PHOENIX — Neilstate Investment Properties has completed the disposition of Phoenician Villa Apartments, located at 1545 W. Camelback Road in Phoenix. Thomas Price International and ECOHAUS Real Estate acquired the property for $5.5 million. The 93-unit community offers a value-add opportunity to renovate and reposition the multifamily community in a growing area. Karl Abert of Kidder Mathews represented the seller in the transaction.
ARLINGTON, VA. — PRP, in a joint venture with Riyiad Capital and GMF Capital, has acquired Sequoia Plaza I, II and III in Arlington for $152 million. The name of the seller was not disclosed. The 370,000-square-foot office portfolio, constructed between 1987 and 1991, was fully renovated between 2012 and 2017. The buildings are 98 percent net-leased to The Arlington County Department of Human Services and Arlington Public Schools through 2030 and 2032, respectively. Sequoia Plaza is located at the intersection of Washington Boulevard and Route 50, near the Clarendon Metrorail Station.
ATLANTA — Eden Rock Real Estate Partners, in partnership with Stein Investment Group and Frank Buonanotte, has kicked off construction on Westside Village, a $40 million adaptive reuse project on Atlanta’s Upper Westside district. Redevelopment plans call for the transformation of the existing 51,000-square-foot warehouse building situated along Marietta Boulevard, the demolition of other smaller buildings and the new construction of three additional commercial buildings on the 10-acre site. The 100,000-square-foot development will also include 19 townhomes. The first announced tenants at the development are Primrose Schools, an early education and childcare provider, and The Refinery, a fitness training club. Primrose Schools will open a 12,400-square-foot facility, serving infants through Kindergarten-aged children. The Refinery will open an 11,700-square-foot facility that will offer adult fitness training, youth sports performance enhancement training, a private Pilates studio and a therapeutic “chiro-spa” for sports recovery, pain management and everyday wellness. Both tenants are expected to open at Westside Village in early 2019. Additional retailers, restaurant and service providers are expected to be announced within the next 60 days. Atlanta-based Shroeder Architects is the architect for the project, which is slated for completion by spring 2019.
STERLING, VA. — CBRE has arranged the $48.4 million sale of Chase Heritage, a 236-unit apartment community located at 1212 Chase Heritage Circle in Sterling, roughly 30 miles west of Washington, D.C. Continental Realty Corp. sold the asset to Chandler Management Corp. Jonathan Greenberg, Bill Roohan, Bob Dean, Mike Muldowney, Yalda Ghamarian and Thomas Leachman of CBRE arranged the transaction. Located in the Dulles Tech Corridor, the community is located near the future Innovation Center Metro Station, scheduled to open in 2019 or 2020. Chase Heritage, constructed in 1986, features a playground, fitness center, pool, picnic area and private balconies or patios.
MOBILE, ALA. — Cushman & Wakefield has brokered the $39 million sale of a three-property multifamily portfolio located in Mobile. Entities managed by StoneRiver Co. acquired the properties, which include Huntleigh Woods, Southern Oaks and Ashford Place. Jimmy Adams and Craig Hey of Cushman & Wakefield arranged the transaction on behalf of the seller, PEM Real Estate Group. The properties, constructed between 1975 and 1983, total 625 units. Community amenities across the portfolio include dog parks, fitness centers, picnic areas, coffee bars and swimming pools.
SAVANNAH, GA. — GCP has acquired 150 Portside Court, an 800,000-square-foot industrial facility in Savannah, for $34.8 million. Located within the Port Logistics Center at Crossroads, the facility is less than five miles from the Port of Savannah. The building is fully leased to The Home Depot and is a key component of the home improvement retailer’s East Coast import distribution operation. The warehouse features front-loading configuration, 165-foot deep full concrete truck courts and 25-foot minimum clear heights. CBRE represented the seller, Duke Realty, in the transaction, and GCP was represented internally. Wells Fargo Bank provided acquisition financing on behalf of GCP. The acquisition increases the Birmingham-based company’s portfolio to more than 8.1 million square feet.
SEATTLE — Pembroke Real Estate has acquired the 400 Fairview Building in the South Lake Union neighborhood of Seattle for $338.4 million. The 14-story, Class A office building was constructed in 2015 and is currently 98 percent leased. Pembroke purchased the property from a joint partnership between TH Real Estate and Swedish development and construction company Skanska, as well as Skanska’s financial partner, TIAA. TH Real Estate acquired a 90 percent stake in the property for $235 million in 2015 from Skanska, which retained a 10 percent ownership. “400 Fairview is a significant investment for Pembroke,” says Cory Saunders, the company’s vice president. “Not only are we expanding into a new market, but this first acquisition in Seattle demonstrates our continued commitment to our U.S. markets, and the growth of our global portfolio.” “Seattle has been a target market for us due to its long-term growth potential and operational synergies with San Francisco, where we currently manage two assets,” continues Saunders. “400 Fairview’s flexible and efficient work spaces coupled with its dynamic retail mix and curated amenities perfectly complements our global portfolio.” Current tenants at the LEED Gold-certified building include, Delta Dental; technology manufacturer Impinj; lifestyle company Tommy Bahama; …
NEW YORK CITY — Fisher Brothers has signed Evercore to a lease expansion at Park Avenue Plaza in Manhattan. Evercore, a global independent investment banking advisory firm, will expand its lease from 150,000 square feet to 350,000 square feet at the 45-story, 1.2 million-square-foot tower. The lease runs through 2034. Alan J. Desino of Colliers International represented Evercore in the transaction. Designed by Skidmore, Owings & Merrill and completed in 1981, Park Avenue Plaza recently underwent a $40 million renovation and redesign.
BETHLEHEM, PA. — HFF has secured $19.4 million in acquisition financing for a student housing portfolio at Lehigh University in Bethlehem. A private investment vehicle managed by Hong Kong-based Beacon Assets acquired the 71-building, 383-bed portfolio. HFF secured the five-year, fixed-rate acquisition loan for the borrower through Natixis. During the last two academic years, the portfolio achieved close to 99 percent occupancy, according to HFF. Lehigh University has an enrollment of more than 7,000.NEWINGTON, CONN. — Colliers International has brokered the sale of 445 and 445A Willard Ave., a 9,760-square-foot office condominium in Newington. Nickerson Properties LLC purchased the property for $2 million. Terri Rockefeller of Colliers International represented the seller, Rotundo Developers LLC, in the transaction. The property is currently 100 percent occupied by a Davita Dialysis Center and Family Adult Day Care, a senior care facility.
YONKERS, N.Y. — Lee & Associates has arranged a 16,000-square-foot lease at RXR Realty’s Larkin Plaza developmentin Yonkers for Fitness Factory Health Club. Larkin Plaza is a three-building, mixed-use residential and retail project, which will feature 439 residential units. Steve Lorenzo, Mitchell Salmon and Chris Ventura of Lee & Associates represented both the tenant and the landlord, RXR Realty, in the transaction. Fitness Factory Health Club signed a 15-year lease. The health club, which offers strength and cardio equipment, group classes, personal training, and nutrition is scheduled to open in early 2019.
