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Marcus & Millichap Brokers $23.6M Sale of Hotel in Fort Walton Beach, Florida

by Julia Sanders March 3, 2022

FORT WALTON BEACH, FLA. — Marcus & Millichap has brokered the sale of the Best Western Fort Walton Beachfront, a six-story, 100-room hotel in Fort Walton Beach. The 1.4-acre property sold for $23.6 million. David Altman, Robert Hunter and Leo Reilly of Marcus & Millichap marketed the property on behalf of the seller, Ft. Walton Beach Hotel Group Inc., as well as secured and represented the buyer, Spartanburg, S.C.-based OTO Development LLC. Built in 1998, Best Western Fort Walton Beachfront includes amenities such as offsite fitness center access at Gold’s Gym, a business center, ocean-facing outdoor pool area, Cabana Bar and live entertainment nightly in the Swizzle Stick Lounge. Located at 380 Santa Rosa Blvd., the Best Western Fort Walton Beachfront provides guests with direct beach access and private balconies overlooking the Gulf of Mexico.

March 3, 2022

Acquisitions Healthcare Midwest Ohio

SRS Negotiates $56.5M Sale of Fresenius Medical Care Portfolio Across States

by Kristin Harlow March 3, 2022

DALLAS — Dallas-based SRS Real Estate Partners has negotiated the sale of a portfolio of eight single-tenant properties occupied by Fresenius Medical Care for $56.5 million. The properties, which total more than 94,000 square feet, are located in Virginia, New York, Ohio, Texas, Georgia and Missouri. Matthew Mousavi, Patrick Luther and Stephen Sullivan of SRS represented the seller, Kingsbarn Realty Capital. The buyer was undisclosed. Fresenius provides products and services for individuals with renal diseases.

March 3, 2022

Acquisitions Idaho Multifamily New Mexico Washington Western

Kennedy Wilson Buys Three Multifamily Properties in Idaho, Washington, New Mexico for $264M

by Amy Works March 2, 2022

MERIDIAN, IDAHO, SHORELINE, WASH., AND ALBUQUERQUE, N.M. — Kennedy Wilson has acquired more than 905 apartment units across three separate transactions in Idaho, Washington and New Mexico. The transactions totaled $264 million, excluding closing costs. The names of the sellers were not released. The communities are the 180-unit Central Park Commons in Meridian, the 221-unit Paceline in Shoreline and the 504-unit AYA ABQ in Albuquerque. Kennedy Wilson has approximately 50 percent ownership in these acquisitions, which were completed within the company’s co-investment portfolio. Kennedy Wilson and its partners invested $149 million of total equity, and the properties are expected to add approximately $11 million of initial annual net operating income, including $6 million to Kennedy Wilson. Kennedy Wilson expects to implement value-add asset management plans at the three properties, which will include renovating unit interiors, refreshing common areas and enhancing amenities.

March 2, 2022

Acquisitions Georgia Office Southeast

CP Group Buys Bank of America Plaza Office Tower in Atlanta

by Julia Sanders March 2, 2022

ATLANTA — Boca Raton, Fla.-based CP Group has purchased Bank of America Plaza, a 55-story office tower in Midtown Atlanta that is also the city’s tallest building. The tower was acquired in a joint venture with funds managed by HPS Investment Partners LLC. Shorenstein Properties sold the tower to CP Group for an undisclosed price. Will Yowell, Jay O’Meara, Justin Parsonnet and Ryan Reethof with CBRE’s Capital Markets Institutional Properties represented the seller. Built in 1992, Bank of America Plaza is an office tower featuring over 1.4 million square feet of space. The property features a mix of both traditional and tech-focused tenants including Bank of America and law firms Troutman Pepper and Lewis Brisbois (LBBS). Building amenities at Bank of America Plaza include 10,000 square feet of a newly renovated conference center space with breakout rooms, fitness center, newly constructed food hall, onsite bank branch and a salon. CP Group plans to launch a $50 million capital improvements program that will include complete renovations of the lobby, development of an onsite restaurant and 100,000 square feet of customizable prebuilt office suites, as part of CP Group’s in-house flexible workspace program, worCPlaces. In addition to Bank of America Plaza, CP …

March 2, 2022

Acquisitions Midwest Ohio Retail

First National Realty Partners Acquires 218,000 SF Shopping Center in Columbus

by Kristin Harlow March 2, 2022

COLUMBUS, OHIO — First National Realty Partners (FNRP) has acquired Consumer Square West in Columbus for an undisclosed price. The 218,000-square-foot shopping center is situated on 25 acres along Soldano Boulevard. A nearly 65,000-square-foot Kroger store anchors the center. Other tenants include Planet Fitness, Rainbow Apparel, Dollar Tree, Shoe Show, Bargain Hunt, Pet Supplies Plus and Sally Beauty. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a New Jersey-based private investor. The transaction marks the fifth purchase in Ohio for New Jersey-based FNRP.

