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Northmarq Brokers Sale of Sahuarita Mission Apartments in Green Valley, Arizona

by Amy Works February 9, 2023

GREEN VALLEY, ARIZ. — Northmarq has arranged the sale of Sahuarita Mission, a multifamily community located at 1091 W. Beta St. in Green Valley. Sahuarita Mission Owner LLC (FSO Capital Partners) sold the asset to Cypress, Calif.-based WNC Apartment Ventures for $8.8 million, or $169,231 per unit. Built in 2000, Sahuarita Mission is an affordable multifamily community with four two- and three-story buildings on 2.9 acres. The fully occupied property features 52 two- and three-bedroom units, ranging in size from 822 square feet to 1,013 square feet, with walk-in closets, balcony or patio, plush carpet and automatic dishwashers. Community amenities include a clubhouse, children’s playground, picnic area with grill, laundry facilities and on-site leasing office. Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca of Northmarq Phoenix’s investment sales team represented the seller in the deal. Bryan Mummaw, Bryan Liu, Brandon Harrington, Christopher Gitibin, Brad Burns and Tyler Woodard of Northmarq’s debt and equity team secured a $5.9 million loan for the buyer through Northmarq’s relationship with Freddie Mac.

February 9, 2023

Acquisitions Midwest Missouri Retail

GBT Realty Sells Shoppes of Mid Rivers in Suburban St. Louis for $40.7M

by Kristin Harlow February 9, 2023

ST. PETERS, MO. — GBT Realty Corp. has sold The Shoppes of Mid Rivers in the St. Louis suburb of St. Peters for $40.7 million. The 270,000-square-foot shopping center, located at the intersection of I-70 and Mid Rivers Mall Drive, was completed in 2018. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented GBT in the sale to Jenel Real Estate. With a recent lease signing by Old Navy for 15,000 square feet, The Shoppes at Mid Rivers is 99 percent leased. Additional tenants include Burlington, Academy Sports, HomeGoods, Marshalls, Ross Dress for Less, Ulta Beauty and Five Below. Restaurant tenants include Cooper’s Hawk Winery & Restaurant, Outback Steakhouse, Pappy’s Smokehouse and Gulf Shores Restaurant & Grill.

February 9, 2023

Acquisitions Midwest Multifamily Wisconsin

Midloch Investment Partners Acquires Three Apartment Properties in Wisconsin for $71M

by Kristin Harlow February 8, 2023

MADISON AND SHEBOYGAN, WIS. — Midloch Investment Partners and its joint-venture partners have acquired three apartment properties in Wisconsin for $71 million. Country Meadows is a 466-unit garden-style community in Madison. Mendocino Village and The Estates are both located in Sheboygan and total 186 units. Michloch plans to make energy-efficiency improvements to the properties. The seller was undisclosed.

February 8, 2023

Acquisitions Arizona Hospitality Western

Holualoa Cos., LaPour Partners Sell AC Hotel Phoenix Biltmore by Marriott for $67.8M

by Amy Works February 8, 2023

PHOENIX — Holualoa Cos. and LaPour Partners have completed the disposition of the AC Hotel Phoenix Biltmore by Marriott in Phoenix. Nella Invest bought the asset for $67.8 million, or $423,750 per room. Located at 2811 E. Camelback Road, the five-story hotel features 160 rooms in a mix of traditional rooms and suites. Amenities include AC Kitchen & Lounge, a fitness center, business center, outdoor pool, sundry shop, guest laundry and more than 5,000 square feet of meeting space. The hotel was developed as part of a mixed-use project along with the Camelback Collective Office Building, which sold in July 2022. Co-developers Holualoa and LaPour Partners purchased the site in October 2016. Melvin Chu, John Strauss and Ben Geelan of JLL Hotels & Hospitality represented the seller, with Halo Hospitality and DCA Partners as advisors to the buyer. Azul Hospitality Group operates the hotel.

February 8, 2023

Acquisitions New Jersey Northeast Retail

IPA Brokers Sale of 91,000 SF Shopping Center in Marlton, New Jersey

by Taylor Williams February 8, 2023

MARLTON, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The View at Marlton, a 91,000-square-foot shopping center in Southern New Jersey. The sales price was $36.5 million. LA Fitness anchors the center, which was originally built in 2017 and was 98 percent leased at the time of sale. Other tenants include Truist Financial Corp., Restore Cryotherapy and Smoothie King. Brad Nathanson of IPA represented the seller, a partnership between Philadelphia-based firms Abrams Realty & Development and Lazgor Co., in the transaction. Nathanson also procured the buyer, Paramount Realty Services, which acquired the asset via a 1031 exchange.

