WARRENVILLE, ILL. — Commonwealth Hotels has acquired a Hyatt House hotel and a Hyatt Place hotel in Warrenville, about 30 miles west of Chicago. The purchase price and seller were undisclosed. The two hotels are located next door to each other and include 123 rooms each. Both properties feature meeting space, indoor pools, fitness centers, business centers, onsite restaurants, a complimentary breakfast and shuttle service. The Hyatt House provides longer-stay travelers with in-suite kitchens.
PHOENIX — Portland, Ore.-based BPM Real Estate Group has acquired PetSmart’s corporate headquarters in Phoenix from an undisclosed institutional seller for $110 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE, along with Kevin Shannon, Ken White and CJ Osbrink of Newmark, represented the seller, while Newmark’s Nick Kucha represented the buyer in the deal. David Milestone and Ramsey Daya of Newmark arranged acquisition financing for the buyer. Located at 19601 N. 27th Ave. in Phoenix’s Deer Valley submarket, PetSmart’s corporate headquarters features 365,672 square feet. The property includes three four-story buildings, one of which was built in 1997 and two in 2008, as well as a six-level parking structure. On-site amenities include a recently renovated full-service café, a daycare center and a fitness center with full-service locker rooms. The 15.1-acre site allows for the development of a 90,000-square-foot building and parking structure.
MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale Saratoga Apartments, a multifamily property located on University Drive in Mesa. Tides Equities acquired the property from an undisclosed seller for $35.2 million, or $122,990 per unit. Built in 1978 on 13 acres, the asset features 286 units, four swimming pools, a basketball court and tennis courts. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.
PORT ST. LUCIE, FLA. — Investors Management Group Inc. has sold Waterleaf Townhomes and Apartments, a 230-unit community located at 1900 SE Hillmoor Drive in Port St. Lucie. Covenant Capital Group purchased the property for $41.6 million. Darron Kattan of Franklin Street’s Atlanta office represented IMG in the transaction. Waterleaf Townhomes and Apartments is located on the east side of Florida and is situated 6.9 miles from Jensen Beach and 47 miles from West Palm Beach. IMG acquired Waterleaf Townhomes and Apartments in 2017 for $26.8 million. The company invested $3.1 million on renovations in the townhome interiors plus the fitness center, pools, sports park and other common-area amenities. IMG has transacted over 1,000 units across the Miami and Tampa metros over the last decade.
JOHNSTON, IOWA — Jackson Dearborn Partners, a Chicago-based real estate investment and development company, has acquired Cadence Apartments in Johnston within metro Des Moines. The purchase price was undisclosed. The 195-unit, Class A apartment complex was built in 2017. It was 97 percent occupied at the time of sale. Amenities include a pool, media room, fitness center, coffee bar and Luxer One package system. The acquisition marks JDP’s first in the Des Moines area. The company intends to purchase newer construction multifamily properties in Midwest markets such as Des Moines, Indianapolis and Columbus. JDP purchased Cadence in a joint venture partnership with Ashland Capital, a Chicago-based multifamily investment company. BH Management will serve as property manager.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Watermarke, a 386-unit apartment community in southwest Fort Worth. The property was built on 14 acres in 1986. Units feature private patios or balconies, and communal amenities include three pools, a clubhouse with a business center and gym, onsite laundry facilities and a dog park. Al Silva of Marcus & Millichap represented the seller, a San Antonio-based private investment firm, and procured the buyer, California-based Tides Equities.
CALABASAS, CALIF. — Gemdale USA, a subsidiary of China-based Gemdale Corp., has acquired The Park Calabasas, an office campus located at 4500 Park Granada in Calabasas. Rising Realty Partners and Fortress Investment Group sold the asset for $79 million. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark’s U.S. Capital Markets team represented the sellers in the deal. David Milestone and Brett Green of Newmark secured acquisition financing for the buyer. The low-rise campus features 222,524 square feet of office space with expansive outdoor courtyards, on-site amenities, landscaped gardens and executive parking. At the time of sale, the property was 92 percent leased to six tenants. Originally developed as a corporate headquarters facility for Lockheed Martin and later serving as headquarters for Countrywide Financial (Bank of America), The Park Calabasas had been utilized as a single-tenant campus for nearly 20 years until a $12 million renovation by Rising Realty and Fortress Investment Group. The renovation converted the single-tenant property into a multi-tenant creative office space.
LENEXA, KAN. — Houston-based SparrowHawk LLC has acquired College and Renner Business Center in Lenexa for an undisclosed price. The 226,009-square-foot light industrial portfolio consists of four buildings ranging in size from 44,700 to 76,200 square feet. There are also 13 additional acres of developable land that SparrowHawk can utilize to expand the business center. At acquisition, the property was 91 percent leased to tenants such as GEICO, CVS Caremark, Mortgage Residential Center, SAFC BioSciences and US Foods. There is one vacancy of 19,871 square feet in Building A. SparrowHawk has selected JLL to manage the portfolio and the JLL brokerage team of Phil Algrim, Kevin Wilkerson and Erik Lund as the leasing agents. John Huguenard and Ed Halaburt of JLL represented the seller, BentallGreenOak.
LONG BEACH, CALIF. — A partnership between Waterford Property Co. and the California Statewide Communities Development Authority (CSCDA) has purchased Oceanaire, a multifamily property located at 150 W. Ocean Blvd. in Long Beach. Waterford, as property administrator, acquired the property with CSCDA for $120 million. The partnership plans to convert the 216-unit property into middle-income housing, with the acquisition being part of a workforce housing financing program CSCDA created in 2020. Using tax-exempt bond financing, CSCDA can purchase multifamily projects without the use of public subsidies to provide needed housing for the middle-income workforce demographic. With this purchase, the partnership will be able to lower rents for qualified existing and new residents making between 80 percent and 120 percent of area median income. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers in the transaction.
PFLUGERVILLE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Palo Alto Apartments, a newly built, 300-unit multifamily community in the northern Austin suburb of Pflugerville. According to Apartments.com, the property offers studio, one-, two- and three-bedroom units and amenities such as a pool, spa, fitness center, business center and a resident clubhouse. Will Balthrope, Jordan Featherston and Drew Kile of IPA, along with Kent Myers of Marcus & Millichap, represented the seller, Palo Alto Luxury Apartments LP, and procured the buyer, Oxford at Palo Alto Ltd.
