GREEN BAY, WIS. — MCR Hotels, an owner and operator, has purchased the 127-room SpringHill Suites by Marriott Green Bay for an undisclosed price. The hotel is in close proximity to the Green Bay Packers’ Lambeau Field. Located at 1011 Tony Canadeo Run, the property features free breakfast, Wi-Fi, a convenience store, fitness center, indoor pool, business center and 1,020 square feet of meeting space. The seller was undisclosed.
INDIANAPOLIS — Avison Young has brokered the sale of a 353,000-square-foot industrial building in Indianapolis. Located at 7901 W. 21st St., the facility is fully leased to Venture Logistics LLC and Iron Mountain Inc. Built in 1985 and renovated in 1994, the property features 31 dock doors and three drive-in doors. Venture Logistics, a privately owned transportation company, occupies 85 percent of the building. Erik Foster, Mike Wilson, Sean McHale and Steve Schaub of Avison Young represented the seller, an institutional owner. Plymouth Industrial REIT purchased the asset for $12.1 million.
JENKINTOWN, PA. — A joint venture between Inland Institutional Capital LLC and Charter Realty & Development Corp. has acquired Baederwood Shoppes on the Fairway, a 116,778-square-foot shopping center in Jenkintown, a northern suburb of Philadelphia, for $43.3 million. Whole Foods Market anchors the shopping center with other tenants including Planet Fitness, Panera Bread and Penn Community Bank. Mark Cosenza of Inland Real Estate Acquisitions LLC and Paul Brandes, a principal of Charter, represented the joint venture in the transaction. The seller was undisclosed.
ARLINGTON, VA. — Bethesda, Md.-based Meridian Group has purchased 1525 Wilson Blvd., a 12-story office building in the Rossyln neighborhood of Arlington. The Washington Business Journal reports that EQ Office, which is owned by The Blackstone Group Inc., sold the property for $113.2 million. The 318,729-square-foot building sits above a newly renovated Safeway grocery store and is LEED Gold certified. The building is located less one mile from Rosslyn Metro station and offers access to U.S. Routes 29 and 50, the George Washington Memorial Parkway and Interstate 66. Meridian Group plans to make minor renovations to the 78-percent leased building, including upgrading the building’s common areas, lobby, conference center and fitness center. Meridian’s Andrew Pence, Kyle Maurer and Mike McCarthy handled the acquisition internally.
NEW YORK CITY — Newmark Knight Frank (NKF) has brokered the $21.5 million sale of 24 Woodward Avenue, a 110,000-square-foot distribution and warehouse facility in the Ridgewood neighborhood of Queens. The two-story property offers close proximity LaGuardia and Kennedy airports. Brian Ezratty and Scott Ellard of NKF represented the seller, Willowen Management Corp., in the transaction. The team also represented the buyer, Prologis.
HOUSTON — Matthews Real Estate Investment Services has brokered the $5.5 million sale of a newly built retail property located at 10803 Westheimer Road in Houston’s Westchase District. Regions Bank occupies the 2,140-square-foot property on a 20-year triple-net ground lease. Joseph Nelson and Gary Chou of Matthews represented the seller, an unnamed developer, in the transaction. The duo also procured the buyer, a high-net-worth individual who purchased the bank branch at a 4.4 percent cap rate, the lowest cap rate for a Regions Bank retail branch on record, according to Matthews. The company also says the purchase price was the highest for a Regions location at $2,547 per square foot.
BROADVIEW, ILL. — JLL Capital Markets has brokered the sale of Broadview Village Square, a 193,536-square-foot retail center in the Chicago-area community of Broadview. The sales price was undisclosed. Tenants include Ross Dress for Less, Subway, Marshalls, PetSmart, GNC and Sally Beauty. The property sits on 15.9 acres at 700 Broadview Village Square. Amy Sands, Clinton Mitchell and Janice Sellis of JLL represented the undisclosed seller. Bridge33 Capital LLC purchased the asset.
LAKE OSWEGO, ORE. — JLL has brokered the sale of Crowne Plaza Portland-Lake Oswego, a full-service hotel located at 14811 Kruse Oaks Drive in Lake Oswego. BHG Hotels, an owner, developer and operator in the Pacific Northwest, purchased the asset for an undisclosed price. Situated 10 miles south of Portland, the six-story hotel features 161 guest rooms, 5,670 square feet of meeting and event space, Oswego Atrium Restaurant & Bar, a 24-hour business center, 24-hour fitness center, indoor/outdoor pool and IHG Wellness Center with for-purchase snacks and refreshments. Opened in 1989, the hotel underwent a comprehensive renovation in 2018. Melvin Chu of JLL Hotels & Hospitality team represented the undisclosed seller in the deal. Casey Davidson and Aaron Lapping of JLL Capital Markets debt placement team arranged a floating-rate loan with First Interstate Bank for the buyer.
GREENSBORO, N.C. — JLL has brokered the sale of Wendover Commons, a new 151,016-square-foot retail center in Greensboro. JLL’s Thomas Kolarczyk, Ryan Eklund, Travis Anderson and Cory Fowler represented the seller, Hammerford Development Co. CRS Realty purchased the asset. Although the sales price was not disclosed, Triad Business Journal reports that the shopping center sold for nearly $30 million. Situated on approximately 20 acres at 4526 W. Wendover Ave., Wendover Commons is in the western part of Greensboro between Interstates 73 and 40. Constructed between 2017 and 2018, the property was 98 percent leased at the time of sale to tenants including Academy Sports + Outdoors, Havertys Furniture, Cost Plus World Market, First Watch and Outback Steakhouse, as well as medical tenants. Moseley Real Estate Advisors manages Wendover Commons.
BALTIMORE — JLL Capital Markets has arranged the $29.2 million sale of two office properties in downtown Baltimore. An investment group led by Dallas-based Hubris Capital purchased both 100 South Charles-Tower II and 201 North Charles in two separate transactions. Jay Wellschlager, Andrew Finkelstein and Elizabeth Runge of JLL represented both undisclosed sellers in the two deals. 100 South Charles-Tower II is a 160,754-square-foot, eight-story office building situated atop a three-story podium containing the retail space and common lobby of the 100 South Charles development. Tower II was 74.6 percent leased at the time of sale to tenants including Liberty Mutual Group, Jacobs Engineering Group Inc., Behavioral Health System and four federal government departments. The property recently underwent nearly $2 million of capital upgrades, while the complex’s common areas were renovated separately. The 28-story, 251,943-square-foot 201 North Charles office building is one of the tallest office properties in downtown Baltimore. Located within walking distance of the Lexington Market Metro station, the property was 77.2 percent leased at the time of sale. The building features 52 underground parking spaces, a café, fitness center with showers and a locker room and 24-hour building security.
