Property Type

Jamba-Juice

FRISCO, TEXAS — Frisco, Texas-based Jamba Juice, which as of 2016 had about 875 locations across the country, has entered into an agreement to be acquired by Atlanta-based Focus Brands Inc. (FBI) for approximately $200 million. The terms of the agreement call for FBI to acquire Jamba Juice for $13 per share in cash. The deal is expected to close during the third quarter. Jamba Juice relocated to Texas from Emeryville, Calif., in May 2016. Focus Brands owns other restaurant chains, such as Schlotzsky’s, Moe’s Southwest Grill, Cinnabon and McAlister’s Deli.

FacebookTwitterLinkedinEmail

DALLAS — Florida-based investment firm Michaelson Real Estate Group LLC has purchased four multifamily properties totaling 692 units in Dallas for approximately $52.6 million. Included in the sold portfolio was Corey Place, a 276-unit asset that sold for $21.4 million; Brittney Place, which totals 169 units and traded for $12.3 million; Spanish Square, a 168-unit community that drew a winning offer of $13.2 million; and The Heights, which spans 79 units and commanded a price of $5.7 million. With these acquisitions, Michaelson’s multifamily portfolio now includes more than 15,000 units.

FacebookTwitterLinkedinEmail

ALLENDALE, N.J.— Cushman & Wakefield has brokered the $50.5 million sale of the Allendale Industrial Park, a seven-building, 368,863-square-foot industrial property in Allendale. The 35-acre industrial park, which includes 985 parking spaces, is currently occupied by a tenant roster that includes Volkswagen Group of America and Stryker Spine, a global medical company. Cushman & Wakefield represented the seller, High Street Realty Co., in the transaction. A joint venture between Camber Real Estate Partners, Advance Realty and AIG purchased the property.

FacebookTwitterLinkedinEmail
Encore-on-Mustang-Grapevine-Texas

GRAPEVINE, TEXAS — Southlake, Texas-based TS Asset Encore LLC has acquired The Encore on Mustang, a 218-unit apartment property in Grapevine, a northern suburb of Fort Worth. The community features one-, two- and three-bedroom units and amenities such as a pool, outdoor picnic areas, playground, business center and onsite laundry facilities. Dougherty Mortgage LLC arranged a 12-year acquisition loan, which includes a 30-year amortization schedule, on behalf of TS Asset Encore.

FacebookTwitterLinkedinEmail

CROSBY AND DENTON, TEXAS — Columbus, Ohio-based RED Capital Group LLC has provided two acquisition loans totaling approximately $13.1 million for a pair of multifamily assets in Texas. In the first transaction, RED Capital originated a $9.7 million loan through HUD’s 221(d)(4) program for Crosby Plaza, an 86-unit affordable housing property located in the northeastern Houston suburb of Crosby. In the second transaction, the company provided a $3.4 million through Freddie Mac’s small balance loan program for Autumn Ridge Apartments, a 64-unit property in Denton.

FacebookTwitterLinkedinEmail

DALLAS — CBRE has negotiated the sale of Haskell Flats, a 62-unit multifamily property in Dallas. The property was built in 2017 and includes a fitness center and a package locker system. Chris Deuillet, Chandler Sims, Nita Stewart and Jeremy Faltys of CBRE represented the seller, Haskell Flats LLC, in the transaction. The buyer was California-based Fisch Properties LP.

FacebookTwitterLinkedinEmail

ALLENTOWN, PA. — HREC Investment Advisors has negotiated the sale of the Wingate by Wyndham, a 105-room hotel in Allentown. The sales price was undisclosed. Ketan Patel and Mark von Dwingelo of HREC represented the seller, JPMCC 2007-LDP12 Spring Street Limited Partnership, in the transaction. The buyer was Humboldt Hotel LLC. The property is located directly off the Pennsylvania Turnpike, approximately 60 miles north of Philadelphia and 71 miles south of Scranton.

FacebookTwitterLinkedinEmail

LONG ISLAND, N.Y. — Meridian Capital Group has secured a $19.2 million refinancing for a portfolio comprised of industrial, mixed-use, and retail properties in Long Island. Bryan Kallenberg of Meridian arranged the seven-year loan, provided by a balance sheet lender to the borrower, Sanders Equities. The loan terms included a fixed interest rate of four percent and a 30-year amortization schedule. Located in Long Island’s Nassau County, the portfolio consists of six industrial, one mixed-use, and one retail property. Tenants include Wine.com, Sprint, Cintas, and Nassau Candy.

FacebookTwitterLinkedinEmail

LAKE PLACID, N.Y. — Wright Investments has acquired the Hotel North Woods, a six-story, 92-room hotel in Lake Placid. The sales price was undisclosed. The hotel is located at 2520 Main St., approximately two miles from Lake Placid Airport. It is located near area attractions such as the Olympic Center, Whiteface Mountain, U.S. Olympic Museum, High Falls Gorge, and X-Country Ski Center. Marcus & Millichap represented both Wright Investments and the seller, a private real estate investment group.  

FacebookTwitterLinkedinEmail

CHARLESTON, S.C. — The RADCO Cos. has acquired a two-property multifamily portfolio in Charleston for $30 million. Dubbed the West Ashley Portfolio, the Class B communities total 300 units. The properties have been renamed Ashford Riverview and Ashford Palmetto Square. The Atlanta-based firm plans to invest more than $5 million to update the buildings, which were constructed in the late 1960s. The communities are located less than a mile apart and include a mix of one- to three-bedroom floor plans. Community amenities across the portfolio include swimming pools, a community garden, dog parks, fitness centers, business centers, laundry facilities, barbecue and picnic areas and fire pits. RADCO Residential, the company’s management platform, will manage the communities. RADCO financed the acquisition using its private capital platform, as well as debt funded by SunTrust Bank. The name of the seller was not disclosed.

FacebookTwitterLinkedinEmail