GREAT NECK, N.Y. — New York-based Namdar Realty Group has sold a portfolio of 10 net-leased retail properties located across five states. Five of the properties are located in California. Two assets are in Oregon, and each of the remaining three properties are split between Illinois, Maine and Connecticut. The portfolio spans more than 100,000 square feet and was approximately 95 percent leased at the time of sale to tenants such as Buffalo Wild Wings, Best Buy, Cost Plus World Market, State Farm, AT&T and Uno Pizzeria. Andrew Ebrani and Jonathan Abda represented Namdar Realty Group on an internal basis. The buyer and sales price were not disclosed.
WEST NEW YORK, N.J. — Marcus & Millichap has brokered the $10.5 million sale of a three-property, 66-unit multifamily portfolio in West New York, located across the Hudson River from Manhattan. Fahri Ozturk, Richard Gatto and David Ferber of Marcus & Millichap represented the seller and the buyer, both of which were private investors that requested anonymity, in the transaction. The new ownership plans to implement a value-add program.
KISSIMMEE, FLA. — Encore Capital Management has received a $98.4 million loan for the refinancing and expansion of Margaritaville Resort Orlando. Concord Summit Capital LLC arranged the loan with Starwood Property Trust. The loan refinances the existing construction senior and mezzanine debt and provides additional capital for the resort expansion. Encore plans to build 75 additional hotel rooms on the east wing of the resort, which is located in Kissimmee, just south of Orlando. Construction is expected to begin later this year, but a timeline for completion was not disclosed. The resort, which opened in January 2019, offers rooms, suites and cottage rentals. Resort guests can dine at Euphoria Fish House, an upscale seafood restaurant; Salty Rim Bar & Grill, a poolside grill; or On Vacation, a cocktail and comedian lounge. The property also offers space for hosting meetings, conferences and weddings. Kevin O’Grady, Justin Neelis and Daniel Rojo of Concord Summit arranged the loan on behalf of Encore. The team began marketing the opportunity to potential lenders in spring 2021. Concord Summit also arranged the original construction financing for Margaritaville Resort Orlando in 2017. “The owners have planned the resort’s expansion carefully and enhanced the brand significantly,” says O’Grady. …
LIVERMORE AND STOCKTON, CALIF. — Dalfen Industrial has purchased Las Positas Logistics Center in Livermore and Stockton Supply Chain Center II in Stockton. Terms of the transactions were not released. Las Positas Logistics Center is a 106,700-square-foot, front-load distribution building with close proximity to interstates 580, 80, 680 and 880. Stockton Supply Chain Center II features 50,400 square feet and close proximity to Interstate 5 and Highway 99, which provides same-day access to nearly 45 million people in San Francisco, Sacramento, Los Angeles, San Diego, Portland and Seattle. With these acquisitions, Dalfen Industrial has added three Northern California buildings to its portfolio in the last two months.
ATLANTA — A joint venture between Portman Residential and National Real Estate Advisors LLC has broken ground on 10th and Spring, a 29-story multifamily project in Atlanta’s Midtown district. Portman Residential secured a $117 million construction loan for the project, according to the Atlanta Business Chronicle. Located at the corner of Spring Street and 10th Street NW, 10th and Spring will include 370 residential units, as well as 11,000 square feet of retail space. Community amenities will include a pool, fitness center and a clubroom. The project will serve as the first phase of a 4.1-acre master-planned mixed-use development led by Portman Residential. The larger development plan will also feature a 525,000-square-foot, Class A office building; about 20,000 square feet of event space; and a hotel that will feature at least 225 guest rooms. As part of the project, the historic site of H.M. Patterson & Son’s Spring Hill Chapel will be transformed into a venue with food and beverage options, as well as the new hotel. Atlanta-based Cooper Carry will be the architectural firm for the project. Fogarty Finger will do the interior design for the development, and JE Dunn will oversee construction services. National Real Estate Advisors LLC …
VALRICO, FLA. — CBRE has arranged the sale of Valrico Commons, a 138,887-square-foot shopping center located at 1971 E State Road 60 in Valrico. Built in 1986 and redeveloped in 2011, Valrico Commons was 93 percent leased at the time of sale to tenants including Publix, Ross Dress for Less and Five Below. Casey Rosen and Dennis Carson of CBRE represented the seller, which includes affiliates of North American Development Group and Primerica Group One. An affiliate of Phillips Edison & Co. was the buyer. The sales price was not disclosed.
DORAL, FLA. — The Easton Group and LBA Logistics have acquired a 105,365-square-foot warehouse in Doral for $19.5 million. Hani Jardack of Jardack Commercial Realty represented the locally based seller, Badia, a manufacturer of spices and herbs. Dalton Easton of Easton & Associates represented the Easton-LBA joint venture in the transaction. Located at 9880 NW 25th St., the warehouse property is equipped with air conditioning throughout, solar panels on the roof, 26-foot clear heights and 192 parking spots. Built in 1998, 12,000 square feet is dedicated to office space. Badia was the previous anchor tenant at the property but vacated the building to go to a new location. Easton will begin marketing the property for a new single-user tenant. This warehouse property is Irvine, Calif.-based LBA’s second joint venture with Doral-based Easton Group in South Florida. The two are also partnering on a ground-up development of a 266,760-square-foot warehouse in Hialeah Gardens, Fla., that is due to be delivered in the second quarter of 2022.
ATHENS, ALA. — Marcus & Millichap has brokered the sale of a 460-unit self-storage facility located in Athens. The sales price was not disclosed. The storage facility is located approximately 25 miles from Huntsville. The facility features 356 climate-controlled units and 104 non-climate-controlled units. The 60,234-square-foot facility was recently delivered and is not open for public use as of this writing. Gabriel Coe, Brett Hatcher and Eddie Greenhalgh of Marcus & Millichap represented the seller in the transaction, and the buyer was self-represented. Both the buyer and seller requested anonymity.
NASHVILLE, TENN. — Fogelman Properties has completed the redevelopment of Stewarts Ferry, a 614-unit multifamily community located at 8100 Stewarts Ferry Parkway in Nashville. The renovation project took 18 months, and the development cost was $1 million. Fogelman made interior and exterior upgrades, as well as made enhancements to the pool area including the addition of an outdoor kitchen, LED lighting and brick pool deck. The community also unveiled a new fitness center with equipment and workout programs. Built in 1986, Stewarts Ferry offers one- and two-bedroom apartments and townhomes with rental rates starting at $1,113. The units feature oak cabinets and vanities, washers and dryers, patios or balconies, fireplaces and walk-in closets, as well as upgraded units available for rent. Additional community amenities include two stocked fishing ponds, a lighted tennis court and a community walking trail. The property is currently 97 percent occupied.
GRAPEVINE, TEXAS — Mississippi-based investment firm Eastgroup Properties has acquired DFW Global Logistics Centre, a 611,000-square-foot industrial park located adjacent to Dallas-Fort Worth International Airport in Grapevine, for $89.7 million. The four-building development was fully leased at the time of sale. The deal increases Eastgroup’s total footprint in the metro Dallas market to approximately 4.5 million square feet. The seller was not disclosed.