KING OF PRUSSIA, PA. — Hotel owner-operator MCR has acquired the 149-room Hampton Inn by Hilton Philadelphia/ King of Prussia, located on the northern outskirts of Philadelphia. The hotel is located at 530 West Dekalb Pike, less than one mile from the King of Prussia Mall. Amenities include a 24-hour fitness center, business center and 600 square feet of meeting and event space. The seller and sales price were not disclosed.
SANTA MONICA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Pico Lanai, a multifamily complex located in Santa Monica. Raintree Properties sold the asset to Pacific Reach Properties for $58.5 million, or $336,494 per unit and $868 per square foot. Situated on 2.8 acres at 2501 Pico Blvd., Pico Lanai Apartments features 174 for-rent units. The property was developed in 1960. The buyer plans to reposition the asset to cater to high-income, tech-savvy millennials, according to IPA. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller in the deal.
CHICAGO — JLL has negotiated the sale of a 9,794-square-foot, single-tenant retail building in Chicago for an undisclosed price. The property is triple net leased to Walter E. Smithe, a family-owned and operated local furniture business. Located at 2009 N. Clybourn Ave., the building is one of the tenant’s 10 Chicagoland showrooms. Nicholas Kanich and Alex Sharrin of JLL represented the seller, a Chicago-based private partnership. JLL also procured the buyer, a California-based family office, which purchased the asset while completing a 1031 tax-deferred exchange.
CHICAGO — SVN Chicago Commercial has brokered the sale of a six-unit multifamily building located at 1644 W. 21st St. in Chicago’s Pilsen neighborhood for $1.3 million. The property, situated near the 18th Street Pink Line stop, was renovated in 2012. Paul Cawthon and Angelo Labriola of SVN brokered the transaction. Buyer and seller information was not disclosed.
ARLINGTON, TEXAS — Fort Capital, a Fort Worth-based investment firm, has purchased a portfolio of 10 light industrial buildings totaling 455,331 square feet in Arlington. The buildings, located in the Great Southwest submarket, are situated within half a mile of Interstate 30 and just minutes south of Dallas-Fort Worth International Airport. The seller was not disclosed. With this transaction, Fort Capital has now acquired more than 2.5 million square feet of industrial product in the last two years.
MANASSAS, VA. — KLNB has brokered the $21 million sale of Maplewood Center, a 135,674 square-foot grocery-anchored retail center located at 8300-8370 Centreville Road in Manassas. Andy Stape, Vito Lupo and Stephen Porter of KLNB’s Retail Investment Sales Group represented the undisclosed seller and procured the unnamed purchaser for this transaction. Anchored by Megamart Supermarket, a Mid-Atlantic supermarket chain, Maplewood Center was 98 percent leased at the time of sale. Other notable tenants include Dollar General, McDonald’s, Popeyes and Pizza Hut.
GARFIELD HEIGHTS, OHIO — Industrial Commercial Properties (ICP) has purchased a building formerly occupied by a Kmart store in Garfield Heights, a suburb of Cleveland. The purchase price was not disclosed. The 89,300-square-foot property is located at 12501 Rockside Road and is situated on 9.3 acres. ICP plans to update the building and repurpose it into industrial space.
KIRKLAND, WASH. — Canada-based Rise Properties Trust has acquired Salix Juanita Village, a mixed-use property located at 9740 NE 119th Way in Kirkland. An undisclosed seller sold the asset for $101.5 million. Rise plans to reposition the 211-unit property, which features 20,891 square feet of retail space. Including Salix Juanita Village, Rise has acquired nine properties with a total capitalization of $588 million this year. The company owns approximately 4,150 units across 23 multifamily properties in the Pacific Northwest. Seattle-based Thrive Communities will manage the property. JLL negotiated the transaction.
CENTREVILLE, VA. — A partnership between Bethesda, Md.-based Willard Retail, New York-based Declaration Partners and Baltimore-based Frankel Properties has acquired Old Centreville Crossing, a 171,631-square-foot, grocery-anchored shopping center in Centreville, seven miles west of Fairfax, Va. The partnership purchased the property for $55.4 million from JBG Smith, a REIT based in Chevy Chase, Md. The partnership plans to complete minor renovations to the center. Old Centreville Crossing is located at 13810-13860 Braddock Road and situated on 16 acres along U.S. Route 29. Spa World and Korean-American supermarket chain H-Mart anchor the asset.
VIRGINIA BEACH, VA. —San Antonio-based real estate service company LYND has acquired an apartment community in Virginia Beach for $43 million. Located at 205 34th St., the 16-story, 266-unit Mayflower Apartments is within a block of the Atlantic Ocean and less than a mile from downtown Virginia Beach. Mike Marshall of Newmark Knight Frank (NKF) represented the seller, Harbor Group International, a Norfolk-based real estate investment and management firm. LYND plans to spend over $3 million on capital improvements to both individual units and common areas, including Amazon package lockers, surfboard lockers and renovations to the fitness center. LYND management has been retained to oversee renovations and manage the building. Henry Stimler of NKF arranged a $33 million acquisition loan for LYND through Hunt Real Estate Capital, represented internally by Marc Suarez. The property has 3,140 square feet of ground-floor commercial space and a separate parcel with 11,915 square feet of freestanding retail and on-site and off-site parking. Built in 1950, the last renovations to the building were completed in 2010. The Mayflower currently has studio, one- and two-bedroom units and a penthouse floor. Community amenities include outdoor and indoor pools, a fitness center, restaurant, on-site clothes care center, concierge …
