Wednesday, July 16, 2025
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Lincoln-Plaza-Bellevue-WA
AcquisitionsOfficeWashingtonWestern

Principal Real Estate Investors Sells 148,652 SF Lincoln Plaza Office Campus in Bellevue, Washington

by Amy Works

BELLEVUE, WASH. — Des Moines, Iowa-based Principal Real Estate Investors has completed the disposition of Lincoln Plaza, an office campus located at 11225, 11235 and 11245 SE Sixth St. in Bellevue. New Rock Acquisition purchased the 148,652-square-foot asset for an undisclosed price. Situated on 9.1 acres, the three-building property was 90 percent occupied by 20 tenants at the time of sale. Tom Pehl, Todd Tydlaska, Charles Safley, Lou Senini, Paige Morgan and Chais Lowell of CBRE Capital Markets represented the seller in the deal. Brad Zampa and Mike Walker of CBRE arranged acquisition financing for the buyer. Scott Davis and Tim Owens, also of CBRE, will continue to handle leasing under the new ownership.

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AcquisitionsCaliforniaHospitalityWestern

Pacifica Cos. Acquires 34-Room El Colibri Hotel & Spa in Cambria, California from Pacifica Hotels

by Amy Works

CAMBRIA, CALIF. — San Diego-based Pacifica Cos. has completed the sale of El Colibri Hotel & Spa, a coastal boutique hotel in Cambria. Aliso Viejo-based Pacifica Hotels acquired the property for an undisclosed price. El Colibri Hotel & Spa features 34 guest rooms, the Nest Day Spa, a self-pour wine and beer tap wall, Tesla charging stations and beach cruiser rentals. Scott Hall and Aaron Lapping of Berkadia San Diego represented the seller in the transaction.

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CaliforniaLoansMultifamilyWestern

Mandri Capital Arranges $14.1M in Financing for Acquisition, Renovation of Santa Monica Apartment Property

by Amy Works

SANTA MONICA, CALIF. — Mandri Capital has arranged $14.1 million in combined financing to capitalize the acquisition and renovation of an apartment building located at 927 Ocean Ave. in Santa Monica. The borrower is Axis Development Group. The structured financing included a debt fund bridge loan, preferred equity and a joint-venture equity partner — providing 97 percent of the total project capitalization. Axis plans to restore the property, which was originally constructed in 1922. The renovation will provide residents with ocean views and access to world-class amenities. Upon completion, the property will offer 20 residences.

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Vineyards-Apartments-Katy-Texas
AcquisitionsMultifamilyTexasWalker & Dunlop

Walker & Dunlop Arranges Sale of 369-Unit Vineyards Apartments in Metro Houston

by Taylor Williams

KATY, TEXAS — Walker & Dunlop has arranged the sale of Vineyards, a 369-unit value-add apartment community in the western Houston suburb of Katy. Built in 2003, Vineyards features one-, two- and three-bedroom units and amenities such as a fitness center, business center and a playground. Scott Bray, Ryan Epstein and Jennifer Ray of Walker & Dunlop represented the seller, Atlanta-based Preferred Apartment Communities, in the deal. The buyer was Knightvest Capital, an investment firm with offices in Dallas, Houston, Phoenix and Raleigh.

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AcquisitionsCaliforniaIndustrialWestern

Coldwell Banker Commercial Brokers $3.8M Acquisition of Industrial Building in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Coldwell Banker Commercial has arranged the purchase of a multi-tenant industrial property located at 661 Arlington Ave. in Riverside. The asset traded for $3.8 million. The names of the seller and buyer were not released. Constructed in 1989 on 1.7 acres, the building features 25,850 square feet of industrial space. Carey Paster of Coldwell Banker Commercial SC represented the buyer in the transaction. The buyer plans to hold the property as an investment.

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ArizonaDevelopmentMultifamilyWestern

Orion Investment Real Estate Negotiates $2.4M Land Sale for Multifamily Development in Phoenix

by Amy Works

PHOENIX — Orion Investment Real Estate has brokered the sale of an infill land parcel located on Central Avenue in Midtown Phoenix. The buyer, an undisclosed developer, is assembling the adjoining parcels to develop a 144-unit multifamily property. The development site sold for $2.4 million, or $80.58 per square foot. Nick Miner of Orion represented the undisclosed seller in the deal.

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Springdale-Shopping-Center-Austin
AcquisitionsRetailTexas

Edens Buys 163,145 SF Grocery-Anchored Shopping Center in Austin

by Taylor Williams

AUSTIN, TEXAS — Shopping center owner-operator Edens has purchased Springdale Shopping Center, a 163,145-square-foot, grocery-anchored retail property in Austin. Regional grocer H-E-B is the anchor tenant at the center, which was fully leased at the time of sale. Other tenants include Ross Dress for Less, dd’s, Dollar Tree, O’Reilly Auto Parts, Subway, KFC and Wingstop. Chris Gerard, Ryan Shore, Clint Coe, Erin Lazarus and Zach Riebe of JLL represented the seller, Forge Capital Partners, in the transaction.

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Northpointe-Centre-Dallas
AcquisitionsOfficeTexas

Colliers Brokers Sale of 161,182 SF Northpointe Centre Office Building in Dallas

by Taylor Williams

DALLAS — Colliers International has brokered the sale of Northpointe Centre, a 161,182-square-foot office building in Dallas. The eight-story building is located on the city’s north side and offers amenities such as a fitness center, conference facility and a deli. Cody Payne, Wayne Bares, Austin Edelmon and Michael Tran of Colliers represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. Northpointe Centre was 75 percent leased at the time of sale.

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LoansMultifamilyTexas

Lightstone Capital Provides $20.1M Acquisition Loan for Houston Multifamily Property

by Taylor Williams

HOUSTON — Lightstone Capital has provided a $20.1 million acquisition loan for Normandy Woods, a 268-unit multifamily property located on the eastern outskirts of Houston. The property was built in the early 1980s and offers one- and two-bedroom units ranging in size from 634 to 942 square feet, according to Apartments.com. The borrower was Dallas-based Performance Properties. Cutt Ableson of Berkadia arranged the loan. Performance Properties has maintained an average minimum occupancy rate of 90 percent at Normandy Woods over the last decade.

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AcquisitionsHospitalityMarylandSoutheast

Condor Hospitality Trust to Sell Entire Hotel Portfolio to Blackstone for $305M

by Jeff Shaw

BETHESDA, MD. — Condor Hospitality Trust Inc. (NYSE: CDOR) has agreed to sell its entire hotel portfolio to affiliates of Blackstone Real Estate Partners for $305 million. The all-cash transaction does not include the assumption of any existing debt. Completion of the deal, which is expected to occur in the fourth quarter of 2021, is subject to customary closing conditions, including the approval of the company’s shareholders. The Bethesda-based real estate investment trust’s hotel portfolio includes 15 properties in eight states. Blackstone entered into voting agreements with Condor’s certain shareholders that hold approximately 60 percent of the common shares. Those shareholders voted in favor of the transaction.

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