GRANDVILLE, MICH. — RCG Ventures has acquired Grandville Marketplace in Grandville, located about eight miles southeast of Grand Rapids. The purchase price was not disclosed. The 224,479-square-foot shopping center is located just off I-196. Hobby Lobby, Office Max, PetSmart, Cost Plus, Party City and Dollar Tree anchor the property. Amy Sands and Clinton Mitchell of HFF represented the seller, a public REIT.
PLANTATION, FLA. — Avison Young has arranged the $16.6 million sale of Pointe 1801, a 99,255-square-foot office building located at 1801 N.W. 66th Ave. in Plantation. David Duckworth, John Crotty, Michael Fay, Greg Martin and Brian de la Fé of Avison Young arranged the transaction on behalf of the seller, a global private equity firm. Zaragon Inc. acquired the property. The transaction represents the final sale of a three-asset portfolio Avison Young listed on behalf of the seller. The three properties, including Southpointe and Pointe Broward, sold separately within one month for a total of $49.3 million. Pointe 1801 was fully leased at the time of sale to two tenants.
KEOKUK, IOWA — CBRE Hotels has arranged the sale of the Hampton Inn in Keokuk, the southernmost city in Iowa near the border of Illinois. The sales price was not disclosed. The 63-room hotel is located at 3201 Main St. Hotel amenities include an indoor pool, business center, fitness facilities and small meeting space. Douglas Johnson of CBRE represented the undisclosed seller. H K Corp. was the buyer.
LAKE MARY, FLA. — NXT Capital has provided a $14 million loan for the acquisition of Innovation Center, a 563,000-square-foot warehouse located in Lake Mary. Chris Drew of HFF arranged the loan on behalf of the undisclosed borrower. Located roughly six miles west of Orlando Sanford International Airport, the property features a fully insulated warehouse ceiling, heavy power and storage for 40 to 50 trailers.
CHICAGO — Interra Realty has brokered the sale of a 12-unit multifamily building in Chicago’s Edgewater neighborhood for $2.1 million. The property is located at 6203-09 N. Ravenswood Ave. Brad Feldman and Adam Saxon of Interra brokered the transaction. The seller recently completed a renovation at the property, including a new roof, windows and in-unit laundry. The property was 92 percent leased at the time of sale. The undisclosed buyer purchased the asset at a capitalization rate of 7.5 percent.
BEVERLY HILLS, CALIF. — Alagem Capital Group has joined with Cain International as part of an investment partnership to own the Waldorf Astoria Beverly Hills and The Beverly Hilton, two luxury hotels in Los Angeles. As the first of its kind between Alagem and Cain International, the partnership will support the success of the 170-guest room Waldorf Astoria Beverly Hills, located at 9850 Wilshire Blvd., and the future revitalization of the 596-guest room Beverly Hilton, located at 9876 Wilshire Blvd. The partnership values the combined properties at over $1 billion. Specific terms of the partnership were not disclosed.
GLENDALE, ARIZ. — Pacific, Wash.-based Trimark Property Group has purchased two hotels located in Glendale for $22 million. The properties are a Staybridge Suites at 9340 W. Cabela Drive and a Holiday Inn Express & Suites at 9310 W. Cabela Drive. Constructed in 2007 and 2008, the two properties are situated on 4.5 acres and feature a total of 212 guest rooms. James Meng and Jon Grantham of Colliers International Greater Phoenix represented the buyer in the deal. The seller was Columbus, Ohio-based Rockbridge Capital.
SALT LAKE CITY — NALS Apartment Homes has sold Cobble Creek, a multifamily property located six miles south of downtown Salt Lake City. An established, family-owned real estate investment business purchased the asset for an undisclosed price. Developed in 1974, the property was owned and operated by the seller for more than 25 years. Situated on more than 18 acres, the property features 309,696 square feet of net rentable space and 361 apartment units, with an weighted average unit size of 858 square feet. Steve Gebing of Institutional Property Advisors (IPA) and Cliff David, Danny Shin and Brock Zylstra of Marcus & Millichap represented the seller in the deal. Cody Cannon of Marcus & Millichap is the broker of record in Utah.
BOULDER, COLO. — ARA Newmark has arranged the sale of 2037 Walnut, a multifamily asset located one block from Pearl Street in Boulder. An undisclosed buyer acquired the property from Boulder-based Element Properties for $7.6 million. Constructed in 1981 and renovated in 2014, the property features 26 one-bedroom units, averaging 400 square feet, with private patios. Recent renovations included new kitchens and bathrooms, stainless steel appliances, engineering hardwood floors and energy-efficient appliances. Andy Hellman and Justin Hunt of ARA Newmark represented the seller in the transaction.
GUNNISON, COLO. — Quantum Real Estate Advisors has arranged the sale of a multi-tenant retail building located at 720-730 N. Main St. in Gunnison. A Crested Butte, Colo.-based individual investor acquired the property for $1.2 million. At the time of sale, the 8,848-square-foot property was fully occupied by a variety of tenants, including Domino’s and Verizon. Zack Hilgendorf of Quantum Real Estate represented the seller, a Phoenix-based individual investor, in the transaction.