PROVIDENCE, R.I. — Hanover, Mass.-based Linchris Hotel Corp. has acquired Hotel Providence, an 80-room boutique hotel in Providence, for an undisclosed price. Located at 139 Mathewson St., the hotel was originally built in 1882 and is listed on the National Register for Historic Places. The new ownership plans to reposition the hotel’s 96-seat restaurant in January when restaurateurs Alethia and Massimiliano Mariotta transform the restaurant into a chef-drive European brasserie concept. A recipient of AAA’s Four Diamond Award for 10 consecutive years, the hotel features more than 5,000 square feet of meeting and event space, including a tented rooftop and courtyard.
BLOOMFIELD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mallory Ridge Apartments, a multifamily community in Bloomfield. The 78-unit apartment property sold for $17.1 million, or more than $220,000 per unit. Situated on 19.8 acres at 95 Filley St., the property features four three-story residential buildings with 20 one-bedroom apartments, 55 two-bedroom units and three three-bedroom apartments plus one clubhouse/amenity building. Each apartment features nine-foot ceilings, full-size washers/dryers and either a patio with private entry or balcony. Community amenities include a resort-style pool, a fitness center and a nature preserve with walking paths. Victor Nolletti, Steve Witten, Still Hunter, Eric Pentore, Craig Fuller, Erin Patton, Scott Wiles and Josephine Zupan of IPA represented the seller, Mallory Ridge Apartments LLC, while IPA Northeast-Florida procured the buyer, Delaware-based 1881 and Fawn Industrial LLC.
LAWRENCE, N.J. — Colliers International has arranged the sale of an office building located at 134 Franklin Corner Road in Lawrence. David Lerner Associates purchased the 25,000-square-foot property for an undisclosed price. The buyer, a privately held securities broker/dealer, plans to relocate its current offices in Princeton to 8,600 square feet on the second story of the the newly acquired two-story building, which was the former Trenton Savings Bank headquarters. Vinny Di Meglio of Colliers represented the buyer, while Thomas Romano and Tim Norris of Colliers represented the seller in the transaction. Colliers is actively marketing the remaining 12,000 square feet of the available space at the building.
SAN ANTONIO AND KINGWOOD, TEXAS — Strategic Storage Growth Trust, which is sponsored by SmartStop Asset Management, has acquired three self-storage facilities for $26.7 million. The portfolio totals 196,300 square feet of storage space and 1,400 units. The properties include one self-storage facility located in the Alamo Heights area of San Antonio, one self-storage facility located in Kingwood and another in Colorado. Another San Antonio 101,600-square-foot property is under contract and scheduled to close in January 2016. The portfolio includes 8239 Broadway, San Antonio, with 490 units and 76,700 square feet; 1671 N. Park Drive, Kingwood, with 470 units and 60,100 square feet; 875 E. Ashby Place, San Antonio, with 440 units and 83,400 square feet (under contract). The portfolio will offer climate-controlled units, drive-up units and covered RV spaces.
LUBBOCK, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $5 million loan for the purchase of a 213-unit apartment property in Lubbock. The loan features a 10-year fixed term at 5.9 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding conduit relationships.
DENTON, TEXAS — NOVUS Realty Advisors principals John St. Clair and Grant Brodeur have completed the trade of a 444-acre tract of land at Lakeview Ranch in Denton. FSA & S Collin County purchased the investment property from owner, Canyon Energy Partners, who was represented by St. Clair, while Brodeur handled the transaction for the buyer.
FORT WORTH, TEXAS — Transwestern’s retail group has arranged the sale of a 95,132-square-foot property at the southwest corner of Royalty and Northwest Centre drives in Fort Worth for the construction of a Marriott-branded hotel. Transwestern’s Steve Williamson and Mason Bishop represented the seller, LQ Development, in the transaction. Ryan Patterson and Phil Patterson of Texas Hotel Brokers LLC represented the buyer.
LORTON, VA. — First Potomac Realty Trust has sold Newington Business Park Center, a seven-building, 256,000-square-foot industrial development in Lorton, roughly 20 miles south of Washington, D.C. An affiliate of Velsor Properties LLC purchased the industrial park for $32.5 million. The sale is part of First Potomac’s disposition strategy to sell at least $200 million of assets to improve the REIT’s balance sheet. HFF represented First Potomac in the transaction. As of Sept. 30, the industrial park was 83.3 percent leased.
NEW ORLEANS — Hodges Ward Elliott has arranged the sale of the Q&C Hotel and Bar in downtown New Orleans. KBS SOR II Q&C Property LLC, a joint venture between KBS Strategic Opportunity REIT II and Dallas-based Encore Hospitality LLC, purchased the 196-room hotel for an undisclosed price. Fully renovated in 2014, the boutique hotel features 2,600 square feet of flexible meeting space, a restaurant and bar, valet and self-parking and a 24-hour fitness center. Currently an independent hotel, the property will be franchised under the Marriott Autograph brand. Following the sale, Encore Hospitality will manage the hotel.
HYATTSVILLE AND MT. RAINIER, MD. — Marcus & Millichap has brokered the $11.9 million sale of a multifamily portfolio in Hyattsville and Mt. Rainier. The three-building portfolio totals 171 units and includes Garfield Court and Castle Manor in Hyattsville and Arundel Apartments in Mt. Rainier. A private investor purchased Garfield Court for $4.4 million, Castle Manor for $4.8 million and Arundel Apartments for $2.7 million. The buyer, which owns other multifamily properties in the north Prince George’s County submarket, plans to improve the portfolio with capital improvements in the next few years. David Weber of Marcus & Millichap’s Washington, D.C., office brokered the transaction.