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Progress Capital Arranges $60.5M Acquisition Loan for Office Building in Herndon, Virginia Leased to Amazon

by John Nelson March 14, 2023

HERNDON, VA. — Progress Capital has arranged a $60.5 million acquisition loan for South Lake at Dulles Corner Business Park, a 270,000-square-foot office building in Herndon leased to Amazon. Brad Domenico of Progress Capital arranged the loan through Societe Generale Corp. on behalf of the borrower, Vision Properties. The loan features five years of interest-only payments. The seller was not disclosed. Built in 2008 and renovated in 2020 ahead of Amazon’s occupancy, the 10-story office building features a new fitness center, full-service café, modern conference facilities, tenant gaming rooms, outdoor dog park, bicycle room and a 921-space parking garage with EV charging stations. South Lake is located within Dulles Corner Business Park at 13820 Sunrise Valley Drive, which is near Dulles International Airport and the Silver Line Innovation Center Metro station.

March 14, 2023

Acquisitions Multifamily Texas

SPI Advisory Sells 240-Unit Canopy at South Lakes Apartments in Denton

by Taylor Williams March 14, 2023

DENTON, TEXAS — SPI Advisory, a private equity firm with offices in Dallas and Austin, has sold Canopy at South Lakes, a 240-unit apartment community in the North Texas city of Denton. Residences come in one-, two- and three-bedroom floor plans and are furnished with stainless steel appliances, walk-in closets, full-size washers and dryers and private balconies/patios. Amenities include a pool, volleyball court, clubhouse, coffee bar and a package locker system. SPI Advisory acquired the property in February 2021 and implemented a value-add program. Drew Kile, Taylor Hill, Michael Ware and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, represented SPI Advisory in the deal. The team also procured the buyer, Bridwell Capital.

March 14, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $5.8M Sale of Multifamily Property in Chicago’s Ravenswood Neighborhood

by Kristin Harlow March 13, 2023

CHICAGO — Interra Realty has brokered the sale of a 27-unit multifamily property in Chicago’s Ravenswood neighborhood for $5.8 million. Constructed in 1927, the property at 4401-11 N. Hamilton Ave. features 12 studios, 12 one-bedroom units and three commercial spaces. The building has recently undergone capital improvements. Joe Smazal of Interra represented the buyer and seller, both of which were local private investors. The transaction marks the first time the building has sold in over 50 years.

March 13, 2023

Acquisitions California Industrial Western

Kidder Mathews Negotiates $26M Sale of Gifford Business Park in San Bernardino, California

by Jeff Shaw March 10, 2023

SAN BERNARDINO, CALIF. — Kidder Mathews has arranged the sale of the seven-building Gifford Business Park in San Bernardino for $26 million. The multi-tenant industrial property is located at 750-760 East Central Ave. and 765-791 South Gifford Ave., 2.5 miles from San Bernardino International Airport. It was built in 1989. The seller, Positive Investments, undertook capital expenditures, including roof replacement on five of the seven buildings, exterior paint on the entire property and parking lot re-slurry. The business park is currently 93 percent leased with more than 50 tenants. In-place rents are nearly 20 percent below market rates. Alan Pekarcik of Kidder Mathews represented the seller, while Christopher Smith of Colliers represented the buyer, MIG RE Investors I LLC, in the transaction.

March 10, 2023

Acquisitions California Retail Western

Joint Venture Purchases 8.4-Acre Former Nordstrom Property in Pleasanton, California

by Jeff Shaw March 9, 2023

PLEASANTON, CALIF. — A joint venture comprising Shopoff Realty Investments, Praelium Commercial Real Estate and an affiliate of Singerman Real Estate LLC has purchased an 8.4-acre property in Pleasanton that was formerly home to a Nordstrom department store. Located at Stoneridge Mall, the property marks the fourth mall purchase for Shopoff in recent years, according to the company’s president and CEO. Shopoff is currently exploring potential uses — including residential, mixed-use and office — for the space. Stoneridge Mall is one of the sites identified for redevelopment by the City of Pleasanton’s 2023-31 Housing Element Plan.

