DALLAS — Hospitality brokerage firm HREC Investment Advisors has arranged the sale of the 295-room Sonesta Suites Dallas Park Central, located in the city’s central business district. The property offers a pool, fitness center, business center and a bar/lounge. Mark Rome and Monty Levy of HREC represented the seller, hospitality REIT Service Properties Trust, in the transaction. Omni Vision Dallas LLC acquired the asset for an undisclosed price with plans to reposition it as a multifamily property.
SAN ANTONIO — Houston-based development and investment firm Welcome Group has purchased 7.6 acres in San Antonio for the construction of a industrial flex project that could span as much as 135,00 square feet. The site is located within the 350-acre Connection Industrial Park master-planned development, in between distribution centers occupied by Amazon and Dollar General. Michael Kent of Stream Realty Partners represented the seller in the land deal. A construction timeline was not disclosed.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of the 126-room Holiday Inn Fort Worth North Fossil Creek. The property offers a pool, business center and a cocktail lounge. Allan Miller, Chris Gomes and Matt Omansky of Marcus & Millichap represented the seller, a bank/financial institution, in the transaction. The buyer was an individual/personal trust.
CORAL GABLES, FLA. — Patrinely Group has begun renovations at Columbus Center, a 263,000-square-foot office and retail complex in Coral Gables. USAA Real Estate, Columbus Center’s majority owner, has partnered up with Patrinely Group to remodel the building’s common areas. Renovations will include updating the front entrance and main lobby, activating the outdoor terrace and modernizing the conference centers. Patrinely Group assumed property management operations at the property in 2020. The firm also oversees leasing, along with Maggie Kurtz, Kevin Gonzalez and Jake Freeman of CBRE. Located at 1 Alhambra Plaza, Columbus Center is situated 5.3 miles from downtown Miami, 3.1 miles from the University of Miami and 4.7 miles from Miami International Airport. The property is also situated 11.9 miles from Miami Beach.
ROCKVILLE, MD. — JLL Capital Markets has secured $38.5 million in acquisition financing for District IV, a 240,000-square-foot office building in Rockville. Michael Gigliotti, Robert Tonnessen and Brian Buglione of JLL secured the financing on behalf of the borrower, BLT Green Hollow, a partnership between Building and Land Technology and Green Hollow Capital Partners, along with Banyon Street Capital. New York City-based Ladder Capital provided the financing. Built in 2007, District IV is part of the recently rebranded District at King Farm, which includes four properties totaling over 750,000 square feet of office and retail space. Current tenants include cell therapy company Autolus, Sucampo Pharmaceuticals and MUFG Investor Services. The District at King Farm is situated along King Farm Boulevard within the 430-acre, master-planned King Farm Park located near the Shady Grove Metro station and the Interstate 270 technology corridor. Located at 805 King Farm Blvd., District IV is situated 19.1 miles from Washington, D.C. and 19.5 miles from the University of Maryland. The project is also near retail centers such as Shady Grove Center, Rio at Washingtonian and Downtown Crown. The partnership’s plans include comprehensive lobby improvements and upgrades to amenities and foodservice offerings. The partnership also plans to …
WHITE PLAINS, N.Y. — South Carolina-based developer Greystar has broken ground on 25 North Lex, a 500-unit multifamily project located in the downtown area of White Plains, a northern suburb of New York City. Designed by Handel Architects LLP, the transit-served, high-rise property will house one-, two- and three-bedroom units, as well as 19,000 square feet of ground-floor retail space. Amenities will include a fitness center with yoga/spin studios, study rooms, a children’s play area, sports/media lounge, pet run and spa and a rooftop lounge. Completion is slated for the first half of 2024.
ATLANTA — Fundrise has purchased Aerotropolis North, a more than 200,000-square-foot modern industrial and logistics facility on the south side of Atlanta, for $30.4 million. Dennis Mitchell, Matt Wirth, Britton Burdette and Bo Osgood of JLL Capital Markets represented the seller, Orange County, Calif.-based Bixby Land Co., in the transaction. Built in 2020, Aerotropolis North is a single-tenant distribution facility fully leased to Kal Freight Inc., a provider of modern transportation services. The tenant uses the facility for some of its warehousing, distribution and administrative offices. The front-load building features 32-foot clear heights, 31 dock-high doors, two drive-in doors, 29 trailer parking stalls, LED lighting, ESFR fire protection and 115 auto parking spaces. Located at 3435 Jonesboro Road SE on 16.2 acres, the property is situated less than one mile from Interstate 285 and 5.9 miles from Hartsfield-Jackson Atlanta International Airport.
ST. PETE BEACH, FLA. — A joint venture between The LCP Group LP and Safanad have acquired Postcard Inn on the Beach, a 196-room resort in St. Pete Beach, for $83 million. The seller was not disclosed. CBRE arranged a $72.3 million loan for the purchase. Built in 1957, Postcard Inn features a lobby café, full-service restaurant, pool and 3,880 square feet of combined indoor and outdoor terrace meeting space that can accommodate up to 200 guests. Located on 9.6 acres, the beachfront property offers over 300 feet of frontage along the Gulf of Mexico. The joint venture plans to modernize the guestrooms and improve the food and beverage offerings. Crescent Hotels & Resorts will manage the asset under the Latitudes Collection umbrella.
WARWICK, R.I. — Massachusetts-based investment firm Capital Group Properties has purchased Warwick Center, a 160,000-square-foot retail center in Rhode Island. The property sits on 15 acres at the intersection of Interstates 95 and 295 and houses tenants such as Barnes & Noble, Designer Shoe Warehouse, Edge Fitness, Ulta Beauty, Carrabba’s Italian Restaurant and Walpole Outdoors. Capital Group Properties purchased the asset from institutional investment firm Nuveen Real Estate for $12.3 million and plans to upgrade the landscaping, parking areas, signage, lighting and building façade. Nat Heald, Bill Moylan, Chris Angelone and Zach Nitsche of JLL represented the undisclosed seller in the transaction.
LITTLE ROCK, ARK. — MCR, a hotel owner-operator with offices in New York City and Dallas, has bought Homewood Suites by Hilton Little Rock Downtown, a 116-room extended stay property in Little Rock’s downtown district. The seller and sales price were not disclosed. Homewood Suites by Hilton Little Rock Downtown is a six-story hotel that offers studio, one- and two-bedroom suites. Room features include a fully equipped kitchen, refrigerator, microwave, dishwasher and twin burner stove. Hotel amenities include a pool, basketball court, complimentary breakfast, free Wi-Fi, 24-hour business center, a grab-and-go market with snacks and beverages, lobby lounge, covered parking, laundry facilities and 1,058 square feet of event space. Located at 400 River Market Ave., the property is situated 1.2 miles from downtown Little Rock and 5.9 miles from the University of Arkansas. The property is also 7.7 miles from the North Little Rock Municipal Airport.