Property Type

SAVANNAH, GA. — Fort Lauderdale, Fla.-based DoveHIll has placed a preferred equity investment for the redevelopment of a boutique hotel in Savannah’s Historic District. The project will deliver The Sabal House, a 64-room luxury hotel, in place of the former President’s Quarter Inn. The hotel is located on Oglethorpe Square and directly across from the Owens-Thomas House. In addition to upgraded and brand new hotel rooms, The Sabal House will feature Oak Steakhouse, a restaurant concept by Indigo Road Hospitality Group. Terms of DoveHill’s investment were not released. The hotel’s management firm, TPG Hotels & Resorts, says the development team includes Procaccianti Cos., Kim King Associates and Ross Hotel Partners.

FacebookTwitterLinkedinEmail

FORT LAUDERDALE, FLA. — Native Realty has brokered the $10.3 million sale of Pinecrest Square, a 40,409-square-foot shopping center located in the Fort Lauderdale neighborhood of Cypress Creek. Tenants at the property include ChenMed, 7-Eleven, Jiffy Lube, Cheers Food and Spirits and Veterinary Emergency Group. Jaime Sturgis of Native Realty represented the buyer, an entity doing business as 903 Cypress Creek LLC, in the transaction. An entity operating as Pinecrest AP LLC was the seller. Native is also leasing Pinecrest Square on behalf of the new owner.

FacebookTwitterLinkedinEmail

GLEN ALLEN, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has negotiated the $6.4 million sale of Virginia Center Station, a 24,400-square-foot retail center located at 1070 Virginia Center Parkway in Glen Allen, a northern suburb of Richmond in Henrico County. Built in 2006, the unanchored shopping center was fully leased at the time of sale to seven tenants, including Chipotle Mexican Grill, Mattress Firm and Q BBQ. The retail center is situated on 4.9 acres within the larger Virginia Center Station retail development and adjacent to the redevelopment of Virginia Center Commons mall. Catharine Spangler, James Ashby IV and Annie O’Connor of Thalhimer represented the seller, an entity doing business as HDJR Central LLC & HDJR Central II LLC, in the transaction. The buyer was an entity doing business as Threelo LLC.

FacebookTwitterLinkedinEmail
Sugarmont-Apts-SLC-UT

SALT LAKE CITY — Centerspace (NYSE: CSR) has purchased Sugarmont Apartments, a Class A mid-rise multifamily property in Salt Lake City’s Sugar House neighborhood, from Cottonwood Communities for $149 million. Centerspace has retained Cottonwood as property manager for the asset, which is located at 2191 S. McClelland St. Built in 2021, Sugarmont Apartments features 341 units in a mix of studio, one-, two- and three-bedroom floor plans, along with townhomes. Residences offer quartz countertops with mosaic tile backsplashes, smart home features, private balconies, walk-in closets and luxury plank flooring. Community amenities include a resort-style pool and spa, two landscaped courtyard terraces with fire pits and grills, a fitness club and yoga studio, pet park and resident clubhouse. Mark Jensen, Rawley Nielsen and Darren Nielsen of Northmarq’s Salt Lake City Multifamily Investment Sales team represented the buyer in the transaction.

FacebookTwitterLinkedinEmail
Park-Center-Seven-Oaks-Bakersfield-CA

BAKERSFIELD, CALIF. — BWE has secured a $61 million construction loan to finance the first phase of Park Center at Seven Oaks, a planned 520-unit multifamily community in Bakersfield. Upon completion, Park Center at Seven Oaks will be the largest multifamily development in Kern County, Ariz. Phase I will include 352 garden-style apartments. Located at the southwest corner of S. Allen Road and White Lane, the initial southern phase of Park Center Apartments will feature 17 residential buildings, a leasing office, fitness center and pool house. Of the 352 planned units, 152 will be one-bedroom/one-bath units and the remaining 200 will be two-bedroom/two-bath units. Apartment amenities will include quartz countertops, subway tile backsplash, white Shaker cabinets, hardwood-style plank flooring, stainless steel appliances, in-unit washers/dryers, fiber optic internet, private patios and nine-foot ceilings. Community amenities will include a clubhouse with kitchen, lounges, coworking spaces, storage, a mail room, fitness center with yoga studio, two pools, pergola-shaded barbecue patios and fire pits and a shared active-use turf area with corn hole, volleyball and ping pong. The pet-friendly community will also offer a fenced dog run and onsite dog wash station. Tom Turnage and Alex Gregoire of BWE originated the four-year, floating-rate loan with …

