NEW YORK CITY — Marcus & Millichap has negotiated the $2.6 million sale of a 6,000-square-foot mixed-use property in Brooklyn. The four-story property was built in 1920 and is located at 206 Bushwick Ave. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
ATLANTA — Caddis Healthcare Real Estate has unveiled plans for Heartis Buckhead, an 18-story high-rise seniors housing property in Atlanta’s Buckhead district. The 278,000-square-foot community will offer 213 units of independent living, assisted living and memory care. Construction is slated for completion in late 2021. The architect for the project is Englewood, Colo.-based Lantz-Boggio, and the general contractor is the Atlanta office of Brasfield & Gorrie. Caddis currently has 19 Heartis-branded seniors housing communities either opened or under development in five states. Heartis Buckhead will be the largest and “most ambitious” of those projects to date, according to Jud Jacobs, the company’s executive vice president of development. The company will also upgrade an adjacent 10-story, 72,923-square-foot medical office building. The project will include a landscaped plaza and a two-level parking structure that will serve both facilities. Both Heartis Buckhead and the medical office building are situated across from Piedmont Atlanta Hospital.
ATLANTA — TruAmerica Multifamily has partnered with Tokyu Land U.S. Corp. (TLUS) to purchase two apartment buildings in Atlanta for a total of $127.4 million. This is TruAmerica’s first joint venture with TLUS, a subsidiary of Tokyu Land Corp., one of the largest Japanese real estate firms that focuses on investments and developments in U.S. gateway markets. The joint venture acquired Vinings Corner, a 360-unit community in the Vinings/Cumberland submarket. Located at 2101 Paces Ferry Road in Smyrna, Vinings Corner will be rebranded as Junction at Vinings. Expected upgrades include new appliances, countertops, cabinets, flooring and upgraded plumbing and light fixtures. The other transaction was for The Prato at Midtown, a 342-unit complex located at 400 Central Park Place N.E. in the Old Fourth Ward. TruAmerica will upgrade The Prato similarly to Vinings Corner. Both acquisitions were financed with 10-year Freddie Mac loans. Brian Eisendrath of CBRE arranged the loan for the Vinings Corner acquisition, and Trevor Fase and Russell Dey of Walker & Dunlop arranged the acquisition loan for The Prato.
RICHMOND HILL, GA. — Cushman & Wakefield has arranged the $41.5 million sale of Lullwater at Richmond Hill, a 280-unit apartment community in Richmond Hill. The asset is situated about 22 miles southwest of downtown Savannah. Amenities include a fitness center, clubroom, outdoor kitchen, dog park, car care center, walking trail and a swimming pool. Taylor Bird, Nelson Abels and Robert Stickel of Cushman & Wakefield represented the seller, Fickling & Co., in the transaction. PEM Real Estate Group acquired the property.
BATON ROUGE, LA. — Istrouma Hospitality LLC has opened the new Courtyard by Marriott Baton Rouge Downtown, a 135-room hotel located at 260 3rd St., about three miles north of Louisiana State University (LSU). The new hotel features Courtyard’s latest room design, an innovative lobby and 48 balcony rooms. Some features of rooms include a mobile working desk, as well as a shower nook in the bathroom. Greenville, S.C.-based Windsor Aughtry developed the hotel on behalf of the owner, and Brentwood, Tenn.-based Hospitality America LLC is managing the property.
COLUMBIA, S.C. — NorthMarq Capital has arranged a $14 million bridge loan for the refinancing of 1600 Williams Street Office, a 140,000-square-foot office building in Columbia. The building once served as the South Carolina headquarters for BellSouth, and will now be leased to both Aflac and AT&T. Will James of NorthMarq’s Atlanta office arranged the loan on behalf of the undisclosed borrower. The loan was structured with a two-year, interest-only term through an undisclosed bridge/mezzanine lender.
NEW YORK CITY — Ashford Hospitality Trust Inc. (NYSE: AHT) has acquired the Embassy Suites by Hilton New York Midtown Manhattan for $195 million, or $629,000 per room. The 41-story, 310-room hotel is located on 37th Street between 5th and 6th avenues, near Bryant Park and Times Square. While the seller was not disclosed, The Real Deal reports that AIG Global Real Estate owned the majority stake in the property. This is Ashford’s first direct hotel investment in New York City. According to data analytics firm STR, the number of hotel rooms in Manhattan that opened in 2018 was down 32 percent from 2017. Furthermore, for the first time since 2013, demand outpaced supply in both 2017 and 2018. “The hotel is a high-quality, well-positioned asset that we expect will benefit from the positive trends occurring in the dynamic Manhattan market,” says Douglas Kessler, Ashford’s president and CEO. “Having recently opened in 2018, the property is still ramping up operations, and we believe there is significant growth and upside to occur.” Indeed, Ashford reports that there are several new development projects in Midtown that are expected to fuel growth in the area. On a trailing three-month basis ending Dec. 31, 2018, the …
SAN BERNARDINO, CALIF. — HFF has brokered the sale of a vacant industrial building in San Bernardino. Bixby Land Co. acquired the Class A asset for $33 million. The newly built, 340,000-square-foot property is located at 4982 Hallmark Parkway within the Inland Empire. The acquisition is part of a joint venture with AXA Investment Managers – Real Assets to aggregate $400 million of industrial assets across the Western United States. Andrew Briner and Michael Roberts of HFF represented the buyer, while CBRE represented the undisclosed seller in the transaction.
LOS ANGELES — NHN Global, a South Korean video game developer, has purchased the historic Pettebone Building, located at 501 S. Broadway in Los Angeles. RYDA sold the property for $22 million, or $595 per square foot. The video game developer plans to relocate its headquarters, which is currently in Koreatown, to the new location in downtown Los Angeles. Andrew Tashjian and Michael Gooch of Cushman & Wakefield represented the seller, while Carle Pierose of Industry Partners represented the buyer in the transaction. Originally built in 1905, Pettebone Building is designated a Historic-Cultural Monument and underwent an extensive renovation in 2015. The property features updated elevators, fiber internet, and a 3,000-square-foot rooftop deck. Retail tenants at the office building include Mezcalero and YAKIDO.
SANTA ROSA, CALIF. — Burbank Housing Development Corp. has acquired Parkwood Apartments, a garden-style multifamily property in Santa Rosa. L.E.E. & J. Inc. sold the property for $15 million, or $268,000 per unit. Located adjacent to Rincon Valley Community, Parkwood Apartments features 56 units. Vincent Schwab and John Garrett of Marcus & Millichap represented the seller and procured the buyer in the deal.