AUSTIN, TEXAS — Marcus & Millichap has brokered the $36.2 million sale of a portfolio of five Candlewood Suites hotels totaling 517 rooms in Texas and Oklahoma. Two of the assets are located in San Antonio and Midland, and the other three are located in the Oklahoma cities of Lawton, McAlester and Bartlesville. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, KJ Properties LLC, and procured the buyer, a Texas-based investment firm.
DALLAS AND NEWTON, MASS. — Spirit Realty Capital Inc. (NYSE: SRC), a net-lease REIT based in Dallas, has purchased a national single-tenant retail portfolio for $435 million. The portfolio’s seller is Service Properties Trust (NASDAQ: SVC), a net-lease retail and lodging REIT based in the western Boston suburb of Newton. The portfolio spans 26 states and includes 123 stores leased to 54 different concepts. About a third of the portfolio is leased to restaurants, including Wendy’s, Buffalo Wild Wings, KFC, Skyline Chili, Burger King, Rally’s and Popeye’s. The portfolio’s tenant roster also includes service-oriented and furniture concepts such as LA Fitness, Ashley Home Store, O’Reilly Auto Parts, At Home, Mister Car Wash, Carmax, Crunch Fitness and Tire Warehouse. This transaction is part of SVC’s disposition strategy to sell up to $500 million of net lease assets in connection with its $2.4 billion acquisition of retail properties from Spirit MTA REIT, which Spirit Realty Capital manages. “Coupled with our other recent net lease sales and agreements to sell totaling $66 million, we have reached our target of $500 million in net lease asset sales, the proceeds of which will be used to reduce the company’s leverage,” says John Murray, president and …
KENT AND EVERETT, WASH. — Rise Properties Trust and Aegon Real Assets have purchased two multifamily assets located in metro Seattle totaling $161.3 million. The joint venture acquired the 366-unit Mosaic Hills Apartments in Kent for $81 million and the 336-unit Colby Creek Apartments in Everett for $80.3 million. These transactions conclude more than $300 million of Seattle-area acquisitions for the joint venture in 2019. Seattle-based Thrive Communities will manage the properties. Including Mosaic Hills Apartments and Colby Creek Apartments, RISE owns approximately 4,000 units across 22 multifamily properties in the Pacific Northwest.
MILWAUKEE — Midas Hospitality has acquired Aloft Milwaukee Downtown, a 160-room hotel located at 1230 Old World Third St. The purchase price was nearly $26.5 million, according to the Milwaukee Business Journal. Jackson Street Holdings LLC developed the property in 2009. The hotel is home to five meeting rooms, a bar, fitness center, indoor swimming pool and outdoor space. It is adjacent to Fiserv Forum, the new arena for the Milwaukee Bucks basketball team. This is the third hotel Midas has acquired through its Midas Hotel Fund, which has raised $25 million to date. Aloft is under the Marriott umbrella of hotels.
LARCHMONT, N.Y. — Cushman & Wakefield has brokered the sale of Ferndale Shopping Center, an 84,000-square-foot retail property in Larchmont, a northern suburb of New York City. Located at 1310-1340 Boston Post Road, the property was 96 percent occupied by seven tenants at the time of sale, including grocer Stop & Shop and a 24-hour CVS. The asset sold for approximately $35 million. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt of Cushman & Wakefield represented the undisclosed seller in the transaction. The team also procured the buyer, Ashkenazy Acquisition Corp. The sales price was undisclosed.
NEW YORK CITY — Fordham University has acquired a 31,786 -square-foot development site located at 619 E. Fordham Road in The Bronx. The site is situated one block from the university and currently houses 5,000-square-foot warehouse. Jonathan Squires, Addison Berniker, Michael Fioravanti, Josh Neustadter, and Shayne Soltan of Cushman & Wakefield represented the seller, Six 19 Custom LLC, in the transaction. The sales price was undisclosed.
EVERETT, WASH. — Gensco, a wholesale distributor and manufacturer of HVAC equipment and supplies, has purchased an industrial facility located in Everett. Galt, a private investment group, sold the property for $16.5 million, or just under $150 per square foot, an in off-market transaction. Built in 1976 on five acres, the building features 110,000 square feet of industrial space. The standalone facility is located at 710 132nd St. The property was formerly known as The McKesson Building. Matt Hagen and Matt Henn of Kidder Mathews represented the seller, while Laura Fox, Jason Bloom and Todd Gauthier, also of Kidder Mathews, represented the buyer in the deal.
CHICAGO — The NHP Foundation, in partnership with Low Income Investment Fund, has acquired Edwin C. Berry Manor Apartments, an affordable seniors housing community in Chicago. The purchase price was undisclosed. NHP plans to preserve and maintain the 57-unit property, which was built in 1991. The property is in the Woodlawn neighborhood, which features many new developments including the future Barack Obama Presidential Library. Operation Pathways, the resident services affiliate of NHP, will provide onsite services.
FORT WASHINGTON, PA. — Nonprofit senior living organization Acts Retirement-Life Communities has acquired an 80,000-square-foot office building in Fort Washington, a northern suburb of Philadelphia. The company will move its operations from West Point, where it has been headquartered since 1989, and will be the sole occupant of the new building. The office complex was built in 2006 and will serve Acts Retirement’s primary base of operations for its 26 senior living campuses located throughout the East Coast, including 12 in the greater Philadelphia area. Employees have already begun transferring to the new office, completion of which is slated for December. The sales price was undisclosed.
FORT WORTH, TEXAS — Texas-based multifamily investment and development firm Presidium has sold Ascent at Lake Worth, a 265-unit apartment community in Fort Worth. The property features studio, one, two- and three-bedroom units averaging 935 square feet. Communal amenities include two pools, a fitness center, dog park, clubhouse, outdoor kitchen and fire pit, media room, playground, coffee bar and a business center. Taylor Snoddy, Philip Wiegand and James Roberts of NorthMarq represented Presidium in the transaction. Stephen Whitehead, Lauren Bresky and Will Hancock of NorthMarq arranged a permanent, fixed-rate Fannie Mae loan for the transaction. Both the buyer and the amount of the loan were undisclosed.
