SPOKANE, WASH. — Colorado-based Brinkman Real Estate has acquired two multifamily properties in Spokane: The Flats on Liberty and The Flats on Foothills. 4Degrees sold the assets for an undisclosed price. Brinkman’s capital markets team, in partnership with Jason Bond of Berkadia, led the financing for the portfolio. Coastal Community Bank provided the capital. Situated three miles apart, the two communities offer a total of 120 units. The Flats on Liberty was completed in 2022, and The Flats on Foothills was completed in 2023. The company’s business plan for the properties focuses on tenant-centric improvements, including a more active property management platform for residents’ convenience and minor interior upgrades such as smart-home packages and enhanced lighting.
SAN DIEGO — CBRE has arranged the sale of an office building located at 10200 Willow Creek in San Diego’s Scripps Ranch submarket. Espten Grinnell & Howell APC sold the asset to a private buyer, completing a 1031 exchange, for $6 million. Matt Pourcho, Jeb Bakke, Anthony DeLorenzo, Matt Harris and Nick Williams of CBRE Private Capital Partners represented the seller, while the buyer was self-represented in the transaction. Built in 1980 on 2.2 acres, the one-story property features 23,524 square feet of office space and 92 parking spaces. At the time of sale, the building was fully leased.
MIAMI — New York-based hotel owner-operator MCR has acquired the Hilton Miami Airport Blue Lagoon, a 508-room hotel in Miami. The seller and sales price were not disclosed, but the South Florida Business Journal reports that Park Hotels & Resorts sold the 14-story hotel to MCR for $118 million. Set within the Blue Lagoon business park, the waterfront hotel is located south of Miami International Airport and features four food-and-beverage outlets, an outdoor swimming pool and hot tub, complimentary airport shuttle, outdoor tennis and basketball courts, 24-hour fitness center, business center and 32,000 square feet of meeting space. Hilton Miami Airport Blue Lagoon is MCR’s second hotel in the Miami Airport submarket following the acquisition of the Hyatt Place Miami Airport East in December 2022, as well as the company’s 10th hotel in Florida.
KANNAPOLIS, N.C. — A joint venture between Trinity Capital Advisors and Barings has purchased 154 acres in the northern Charlotte suburb of Kannapolis. The companies plan to develop 85 Exchange, a Class A industrial park spanning 1.3 million square feet across seven buildings. The park will be situated within one mile of I-85 at Kannapolis Parkway and Davidson Highway. Phase I of 85 Exchange comprises two buildings totaling 314,000 square feet and will begin speculative development this March, delivering first-quarter 2024. The design-build team includes general contractor Choate Construction and architect Merriman Schmitt Architects. Cushman & Wakefield’s Matt Treble, Fermin Deoca, Drew Coholan and Frances Crisler are handling leasing duties.
SAVANNAH, GA. — JLL has brokered the sales of two shopping centers located in Savannah in transactions totaling $63 million. Built in 1986, Savannah Centre comprises 186,514 square feet and was 81 percent leased at the time of sale to tenants such as T.J. Maxx, Bed Bath & Beyond, Shoe Carnival, JOANN Fabric and Crafts, Five Below, Rack Room Shoes and Chicken Salad Chick. Originally built in 1972, the 197,605-square-foot Chatham Plaza was renovated in 2001. Tenants at the center, which was 93 percent leased at the time of sale, include Ross Dress for Less, Ashley HomeStore, Pet Supermarket, Dollar Tree, Skechers, Chili’s, Longhorn Steakhouse and Starbucks Coffee. Brad Buchanan, Andrew Kahn and Andrew Michols of JLL brokered the sales on behalf of the undisclosed sellers. JBL Asset Management acquired both properties.
PENDERGRASS, GA. — CBRE has arranged a $62.4 million acquisition loan for The Blakely, a 420-unit apartment community being built in phases in Pendergrass, about 57 miles northeast of Atlanta. ARC Multifamily Group is purchasing the partially developed community from developer Green River Builders for $88.4 million. The buyer is under contract to acquire each phase of The Blakely once it receives a certificate of occupancy. Charlie Clark and Blake Cohen of CBRE’s Debt & Structured Finance team arranged the bridge loan through an unnamed life insurance company on behalf of ARC Multifamily Group. Upon completion, The Blakely will include a mix of one-, two- and three-bedroom units ranging in size from 855 to 1,444 square feet. Community amenities will include multiple swimming pools, a theater room, package center, fitness center, game room, yoga pad, fire pit, playground and a beer garden featuring an outdoor kitchen with a bar top, outdoor TV and seating.
FLETCHER, N.C. — Copart Inc., an online car auction platform based in Dallas, has purchased 57.1 acres in Fletcher for $8.6 million. The land is situated roughly 12 miles south of Asheville. The company plans to use the land for an industrial outdoor storage yard of cars set for auction across the Southeast. Randall Bentley and Jordan Skellie of Lee & Associates Greenville/Spartanburg represented the seller, an entity doing business as Minkles BRM LLC, in the transaction.
CHICAGO — Skender has topped out construction of 741 N Wells, a 21-story apartment tower in Chicago’s River North neighborhood. Designed by Antunovich Associates and developed by VISTA Property, the project will include 168 units. Amenities will include a rooftop terrace with pool, meeting facilities, exercise area, bicycle storage and parking for roughly 50 vehicles. VISTA Property financed the project with a first mortgage loan from Huntington Bank. Luxury Living Chicago Realty is handling marketing and leasing. A timeline for completion was not provided.
MINNEAPOLIS — Wiegmann Associates has begun work on a new six-story, 308-unit multifamily project in the Dinkytown neighborhood of Minneapolis. As the engineer of record and mechanical contractor, Wiegmann is responsible for designing, coordinating and managing the installation of the mechanical systems for the 487,000-square-foot building. The developer is targeting LEED Silver or MN B3 certification, which requires that the HVAC systems meet strict energy-efficiency standards. The B3 guidelines, which can be applied to new buildings or renovations to meet sustainability goals, are required on all projects that receive general obligation bond funding from the State of Minnesota. Completion is slated for this June. The project site is a combination of six different parcels that previously housed surface parking lots and a number of one- and two-story commercial buildings home to businesses such as Subway, Dinkytown Liquors and McDonald’s. The new development will include commercial spaces and affordable student housing units for the adjacent University of Minnesota’s Twin Cities campus. The project team includes general contractor Catalyst Construction, architect BKV Group and developer CA Ventures.
WEST DES MOINES, IOWA — Thompson Thrift has sold Watermark at Jordan Creek, a 176-unit apartment community in West Des Moines. The sales price and buyer were undisclosed. Completed in 2015 and located at 6455 Galleria Drive, the Class A property consists of four-story buildings with detached garages. Amenities include a resident social lounge, heated pool and spa, clubhouse, fitness center, dog park and community grilling areas. The community was 94 percent leased at the time of sale.