ALPHARETTA, GA. — Carter Validus Mission Critical REIT Inc. has sold the Alpharetta Data Center II in the northern Atlanta suburb of Alpharetta for $64 million. Delaware-based Alpharetta DC LLC acquired the asset, which totals 165,000 square feet. The facility include 50,400 square feet of powered-shell enterprise data center space, 58,814 square feet of office and administration space and 59,746 square feet of supporting infrastructure space. Carter Validus is a REIT that invests in mission critical real estate assets located throughout the United States. Defined as purpose-built facilities designed to support the most essential operations of tenants, mission critical real estate includes data centers and medical facilities.
ALEXANDRIA, VA. — A joint venture between Westport Capital Partners LLC and Galaxy Investments has acquired Tavern Square, a 171,008-square-foot office and retail building located at the intersection of King and Royal streets in Alexandria, roughly eight miles south of Washington, D.C. Gerry Trainor of Transwestern arranged the transaction on behalf of the seller, Tavern Square LLC. The sales price was not disclosed. Developed in 1967, the property includes 130,000 square feet of office space, 41,008 square feet of ground-floor retail and a 326-space parking garage. The new ownership plans to renovate the property by modernizing the lobbies, common areas, building exterior and courtyard. Cambridge Holdings will provide construction services for the renovations. In addition, Cambridge will manage the property and handle the building’s leasing assignment.
BENTONVILLE, ARK. — CBRE has brokered the sale of a 90-room Courtyard by Marriott hotel located at 1001 McClain Road in Bentonville. Nate Sahn, James Foxx, Pravin Boteju and David Erstine of CBRE arranged the transaction on behalf of the seller, Hawkeye Hotels. CBRE’s Marc Sallette and Olga Lepow arranged acquisition financing on behalf of the buyer, SMC Hotels. Other terms of the deal were not disclosed. The hotel, located near downtown Bentonville, features an indoor pool, fitness center and onsite dining at The Bistro.
FORT LAUDERDALE, FLA. — CBRE Hotels has brokered the sale of the Hilton Fort Lauderdale Marina, a 589-room hotel located at 1881 17th St. in Fort Lauderdale. Situated along the Intracoastal Waterway, the nine-acre property is third-largest hotel in Broward County. The Blackstone Group sold the asset to Thayer Lodging Group, a subsidiary of Brookfield Asset Management, for $170.6 million, according to reports by the South Florida Business Journal. The hotel was built in 1980 and 1981, and has been renovated several times, most significantly in 2008. The property includes a 33-slip marina, business center, meeting rooms, fitness center, jogging track and a swimming pool. Christian Charre, Paul Weimer, Natalie Castillo and Jennifer Jin of CBRE arranged the transaction on behalf of the seller. “The Hilton Marina is a strategic property in an area with extremely high barriers to entry,” says Charre. “We encountered a great amount of interest from the investor community and had multiple rounds of competitive bidding.” Located in the Fort Lauderdale Marina, the hotel is surrounded by multiple demand generators that include the Greater Fort Lauderdale/Broward County Convention Center, Port Everglades and the Fort Lauderdale-Hollywood International Airport. “With tremendous potential for future redevelopment, this truly unique investment …
BOSSIER CITY, LA. — VICI Properties Inc., an experiential REIT that was recently spun off from Las Vegas-based Caesars Entertainment, has entered into a definitive agreement to acquire the land and real estate assets of the Margaritaville Resort Casino in Bossier City for $261 million in cash. VICI Properties will lease the property to Penn National Gaming Inc., a Pennsylvania-based operator of casinos and racetracks. The triple-net lease will have an initial total annual rent of roughly $23 million and an initial term of 15 years with four, five-year renewal options. In addition, Penn National will acquire the operating assets of the Margaritaville Resort Casino for approximately $115 million in cash. Constructed in 2013, the casino includes four acres of fee land and 30 acres of leased land. The hotel and casino built on the fee land include 26,500 square feet of casino space with 1,215 slots and 50 tables; 395 hotel rooms; an island-style escape theme; six restaurants and food and beverage outlets; and a 1,000-seat theater. The leased land includes 1,500 parking spaces. The transaction is expected to close in the second half of the year, subject to regulatory approvals and customary closing conditions. Goldman Sachs & Co. …
SAVANNAH, GA. — Capital Development Partners, in a joint venture with Greenfield Partners, has broken ground on the $125 million Savannah Port Logistics Center. The 2.3 million-square-foot campus is being developed to meet the needs of Port of Savannah’s import, export and e-commerce customers. Operated by the Georgia Ports Authority, the Port of Savannah is the largest single-container port in the United States. The 190-acre Savannah Port Logistics Center will offer dual rail service via Norfolk Southern and CSX Tier 1 railroads, and will include two buildings totaling 1.1 million square feet and 1.3 million square feet. Both buildings will feature 40-foot ceiling heights and cross-dock capability. Building I is slated for completion in April 2019, and developers expect to break ground on Building II later this year. Atlanta-based Capital Development Partners is a national developer of industrial infrastructure facilities. Greenfield Partners is a private equity real estate firm headquartered in Westport, Conn., with $3.3 billion in gross assets under management. To date, the company has invested more than $5 billion in equity across multiple sectors, including 25 million square feet of industrial.
