BEVERLY HILLS, CALIF. — Kennedy Wilson, through various investment vehicles managed by the Beverly Hills-based company, has purchased five multifamily properties for $342 million in an off-market transaction. Terms of the transaction were not released. Kennedy Wilson has an average ownership of 38 percent in the assets. The communities are located in Washington, Oregon, Colorado, Nevada and New Mexico. The portfolio contributes 1,008 units to Kennedy Wilson’s multifamily presence in the Mountain States and adds 449 units to the company’s Pacific Northwest portfolio. This acquisition builds on Kennedy Wilson’s total multifamily portfolio of 29,500 units, including properties under construction. Kennedy Wilson and its partners invested $122 million of equity in the portfolio, including closing costs. The company’s asset management plan includes adding and enhancing amenities and updating unit interiors across the portfolio.
STERLING HEIGHTS, MICH. — Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, has acquired Lakeside Mall in Sterling Heights. The purchase price was $26.5 million, according to Crain’s Detroit Business. Out of the Box Ventures plans to incorporate new uses to the property other than retail but has not disclosed specific plans. The buyer acquired the mall after General Growth Properties Inc. defaulted on its $144 million mortgage loan. Lakeside Mall is the largest mall in the state of Michigan with more than 1.5 million square feet. It first opened in 1976. The Lord + Taylor and Sears stores have closed, but the JC Penney and Macy’s stores remain open.
LOS ANGELES — Park Hotels & Resorts has completed the disposition of Ace Hotel Downtown Los Angeles, located at 929 S. Broadway. An undisclosed buyer acquired the property for $117 million, or $643,000 per key before customary closing costs. Located in downtown Los Angeles, the hotel features 182 guest rooms in a mix of seven layouts; a rooftop wading pool; on-site food and beverage options, including Best Girl, Upstairs and Coffee Counter; event space; and The Theatre, a restored 1920s theater with 1,600 seats, a three-story, 2,300-square-foot grand lobby, open balcony, mezzanine and vaulted ceiling.
COFFEYVILLE, KAN. — An affiliate of Phoenix Investors has purchased an approximately 880,000-square-foot distribution center in Coffeyville in southeastern Kansas. The purchase price was undisclosed. The original facility was built as a distribution center for Golden Brooks in 1978 and then served as an Amazon fulfillment center from 1999 through 2014. The property, which features 70 dock doors and three drive-in doors, sits on 105 acres adjacent to the Coffeyville Municipal Airport. Upon closing, Phoenix executed a lease for the entire facility with Array Technologies for the distribution of solar tracking equipment. Wisconsin Bank & Trust provided acquisition financing. Ken Szady of Marcus & Millichap brokered the sale.
PLEASANT PRAIRIE, WIS. — Associated Bank has provided a $33.1 million loan for the construction of a 590,525-square-foot industrial building within Stateline 94 Business Park in Pleasant Prairie. Fresenius Kabi, a healthcare company specializing in lifesaving medicines and technologies, will occupy the building upon completion in July 2020. The borrower and developer, Bluepoint 94 LLC, is a joint venture between Venture One Real Estate and CRG. Clayco will serve as general contractor. Elizabeth Hozian of Associated Bank handled the loan arrangements and closing.
HILLIARD, OHIO — Broder & Sachse Real Estate has acquired The Shoppes at Haydens Crossing in Hilliard, a suburb of Columbus. The purchase price was undisclosed. Located at 6700 Hayden Run Blvd., the 70,366-square-foot shopping center is anchored by Giant Eagle. Other tenants include Get Go Café + Market, Marco’s Pizza, Great Clips, Hayden Run Dentistry and Free to Be Me Salon. There is one retail space currently available for lease. Ben Wineman and Amy Holter of Mid-America Real Estate Corp. represented the seller, Echo Realty.
DENVER — Nelson Partners Student Housing has sold Auraria Student Lofts. The 438-bed student housing community is located near the Auraria Campus, an educational facility which serves the University of Colorado – Denver, Metropolitan State University and the Community College of Denver. The community offers two- and four-bedroom units with shared amenities including a rooftop swimming pool, cabanas, an outdoor dining area, fitness center, yoga studio, gaming lounge and study spaces. Terms of the transaction and the buyer were undisclosed.
OAK BROOK, ILL. — Cawley Chicago has arranged the sale of a 57,832-square-foot office building in Oak Brook for $5.7 million. The three-story property is located at 2021 Midwest Road. Ryan Freed and Rawly Lantz of Cawley represented the seller, Chesapeake Associates Limited. Dan McKay of McKay Investments represented the buyer, BBI Property Management Inc., which will occupy a portion of the building.
WESTMINSTER, COLO. — New York-based The Praedium Group purchased Legacy on the Promenade, an apartment community located in Westminster, for an undisclosed price. Additional terms of the transaction were not released. The buyer plans to rebrand the property and make several enhancements to the amenity areas. Constructed in 2018, the 300-unit Legacy on the Promenade comprises an elevated four-story building with interior conditioned hallways and a six-level central parking garage. Additionally, the property features 24 townhome units with attached two-car garages. In a mix of one-, two- and three-bedroom layouts, the units range in size from 641 square feet to 1,888 square feet and feature nine- to 20-foot ceilings, lakefront views, granite countertops and stainless steel appliances. Community amenities include an outdoor lounge, pool and spa; outdoor grill and fire pit station; a two-story fitness center with a spin and yoga studio; and resident clubhouse and game room.
ALBUQUERQUE, N.M. — Seattle-based Thayer Manca Residential has purchased Mirabella Heights, an apartment property located in Albuquerque, for an undisclosed price. The buyer plans to implement a $4.7 million renovation and repositioning plan that includes a reinvented clubhouse, modernized 24-hour fitness center, upgraded pool area, a new pet park, additional package lockers, interior unit renovations, property rebranding and additional capital upgrades. Situated on 13 acres at 701 Stephen Moody St. SE, Mirabella Heights features 280 units and is the only post 2000-built garden-style apartment community in the surrounding market, according to Thayer Manca. The acquisition marks the buyer’s third multifamily purchase in Albuquerque. Combined with renovation costs, the company has invested more than $100 million investment in the Albuquerque multifamily market in the last two years.