March 2, 2022

Acquisitions Arizona Multifamily Western

Tide Equities, CIM Group Purchase 1,012-Unit Del Mar Terrace Apartments in Phoenix for $255M

by Amy Works March 1, 2022

PHOENIX — Tide Equities and CIM Group have acquired Del Mar Terrace, a multifamily community located at 7007 W. Indian School Road in Phoenix’s West Valley submarket. Del Mar Terrace Apartments LLC, an entity of Heers Development, sold the asset for $255 million, or $251,976 per unit. Built in 1986, Del Mar Terrace features 1,012 apartments in a mix of four one- and two-bedroom floorplans that range in size from 626 square feet to 885 square feet. The pet-friendly property features a swimming pool, fitness center and daycare center. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the buyer in the deal. Loren Heikenfeld, Kevin Leamy, Jeff Erxleben, Lauren Bresky and Joel Heinkenfeld of Northmarq’s Dallas Debt & Equity team secured bridge loan financing and buyer’s equity for the acquisition.

March 1, 2022

Acquisitions Midwest Retail Wisconsin

Quantum Brokers $4.4M Sale of Strip Center in Wisconsin Dells

by Kristin Harlow March 1, 2022

WISCONSIN DELLS, WIS. — Quantum Real Estate Advisors Inc. has brokered the $4.4 million sale of an 11,982-square-foot retail strip center in the Wisconsin Dells, a city in central Wisconsin. Starbucks and Applebee’s anchor the property, which is located at 320 State Highway 13. Zack Hilgendorf of Quantum represented the seller, a Midwest-based investor. A California-based buyer purchased the asset.

March 1, 2022

Acquisitions Multifamily New York Northeast

A&E Real Estate Acquires Queens Apartment Community for $130M

by Taylor Williams March 1, 2022

NEW YORK CITY — A&E Real Estate has acquired Cunningham Heights at Queens Village, an apartment community that consists of 1,056 units across 22 buildings in the borough’s Jamaica neighborhood, for $130 million. Originally built in 1951, the property also includes 623 parking spaces across 25 onsite garages. According to Apartments.com, Cunningham Heights offers studio, one- and two-bedroom units. Jack Bick of Charatan Realty represented A&E Real Estate and the undisclosed seller in the transaction. Signature Bank provided acquisition financing. The property was 99 percent occupied at the time of sale.

March 1, 2022

Acquisitions Multifamily Student Housing Texas

Vesper Holdings, Fortress Acquire 564-Bed Student Housing Community in Denton, Texas

by Taylor Williams February 28, 2022

DENTON, TEXAS — A joint venture between New York City-based investment firm Vesper Holdings and funds managed by affiliates of Fortress Investment Group LLC has purchased CastleRock at Denton, a 564-bed student housing property located near the University of North Texas. Constructed in 2000, the building features 192 units in a mix of one-, two-, three- and four-bedroom floor plans. Amenities include a fitness center, pool, computer lab, clubhouse, dog park and shuttle service to campus. Vesper plans to invest more than $1 million in renovations, including upgrades of unit interiors and amenity spaces, as well as building exteriors. The seller and sales price were not disclosed.

February 28, 2022

Acquisitions Florida Multifamily Southeast

Livingston Street Capital Acquires Multifamily Property in Ponte Vedra Beach, Florida

by Julia Sanders February 28, 2022

PONTE VEDRA BEACH, FLA. — An affiliate of Radnor, Penn.-based Livingston Street Capital has acquired Olea at Nocatee, a 175-unit, Class A multifamily property in Ponte Vedra Beach. The seller and sales price were not disclosed. Built in 2020, Olea at Nocatee includes three three-story buildings and one one-story building. The property offers one-, two- and three-bedroom floorplans with walk-in closets, granite countertops, stainless steel appliances and hardwood-style flooring. Community amenities include a resort-style pool with outdoor kitchen, fitness studio, craft room, library, media room and a golf cart rental service. The property is located near Florida State Road A1A, Interstate 95 and Interstate 295. The property is located within the Nocatee Community Park, a master-planned community which features over 75 acres of parks, including extensive hiking trails, a concession building, dog park, tennis courts and greenways.

February 28, 2022

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