Property Type

Stream Realty Negotiates $24M Sale of Adaptive Reuse Retail Property in Charlotte’s South End

by John Nelson June 10, 2022

CHARLOTTE, N.C. — Stream Realty Partners has brokered the $24 million sale of an adaptive reuse retail property located at 332 W. Bland St. in Charlotte’s South End district. The 1920s-era property spans 39,118 square feet and was fully leased at the time of sale to Slingshot Social Game Club, Ruby Sunshine, Lost & Found and Resident Culture Brewery, which is one of Charlotte’s most frequented breweries. Charlotte-based Ferncroft Capital purchased the property from Magnus Capital Partners and CenterSquare Investment Management. Jared Londry, Mack Freudenstein, Alex Olofson and Parks Brown of Stream Realty represented the sellers in the transaction.

June 10, 2022

Acquisitions Hospitality South Carolina Southeast

Hunter Brokers Sale of Dual-Branded Hotel in Downtown Columbia, South Carolina

by John Nelson June 10, 2022

COLUMBIA, S.C. — Hunter Hotel Advisors has brokered the sale of a dual-branded hotel in downtown Columbia. An unnamed, institutional buyer purchased the asset from CN Hotels for an undisclosed price. Built in 2019 near the University of South Carolina and the South Carolina State House, the 223-room hotel is dually branded to Hilton Garden Inn and Home2 Suites and features an indoor pool, fitness center and an onsite restaurant. Mayank Patel of Hunter’s Atlanta office represented the seller in the transaction.

June 10, 2022

Loans Office South Carolina Southeast

Patterson Secures Refinancing for 88,000 SF Charleston Tech Center Office Property

by John Nelson June 10, 2022

CHARLESTON, S.C. — Patterson Real Estate Advisory Group has arranged the refinancing of Charleston Tech Center, an 88,000-square-foot office building in Charleston. MetLife Investment Management, the institutional asset management arm of MetLife Inc., provided the undisclosed amount of financing. The borrowers, Iron Bridge Capital and Hunt Cos., delivered the six-story building in 2021. The property was 84 percent leased at the time of financing to tenants including Charleston Digital Corridor, a city-backed technology incubator that occupies the full second floor (17,000 square feet); Conrex, a single-family rental platform owned by Brookfield (15,000 square feet); and Insight Global, a tech staffing firm (7,000 square feet). Charleston Tech Center is located in Charleston’s Upper Peninsula adjacent to the city’s historic district and near I-26 and US Highway 17. In addition to modern offices, Charleston Tech Center includes ground-level retail space, rooftop amenity space, conference spaces, bike racks and showers.

June 10, 2022

Acquisitions South Carolina Southeast Student Housing

QR Capital Sells 244-Bed Student Housing Community Near Clemson University

by John Nelson June 10, 2022

PENDLETON, S.C. — QR Capital, a multifamily and student housing owner-operator based in Atlanta, has sold The Villages at Town Creek, a 244-bed student housing community located near Clemson University in Pendleton. Built in 2010, the property offers 61 townhome-style units in three-, four- and five-bedroom configurations. Shared amenities include a resort-style swimming pool, study lounge, coffee bar, fire pit, hammock garden, sand volleyball court and a car wash station. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, David Lansbury and Erika Maston of CBRE arranged the sale on behalf of QR Capital. The buyer and sales price were not disclosed.

June 10, 2022

Acquisitions Office Washington Western

Clise Properties Acquires 550,000 SF Office Tower in Downtown Seattle

by Amy Works June 10, 2022

SEATTLE — Clise Properties, a family-owned and operated Seattle real estate developer, has purchased 1700 7th Avenue, a Class A+ office tower in downtown Seattle. The company originally developed the building and has maintained a majority ownership stake. The transaction brings Clise to full ownership. Built in 2001, 1700 7th Avenue is a 24-story, 550,000-square-foot office building with street-level retail space. Building amenities include a private tenant rooftop deck on the 10th floor, floor-to-ceiling windows, Starbucks Coffee and UPS Store onsite and underground parking with a dedicated executive-level exit. As the sole owner, Clise Properties plans to upgrade the building’s amenities with a new fitness center, conference center, food operator and an updated patio and outdoor event area on the 10th floor. Additional upgrades will include a new expanded bike storage room with new locker rooms, showers, drying room and electric vehicle charging stations. Tim O’Keefe, Jesse Ottele and Cavan O’Keefe of Newmark have served as exclusive leasing advisors for the property since March 2021.

