ALPHARETTA, GA. — Carter Validus Mission Critical REIT Inc. has sold the Alpharetta Data Center II in the northern Atlanta suburb of Alpharetta for $64 million. Delaware-based Alpharetta DC LLC acquired the asset, which totals 165,000 square feet. The facility include 50,400 square feet of powered-shell enterprise data center space, 58,814 square feet of office and administration space and 59,746 square feet of supporting infrastructure space. Carter Validus is a REIT that invests in mission critical real estate assets located throughout the United States. Defined as purpose-built facilities designed to support the most essential operations of tenants, mission critical real estate includes data centers and medical facilities.
ALEXANDRIA, VA. — A joint venture between Westport Capital Partners LLC and Galaxy Investments has acquired Tavern Square, a 171,008-square-foot office and retail building located at the intersection of King and Royal streets in Alexandria, roughly eight miles south of Washington, D.C. Gerry Trainor of Transwestern arranged the transaction on behalf of the seller, Tavern Square LLC. The sales price was not disclosed. Developed in 1967, the property includes 130,000 square feet of office space, 41,008 square feet of ground-floor retail and a 326-space parking garage. The new ownership plans to renovate the property by modernizing the lobbies, common areas, building exterior and courtyard. Cambridge Holdings will provide construction services for the renovations. In addition, Cambridge will manage the property and handle the building’s leasing assignment.
LOS ANGELES — Ocean West Capital Partners has purchased the Taft Building, a 12-story office and retail building located at the intersection of Hollywood Boulevard and Vine Street in Hollywood, for an undisclosed price. Originally built in 1923, the historic property features 124,000 square feet of space. The building, which was the first high-rise office building in Hollywood, recently underwent an extensive renovation. The buyer plans to complete capital upgrades to the lobby and common areas, convert the ground-floor basement space into an entertainment-focused use, and provide a high-touch level of service to its entertainment industry-focused clientele. The name of the seller was not released.
TUCSON, ARIZ. — Willis Development has completed construction of Sage Desert, an assisted living and memory care community in Northwest Tucson. The community features 86 assisted living units and 20 memory care units, with views of the surrounding desert and mountains. Dekel Strategic Investors provided equity capital for the development, while East West Bank provided construction financing. Milestone Retirement is operating the property. The design team included Jeffrey Demure + Associates and StudioSix5. W.E. O’Neill managed construction. This is the second senior living development project that Willis Development and Dekel have completed together, with a third in California scheduled for groundbreaking later this year.
COVINA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $6.4 million sale of a two-tenant retail property located within Covina Shopping Center in the Southern California community of Covina. Tenants at the 39,159-square-foot building include dd’s Discounts and Stars Gymnastics. Bill Asher, Ed Hanley and Jeff Lefko of Hanley Investment Group arranged the transaction on behalf of the seller, an Orange County-based family partnership. Moon Lim of Marcus & Millichap represented the buyer, Cecelia LLC. Other tenants at Covina Shopping Center include Smart & Final Extra and CVS/pharmacy.
COLORADO SPRINGS, COLO. — Quantum Commercial Group has arranged the sale of a medical office building located at 1699 Medical Center Point in Colorado Springs. A private investor, 601 El Camino Real LLC, acquired the property for $2.9 million. The building features 9,585 square feet of medical office space. Kay Folan of Quantum Residential Group and Mary Frances Cowan of Quantum Commercial Group represented the seller, 1699 Medical Center Point LLC. Steve Ghirardo and Nick Ghirardo of Ghirardo Real Estate Group represented the buyer in the deal.
BENTONVILLE, ARK. — CBRE has brokered the sale of a 90-room Courtyard by Marriott hotel located at 1001 McClain Road in Bentonville. Nate Sahn, James Foxx, Pravin Boteju and David Erstine of CBRE arranged the transaction on behalf of the seller, Hawkeye Hotels. CBRE’s Marc Sallette and Olga Lepow arranged acquisition financing on behalf of the buyer, SMC Hotels. Other terms of the deal were not disclosed. The hotel, located near downtown Bentonville, features an indoor pool, fitness center and onsite dining at The Bistro.
SPARKS AND MCCARRAN, NEV. — NAI Alliance has brokered the sales of two industrial assets in Nevada. In the first transaction, Tolles Development Co. purchased a 202,760-square-foot industrial portfolio located at 1210-1280 Icehouse Drive, 575-585 Reator Way and 1355 Industrial Way in Sparks. Dan Oster and Chase Houston of NAI Alliance represented the buyer in the deal. In the second transaction, Rounds Bakery acquired a 11,961-square-foot light industrial property located at 96-114 Megabyte Drive in McCarran. Greg Shutt of Colliers international represented the buyer; while Oster and Houston represented the seller, PSG Resources LLC, in the deal.
FORT LAUDERDALE, FLA. — CBRE Hotels has brokered the sale of the Hilton Fort Lauderdale Marina, a 589-room hotel located at 1881 17th St. in Fort Lauderdale. Situated along the Intracoastal Waterway, the nine-acre property is third-largest hotel in Broward County. The Blackstone Group sold the asset to Thayer Lodging Group, a subsidiary of Brookfield Asset Management, for $170.6 million, according to reports by the South Florida Business Journal. The hotel was built in 1980 and 1981, and has been renovated several times, most significantly in 2008. The property includes a 33-slip marina, business center, meeting rooms, fitness center, jogging track and a swimming pool. Christian Charre, Paul Weimer, Natalie Castillo and Jennifer Jin of CBRE arranged the transaction on behalf of the seller. “The Hilton Marina is a strategic property in an area with extremely high barriers to entry,” says Charre. “We encountered a great amount of interest from the investor community and had multiple rounds of competitive bidding.” Located in the Fort Lauderdale Marina, the hotel is surrounded by multiple demand generators that include the Greater Fort Lauderdale/Broward County Convention Center, Port Everglades and the Fort Lauderdale-Hollywood International Airport. “With tremendous potential for future redevelopment, this truly unique investment …
SAN ANTONIO — Värde Partners, a Minneapolis-based global investment firm, has provided a $61.5 million loan for Brass Professional Center, a 15-building, 729,000-square-foot office park in San Antonio. The undisclosed borrower will use the loan to finance existing debt and provide capital for recapitalizing the property or marketing it for sale over the next few years. Bryan Leonard of NorthMarq Capital arranged the loan.