CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $52.2 million sale of The Beacon Industrial Portfolio in Charlotte, which includes three Class A industrial buildings totaling 692,833 square feet. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Beacon Partners, in the transaction. Hartz Mountain Industries Inc. acquired the portfolio. Constructed in 2015, the portfolio consists of two parks — Riverwalk Commerce Center and InnerLoop North. The properties were 100 percent leased at the time of sale.
COLUMBIA, S.C. — Colliers International has arranged the $29 million sale of Wells Fargo Tower, a 264,857-square-foot office tower located at 1441 Main St. in Columbia. Mark De Riemer of Colliers International brokered the sale to Atlanta-based Glenfield Capital on behalf of the seller, Franklin Street Properties Corp. The Class A building was 79 percent leased at the time of sale to 17 tenants including Wells Fargo, GSA, Centene and Accenture. Glenfield Capital has retained Tommy Johnson and David Lockwood of Colliers International to handle the leasing assignment for Wells Fargo Tower.
WINDSOR MILL, MD. — Morgan Properties has unveiled plans to launch a $25 million renovation of a six-property portfolio consisting of 1,979 units in Windsor Mill. Known as Rolling Road, the portfolio underwent a rebranding and property consolidation into three communities: The Townhomes at Diamond Ridge, The Glens at Diamond Ridge and The Apartments at Diamond Ridge. Pennsylvania-based Morgan Properties purchased the assets, located roughly 30 miles northwest of Baltimore, from Harbor Group International for $247 million in February. The renovations will take place over a five-year period and include improvements to common area amenities, in-unit kitchen and bathroom upgrades, clubhouse upgrades and the addition of dog parks, playgrounds, outdoor grilling areas, fire pits, putting greens, sport courts and outdoor fitness stations.
FARMERS BRANCH, TEXAS — A joint venture in which publicly traded BRT Apartments Corp. has 50 percent equity has purchased Mercer Crossing, a 509-unit, Class A multifamily community located at 11700 Luna Road in Farmers Branch, for approximately $85.7 million. The price included $55.2 million in mortgage debt, which is financed at 4.2 percent interest and matures in 2028. Provident Realty Advisors Inc. sold the asset.
AUSTIN, TEXAS — Choice Hotels International Inc., an operator of roughly 6,500 hotels across 40 countries and territories, will develop a 134-room Cambria-branded hotel at the corner of East Ben White Boulevard and East Riverside Drive in Austin. The four-story property will feature an outdoor pool and spa, a fitness center and a variety of on-site dining options. Cloud Nine Hospitality LLC will manage the hotel, which is expected to open in 2019.
HELOTES, TEXAS — STRIVE has brokered the sale of Bandera Trails Shopping Center, a 60,748-square-foot retail center anchored by Gold’s Gym in the San Antonio metro of Helotes. Jason Vitorino and Bryce Gissler of STRIVE marketed the property on behalf of the seller, a California-based Tenants in Common group. A Dallas-based private investor purchased the property for an undisclosed price.
PASADENA, TEXAS — Houston-based retail brokerage firm Baker Katz has acquired a 22,000-square-foot retail asset located at the intersection of Fairmont Parkway and Beltway 8 in Pasadena. The property was 70 percent leased at the time of sale to tenants such as Supercuts, Leslie’s Pool Supplies and Mattress Overstock. The seller and other terms of sale were not disclosed.
PORTLAND, ORE. — Kimco Realty Corp. (NYSE: KIM) has acquired Jantzen Beach Center, a 746,000-square-foot open-air shopping center in Portland, for $131.8 million. The property is located at in northern Portland near the Oregon-Washington border. Jantzen Beach Center was 96 percent occupied at the time of sale. Notable tenants include Home Depot, Target, TJ Maxx, HomeGoods, Ross Dress for Less, Burlington, Petco, Best Buy, DSW and Michaels. Jantzen Beach Center was built in 1972. It underwent more than $40 million in renovations and upgrades between 2010 and 2014. The center’s location near the Oregon-Washington border allows it to pull visitors from more than 70 miles away due to Oregon’s lack of sales tax. “The center pulls customers from the 9 percent sales tax state of Washington into the no-sales-tax state of Oregon,” says Nick Kassab of HFF, who, along with Brian Ley, represented the unnamed seller in this transaction. “Given that opportunities to acquire a top-performing center of this size and scale in the Pacific Northwest are few and far between, the sale received significant interest from institutional investors across the country.” Kimco purchased the center free and clear of any existing debt. The New Hyde Park, N.Y.-based REIT acquired …
CHELTENHAM, PA. — Natixis has originated a $54.5 million floating-rate loan for New York City-based Sun Equities Partners. The borrowers will use the loan to redevelop the former Cheltenham Square Mall located in Cheltenham. The financing consists of a $42 million senior loan and a $12.5 million mezzanine loan. Initial loan proceeds of $16.9 million were used to retire existing property financing and an additional $40.1 million is earmarked for the redevelopment and future leasing of the property. The 429,617-square-foot retail center will be rebranded as Greenleaf at Cheltenham. The property is currently 60 percent leased and pre-leased to a variety of retailers, including The Home Depot, Marshalls, LA Fitness, TD Bank, Wells Fargo, T-Mobile, Chick-fil-A and Wendy’s. Eli Breiner and Jerry Boxer of ECB Capital Group arranged the financing for the borrower.
HATFIELD, PA. — Equus Capital Partners has completed the sale of Madison Montgomery, an apartment community located in Hatfield. Morgan Properties purchased the 264-unit asset for $38.5 million. An affiliate of Equus acquired the 1969-built property in 2007 out of receivership from the prior owners. Upon acquisition, the company launched a $17 million interior and exterior renovation program, including the construction of a 4,000-square-foot clubhouse and leasing center, a resort-style swimming pool and outdoor grilling area. Lizann McGowan, Bob Miller and John McFadden of CBRE represented the seller in the transaction.