June 10, 2022

Acquisitions Colorado Multifamily Western

Trion Properties Buys Terra Village Apartments in Edgewater, Colorado for $110M

by Amy Works June 10, 2022

EDGEWATER, COLO. — California-based Trion Properties has acquired Terra Village Apartments in the Denver suburb of Edgewater for $110 million, or $273,631 per unit. The seller was not disclosed. Located at 6201 26th Ave., Terra Village features 402 apartments. Trion Properties plans to upgrade the property and units with new kitchen cabinets, stainless steel appliances, tile backsplashes, updated bathrooms and washers/dryers in each unit. Elliott Polanchyck, Will McCauley, Phil Dankner, Kevin Higgins and Marc Lippitt of Unique Properties/TCN Worldwide and the Unique Apartment Group handled the transaction.

June 10, 2022

Acquisitions California Office Western

Newmark Arranges $32.5M Sale of Westside Los Angeles Office Building

by Amy Works June 10, 2022

LOS ANGELES — Newmark has brokered the sale of 640 North Sepulveda Blvd., an office property located in Westside Los Angeles. Vectra Management Group sold the building to an undisclosed buyer for $32.5 million. Built in 1987, the two-story, 45,630-square-foot office building underwent a $3 million renovation in 2019. The property offers nearly 12,000 square feet of outdoor work and recreation space, including an open courtyard, outdoor patio, barbecue area, basketball court, designated pet area, water features, ping pong tables, fire pit and lounge area. At the time of sale, the building was 27 percent occupied. Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark represented the seller, while David Kluth and Aliya Coher of Newmark represented the buyer in transaction.

June 10, 2022

Development Michigan Midwest Multifamily

SK Investments Group Unveils Plans to Build 1,200-Unit Apartment Project in Pontiac, Michigan

by Kristin Harlow June 10, 2022

PONTIAC, MICH. — SK Investments Group has unveiled plans to build The Shores at Crystal Lake, a 34-acre development with more than 1,200 apartment units in Pontiac, a northern suburb of Detroit. Plans also call for a mix of retail, dining, recreational and entertainment space. The project team includes architect Kreiger-Klatt and civil engineer and surveying firm Spalding DeDecker. Tim O’Brien, a Pontiac native and former principal of local development company O’Brien Group, will serve as strategic advisor. The site plan final approval is anticipated for this fall, with construction expected to begin in mid-to-late 2023. SK Investments Group is a South Florida-based developer.

June 10, 2022

Acquisitions California Industrial Western

Stos Partners, Long Wharf Capital Sell Industrial Facility in San Diego for $17.3M

by Amy Works June 10, 2022

SAN DIEGO — Stos Partners, in a joint venture with Long Wharf Capital, has completed the disposition of an industrial property in San Diego’s Miramar submarket. EverWest Real Estate Investors bought the property for $17.3 million. The sellers initially acquired the asset for $11 million in early 2020. Located at 9431 Dowdy Drive, the 55,000-square-foot property features ample parking space, drive-around access, dock-high loading space, storage space and a security system with a fenced-in lot. Bryce Aberg, Brant Aberg and Zachary Hardman of Cushman & Wakefield represented the seller in the deal.

June 10, 2022

Acquisitions Illinois Midwest Multifamily

MZ Capital Partners Sells Apartment Community in Naperville, Illinois for $24M

by Kristin Harlow June 10, 2022

NAPERVILLE, ILL. — MZ Capital Partners has sold Vantage Naperville Apartments in suburban Chicago for $24 million. The 112-unit apartment community, located at 1350 E. Ogden Ave., was fully leased at the time of sale. The newly completed property features studios and one-bedroom units with private work-from-home suites. JLL brokered the sale. An affiliate of 601W Cos. was the buyer.

June 10, 2022

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