February 8, 2023

Acquisitions California Retail Western

Progressive Real Estate Partners Brokers $11.9M Sale of Retail Property in Norco, California

by Amy Works February 7, 2023

NORCO, CALIF. — Progressive Real Estate Partners has arranged the sale of a gas station, car wash and multi-tenant retail space at 996 Mountain Ave. in Norco. A Los Angeles private investor sold the asset to a Los Angeles-based private investor that operates gas station properties for $11.9 million in an all-cash transaction. Built in 2000 and fully remodeled in 2020, the property features 18 Chevron fueling positions, a self-service express car wash with a 150-foot tunnel, a 22,000-square-foot ExtraMile convenience store and two retail spaces that Valvoline and a window tinting company occupy. Victor Buendia of Progressive Real Estate represented the seller, while Grace Sue of Meiguo Realty represented the buyer in the deal.

February 7, 2023

Acquisitions Florida Hospitality Southeast

MCR Acquires Hilton Miami Airport Blue Lagoon Hotel for $118M

by John Nelson February 7, 2023

MIAMI — New York-based hotel owner-operator MCR has acquired the Hilton Miami Airport Blue Lagoon, a 508-room hotel in Miami. The seller and sales price were not disclosed, but the South Florida Business Journal reports that Park Hotels & Resorts sold the 14-story hotel to MCR for $118 million. Set within the Blue Lagoon business park, the waterfront hotel is located south of Miami International Airport and features four food-and-beverage outlets, an outdoor swimming pool and hot tub, complimentary airport shuttle, outdoor tennis and basketball courts, 24-hour fitness center, business center and 32,000 square feet of meeting space. Hilton Miami Airport Blue Lagoon is MCR’s second hotel in the Miami Airport submarket following the acquisition of the Hyatt Place Miami Airport East in December 2022, as well as the company’s 10th hotel in Florida.

February 7, 2023

Acquisitions Hospitality Indiana Midwest

Marcus & Millichap Brokers $7.1M Sale of Comfort Suites Hotel in Indianapolis

by Kristin Harlow February 7, 2023

INDIANAPOLIS — Marcus & Millichap has brokered the sale of a 70-room Comfort Suites hotel in Indianapolis for $7.1 million. Built in 2009, the three-story hotel is located near I-465 and the Indianapolis International Airport. Amenities include a business center, fitness center, indoor pool and complimentary breakfast. Scott Havericak and Robert Hunter of Marcus & Millichap represented the seller, Vinsar Hotels LLC. The duo also procured the buyer, Singh Estate LLC.

February 7, 2023

Acquisitions Midwest Ohio Retail

JRW Realty Negotiates Sale of 115,777 SF Shopping Center in Columbus

by Kristin Harlow February 6, 2023

COLUMBUS, OHIO — JRW Realty has negotiated the sale of Walnut Creek Plaza in Columbus for an undisclosed price. An 86,608-square-foot Giant Eagle grocery store anchors the 115,777-square-foot shopping center. There are also 13 additional retail and healthcare tenants. Nathan Webb of JRW Realty sourced the buyer, one of JRW’s exclusive institutional buyers. CBRE represented the undisclosed seller.

February 6, 2023

Acquisitions California Retail Western

IRA Capital Sells 157,322 SF Poinsettia Plaza Shopping Center in Ventura, California for $66M

by Amy Works February 6, 2023

VENTURA, CALIF. — IRA Capital has completed the disposition of Poinsettia Plaza, a shopping center located at 4220-4360 E. Main St. and 4687-4731 Telephone Road in Ventura. An undisclosed buyer acquired the property for $66 million. At the time of sale, the 157,322-square-foot Poinsettia Plaza was 96.5 percent occupied. Current tenants include Ross Dress for Less, Office Depot, Petco, FedEx, Lamps Plus and Aldi. Recent renovations at the property include modernizations of existing facades, new landscaping and parking lot upgrades. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal.

February 6, 2023

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