SAVANNAH AND GARDEN CITY, GA. — Carter Multifamily has purchased a six-property, 810-unit apartment portfolio in metro Savannah totaling $84.3 million. The assets include Alhambra (which will be rebranded as Ascend Midtown), Carriage House, Ridgewood, Azure Cove, Kessler Point and The Arbors. Alhambra, Carriage House and Ridgewood are all located in Savannah and feature one-, two- and three-bedroom units. Azure Cove, Kessler Point and The Arbors are situated adjacent to each other in the northeast Savannah suburb of Garden City. Tampa-based Carter Multifamily plans to reposition the properties and make renovations, including updates to home interiors, the pool, clubhouse and recreational areas. The sellers were not disclosed.
PANAMA CITY, FLA. — Hunter Hotel Advisors has arranged the sale of Hampton Inn & Suites Panama City Beach Beachfront. The 182-room, oceanfront hotel features a two-story atrium lobby with a bar, meeting rooms, a business center, 24-hour market, fitness center and a swimming pool with a hot tub. Innisfree Hotels and Stonehill co-developed the hotel, which opened in 2017. Atlanta-based Hunter Hotel Advisors marketed the hotel on behalf of the sellers. Gulf Breeze, Fla.-based Innisfree will continue to manage the hotel and also retained an ownership stake in partnership with the new owners, Wesley and Donna Spruill. The new ownership group will recapitalize the hotel.
SANTA ANA, CALIF. — Primior is scheduled to break ground on First Harbor Plaza, the firm’s mixed-used development in Santa Ana, on June 26. Located at the intersection of North Harbor Boulevard and West First Street, the two-building First Harbor Plaza will offer 40,129 square feet of restaurant, retail, office and medical office space. Building 1 features 14,400 square feet in two large anchor suites and five smaller spaces on the first floor and the same configuration on the second floor. Building 2 will include 3,880 square feet on the first floor, two suites on the second floor totaling 3,778 square feet and a 3,778-square-foot suite on the third floor. Chase Bank will occupy the first-floor corner space at Building 1, and Optima Salon Studios will occupy the third-floor suite at Building 2.
POWAY, CALIF. — HFF has brokered the sale of Poway Crossings, a value-add retail center located at 12622-12654 Poway Road in Poway, a suburb of San Diego. Sterling Organization acquired the property on behalf of its institutional value-add fund, Sterling Value Add Partners III, for $27 million. The name of the seller was not released. Situated on 10 acres, Poway Crossings features 109,455 square feet of retail space. At the time of sale, the asset was 80 percent leased to a variety of tenants, including LA Fitness, Dollar Tree, Big 5 Sporting Goods, Massage Envy, Sola Salon Studios, Sushi Lounge, Banfield Pet Hospital and KFC. The center was constructed in 1979 and renovated throughout the years, most recently in 2015. Gleb Lvovich and Daniel Tyner of HFF represented the seller in the deal.
CARLSBAD, CALIF. — San Diego-based Equinvests Capital has purchased Camino West Corporate Park, an office property in Carlsbad. Swift Real Estate Services sold the asset for $8.8 million. Situated on 4.4 acres at 2035 Corte del Nogal, Camino West Corporate Park features 54,830 square feet of office space. At the time of sale, the two-story, multi-tenant property was 72 percent leased. The asset also recently underwent a $2.6 million remodel, including new lobbies, common area, corridors, landscaping, lighting, outdoor lounge areas and restrooms. The office park features an on-site deli, showers and lockers. Louay Alsadek, Matt Pourcho, Hunter Rowe, Anthony DeLorenzo and Gary Stache of CBRE represented the seller in the transaction.
GREELEY, COLO. — Pinnacle Real Estate Advisors has arranged the $1.9 million sale of Bear’s Den Apartments, a multifamily property located adjacent to the University of Northern Colorado campus in Greeley. The community consists of 16 units in four buildings. Scott Fetter and Joe Hornstein of Pinnacle brokered the transaction. The buyer acquired the property through a 1031 exchange. The seller was not disclosed.
BEAVERTON, ORE. — Wilshire Quinn Capital, through Wilshire Quinn Income Fund, has provided a $1.1 million refinancing for a retail property in Beaverton. The multi-tenant, 6,634-square-foot retail building is situated on a 32,670 square-foot lot. At the time of financing, the property was fully leased and recently appraised for $2.1 million.
TYLER, TEXAS — Marcus & Millichap has brokered the sale of Trane Distribution Center, a 536,141-square-foot industrial facility in Tyler, about 100 miles east of Dallas. The property was built in 1949 on 36.9 acres and was fully leased at the time of sale to Trane, a manufacturer of heating and air conditioning systems. Adam Abushagur of Marcus & Millichap represented the seller in the transaction and procured the buyer, both of which were undisclosed private investors. Additional terms of sale were not released.
SAN ANTONIO — JLL has negotiated the sale of Kenton Place Apartments, a 244-unit multifamily community located at 14650 Nacogdoches Road in San Antonio. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground, a sports court, dog park and onsite laundry facilities. Moses Siller and Zar Haro of JLL negotiated the deal on behalf of the seller, Bruggeman Properties LLC. Mark Brandenburg and C.W. Sheehan of JLL arranged acquisition financing through Chicago-based NXT Capital on behalf of the buyer, Austin-based GVA Real Estate Group.
DALLAS — Local investment firm MoxieBridge has acquired Midtown Office Center, a 169,808-square-foot office complex in Dallas. The new ownership will implement a value-add program that will deliver new amenities, such as a fitness facility, conference room and a lounge/bar. Midtown Office Center was less than 10 percent leased when MoxieBridge officially acquired the asset in May, but the company has since negotiated nearly 50,000 square feet worth of new leases. MoxieBridge, which launched in 2018, now owns approximately 700,000 square feet of office space in North Texas. The seller was not disclosed.