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Tryko Partners Acquires 240-Bed Skilled Nursing Facility in Philadelphia

by Alex Patton January 28, 2020

PHILADELPHIA — Private equity investment firm Tryko Partners has acquired Glendale Uptown Home, a 240-bed skilled nursing facility in the Lexington Park neighborhood of Philadelphia. The center, which has been renamed Roosevelt Rehabilitation & Healthcare Center, is located at 7800 Bustleton Ave. and is situated close to the Nazareth Hospital. Tryko plans to invest in a new therapy gym for the facility and to update patient rooms and mechanical systems. The sales price and seller were undisclosed.

January 28, 2020

Acquisitions District of Columbia Georgia Hospitality Southeast

Pebblebrook Hotel Trust Agrees to Sell Two Hotels in Atlanta, D.C. for $331M

by Alex Tostado January 27, 2020

ATLANTA AND WASHINGTON, D.C. — Pebblebrook Hotel Trust has entered into agreements to sell both InterContinental Buckhead Atlanta and Sofitel Washington DC Lafayette Square for a combined $331 million. InterContinental Buckhead Atlanta is a 422-room hotel in Atlanta’s Buckhead district, situated 10 miles north of downtown Atlanta. The hotel sold at a 6.4 percent cap rate. Sofitel Washington DC Lafayette Square is a 237-room hotel situated a block north of The White House. The property sold at a 5.7 percent cap rate. An undisclosed third-party buyer will acquire both properties. Pebblebrook expects to close both sales by the end of the first quarter.

January 27, 2020

Acquisitions Multifamily Washington Western

IPA Negotiates $25.7M Sale of Silver Shadow Apartment Complex in Metro Seattle

by Amy Works January 27, 2020

FEDERAL WAY, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Silver Shadow, a multifamily property located in Federal Way. An undisclosed buyer acquired the asset for $25.7 million, or $194,697 per unit. Built in 1989 on 5.4 acres, Silver Shadow offers 132 garden-style apartments and close proximity to multiple mass transit services. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the undisclosed seller and procured the buyer in the deal.

January 27, 2020

Acquisitions Midwest Minnesota Office

Bridge Investment Group Acquires West End Office Park in Minneapolis

by Kristin Harlow January 27, 2020

MINNEAPOLIS — Bridge Office Fund Manager, a subsidiary of Bridge Investment Group LLC, has acquired West End Office Park, a six-building, 568,000-square-foot office campus within the West End submarket of Minneapolis. The purchase price was undisclosed. Originally developed between 1968 and 1980, the park has undergone more than $27 million in capital improvements since 2015. Bridge plans to make additional improvements beginning immediately. The campus is 86 percent occupied by tenants such as HealthPartners, nVent, Horizontal Integration and CoBank. Tom O’Brien and Sam Maguire of Cushman & Wakefield represented the undisclosed seller in the transaction, which represents Bridge Office’s entry into the Twin Cities market.

January 27, 2020

Acquisitions Midwest Retail Wisconsin

Stan Johnson Co. Brokers $36.4M Sale of Fleet Farm-Occupied Property in Oconomowoc, Wisconsin

by Kristin Harlow January 27, 2020

OCONOMOWOC, WIS. — Stan Johnson Co. has arranged the $36.4 million sale of a big-box retail property fully leased to Fleet Farm in Oconomowoc, about 30 miles west of Milwaukee. The 218,628-square-foot property is located at 1555 Pabst Farms Circle. Constructed in 2018, the building sits within Pabst Farms, a 1,500-acre mixed-use development. Upon full completion, the project will offer residential, retail, office and healthcare space with 360 acres of parks and green space. Tom Fritz, Brandon Duff and Christina Pecoraro of Stan Johnson represented the seller, a Wisconsin-based developer. Minneapolis-based SR Realty Trust Inc. purchased the asset.

