. Prior to the pandemic, the building was leased to a national fitness center chain. However, the chain filed for bankruptcy and never occupied the building. The project team also includes Harken Interior Design, Hirsch MPG, William A. Randolph Construction, Greenberg Traurig and Phlox Partners.
MINNEAPOLIS — Lupe Development Partners and Wall Cos. are moving forward with the development of Snelling Yards, a campus of both senior living and affordable housing. The latest plans call for a 90-unit affordable housing community with mostly three- and four-bedroom units. The project is a joint venture with Ecumen, whose adjacent affordable seniors housing development, The Hillock, is now fully leased. Once the affordable housing building is completed, the two properties will be joined by a green common space and outdoor playground. Lupe and Wall received $900,000 in funding through Hennepin County’s Affordable Housing Incentive Fund. The project site is a former City of Minneapolis Public Works storage area. Construction is expected to begin next year.
BRANSON, MO. — Drever Partners has received a $15.7 million loan for the refinancing of The Penleigh-Branson Row in Branson. The property was formerly a hotel and was converted into 325 micro apartment units. The community leased up in nine months. Franklin Templeton provided the CMBS loan, which features a 10-year term and a 60 percent loan-to-value ratio. CoreVest Finance, a real estate investment lender and division of Redwood Trust Inc., provided the original financing and construction loan for the multifamily renovation. Drever Partners is now raising capital for The Penleigh-Live Oak, a project that will convert the former 143-room Hall of Fame Motel into 138 micro apartments. The property will adjoin The Penleigh-Branson Row.
MAHOMET, ILL. — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 160-unit multifamily property in Mahomet, about 10 miles northwest of Champaign. The community was built in 1972 and recently renovated. There are eight buildings consisting of a mix of one-, two- and three-bedroom units. The asset was more than 95 percent leased at the time of the loan closing. Igor Zhizhin of ASC arranged the agency loan, which features a 10-year term, fixed interest rate and five years of interest-only payments.