FacebookTwitterLinkedinEmail
Sundance-Towne-Center-Buckeye-AZ

BUCKEYE, ARIZ. — Continental Realty Corp. has expanded into the Phoenix market with the acquisition of Sundance Towne Center, a regional power center in Buckeye. Shin Yen Management sold the asset for $54.3 million. Located at 466 S. Watson Road, Sundance Towne Center features 203,525 square feet of retail space occupied by nearly 50 retailers and restaurants, including PetSmart, Boot Barn, Bealls Outlet, AutoZone, BMO Bank, Cracker Barrel, Dollar Tree, Dunn-Edwards Paints, Mattress Firm and Peter Piper Pizza. At the time of sale, the property was 94 percent leased. Michael Hackett, Jimmy Slusher, Ryan Schubert and Zach Aulick of CBRE represented the seller in the transaction.

FacebookTwitterLinkedinEmail
Scottsdale-Centre-Scottsdale-AZ

SCOTTSDALE, ARIZ. — MIG Real Estate has sold Scottsdale Centre, a medical outpatient building in Scottsdale, to an Arizona-based commercial real estate investment company for $44.6 million. Located at 7373 N. Scottsdale Blvd., the 163,311-square-foot Scottsdale Centre is 78 percent leased, of which 66 percent was medical and 34 percent was office tenancy. Current tenants include Palo Verde Cancer Specialists, Prosano Health and various other healthcare providers. Originally constructed in 1984 and upgraded and converted from office to primary medical space post-pandemic, Scottsdale Centre is a two-story building situated on 8.7 acres. The property features 254 surface parking spaces and 466 subterranean parking spaces. Travis Ives, Gino Lollio and Tyler Moses of Cushman & Wakefield’s U.S. Healthcare Capital Markets represented the Newport Beach, Calif.-based seller in the deal. Sheila Bale, Erika Eckblad, Tom Weinhold, Tim Whittemore and Patrick Schrimsher of Cushman & Wakefield provided local market leasing advisory on the sale and have been retained by the buyer to continue handling leasing for the property.

FacebookTwitterLinkedinEmail
601-E-Holt-Ave-Pomona-CA

POMONA, CALIF. — Progressive Real Estate Partners has arranged the sale of a single-tenant, triple-net leased retail property located at 601 E. Holt Ave. in Pomona. A private Southern California-based investor sold the asset to a Los Angeles-based private developer and investor for $5.7 million. Brad Umansky and Lance Mordachini of Progressive Real Estate Partners represented the seller, while Alex Smith of Rosewood Realty Corp. represented the buyer in the transaction. AutoZone Mega Hub occupies the 30,000-square-foot building, including mezzanine space. AutoZone Mega Hubs are larger format stores that feature a full-service retail storefront and a mini-distribution center for satellite stores in the surrounding region.

FacebookTwitterLinkedinEmail

CHICAGO — Friedman Properties has completed renovations at the Reid Murdoch Building in Chicago’s River North neighborhood. The improvements included the construction of a 5,600-square-foot amenity suite with a new lounge and fitness center. Housed on the fourth floor, the lounge features a café with complimentary coffee drinks, an audiovisual system, refrigeration and warming drawers for larger events and multiple seating configurations to accommodate individuals or small groups. Two conference rooms are available with video conferencing technology. Other features include high-speed internet and a mural by artist Kate Lewis. The fitness center includes cardio equipment with integrated video content and streaming, Peloton bikes and free weights. Tenants have access to locker rooms with showers and towel service as well as a personal trainer. A first phase of renovations completed earlier this year included a 5,388-square-foot speculative office suite on the third floor that includes a lounge and collaboration space, two conference rooms, three private offices, 29 flexible workstations and an open kitchen. The lobby was also renovated. Originally constructed in 1914, the Reid Murdoch Building long served as the office, warehouse and manufacturing facilities for Reid, Murdoch & Co., one of the country’s largest wholesale grocers. The building hosted traffic …

FacebookTwitterLinkedinEmail

IOWA CITY, IOWA — Gantry has secured a $20 million permanent loan to refinance a renovated warehouse located at 2500 Heinz Road in Iowa City. The 346,062-square-foot distribution center is fully leased to Amazon for use as a regional delivery station serving the Cedar Rapids and Iowa City metropolitan areas. The facility occupies a nearly 40-acre site zoned for industrial use with parking, trailer storage and room for expansion. Tony Kaufmann and Joe Foley of Gantry represented the borrower, a private real estate investor. A credit union provided the 10-year, fixed-rate loan, which features partial interest-only payments and no prepayment penalties.

FacebookTwitterLinkedinEmail