GLENDALE, CALIF. – The 32-unit Winchester Apartments in Glendale has sold to C & P Properties for $8.1 million. The community is located at 1140 Winchester Ave. Warren Berzack of Berzack Investment Property Advisors, amultifamily specialty group of Lee & Associates-LA North/Ventura, represented both the buyer and the private family seller in this transaction. C & P purchased this asset as part of a 1031 exchange.
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CAVE CREEK, CALIF. — Tatum Plaza, a 29,460-square-foot neighborhood retail center in Cave Creek, has sold to FS Tatum Plaza, LLC for $8 million. The center is located at 29455 N. Cave Creek Road, just north of Scottsdale. It was built in 2007 and is currently 90 percent occupied. Notable tenants at the center include American Family Insurance, Baskin Robbins, Hi Health and Great Clips. Fry’s anchors the center, though this space was not included in the transaction. The seller was Cave Creek and Tatum, LLC, an entity of Park West Partners. The LLC purchased the center on behalf of Westwood Financial. The transaction was executed by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.
SANTA BARBARA, CALIF. – A 38,015-square-foot building in Santa Barbara that is occupied by Marshalls of California, LLC, has sold to an out-of-state trade buyer for an undisclosed sum. The building is located at 900 State Street. The unnamed Los Angeles seller was represented by Dan Riley and Ben Cherney of CBRE's Private Capital Group – Los Angeles Retail Team on this all-cash, off-market transaction.
LA QUINTA, CALIF. – The 129-room Homewood Suites By Hilton hotel in La Quinta has sold to a joint venture between Pathfinder Partners, LLC and Vesta Hospitality. The purchase price was not disclosed. The extended-stay property is located at 45-200 Washington Street. Vesta has been managing the property since 2010. The hotel is undergoing a $1.8-million renovation.
MIAMI BEACH, FLA. — Imperium Capital and Centurion Realty, both real estate investment firms based in New York City, have purchased a portion of the Lincoln Road Mall, an eight-block walkway in Miami Beach featuring shops, restaurants and cafes. Imperium and Centurion purchased 643-657 Lincoln Road, a 10,000-square-foot building with four retail tenants, for $33 million. The tenants include French Connection, Runway Swimwear, Sushi Siam and Ricky’s Cosmetics. Jay Goldman of USA Commercial represented the undisclosed sellers in the transaction.
CHARLOTTE, N.C. — The Connor Group has purchased The Apartments at Quarterside, a 184-unit apartment community located in Charlotte, for $31.2 million. The Connor Group purchased the community from Quarterside Charlotte Apartments LLC and GFDR Quarterside LLC. The property was built in 2009 and includes a resort-style swimming pool, fitness center, controlled access building entry and garages. The Apartments at Quarterside is The Connor Group’s third acquisition in Charlotte in the last 16 months.
ATLANTA — FelCor Lodging Trust Inc. has sold its 232-room Embassy Suites hotel in Atlanta for $17.2 million. FelCor is using the proceeds of the sale to assume an existing $11 million loan on the property. FelCor has also agreed to sell its 218-room Embassy Suites hotel in Bloomington, Minn., for $24 million. FelCor is a publicly traded real estate investment trust.
PRATTVILLE, ALA. — GBT Realty has inked leases with several new tenants for Cobbs Ford Village, a new shopping center located off Interstate 65 on Cobbs Ford Road in Prattville, about 14 miles northwest of Montgomery, Ala. The new tenants include Firehouse Subs, Aspen Dental, Bama Fever Tiger Pride, Smashburger and Edible Arrangements. The new retailers will join existing tenants Starbucks Coffee and Gigi’s Cupcakes, as well as a new Chipotle Mexican Grill opening on Feb. 11.
CHICAGO — Dallas-based 7-Eleven has retained Chicago-based NRC Realty & Capital Advisors to coordinate the sale of 72 gasoline stations and convenience stores across the country. The portfolio include 22 locations in Texas, 17 properties in South Carolina, 12 stores in Pennsylvania, nine Ohio properties, four stores in Michigan, three Indiana properties, three stores in West Virginia, a Florida property and one store in Utah. The lot sizes range from approximately 8,000 square feet to 5.6 acres, with store sizes ranging from kiosks to 4,640 square feet. Fifty of the sites being offered are fee-owned properties and the remaining are leaseholds. All sites are being sold without 7-Eleven branding, and most sites are offered with fuel supply, which would be provided by SEI Fuels Inc., a 7-Eleven subsidiary.
CHAMPAIGN, ILL. — Associated Bank has provided the developers of Champaign Hyatt Place with $19.4 million in construction financing. Located at 217 N. Neil St. in Champaign, the nine-story hotel will feature 145 rooms, 3,300 square feet of meeting space, a restaurant and lounge, an indoor pool, an exercise room and a business center, as well as a three-story, 145-stall parking garage. The property, which is being developed by a partnership between Campus Acquisition Retail & Hospitality and YG Financial Group, is slated to open in March. Craig Pryzygoda of Associated Bank’s commercial real estate banking division managed the loan closing.