DALLAS AND FORT WORTH, TEXAS — Austin-based multifamily investment firm NAPA Ventures LLC has sold four communities totaling approximately 700 units in the Dallas-Fort Worth (DFW) area. The properties include Brandon Mill and Westwood in Dallas, Oates Creek in the eastern Dallas suburb of Mesquite and Ravenwood in Fort Worth. NAPA acquired the assets in 2016 and implemented value-add programs to the communities’ unit interiors and amenity spaces. The buyers were not disclosed.
TRUCKEE, CALIF. — Kennedy Wilson has completed the sale of The Ritz-Carlton Lake Tahoe, located at 13031 Ritz Carlton Highlands Court in Truckee, to Ashford Inc. (NYSE: AINC) for $120 million. Kennedy Wilson, a global real estate investment company, and its partner acquired the hotel’s 170 guest rooms, 23 condominiums and a 3.4-acre development parcel in 2012 for $74 million. The hotel features a 17,000-square-foot spa and fitness center, more than 15,000 square feet of indoor and outdoor function space, ski-in/ski-out location on Northstar California, a 17,000-square-foot slope-side spa, Slopeside Backyard Bar and BBQ, and a children’s program. The company also completed the sellout of all 23 condominium units at the The Ritz-Carlton Residences in 2016 for a total gross sales price of approximately $50 million. Additionally, in December, Kennedy Wilson sold a portfolio of hotels located across the United Kingdom for $54 million. A cash profit of $73 million to Kennedy Wilson was generated over the lifetimes of the two investments.
BARRINGTON, ILL. — The Boulder Group has brokered the sale of a 59,885-square-foot single-tenant property net leased to Jewel-Osco in Barrington for $12.8 million. The building sits on a 3.8-acre parcel at 150 W. Main St. Randy Blankstein and Jimmy Goodman of Boulder represented both the buyer and the seller. A Southwest-based private real estate investment company sold the asset to a Midwest-based family completing a 1031 tax-deferred exchange.
EAST CLEVELAND, OHIO — Gorjian Acquisitions has purchased a 25,250-square-foot retail building in East Cleveland for an undisclosed price. Discount retailer Roses Express occupies the single-tenant property, which is located on a 2.3-acre lot at 1450 Hayden Ave. Roses Express is owned by Variety Wholsalers Inc., which operates nearly 400 stores across the Midwest and Southeast. The seller was not disclosed.
COLUMBUS, OHIO — Marcus & Millichap has negotiated the sale of the Extend-A-Suites Columbus for $1.8 million. The 133-room hotel is located at 887 Morse Road. Andrew Bankhurst, Alexandre Duong, Allan Miller and Mark Diebold of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Bankhurst and Duong represented the buyer, a limited liability company.
NEWTON, MASS. AND WESTLAKE, OHIO — TravelCenters of America LLC (NASDAQ: TA) has agreed to purchase 20 truck stop locations from its primary landlord, Hospitality Properties Trust (NASDAQ: HPT), for $308.2 million. The 20 properties span 15 states. HPT will continue to own 179 properties that TA leases. The leases have been amended by both companies, which puts the 179 properties under five leases. The leases have all been extended by three years. Westlake-based TA expects to purchase nine of the travel centers for $140.5 million Jan. 17 and expects to complete the remaining purchases in two closings by the end of January. HPT expects to gain $160 million from the sale, which it plans to use to repay borrowings under its revolving credit facility and for general business purposes. When the sales are finalized, TA’s rent will fall by $243.9 million per year. Under the amended leases, TA’s rent will be reduced by $43.1 million per year. HPT will receive $70.5 million for backlogged payments in 16 quarterly payments from TA beginning April 1. The backlogged rent has been reduced from $150 million due to moving the payments up from June 2024. “As we move into the tenth year …
PROVIDENCE, R.I. — NKF has arranged the $71 million sale of a 202,096-square-foot office building in downtown Providence. Located at 10 Memorial Boulevard, the 10-story property is currently 97 percent leased to a tenant roster that includes IGT, Columbia Threadneedle Investments, The Capital Grille and Rockland Trust. Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell of NKF’s Boston Capital Markets team represented the seller, RJ Kelly Co., in the transaction. The buyer was Tritower Financial Group.
LONGMONT, COLO. — HFF has arranged the sale of Harvest Junction, a 367,918-square-foot shopping center in Longmont. The center is located 38 miles north of Denver and is split by Ken Pratt Boulevard, separating the property into north and south sections. Harvest Junction was fully leased at the time of the sale to tenants including Lowe’s, Dick’s Sporting Goods, Ulta Beauty, DSW, Marshalls, Ross Dress for Less and Best Buy. Chad Murray, Aaron Johnson and Barry Brown of HFF represented the seller, RPT Realty, in the transaction. A partnership between Walton Street Capital LLC and Alberta Development Partners acquired the center for an undisclosed amount.
HOUSTON — HFF has negotiated the sale of Winding Trails, a 438-unit multifamily community in southwest Houston. Developed in 1979, the property features one-, two- and three-bedroom units averaging 803 square feet per unit and amenities such as a pool and onsite laundry facilities. Joey Rippel, Chris Young and Bailey Crowell of HFF represented the seller, Miami-based One Real Estate Investment, in the transaction. Robert Wooten and Michael Johnson of HFF secured acquisition financing through Ready Capital Structured Finance on behalf of the buyer, Austin-based GVA Real Estate Group.
CHICAGO — Marcus & Millichap has arranged the sale of a four-story apartment building in Chicago’s Rogers Park neighborhood for $12.2 million. Located at 1345 W. Estes Ave., the property includes 81 units with a mix of floor plans. The building was originally constructed in 1930. James Ziegler of Marcus & Millichap marketed the property on behalf of the private seller. Ziegler, along with Keith Zelenika, secured and represented the buyer, an out-of-state investor.
