NEWPORT BEACH, CALIF. – A 16-room boutique hotel in Newport Beach has received $3.5 million in acquisition financing. The hotel features a ground-floor restaurant, a quadruplex and beachside cottages. This asset was purchased as part of a pool of properties for a total of $7.1 million. The hotel’s first trust deed was provided by Lone Oak Fund at 8.3 percent interest-only. The firm also sought out a second trust deed with an established junior lender. A private equity investor completed the capital stack with a third trust deed.
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TAMPA, FLA. — Hendricks-Berkadia has brokered the $8.9 million sale of Newport Square, a 188-unit apartment community located at 5505 N. Himes Ave. in Tampa. Park Pointe Apartments LLC purchased the property from Monument Real Estate Services LLC. The apartment community was the last part of a three-property portfolio that included Newport Riverside and Newport Pointe. Newport Square was built in 1970 and featues a playground, clubhouse, laundry facility, wading pool and a swimming pool with a sundeck. Jason Stanton, Cole Whitaker and Hal Warren of Hendricks-Berkadia represented Monument in the transaction.
ROANOKE, VA. — The 126-room Hampton Inn & Suites Roanoke Airport has opened at 5033 Valley View Blvd. North N.W. in Roanoke. The hotel is the third Hampton hotel in the Roanoke area and the 59th in Virginia. DSA Roanoke LLC owns the hotel, which is located near Roanoke Airport, Virginia Tech and the Roanoke and Salem civic centers.
WASHINGTON, D.C. — Marcus & Millichap has brokered the $3.6 million sale of Capitol Hill Luxury Residences, a six-unit condominium project located on 8th Street N.E. in Washington, D.C. Each unit in the property is approximately 2,500 square feet. Nathan Pealer and Marty Zupancic of Marcus & Millichap’s Washington, D.C. office represented the seller, a subsidiary of a global financial institution, and the buyer, a fund manager.
ST. AUGUSTINE, FLA. — NAI Realvest has arranged the $3.5 million sale of a 145,500-square-foot industrial property located at 3200 Parker Drive in St. Augustine. Paul Partyka of NAI Realvest represented the buyer, Panther Ideal Holdings LLC, in the transaction. Gary Marcy of CBRE’s Jacksonville office represented the seller, St. Augustine Holdings LLC. The buyer will be moving its Ideal Aluminum operations to the facility, bringing 90 to 100 jobs to the area.
BRANDON, FLA. — CBRE has arranged the $2.1 million sale of a former Borders book store in Brandon. The 22,585-square-foot property is located at 2020 Town Center Blvd. The buyer, Florida Medical Clinic, plans to convert the former bookstore into medical offices. CBRE represented the seller, Business Property Lending, in the transaction. Gregory Morgan of Morgan Realty Advisors represented Florida Medical Clinic, which operates more than 30 locations in Hillsborough and Pasco counties.
MINNEAPOLIS AND MILWAUKEE — Brennan Investment Group LLC has acquired a four-property industrial portfolio for $20 million. The portfolio includes three properties in the Minneapolis/St. Paul metropolitan area and one property in Milwaukee. Steve Lysen and Curt Smith of CBRE were the brokers involved in the transaction.
MONROE, MICH. — Sperry Van Ness has arranged the $5 million sale of a 14,820-square-foot Walgreens property in Monroe. The property is net leased to Walgreens, and the remaining lease term is approximately 15 years. Mike Lamb and Dan Stewart of Sperry Van Ness/Stewart Commercial Group LLC represented the seller, a Naples, Fla.-based retail developer. Sean Lutz and Dan Elliot of Sperry Van Ness Chicago Commercial represented the buyer.
ST. FRANCIS, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of two industrial buildings totaling 27,550 square feet in St. Francis, a suburb of Milwaukee. The properties are located at 4160 and 4170 S. Nevada Ave. Mathie Nevada Holdings LLC purchased the properties from Nevada Avenue Properties LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Zach Noble of The Dickman Co. were the brokers in the transaction.
CRAWFORDSVILLE, IND. — Lee & Associates has arranged the lease of a 9,800-square-foot retail building in Crawfordsville, approximately 45 miles northwest of Indianapolis. Planet Fitness will occupy space at the property located at 1660 S. Washington St. Bart Jackson and Scot Courtney of Lee & Associates represented the buyer. Sam Cooper of Lamar Cos. represented the seller, Remainder Outlot LLC.