PORTLAND, MAINE — Apple Hospitality REIT (NYSE: APL) has acquired the 157-room Aloft Hotel in downtown Portland for $51.2 million, or approximately $326,000 per key. The newly built, waterfront property features a fitness center, meeting space and multiple food and beverage options. The seller was not disclosed. Following the acquisition, the portfolio of Virginia-based Apple Hospitality consists of 215 hotels totaling about 28,000 rooms across 35 states.
NEW YORK CITY — NorthMarq has arranged a $30 million loan for the refinancing of Springnex Plaza Shopping Center, a 96,019-square-foot retail asset located in the Springfield Gardens area of Queens. The grocery-anchored retail property was built in 2000. Robert Delitsky of NorthMarq arranged the fixed-rate loan through an undisclosed credit union on behalf of the borrower, an affiliate of New York-based Mattone Investors LLC that originally developed the property.
MALDEN, MASS. — JLL has brokered the sale of a 47,915-square-foot light industrial property in Malden, located north of Boston. Originally built in 1958, the facility was fully leased at the time of sale to Enjet Aero, a provider of custom turbine and jet engine components. JLL represented the seller, Eastern Real Estate, in the transaction. Michael Restivo and Jonathon Schneider of JLL arranged a five-year, fixed-rate acquisition loan through Middlesex Savings Bank on behalf of the buyer, Boston-based Novaya Real Estate Ventures.
NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $2.9 million sale of an 11,000-square-foot residential development site in the Cypress Hills neighborhood of Brooklyn. The site is located within a Qualified Opportunity Zone and can support development of 43,700 buildable square feet. Peter Matheos, Mike Rafter, Andrew Manasia and Jourdon Delerme-Brown of TerraCRG represented the seller, an entity doing business as 2771 Atlantic Realty LLC, in the transaction. The buyer was not disclosed.
WHITE PLAINS, N.Y. — Hudson Hill Partners has acquired Somers Strip Shopping Mall, a 10,578-square-foot retail property located in Westchester County, for roughly $2.7 million. The sale included an adjacent development parcel. Matthew Torrance, Al Mirin, Bill Eisenhut and Kate Schwartz of Cushman & Wakefield represented the seller, a locally based family that developed the property 40 years ago, in the deal.
PENDERGRASS, GA. — Seefried Industrial Properties has broken ground on Valentine 85 Logistics Center Building 2, an 800,590-square-foot speculative industrial building within Valentine Farms in Pendergrass. Located at 500 Valentine Industrial Parkway about 58.5 miles north of Atlanta, the Valentine 85 Logistics Center Building 2 is situated off Interstate 85 between two interchanges at GA Highways 82 and 11, which offers direct access to the building. FCL Builders is the general contractor of the modern bulk distribution center that will feature 40-foot clear heights, 134 trailer spaces expandable to 197, 336 car parking spaces, 153 dock doors and four drive-in doors. The building is slated to open for occupancy in September 2022. Seefried completed Phase I of Valentine 85 Logistics Center, which included an approximately 1 million-square-foot spec building, in August 2018. Hillwood Investment Properties purchased the building in 2018 for an undisclosed price. Doug Smith and Joseph Kriss of Seefried, as well as Scott Plomgren and Harrison Marsteller of Colliers International, will lead marketing efforts of Valentine 85 Logistics Center Building 2.
Federal Realty Investment Trust Purchases Twinbrooke Shopping Centre in Fairfax, Virginia for $33.8M
FAIRFAX, VA. — Federal Realty Investment Trust has purchased Twinbrooke Shopping Centre, a 110,000-square-foot, grocery-anchored neighborhood shopping center in Fairfax. The undisclosed seller sold the asset to Federal Realty for $33.8 million. Located at 9525 Braddock Road, Twinbrooke Shopping Centre was 86 percent leased at the time of sale to tenants such as anchors Safeway and Walgreens. Other tenants include Outback Steakhouse, Pho Saigon 75, Waraku Japanese Restaurant, Potomac Valley Veterinary Hospital, Twinbrook Music Inc., Hair Xpressions Fairfax and 153 Barber Shop. The property is situated on 10 acres off Braddock Road (VA Route 620), which is a main east-west thoroughfare providing access to Interstate 495. Federal Realty anticipates increasing the value of Twinbrooke over time through remerchandising and incremental capital investment.
BIRMINGHAM AND HUNTSVILLE, ALA. — JLL Capital Markets has arranged the sale of Crossings of Hoover and Strong Station, two retail centers totaling 133,705 square feet in Birmingham and Huntsville, respectively. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the Brentwood, Tenn.-based seller, GBT Realty Corp., in the transaction. Warner Robins, Ga.-based Livingston Properties acquired both properties for a total of $26.6 million. Built in 2015, Crossings of Hoover is a 37,765-square-foot retail center anchored by Sprouts Farmers Market. The property is located 11 miles south of downtown Birmingham and has direct access to Interstate 459. Strong Station is anchored by Sprouts Farmers Market and Hobby Lobby and is shadow-anchored by Academy Sports + Outdoors. Built in 2015, the shopping center spans 95,940 square feet.
ATLANTA — Atlanta-based Songy Highroads, in a joint venture with Baltimore-based Alex. Brown Realty Inc., has acquired a two-property apartment portfolio with a total of 108 units in the Atlanta’s Upper Westside neighborhood. The sellers and sales price were not disclosed. Chris Cain, John McCalla and Mason Taylor of Marcus & Millichap represented the sellers of both properties. The adjacent communities are located at 2100 and 2113 Defoors Ferry Ave., and the new owners plan to combine the properties into one apartment community. Songy Highroads and Alex. Brown Realty also plan to make capital investment improvements such as upgrading unit interiors, adding shared amenities and improving the curb appeal of the assets. The planned added amenities will include a shared gym / fitness center, a playground, grilling stations and improving the pool at both properties. The two Defoors apartments are located in the heart of the Upper Westside, close to Collier Village, West Midtown, The Works, Westside Village and Peachtree Road. The properties also feature access to Interstates 75 and 285. The 2100 Defoors apartments, a 60-unit community, offer one- and two-bedroom units with rents ranging from $1,200 to $1,525. Current unit features include quartz countertops, walk-in closets, in-unit washers …
WARNER ROBINS, GA. — The Palomar Group has brokered the $3.8 million sale of Willow Lake Crossing, a 19,650-square-foot shopping center in Warner Robins. Built in 1998, Willow Lake Crossing is fully occupied, and shadow anchored by Target and Academy Sports + Outdoors. Other tenants include Shane’s Rib Shack, Stevi B’s and H&R Block. Located at 2907 Watson Blvd., the shopping center is situated about 19.5 miles from Macon and 8.9 miles from the Middle Georgia Regional Airport. The property is also situated at the intersection of Watson Boulevard and Houston Lake Road. Earlier this year the previous owner, an unnamed investor based in the Southeast, completed renovations at the center, including resealing and restriping of the parking lot, façade upgrades and LED lighting installation in the parking lot. Jordan Collier and Brian Sweeting with Meybohm Commercial represented the buyer, an unnamed regional investor. Palomar represented the seller, which had owned the center for over 20 years.