BOSTON — O’Connell Hospitality Group is merging its Northeast hotel brokerage practice with HREC’s national hotel platform effective Sept. 8. With the merged companies, Jim O’Connell will be principal at HREC Investment Advisors, as well as HREC’s practice leader in the new Boston office. Combined the two firms will offer hotel investors expertise and contacts of approximately 40 dedicated lodging and gaming insiders across the North American hospitality industry.
MORENO VALLEY, CALIF. — Weidner Apartment Homes has acquired the 552-unit Stonegate at Towngate apartments in Moreno Valley for $98.5 million. The community is located at 12640 Memorial Way Drive, just southeast of the Highway 60 and Interstate 215 interchange. Stonegate at Towngate is the largest apartment community in Moreno Valley and the 12th largest asset in the Inland Empire. Berkadia’s Dean Zander and Spencer Scott represented the seller, Davlyn Investments Inc., in this transaction. Davlyn purchased the asset just after it was completed in 2007.
SAN CARLOS, CALIF. — Marcus & Millichap has arranged the sale of a three-property retail strip center located at 633, 727 and 1199 Laurel St. in San Carlos. A 1031 exchange investor acquired the approximately 13,860-square-foot property for $13.5 million, or $974 per square foot. Mark One Capital arranged $6.85 million in financing for the acquisition of the property. Fabio Sangiorgi of Marcus & Millichap represented the buyer, while David Campbell of Mark One Capital arranged the fixed-rate, interest-only financing for the undisclosed buyer.
COACHELLA, CALIF. — NAI Capital has brokered the sale of Coachella Plaza, a retail center located at 50249 Harrison St. in Coachella. Harrison Coachella 26 LLC sold the property for $10.6 million, or $124.65 per square foot. Built in 1991, the 85,035-square-foot plaza was 78 percent occupied at the time of sale. Tenants include 99¢ Only, Planet Fitness and WSS Shoes. Fariba Kavian of NAI Capital represented the seller in the deal. The name of the buyer was not released.
ANTIOCH, CALIF. — MBK Senior Living has purchased The Commons at Dallas Ranch, a 109-unit assisted living and memory care community in Antioch, for an undisclosed price. The acquisition comes despite the recent resignation of the company’s president, Terry Howard, in August. The seniors housing developer and operator has commenced its search for Howard’s replacement. In the last month, MBK also assumed operations of five Capitol Seniors Housing-owned communities. Those communities include Fairview Commons in Costa Mesa, Calif., and four in metro Seattle: The Creekside, Island House, Mountainlake Terrace Plaza and Northgate Plaza. MBK Senior Living’s portfolio of owned and managed communities now includes a total of 2,465 units within 22 independent living, assisted living and memory care communities in Arizona, California, Colorado, Utah and Washington.
RANCHO MIRAGE, CALIF. — NAI Capital has arranged the acquisition of a retail showroom located at 71441 Highway 111 in Rancho Mirage. FM 111 LCC purchased the property from Thomas Realty Co. from $5.3 million, or $412.80 per square foot. At the time of sale, the 15,000-square-foot property was fully leased to Electric Car Distributors. Jeffrey Simonds of NAI Capital represented the buyer in the transaction.
BARTLESVILLE, OKLA. — GBT Realty Corp. has acquired 15 acres for a $20 million, two-phase retail development in Bartlesville, roughly 45 miles north of Tulsa. The property, which will be known as Silver Lake Village, is under construction with the first stores expected to open in fall 2017. The site was acquired on Sept. 6 for $2.1 million. The 85,000-square-foot Phase I of Silver Lake Village will feature retailers including Ulta Beauty, Rack Room Shoes, Petco, Ross Dress for Less, TJ Maxx and Maurices. Only 6,000 square feet of shop space and three outparcels remain available for lease. GBT is negotiating with potential tenants to anchor the 10-acre Phase II immediately east of Phase I. Located less than one mile from Oklahoma State Route 75, the center provides visibility to U.S. Highway 60, which is the city’s major east-west commercial corridor.
HOUSTON — CBRE Hotels has arranged the sale of the Holiday Inn Houston Southwest-Sugar Land Area, a 207-room, full-service hotel in Houston. The property is located at 11160 Southwest Freeway and went through a major renovation in 2015. The property features more than 6,800 square feet of flexible meeting/banquet facilities. Michael Yu, Rahul Bijlani, Eric Guerrero and Agrama Mannapperuma of CBRE Hotels’ in Houston represented the seller, K&K Hotel Group, and the buyer, Prime Real Estate Group. Marc Sallette and Olga Lepow of CBRE Hotels’ debt and structured finance team arranged acquisition financing on behalf of the buyer.
ROUND ROCK, TEXAS — Round Rock Evergreen SPE LLC has purchased Chisholm Valley and Westwind Duplexes, a townhome rental community in Round Rock, about 18 miles north of Austin. Ellen Muskin and Daniel Elam of Muskin Commercial LLC represented the sellers in the transaction. Chisholm Valley and Westwind Duplexes offers 152 one- and two-story townhome-style units. The community is located on 76 separate parcels. The average unit size is 1,065 square feet. Exteriors are a combination of stone, siding and wood. Each duplex features private fenced backyards, single-car garages, plank faux flooring, built-in microwaves, wood-burning fireplaces, full-size washer/dryer connections, individual HVAC systems and water heaters. The duplexes are situated just north of Toll Road 45.
LEWISVILLE, TEXAS — Pierson Retail Advisors (PRA) has negotiated the sale of Lewisville Village, a 24,290-square-foot retail strip center located in Lewisville. PRA represented the seller, Prescott Interests Ltd. A local buyer purchased the asset for an undisclosed price. Constructed in 1986, Lewisville Village was 90.4 percent leased at the time of sale to tenants including State Farm, Pizza Hut, Fitzgerald’s Jewelry, American Masters Martial Arts and Charlton Motors. The entire team at Pierson Retail Advisors in Dallas handled the sale.