HULL, MASS. — HFF has brokered the sale of the Nantasket Beach Resort, a 107-room full-service hotel in Hull. The sales price was not disclosed. Located at 45 Hull Shore Drive, the property is 12 miles south of Boston. Renovated in 2016, the oceanfront hotel features private balconies with ocean views, whirlpool baths, an indoor heated pool, fitness center, business center and an arcade. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, Nantasket Resort Inc., in the transaction. The buyer was Newport Hotel Group.
ALLENTOWN, PA. — Markward Group has arranged the $1.4 million sale of a 29,200-square-foot industrial property in Allentown. Located at 2811 Emmaus Ave., the building is currently partly occupied by Jack Williams Tire & Auto Service Center. Ann E. Kline of Markward Group represented the seller, Keller Moving and Storage, in the transaction. The buyer was S.J. Williams Family Partnership.
PORTLAND, ORE. — Marcus & Millichap has arranged the sale of the Ashley Portfolio, a seven-property multifamily portfolio in Portland. An undisclosed buyer acquired the assets for $19.2 million. Built between 1904 and 1943, the portfolio includes six properties located in Northwest Portland and one in Northeast Portland. The properties range from a 39-unit building sold for $7 million to a five-unit building sold for $1 million. Whitney Rhoades, Elizabeth Davis and Danalee Corso of Marcus & Millichap’s Portland office represented the undisclosed seller.
LAS VEGAS — 29th Street Capital (29SC), a privately held real estate operator, has purchased Willows at Town Center Apartments, a multifamily community in Las Vegas. Long Beach, Calif.-based RK Properties sold the property for an undisclosed price. 29SC plans to invest more than $1.8 million in capital improvements at the 188-unit property. Renovations will include stainless steel appliances, quartz countertops, plank flooring and refaced cabinets, and all interior units will also be equipped with Nest thermostats. Exterior improvements will include modern paint, as well as enhancing the pool area, fitness center and clubhouse.
PHOENIX — Helix Properties LLC, on behalf of Next Gen 101 LLC, has purchased West 101 Corporate Center, an office property located at 1860 N. 95th Lane in Phoenix. Regent Properties sold the property for $8.5 million. Situated on a 230,432-square-foot lot, the three-story building features 81,922 square feet of Class A office space. Designed by DFD Architects, the property features 452 linear feet of Loop 101 frontage. At the time of acquisition, the property was 53 percent occupied. Chris Toci and Chad Littell of Cushman & Wakefield’s Phoenix office represented the seller in the transaction. The buyer is a single entity controlled by Helix.
SAN DIEGO — J Street Hospitality, a San Diego-based hotel developer and owner, has purchased Hotel Karlan San Diego – a Doubletree by Hilton, for an undisclosed price. Azul Hospitality Group has been retained to manage the hotel. Located at 14455 Penasquitos Drive in San Diego, the 174-room hotel features a fitness room, swimming pool, tennis court, 24-hour pavilion pantry market and room service. Mark Armstrong of HREC Investment Advisors represented the undisclosed seller in the transaction.
NEW MEXICO — Mill Valley, Calif.-based Four Corners Property Trust has purchased a restaurant property located in New Mexico for $3.9 million. The asset was acquired through a sale-leaseback transaction and will operate under a new triple-net lease with Cerca Trova Restaurant Concepts, the largest domestic franchisee in the Bloomin’ Brands system. Outback Steakhouse occupies the property under a lease with 20 years of the initial term and rent increases of 10 percent every five years during the initial term.
EAGAN, MINN. — An affiliate of Group RMC has acquired the 10-building Grand Oak Business Park in Eagan, a suburb of Minneapolis. The purchase price was not disclosed. The office buildings total 550,224 square feet. The 98-acre campus features outdoor amenity areas and trails. Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz of CBRE represented the seller, an affiliate of Equus Capital Partners Ltd. This is the first acquisition in the Minneapolis market for Group RMC.
NAPERVILLE, ILL. — Evergreen Real Estate Group has unveiled plans to upgrade and expand Martin Avenue Apartments, a 122-unit affordable seniors housing community in Naperville. The $38.6 million project will be completed in partnership with the community’s owner, Naperville Elderly Homes Inc. The units will be upgraded with new bathrooms, flooring, light fixtures and air-conditioning units. A new five-story wing will add 68 more units. Construction is scheduled to begin late this spring with completion slated for late 2019 for the existing structure and mid-2020 for the new wing. Evergreen Construction Co. and Wight Construction Services are the general contractors for the project. Worn Jerabek Wiltse Architects is the project architect. Evergreen will continue to oversee operations after the renovations are complete. Working in partnership with the Illinois Housing Development Authority, U.S. Bancorp CDC and Wintrust Bank, Evergreen secured nearly $20 million in low-income housing tax credit equity to help finance the project. Other financial partners included the city of Naperville, DuPage County and the DuPage Housing Authority.
GRAND RAPIDS, MICH. — Arbor Realty Trust Inc. has provided a $14 million Fannie Mae loan for the permanent financing of The Gateway at Belknap Apartments in Grand Rapids. Built in 2017, the apartment property features 88 units and ground-floor retail space. Michael Jehle of Arbor originated the 15-year, fixed-rate loan, which features a 30-year amortization schedule.