COLLEGE PARK, GA. — Newmark Grubb Knight Frank Hotels (NGKF Hotels) has brokered the sale of the Microtel Inn & Suites by Wyndham Hotels, an 83-room hotel located at 4839 Massachusetts Blvd. in College Park. The three-story hotel is located adjacent to Hartsfield-Jackson Atlanta International Airport and roughly 11 miles south of downtown Atlanta. Georgia-based 64J Hotel Groups LLC bought the Microtel Inn with plans to negotiate a new, long-term franchise agreement and upgrade the property with a planned renovation totaling approximately $400,000. Sam Winterbottom, Bhavesh (B.J.) Patel and Barrett Corwin of NGKF Hotels represented the undisclosed seller in the transaction. In the past eight months, NGKF Hotels has also brokered the sales of the nearby Wellesley Inn and Sleep Inn hotels. Combined, the three hotels have sold for $14 million.
NASHVILLE, TENN. — Stan Johnson Co. has brokered the $3 million sale of a 10,500-square-foot dialysis clinic located at 20 Rachel Drive in Nashville. The property is fully leased to Vanderbilt University and is one of its two 24-hour dialysis operations in the metro Nashville area. A private partnership based in New England purchased the facility from a limited liability partnership based in California. Craig Tomlinson and John Zimmerman of Stan Johnson Co. marketed the asset and represented the seller in the transaction.
SAN PEDRO, CALIF. — Jerico Development and The Ratkovich Co. have partnered to revitalize Ports O’Call Village in San Pedro. To be renamed San Pedro Public Market, the project will include a 30-acre retail and dining destination on San Pedro’s waterfront and up to 375,000 square feet of commercial, retail, restaurant, hotel and conference center space. With construction slated to begin in 2017, the first phase of the project will feature 16 acres of restaurants, shops, office and market space, and a waterfront promenade. Additionally, the project will feature outdoor space, including an open-air amphitheater for concerts and family-friendly entertainment. Tim J. Delaney Design and TFO Architecture are designing the first phase of the $100 million revitalization.
PHOENIX — A joint venture led by Sunroad Enterprises received $23.5 million in first mortgage debt to finance the acquisition of the 240-unit Sonoma Ridge Apartments in Phoenix. The community is located at 8201 W. Beardsley Road. HFF’s Aldon Cole and Tim Wright arranged the financing, which Mesa West Capital provided.
LOS BANOS, CALIF. — O’Reilly Automotive Enterprises has acquired three retail land parcels in Los Banos. O’Reilly acquired a 15,912-square-foot parcel and a 17,291-square-foot land parcel, both located at the northwest corner of Pacheco Pass and Sixth Street, from Balatti Family Trust for undisclosed price. Additionally, O’Reilly purchased a 14,288-square-foot land parcel at the northwest corner of Pacheco Pass and Sixth Street in Los Banos from Douglas Balatti Revocable Trust. Lewis Smith of Retail California brokered the three transactions.
CHICAGO — Chicago-based BlueRoad Ventures has acquired a national retail portfolio for $139 million. Brauvin Net Lease, a Chicago-based private REIT, sold the portfolio, which consists of 48 assets across 18 states. Retail brands such as CVS, Fresenius, Tractor Supply Co. and Advance Auto Parts occupy the properties. Much Shelist, a law firm, represented BlueRoad in the transaction.
PALM DESERT, CALIF. — Marcus & Millichap has arranged the sale of Coco’s Bakery & Restaurant, located at 78375 Varner Road in Palm Desert. An individual/personal trust acquired the 6,887-square-foot net-leased property for $3.2 million. Don Emas of Marcus & Millichap represented the seller, a limited liability company, while Emas and Kevin Struve, also of Marcus & Millichap, represented the buyer in the transaction.
GRAYSLAKE, ILL. — Avison Young has arranged a $34 million loan for Strategic Properties of North America to acquire a multifamily property in Grayslake, approximately 45 miles northwest of Chicago. Grays Pointe Apartment Complex is a 396-unit property that is comprised of 301 rental units and 95 condominiums. Pine River Capital Management advised the undisclosed lender. Amenities at Grays Pointe Apartment Complex include basketball courts, a business center, clubhouse, playground, swimming pool and tennis courts. Justin Piasecki and Ethan Blum of Avison Young arranged the financing.
NEWPORT BEACH, CALIF. — Dallas-based SRS Real Estate Partners has launched SRS National Net Lease Group, a newly created platform offering advisory services for investors of single-tenant and net lease retail properties nationwide. Leading the new platform as managing principals and co-founders are Matthew Mousavi and Patrick Luther, formerly of Faris Lee Investments, who will be based in SRS’ Newport Beach office. In their roles, they will lead a collaborative net lease platform with SRS’ investment sales professionals across the U.S., while managing all marketing and transactions from the Newport Beach office. In addition, Mousavi and Luther will also lead investment sales of all other retail property types in the Southern California market, including multi-tenant and portfolio sales. Mousavi and Luther have a track record of more than $2 billion in closings, and 20 years of experience handling retail investments.
CINCINNATI — TriHealth and Duke Realty have expanded Bethesda Butler Hospital to include 32 new inpatient rooms, six new intensive care rooms and a full kitchen and dining room. In addition to the 53,512-sqaure-foot expansion, the project also involved remodeling 7,569 square feet of the existing hospital space and adding 883 parking spaces. The building was also fortified for a possible third-floor expansion. Bethesda Butler Hospital now totals 90,788 square feet. Duke Realty owns the hospital, which is 100 percent leased to Bethesda Hospital. The facility is part of a larger campus that includes a cancer institute, infusion services, heart institute, digestive institute, sleep center and physical therapy institute. Duke Realty provided contracting services, and PFB Architects Inc. provided architectural services.