March 9, 2023

Acquisitions California Industrial Western

SENTRE Acquires Parkway Commerce Center in Poway, California for $21.4M

by Jeff Shaw March 9, 2023

POWAY, CALIF. — SENTRE has acquired Parkway Commerce Center, a 147,907-square-foot, multi-tenant industrial park in Poway, for $21.4 million. The facility comprises two warehouse/distribution buildings and two industrial/flex buildings, which are leased to a diverse roster of tenants. The property features 19- to 25-foot clear heights and a total of 21 dock-high doors, 36 drive-in doors and 316 parking spaces. JLL’s Bob Prendergast, Lynn LaChapelle, Ryan Spradling and Zach Saloff represented the seller, an institutional investor.

March 9, 2023

Acquisitions Florida Hospitality Loans Southeast Walker & Dunlop

Walker & Dunlop Negotiates $76M Sale of DoubleTree by Hilton Hotel in Tampa

by John Nelson March 9, 2023

TAMPA, FLA. — Walker & Dunlop has negotiated the $76 million sale of the DoubleTree by Hilton Tampa Rocky Point Waterfront, a 291-room hotel located on Tampa’s Rocky Point peninsula. The waterfront hotel was originally built in 1986 and recently underwent a $17.9 million renovation. Sean Reimer of Walker & Dunlop’s New York team represented the buyer, BlackPearl Hospitality LLC, in the transaction. Walker & Dunlop also arranged an undisclosed amount of acquisition financing for BlackPearl. The seller was not disclosed. The DoubleTree by Hilton hotel features an outdoor swimming pool, fitness center, onsite restaurant, business center, meeting rooms and complimentary Wi-Fi, according to the hotel website.

March 9, 2023

131-Morristown-Road-Basking-Ridge-New-Jersey

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Arranges Sale of 216,573 SF Office Complex in Basking Ridge, New Jersey

by Taylor Williams March 9, 2023

BASKING RIDGE, N.J. — Cushman & Wakefield has arranged the sale of a 216,573-square-foot office complex located at 131 Morristown Road in the Northern New Jersey community of Basking Ridge. The property consists of two interconnected buildings on a 34-acre site and offers a cafeteria, fitness center and landscaped central courtyard. David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Bill Baunach of Cushman & Wakefield represented the undisclosed seller in the transaction. The team also procured the buyer, Adoni Property Group. Additionally, Cushman & Wakefield has been retained as the leasing agent.

March 9, 2023

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Arranges Sale of 456-Unit Multifamily Community in Kansas City

by Kristin Harlow March 9, 2023

KANSAS CITY, MO. — Northmarq has arranged the sale of Timberlane Village in Kansas City for an undisclosed price. Built in 1987, the 456-unit multifamily community consists of 40 buildings across 27 acres. Units range from 704 to 1,253 square feet. Amenities include a pool, tennis court, fitness center, sauna, clubhouse, covered parking and green space. Gabe Tovar, Jeff Lamott, Parker Stewart and Dominic Martinez of Northmarq represented the seller, the property’s original developer. Daniel Stickane of Northmarq arranged acquisition financing on behalf of the buyer, Venterra Realty. The Fannie Mae loan features a fixed interest rate. The transaction marks the first time the property was on the market and the first acquisition for Venterra in the Kansas City market.

March 9, 2023

Acquisitions Office Texas

Newmark Brokers Sale of 274,010 SF Office Building in Downtown Dallas

by Taylor Williams March 8, 2023

DALLAS — Newmark has brokered the sale of Founders Square, a 274,010-square-foot office building located at 900 Jackson St. in downtown Dallas. The building was originally constructed in 1914 and most recently renovated in 2016, according to LoopNet Inc. Gary Carr, Chris Murphy, Robert Hill and Chase Tagen of Newmark represented the seller, Taiwanese investment firm Fidelity Commercial, in the transaction. The buyer was locally based investment firm Charter Holdings.

March 8, 2023

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