SAN DIEGO – The Visalia Marriott is located at 300 S. Court Street in the San Diego submarket of Visalia. The buyer owns and operates a hotel portfolio that contains major brands like Marriott and Hilton. The seller, a national hotel company, was represented by Mike Armstrong of HREC Investment Advisors’ San Diego office.
PALM SPRINGS, CALIF. — A new 150-room Andaz hotel will soon debuted in downtown Palm Springs. The new hotel will be situated adjacent to the Uptown Design District. Hyatt Hotels Corporation has entered into a management contract with Rael Development Corporation on the new project. It will be situated within walking distance of the shops, restaurants and galleries along Palm Canyon Drive. The hotel is scheduled for completion late next year. Andaz Palm Springs will also contain 17 suites with panoramic views of the city and nearby San Jacinto Mountains. The ground level will feature 25,000 square feet of boutique retail space, as well as indoor and outdoor meeting facilities. The hotel will also offer spa services, a fitness facility, a signature restaurant and lounge and terrace bar. Two outdoor pools and garden areas will be situated on an elevated patio terrace. Andaz Palm Springs will collaborate with local artists, musicians, designers and other cultural influencers to create events and programs based on themes unique to its Palm Springs location. Andaz also operates hotels in other notable Western locations like Maui, Hawaii, and Napa, Calif.
DENVER — 29th Street Capital (29SC) has purchased the 110-unit Asbury Plaza Apartments in Denver for an undisclosed sum. The community is located at 5170 E. Asbury Ave. Asbury Plaza is situated east of Interstate 25. It is within walking distance of a pedestrian bridge that will lead to the RTD Colorado light rail station. The bridge will be completed later this year. 29SC plans to invest about $850,000 – or $7,700 per unit – in property improvements. It will upgrade the roof, windows, landscaping, corridors, and resident amenities, including the BBQ area and rooftop deck. The firm will also install new appliances, countertops, fixtures, lighting and flooring. Exterior work will be completed within six months, while interior work will be conducted as tenants vacate. This is 29SC’s eighth acquisition in the past eight months. The seller was a private ownership group.
TACOMA, WASH. — Goodman Real Estate has acquired the 230-unit Eagles Landing Apartments in Tacoma for $18.5 million. The community is located at 2201 104th Street South. Eagles Landing was built in 1990. It is currently 98 percent leased. Common-area amenities include a fitness center, swimming pool, Jacuzzi, laundry facility, controlled-access gates and parking. In-unit amenities include fully equipped kitchens, fireplaces, cable access, washers and dryers, and balconies and patios. The property is located near Interstate 5, State Route 512 and Pacific Avenue. The seller was Eagles Landing LLC. The transaction was executed by Kenny Dudunakis and Jim Jensen of Berkadia.
MUSKEGON, MICH. — Signature Associates, an independently owned and operated member of the Cushman & Wakefield Alliance, has arranged the lease of 204,012 square feet of industrial space in Muskegon. The property is located at 1450 E. Laketon Ave. Bryan Bench of Cushman & Wakefield | Signature Associates represented the tenant, Intracity Dispatch Inc.
PLAINFIELD, IND. — Meritex has acquired the MetroAir Building #3, a 248,358-square-foot, Class A industrial facility located at 758 Columbia Road in Plainfield. The property, part of the MetroAir Business Park, is fully occupied and features an ESFR sprinkler system and a 28-foot ceiling height. The property also has access to I-70, I-74 and I-65. This acquisition expands Meritex’s Indianapolis portfolio to more than 1 million square feet. Meritex will directly manage the MetroAir property along with its other holdings in Indianapolis.
CHICAGO — Mid-America Real Estate Corp. has brokered the sale of a former funeral home in the Lakeview neighborhood of Chicago. Stonestreet Partners LLC purchased the 12,500-square-foot building and 0.33 acres of land. The subject property is located at the northeast corner of Lincoln, Southport, and Wellington avenues. Stonestreet plans to redevelop the former funeral home into a space that will include retail and residential property. Paul Bryant and Andrew Becker of Mid-America represented the seller, a private family and land trust. Kevin Boyd of SRS Real Estate represented the buyer.
YORK, PA. — Ridgeline Property Group has partnered with Cabot Properties to develop a 423,300-square-foot speculative industrial building in York. Situated on 51 acres on Second Amendment Drive, Susquehanna Logistics Center will offer tenants immediate access to Interstate 83. The facility will feature 32-foot clear heights, 87 dock doors, 52-foot by 54-foot column spacing, ESFR fire sprinklers and parking for 179 cars and 146 trailers. Construction is slated to begin in late March with completion scheduled for December. Patrick McBride and Gerry Blinebury of Cushman & Wakefield have been retained to market the property.
NEW YORK CITY — Shamah Properties has acquired an eight-building multifamily portfolio for $44 million from Brooklyn, N.Y.-based E&M Associates. Located in Manhattan’s Washington Heights neighborhood, the 138,214-square-foot, 184-unit portfolio includes 535-539 West 162nd Street, 522-536 West 147th Street and 521-523 West 156th St. Steven Vegh of Westwood Realty Associates represented both the seller and buyer in the transaction. Additionally, Edward Setton of Shamah Properties negotiated the purchase and financing on behalf of the buyer. Shamco Management, Shamah Properties’ in-house management company, will manage the assets.
PHILADELPHIA — Mack-Cali and its Roseland subsidiary have formed a joint venture with Parkway Corp. to develop a multifamily property at 709 Chestnut Square in Philadelphia. Located in Center City, preliminary plans for the 32-story development include 300 luxury residential units and 11,000 square feet of indoor and outdoor amenity space, as well as an on-site 125-car parking garage. Currently in the planning and permitting stages, the development is slated to commence construction by the end of 2015.
