DALLAS — Marcus & Millichap has arranged the sale of Village Oaks Condominiums, a 41-unit apartment property in Dallas, for an undisclosed price. Constructed in 1982, the one-story, Class B asset is situated on approximately 3.5 acres of land. Village Oaks Condominiums includes 17 one-bedroom, one-bath units and 24 two-bedroom, two-bath units. The property features 35,624 square feet of rentable space, for an average of 869 square feet per unit. Stephen Crittenden, senior associate with Marcus & Millichap, represented the seller and the buyer, both private investors, in the transaction. The seller acquired Village Oaks out of foreclosure through an all-cash transaction. The buyer is looking to expand its multifamily portfolio after a long history of medical, industrial and single-tenant ownership.
DALLAS — Lee & Associates has arranged the sale of a 27,613-square-foot warehouse located at 1380 N. Cockrell Hill in Dallas. Robert Miller of Lee & Associates represented the seller, QC40 Development LLC, in the transaction. Todd Lambeth of Colliers International represented the buyer, J&H Texas LLC.
WASHINGTON, D.C. — Hines and Qatari Diar, the real estate development arm of Qatar Investment Authority, have broken ground on the Conrad Washington, D.C., a 360-room luxury hotel situated within the CityCenterDC development. The hotel will be operated under Hilton Worldwide’s Conrad Hotels & Resorts brand. The hotel is the seventh building developed by Hines and Qatari Diar at CityCenterDC, a 10-acre mixed-use destination in downtown Washington, D.C. The hotel will feature 30,000 square feet of retail space with a signature restaurant conceptualized by chef Bryan Voltaggio, the executive chef and co-owner of several Mid-Atlantic restaurants including VOLT, RANGE, AGGIO, Lunchbox and Family Meal. The hotel’s design team includes architects Herzog & de Meuron and HKS Architects Inc., interior designer Rottet Studio and general contractor Turner Construction Co. Hines and Qatari Diar expect initial occupancy to begin in the first quarter of 2019.
ARLINGTON, VA. — Carey Watermark Investors 2 Inc., a non-traded hospitality REIT, has purchased the Le Meridien Arlington, a 154-room hotel in Arlington’s Rosslyn submarket. The hotel is part of a mixed-use development that includes 621,000 square feet of Class A office space and 136 residential units. Le Meridien Arlington’s amenities include 4,800 square feet of indoor meeting space, 4,500 square feet of outdoor meeting space, a bar/lounge, full-service restaurant, fitness center and a business center. Built in 2008, the hotel was converted to Starwood Hotels & Resorts’ Le Méridien brand in 2012. A $3 million soft goods renovation of the guestrooms and meeting spaces is currently underway. The hotel will continue to be managed by HEI Hotels & Resorts.
CULPEPER, VA. — Cushman & Wakefield | Thalhimer has arranged the $12.5 million sale of Centre at Culpeper, a 72,878-square-foot shopping center anchored by Aldi. The property is located at 15131-15193 Montanus Drive. Built in 2006, the center was 79 percent leased at the time of sale to tenants such as Starbucks, Five Guys Burgers & Fries and Rent-A-Center. Eric Robison, Berkley Mitchell and Sharon Schmidt of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction.
ST. AUGUSTINE, FLA. — MSB Hotels III has purchased Castillo Real, a 60-room boutique resort hotel located at 530 A1A Blvd. in St. Augustine. The company purchased the asset from a joint venture between Impact Properties and DeBartolo Development for $10.3 million. The purchase includes the assumption of an existing CMBS loan. MSB Hotels III has selected Elite Hospitality LLC to manage the hotel. Built in 2005, Castillo Real features beach access, a zero-entry outdoor pool and whirlpool, sauna, steam room, fitness center and the La Cocina Restaurant. Michael Weinberg and Preston Reid of HFF represented the joint venture in the transaction. Members of MSB Hotels III own nearby hotels including Courtyard by Marriott, Hilton Garden Inn and Hampton Inn, all of which are managed by Elite Hospitality.
TALLADEGA, ALA. — The Cooper Commercial Investment Group has brokered the $2.1 million sale of Talladega Plaza, a 37,981-square-foot retail center located in Talladega. The center is shadow-anchored by a Walmart Supercenter. Dan Cooper of Cooper Commercial’s Cleveland office represented the seller, a private investor based in Alabama. The buyer is a private investor based in Kansas.
PHILADELPHIA — Keystone Property Group has acquired One Washington Square, also known as the Penn Mutual Tower, located at 510-530 Walnut St. in Philadelphia. An undisclosed seller sold the 880,000-square-foot commercial building for $114 million. The building is occupied by several corporate headquarters, including the American Board of Internal Medicine, Urban Engineers and BPD International. Keystone plans to convert the building’s ground floor and mezzanine office space located at 530 Walnut St. into retail space.
CENTRAL ISLIP, N.Y. — Meridian Capital Group has arranged $65.2 million in acquisition financing for the purchase of Hawthorne Court, a multifamily property located in Central Islip. The borrowers were Spruce Capital Partners and Post Road Properties. The seven-year Freddie Mac loan, provided by Capital One Multifamily Finance, features a fixed rate and three years of interest-only payments. Abe Hirsch and Zev Karpel of Meridian negotiated the transaction. Located at 111-211 Hawthorne Ave., the 20-building property features 434 apartments, 682 parking spaces and a swimming pool.
NEW YORK CITY — Madison Realty Capital (MRC) has completed the disposition of a multifamily property located at 265-267 S. Second St. in Brooklyn’s Williamsburg neighborhood. An undisclosed buyer acquired the asset for $22.4 million. The six-story, 22,800-square-foot building features 35 apartment units. MRC originally acquired the property in 2013 for $9.7 million and implemented a renovation and repositioning plan aimed to add significant value to the asset. The renovations included new kitchens, updated bathrooms, recessed lighting and hardwood floors, as well as open-air terraces and ground-floor outdoor spaces for select units.