SCOTTSDALE, ARIZ. — Alter, a commercial real estate developer, has announced plans for a $54 million sports medicine center for Banner Health at its Riverwalk at Talking Stick mixed-use development along Loop 101 at Indian Bend Road in Scottsdale. Preliminary design is underway for the three-story, 80,000-square-foot project, which will offer athletes dedicated sports medicine services. Completion is slated for fourth-quarter 2022. Pat Williams of JLL represented Banner Health, while Kurt Rosene of NOVO Development represented Alter in the project negotiations.
WOODINVILLE, WASH. — Sack Properties has purchased Chateau Woods, a 114-unit multifamily property located in Woodinville, approximately 20 miles northeast of Seattle. BPM Real Estate Group sold the asset for $45.7 million, or $401,316 per unit. Built in 2008, Chateau Woods features 59 one-bedroom units and 55 two-bedroom units, with an average unit size of 978 square feet and 36 percent of the units include a den. The elevator-served property features a resident clubhouse, 24-hour fitness center, bike storage and outdoor courtyards with dining and barbecue areas. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Pacific Northwest Institutional Property Advisors represented the buyer. Charles Halladay, Peter Smyslowski, Chris Gandy and Matt Cimino of JLL Capital Markets arranged financing for the buyer.
ALBUQUERQUE — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Storage Bank, a self-storage facility located on San Pedro Boulevard in Albuquerque. A local limited liability company sold the asset to a national self-storage operator for an undisclosed price. The two-story, climate-controlled facility features a 24-hour surveillance system monitoring all entrances, two loading areas at the rear of the property, a commercial lift to access the second floor and an on-site manager’s apartment. Additionally, the asset features a ground-level retail space that a packing and shipping business occupies. Thomas Parsons, Adam Schlosser and Charles LeClaire of Marcus & Millichap represented the seller in the deal.
SEATTLE — Hudson Pacific Properties (NYSE: HPP) and Canada Pension Plan Investment Board (CPP Investments) have agreed to acquire a 36-story office tower anchored by Amazon in Seattle. The companies plan to form a joint venture to purchase the 668,000-square-foot property located at 1918 8th Ave. for $625 million. CPP Investments will own a 45 percent interest in the joint venture, while Hudson Pacific will own 55 percent and act as general partner and as property, leasing and construction manager. The seller was not disclosed, but multiple media outlets report J.P. Morgan Chase has owned the property since 2011 when affiliates bought the asset from developer Schnitzer West LLC. The property is 98 percent leased with an average remaining lease term of 10 years. Amazon is the largest tenant and occupies a majority of the building, which the Seattle-based e-commerce giant dubs the Blackfoot building. The LEED Platinum-certified tower features a multi-level lobby, great room, central conferencing facility and large fitness center. The office tower is situated in downtown Seattle’s Denny Triangle neighborhood near Hill7, an office tower that Hudson Pacific and CPP Investments purchased in 2016. The property is also near Washington 1000, an office development that Hudson Pacific …
CHARLOTTE, N.C. — JLL has negotiated the sale of Metrolina Park, a 1.9 million-square-foot industrial campus in Charlotte’s Henderson Circle district. The sales price was not disclosed but multiple news outlets reported the eight-building business park traded for $201 million. The seller, Beacon Partners, developed the asset, which is situated on 163 acres along Statesville Road, less than one mile from Interstate 77 and six miles north of downtown Charlotte. Pete Pittroff, Patrick Nally, Travis Anderson, Jody Thornton and Dave Andrews of JLL represented the seller in the transaction. New York-based Clarion Partners acquired the asset.