BOCA RATON, FLA. — Cushman & Wakefield has brokered the $42.1 million sale of ADT Inc.’s 171,489-square-foot global headquarters located at 1501 Yamato Road in Boca Raton. ADT provides security and automation solutions for homes and businesses in the United States and Canada. Scott O’Donnell, Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Philadelphia-based RAIT Financial Trust. A joint venture between Boca Raton-based PEBB Enterprises and Chicago-based Tortoise Properties LLC acquired the office asset. Cushman & Wakefield’s Jason Hochman arranged a $28.6 million, non-recourse acquisition loan on behalf of the new ownership. The building is located within The Park at Broken Sound, a 700-acre mixed-use park. Constructed in 1983, the office building features a skylit atrium, water feature, golf course views and a structured parking garage. The building is fully leased to ADT and was fully renovated in 2011 before the tenant took occupancy.
BOYNTON BEACH, FLA. — Berkadia has arranged a $29 million acquisition loan for Verona Boynton Beach, a 216-unit multifamily community in South Florida’s Boynton Beach. Mitch Sinberg, Matt Robbins and Wesley Moczul of Berkadia originated the 10-year loan through Freddie Mac’s Green Advantage program on behalf of the borrower, Robbins Property Associates. The floating-rate loan features seven years of interest-only payments. Verona at Boynton Beach, formerly known as Aventine, includes a mix of one- to three-bedroom units with nine-foot ceilings, crown molding, black stainless steel appliances, wood plank flooring and granite countertops. Community amenities include barbecue areas, a cardio room, conference room, putting green, business center and a clubhouse.
HUNTSVILLE, ALA. — Eyzenberg & Co. has arranged a $14.4 million bridge loan for the acquisition of two neighboring apartment communities in Huntsville: Hillside Village and Twickenham Village. David Eyzenberg, Jeff Conti and Diana Davidson of Eyzenberg arranged the loan through SunTrust Bank on behalf of the borrower, a partnership between Blue Magma Residential LLC and Auerbach Opportunity Fund I LP. The loan was used to fund a portion of the acquisition and subsequent renovation of the properties. Hillside Village is located at 4515 Bonnell Drive N.W. and includes 223 units. Twickenham Village, located a half-mile away at 5001 Galaxy Drive N.W., comprises 152 units. The communities are situated less than two miles from the University of Alabama at Huntsville and roughly five miles from Huntsville’s central business district.
WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA) has agreed to purchase a 14-property office portfolio across the United States for $430 million. The nearly 1.5 million-square-foot portfolio is 94 percent leased by the U.S. government and 99 percent leased overall. The seller was undisclosed. “We believe the acquisition of this portfolio is a wonderful opportunity for the company,” says William C. Trimble III, CEO of Easterly. “This acquisition is expected to grow our portfolio by approximately 39 percent on a rentable-square-foot basis, while still maintaining the same high-quality standard of assets Easterly is known for.” The portfolio includes the following assets: • A 267,766-square-foot office building in Buffalo, N.Y., housing Department of Veterans Affairs (VA), Internal Revenue Service (IRS) and a regional office for the National Labor Relations Board • A 239,331-square-foot building next to Chicago O’Hare International Airport that houses the Federal Aviation Administration’s (FAA) Great Lakes Regional Office and the U.S. Department of Agriculture (USDA) • A 225,057-square-foot facility in Portland, Ore.’s Central City Plan District housing the USDA, U.S. Army Corp of Engineers (ACOE), Federal Bureau of Investigation (FBI) and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) • A 182,500-square-foot build-to-suit property in Parkersburg, …