January 27, 2020

Acquisitions Midwest Office Wisconsin

JLL Negotiates $9.6M Sale of Historic Office Property in Milwaukee

by Kristin Harlow January 27, 2020

MILWAUKEE — JLL Capital Markets has negotiated the sale of 222 East Erie in Milwaukee’s Third Ward district for $9.6 million. The brokerage also secured $7.6 million in acquisition financing through a Chicago-based financial institution. R2 Cos. was the buyer. Originally built in 1896 as a bakery, the property was repositioned in 2006 as a creative office asset. The four-story building features onsite parking. Jaime Fink, Jeffrey Bramson, Bruce Miller, Patrick Shields and Sam DiFrancesca of JLL represented the private seller. Christopher Carroll and Lucas Borges of JLL led the financing efforts.

January 27, 2020

Acquisitions Arizona Multifamily Western

IPA Brokers $78.5M Sale of Parc Midtown Apartment Complex in Phoenix

by Amy Works January 24, 2020

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Parc Midtown, a multifamily property located in Phoenix. Evergreen sold the asset to FSC Realty for $78.5 million, or $256,536 per unit. Situated at the intersection of Central Avenue and Indian School Road, Parc Midtown features 306 apartments with proximity to Indian School/Central Avenue Valley Metro Rail station and Steele Indian School Park. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

January 24, 2020

Acquisitions New Jersey Northeast Retail

JLL Negotiates Sale of 128,172 SF Larchmont Commons Retail Asset in Metro Philadelphia

by Taylor Williams January 24, 2020

MOUNT LAUREL, N.J. — JLL has negotiated the $18.2 million sale of Larchmont Commons, a 128,172-square-foot retail center in Mount Laurel, a suburb of Philadelphia. Anchored by ALDI, Planet Fitness and Dollar Tree, the property was 88 percent leased at the time of sale. Other tenants include Hair Cuttery, The UPS Store and Kumon Learning Center. Chris Munley, James Galbally, Jose Cruz and Colin Behr of JLL represented the sellers, RPC Real Estate and Merion Realty Partners. Ryan Ade of JLL placed a $12.9 million, fixed-rate acquisition loan through an institutional lender on behalf of the buyer, Wisconsin-based Gorman & Co. LLC.

January 24, 2020

Acquisitions District of Columbia Hospitality Southeast

Geolo Capital, JW Capital Sell Thompson Hotel in D.C. for $120M

by Alex Tostado January 23, 2020

WASHINGTON, D.C. — Geolo Capital and JW Capital Partners have sold Thompson Washington D.C., a 225-room hotel that opened Jan. 8, to Hamburg, Germany-based Union Investment for $120 million. Union Investment agreed to purchase the hotel more than two years before its completion. Geolo and JW Capital Partners developed Thompson Hotel over the past three years. Following the sale, the Geolo and JW Capital Partners joint venture will remain a long-term tenant, leasing the property back from Union Investment and overseeing management of the asset, which will continue to be operated as a Thompson Hotel. The hotel offers three restaurant and bar concepts by Union Square Hospitality Group, in addition to 7,000 square feet of indoor and outdoor meeting space. Thompson Hotel anchors The Yards, Brookfield Property’s 3 million-square-foot mixed-use development. Bank OZK provided construction financing for the hotel, which is located in Washington, D.C.’s Navy Yard neighborhood. Studios Architecture and Parts and Labor Design NYC designed the hotel, and John Moriarty & Associates provided preconstruction and general contracting services for the project.

January 23, 2020

Acquisitions Midwest Minnesota Multifamily

JLL Arranges Sale of 212-Unit Apartment Property in Downtown Minneapolis

by Kristin Harlow January 23, 2020

MINNEAPOLIS — JLL Capital Markets has arranged the sale of Eitel Apartments in downtown Minneapolis for an undisclosed price. The 212-unit apartment property is located at 1367 Willow St. and overlooks Loring Park. The community consists of three buildings, one of which is a repurposed historic building that formerly housed Eitel Hospital. Unit sizes average 800 square feet. Amenities include a rooftop deck, sky lounge, fitness center, yoga studio, billiards room, sauna and two-level parking garage. The property was 90 percent occupied at the time of sale. Matthew Lawton, Kevin Girard, Wick Kirby, Josh Talberg, Dan Linnell and Mox Gunderson of JLL represented the undisclosed seller. The team also procured the institutional buyer.

January 23, 2020

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