NEW ORLEANS — HREC Investment Advisors has arranged the sale of The Whitney Hotel, a historic 93-room hotel in New Orleans. Cleveland-based GBX Group LLC acquired the property for $16.9 million. Len Wormser, Ketan Patel, Barry Swanson and Michael Salloway of HREC represented the seller, The MCC Real Estate Group, in the transaction. Built in 1870, The Whitney was renovated about 24 years ago, and features 24 suites, meeting space, parking and a 7,000-square-foot lobby. The property is situated close to the 1.2 million-square-foot New Orleans Ernest N. Morial Convention Center, the French Quarter and Superdome.
CORNELIA, GA. — Stan Johnson Co. has brokered the sale of a multi-tenant retail strip center in Cornelia. Billy Benedict of Stan Johnson Co. represented the seller, a Florida-based investment group known as JETS Associates Ltd. Atlanta-based Newburger-Andes acquired the property for $3.1 million. Built in 2019 on a 1.3-acre parcel, the 6,668-square-foot center is leased to Starbucks Coffee, Cricket Wireless and Jersey Mike’s Subs. At the time of sale, the property was 74 percent occupied with one available space totaling 1,750 square feet. The property is an outparcel to a Lowe’s Home Improvement store. Located at 216 Carpenters Cove Lane, the center has direct frontage to U.S. Highway 441 South. The property is located approximately 70 miles northeast of downtown Atlanta.
LAGRANGE, GA. — Berkadia has secured an acquisition loan for Exchange at 1105, a new 280-unit garden-style multifamily property in LaGrange. Scott Wadler and Matt Nihan of Berkadia’s Miami office arranged the financing through AllianceBernstein on behalf of the borrower, Coral Gables, Fla.-based Beacon Real Estate Group. The loan amount was not disclosed. The first phase of Exchange at 1105 was completed in 2021 and includes 198 units. Phase I was 97 percent occupied at the time of sale. The second phase is under construction and slated for delivery by the fourth quarter. The property offers one-, two- and three-bedroom floorplans. Unit features include smart lock entry, stainless steel appliances, granite kitchen countertops, soaking bathtubs and walk-in closets. Community amenities include a clubhouse, fitness facility, resident lounge with pool table, Wi-Fi enabled clubhouse with business center, dog park with pet spa and designer pool with sun deck. Located at 1105 and 1195 S. Davis Road, the property is located near Interstates 85 and 185.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of The IN Self Storage portfolio, a collection of four facilities in the Dallas-Fort Worth metroplex. The properties total 1,041 units across 136,150 net rentable square feet and are located in Aubrey, Flower Mound, Fort Worth and Wylie. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the undisclosed seller and procured the buyer, Cohen Investment Group, in the transaction.
HOUSTON — Texas-based developer Constellation Real Estate Partners and a fund advised by Crow Holdings Capital will develop Constellation Post Oak, a 426,200-square-foot industrial complex that will be located in Houston. The property will comprise a 304,400-square-foot, cross-dock building with 36-foot clear heights and a 121,800-square-foot front-load building with 32-foot clear heights. Powers Brown Architecture is designing the project with Langan Engineering. Zack Taylor of Colliers represented Constellation in its acquisition of the 33-acre site on which the property will be developed. Colliers has also been retained to lease the development. Construction is set to begin in June 2022 with completion scheduled in the second quarter of 2023.
DALLAS — Stream Realty Partners has broken ground on The Quad, a 350,000-square-foot project in Uptown Dallas that will consist of a 335,000-square-foot office building and 15,000 square feet of retail and restaurant space. Office amenities will include a fitness center, rooftop terrace, club lounge, conference center and a full acre of outdoor space. Stream acquired the 3.8-acre site, which also houses a 131,000-square-foot office building, in 2019. Delivery of the new space is slated for early 2024. Colby Mueck, Jim Curtin, De’On Collins, Rex Cruz and Kristi Leonard of JLL arranged an undisclosed amount of construction financing through MSD Partners, the investment advisory firm of tech magnate Michael Dell, on behalf of Stream Realty Partners.
SACRAMENTO, CALIF. — Sacramento-based D&S Development has sold an eight-story multifamily building located at 1430 Q St. in Sacramento to San Francisco-based Soma Capital for $57.1 million, or $761,333 per unit. Built in 2020, the 95,461-square-foot property features 75 apartments and 8,744 square feet of ground-floor retail space. At the time of sale, the asset was 99 percent occupied. The building features one studio, 29 one-bedroom, 43 two-bedroom and two three-bedroom units with washers/dryers, central heat/air, upscale design and construction, floor-to-ceiling windows, large closets and private patios/balconies in select units. Community amenities include a rooftop terrace, fitness center, yoga room, courtyard with outdoor seating, garage parking, electric vehicle charging station, bike storage and pet spa. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.
FOUNTAIN HILLS, ARIZ. — FPA Multifamily has completed the disposition of an apartment property located at 13225 N. Fountain Hills Blvd. in Fountain Hills. A joint venture between Continental Realty Assets, a subsidiary of Denver-based Continental Realty Group, and Tokyo-based Nippon Steel Kowa Real Estate has acquired the asset for $58.2 million. The buyer has rebranded the 150-unit property as Luna Fountain Hills and is completing modern interior renovations to the units. Constructed in 1998 on 9.7 acres, the community features two-bedroom apartments, averaging 1,041 square feet, with semi-private entry, above-standard ceiling height, washers/dryers and private balcony/patio in select apartments. Onsite amenities include monitored security, a fitness center, business center, swimming pool, sundeck and spa. The community was formerly known as Arrive Fountain Hills. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Phoenix Multifamily Advisory Group represented the seller in the deal.
SAN DIEGO — Sterling Bay and Harrison Street have entered into a joint venture to purchase Sorrento Ridge Research Park, located at 6150 Nancy Ridge Drive in San Diego’s Sorrento Mesa submarket, for $34 million. The name of the seller was not released. Totaling 60,000 square feet, Sorrento Ridge Research Park is a fully vacant former office building, which was built in 1987 and renovated in 2021. The buyers plan to convert the property into a mix of Class A lab and creative office space. All lab space will include scientific research necessities such as fume hoods; lab benches with compressed air and vacuum; deionized water stations; piping for natural gas; and the option to add lab furniture, fixtures and equipment, if needed. The project is expected to undergo redevelopment improvements starting this year, with expected delivery to future tenants in 2023.
SAN ANTONIO — Atlanta-based RangeWater Real Estate has acquired Legacy Heights, a 306-unit apartment community located in San Antonio’s Alma Heights neighborhood. The garden-style property was built in 2009. According to Apartments.com, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground, picnic areas and a clubhouse. RangeWater plans to implement a value-add program. The seller was not disclosed.