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.
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.
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.
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.
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.
HOLLYWOOD, FLA. — Pebblebrook Hotel Trust (NYSE: PEB) has acquired the 369-room Margaritaville Hollywood Beach Resort in Hollywood. An affiliate of KSL Capital Partners LLC sold the asset for $270 million. Davidson Hospitality Group will continue to manage the lifestyle resort. Margaritaville Hollywood Beach Resort is located on 6.2 acres off the Hollywood Boardwalk with 450 linear feet of direct beach frontage. Built in 2015, the resort includes over 30,000 square feet of indoor and outdoor event space overlooking the Atlantic Ocean. The resort also features eight dining venues, including Jimmy Buffet’s Margaritaville, Landshark Bar & Grill, JWB Prime Steak and Seafood, 5 o’Clock Somewhere Bar & Grill and Floridays Airstream Cafe. Resort amenities also include the 11,000-square-foot St. Somewhere Spa, Fitness and Salon, multiple outdoor swimming pools, 22 full-service cabanas, the Flowrider Surf Simulator, the Parakeets Kid’s Club, retail outlets and live entertainment nightly at one of the resort’s several outdoor entertainment venues. Located at 1111 N Ocean Dr., Margaritaville Hollywood Beach Resort is located about 16.2 miles from Miami Beach and 9.6 miles from Fort Lauderdale. The resort is also about 6.4 miles from the Fort Lauderdale International Airport. Pebblebrook plans to make physical enhancements to the property …
NEW YORK CITY — Cottonwood Group, a Los Angeles-based private equity real estate firm, has provided a $105 million bridge loan for the refinancing of The Six, a newly constructed office building located at 106 W. 56th St. in Manhattan. The 79,214-square-foot building offers a tenant lounge, conference facility and views of Central Park. The borrower was locally based developer Savanna. The transaction is the seventh investment to date through the Cottonwood Real Estate Founders Fund that launched in May. Leo Leyva, Chris Caslin, Robyn Pellegrino, Jennifer Chung and Samantha Epstein of Cole Schotz P.C. represented Savanna in the deal.
TAMPA, FLA. — TerraCap Management LLC has sold Eastpointe, a three-story, Class B office building in Tampa that totals approximately 82,000 square feet. Rick Brugge, Mike Davis, Rick Colon, Ryan Jenkins and Zach Eicholtz of Cushman & Wakefield represented the seller, TerraCap, in the transaction. TriOut Advisory acquired the property for an undisclosed price. Built in 1987, the property has a two-story parking garage. TerraCap acquired Eastpointe in March 2014 as part of a two-property acquisition. TerraCap invested capital into the roof, HVAC, parking lot, parking garage, restrooms and signage. After signing Circle K to a 10-year deal for approximately 19,000 square feet and extending the approximately 36,000-square-foot anchor tenant Pharmerica through 2025, Eastpointe reached 96 percent occupancy, and TerraCap began moving the property towards a disposition.
SANDY SPRINGS, GA. — First National Realty Partners (FNRP) has acquired City Center Crossing, a grocery-anchored shopping center located at 6331 Roswell Road in Sandy Springs, a northern suburb of Atlanta. City Center Crossing is a 98,408-square-foot asset that is 77 percent occupied. A 27,858-square-foot Lidl Supermarket that opened in May 2020 anchors the property. The seller and price were not disclosed. “We are extremely excited to not only acquire our first asset in the Atlanta Market but to also add Lidl to our portfolio, one of the most rapidly growing grocers in the country,” says Matt Annibale, senior director of acquisitions at First National Realty Partners. “The remaining vacancy in the center will provide significant upside for our investors.”
NORTH LITTLE ROCK, ARK. — The New York office of Colliers Mortgage has arranged an $11.3 million Fannie Mae loan for the acquisition of The Pointe North Hills Phase II, an 86-unit, market-rate apartment community in North Little Rock. The pet-friendly property was constructed in 2020 and shares resort-style amenities with Phase I of the property, including a 24-hour fitness center, pool, two private movie theaters, virtual fitness studio and sports simulator lounge. The borrower is The Pointe North Hills LLC. The seller was not disclosed. The loan features a 10-year term and 30-year amortization.