ATLANTA — Billionaires Funding Group (BFG) has acquired Underground Atlanta, a four-block mixed-use property in south downtown Atlanta. The Atlanta-based firm acquired the historic property from WRS Inc. for an undisclosed price. Underground Atlanta is situated between Alabama, Pryor, Central and Wall streets. BFG plans to redevelop the 400,000-square-foot asset in phases. Phase I will focus on Block Two, which will comprise multifamily units, ground-level retail and parking. The other phases will include building out retail, restaurant, entertainment and gathering spaces. Shaneel Lalani, CEO of BFG, is leading the acquisition and redevelopment of the asset, with plans to collaborate with civil engineers, urban planners, architects and potential joint venture partners. BFG intends to retain ownership in each parcel to ensure consistency throughout the project. In addition, BFG owns Alabama Street and plans to convert it into a walkable streetscape. WRS acquired Underground Atlanta in late 2014. The Mount Pleasant, S.C.-based company began construction on a 351-room Yotel-branded hotel at the site this summer. Other attractions surrounding the property include Mercedes-Benz Stadium, State Farm Arena and CIM’s $5 billion Centennial Yards development. A timeline for construction was not disclosed. Lalani is also the CEO of Lucky Fortune, a coin-operated amusement machine …
WESTON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $20.5 million sale of Waterway Shoppes of Weston, a 36,000-square-foot shopping center in Weston. The asset was built in 1999 on five acres at the intersection of Weston Road and North Commerce Parkway, 18 miles west of downtown Fort Lauderdale. Tenants at the property include Hooter’s, Posh Nails, CycleBar, Bank United, Baru Latin Bar, Lucille’s American Café and Offerdahl’s Off-the-Grill. Waterway Shoppes of Weston offers outdoor seating overlooking a body of water for its restaurant tenants. Kirk Olson and Drew Kristol of IPA represented the seller, a private investor based in Miami, in the transaction. Gordon Messinger of Cushman & Wakefield represented the buyer, an undisclosed private investor also based in Miami.
SAVANNAH, GA. — A joint venture between Fogelman Properties and Thackeray Partners has purchased Legends of Chatham, a 255-unit apartment complex in Savannah, for $39.5 million. The property offers one-, two- and three-bedroom floor plans, which were 90 percent occupied at the time of sale. Rents at the community range from $1,035 per month to $1,475. The buyers expect to upgrade unit interiors, the clubhouse, fitness center and landscaping, as well as redesign the pool area. Developed in 2015, Legends of Chatham is situated at 1426 Chatham Parkway, six miles southwest of downtown Savannah. Mark Boyce, Blake Coffey, Andrew Mays and Paul Vetter of Berkadia represented the seller, Georgia-based United Residential Properties LLC, in the transaction. John Bray of Berkadia arranged acquisition financing on behalf of the buyers through an undisclosed lender.
WASHINGTON, D.C. — Retail consumers have shown excitement for holiday shopping this year, says Matthew Shay, president and CEO of the National Retail Federation (NRF). Because of the challenges of this year, Shay and the NRF believe people will buy gifts that may “lift the spirits of family and friends.” The NRF has forecasted U.S. holiday sales to grow between 3.6 percent and 5.2 percent compared to 2019. The expected growth would mean a range between $755.3 billion and $766.7 billion in sales for the season, which NRF defines as November and December. NRF says the average year-over-year growth for the past five holiday seasons has been 3.5 percent. Online and non-store sales are expected to jump between 20 and 30 percent, according to the NRF, for a total of $202.5 billion to $218.4 billion. Holiday sales in 2019 totaled $168.7 billion. Due to pandemic-related reasons, large swaths of people have not been shopping in-person this year, a trend the NRF expects to see continue through December. “We know this holiday season will be unlike any other, and retailers have planned ahead by investing billions of dollars to ensure the health and safety of their employees and customers,” says Shay. …
AUSTIN, TEXAS — An affiliate of San Francisco-based investment management firm The Axton Group has purchased the 492-room Renaissance Austin Hotel for $70 million. The hotel, which is part of the Marriott International family of brands and is located on the city’s north side, includes 88 suites and 77,600 square feet of meeting and event space. An affiliate of Walton Street Capital LLC provided an undisclosed amount of acquisition financing for the transaction. Eastdil Secured served as financial advisor. The seller was not disclosed. Axton Group plans to upgrade the meeting rooms and other common spaces.