CLAYTON, MO. — Pinnacle Real Estate Advisors LLC has arranged the sale of a 3,600-square-foot property occupied by Qdoba, a fast-casual Mexican restaurant, in Clayton for $1.8 million. The single-tenant building is located at 6701 Clayton Road across the street from a Schnuck’s grocery store. Qdoba has operated at the location since 2016. Zach Wright, Rob Edwards and Tom Ethington of Pinnacle represented the buyer, a Texas-based investor. A local real estate company was the seller.
DALLAS — Berkadia has brokered the sale of The Montage Apartments and The Hub Apartments, two multifamily assets totaling 624 units in Dallas. Both properties offer one-, two- and three-bedroom floorplans and swimming pools. Jeff Rowerdink, Joe Leon and Jay Gunn of Berkadia represented the seller, Texas-based Firestone MLP, in the transaction. Jackson Cloak, Ed Kim and Collin Downey of Berkadia secured two acquisition loans through Utah-based Bridge Investment Group for the buyer, California-based Greenlaw Partners. Each loan featured an adjustable 4.79 percent interest rate.
NASHVILLE, TENN. — CBRE has arranged the $54 million sale of Public Square Garage, a 12-story, 1,069-space parking garage located at 350 Deaderick St. in downtown Nashville. Douglass Johnson, Morgan Hillenmeyer and Nicole Filkins of CBRE arranged the transaction on behalf of the seller, a joint venture between RBN Equities and a fund managed by Jadian Capital. Nashville Garage LP, an affiliate of Stolz Real Estate Partners, acquired the property. In addition to parking, Public Square Garage features 37,000 square feet of retail and office space on the lower two floors.
ST. GEORGE, UTAH — Vintage Capital Partners, an investment affiliate of Redstone Residential, has sold Vintage Tabernacle, a 265-bed student housing community located near Dixie State University in St. George. The property opened in 2018 and offers two-, four- and five-bedroom units with shared amenities including a swimming pool and fitness center. An investor based in California acquired the community for an undisclosed price. Brock Zylstra and Danny Shin of Marcus & Millichap brokered the transaction. Redstone Residential will continue to manage the project for the new owner. “We are proud of what we have built at Dixie and look forward to our continued association with the property in a management role,” says Grant Collard, CEO at Redstone Residential. “We had contemplated holding the property for many years, but received an attractive, unsolicited offer at our year-eight pro-forma price.”
PLANO, TEXAS — A partnership between Lincoln Rackhouse, the data center division of Lincoln Property Co., and Principal Real Estate Investors has acquired a 454,421-square-foot data center located at 1000 Coit Road in Plano, a northern suburb of Dallas. The seller was an undisclosed Fortune 500 financial institution. The property has 8 megawatts immediately available for lease with the capacity to expand to 16 megawatts. The facility was acquired as part of a 1 million square-foot portfolio of data centers that includes properties in Kansas City and Phoenix.
CICERO, ILL. — Bridge Development Partners has sold Bridge Point 290 Business Park in Cicero for an undisclosed price. Cabot Properties purchased the industrial development, a large portion of which is currently under construction. When completed, the development will total 899,278 square feet across three buildings. In March, Bridge delivered the 323,343-square-foot Building 1, which is fully leased to Royal Box Group. Buildings 2 and 3 are slated for completion in August 2019. Michael Caprile, Ryan Bain and Zach Graham of CBRE represented Bridge and its joint venture partner, Banner Oak Capital Partners LP, in the sale. Steve Connolly and Mark Moran of NAI Hiffman are marketing Buildings 2 and 3 for lease.
MILWAUKEE — MBH Investment Real Estate LLC has brokered the sale of the historic Sentinel Building in downtown Milwaukee. Sentinel Suites LLC purchased the 31,848-square-foot office property, located at 225 E. Mason St., for an undisclosed price. The 10-story building was 51 percent occupied at the time of sale. The Milwaukee Journal Sentinel originally occupied a three-story building on the site beginning in 1864. As the newspaper grew in circulation, the current 10-story building was constructed in 1893 to replace the smaller building. The newspaper continued to operate at the site until 1930. The new owner plans to rebrand the office building as Sentinel Suites. Matson Holbrook of MBH marketed the property on behalf of the seller, 225 East Mason Property LLC.
STAMFORD, CONN. — Greystone has provided a $33.6 million acquisition loan for Park Square West, a 143-unit, affordable housing community in Stamford. Dan Sacks of Greystone provided the financing to a New Jersey-based borrower who purchased the property for $42 million. The Fannie Mae acquisition financing features a 12-year fixed rate and five years of interest-only payments. Built in 2001, 20 percent of the units at the property are reserved for renters earning 50 percent of the area median income. Amenities at the community include a rooftop sundeck, fitness center and gated parking.
ST. PETERSBURG, FLA. — RLJ Lodging Trust has sold the 362-room Vinoy Renaissance St. Petersburg Resort & Golf Club for $188.5 million, or approximately $521,000 per room. The Marriott-branded hotel is located at 501 5th Ave. N.E. on the Tampa Bay waterfront In St. Petersburg. The sales price represents the contractural sales price of $185 million, and the release of $3.5 million in member deposits. The Vinoy features an on-site spa, swimming pool, fitness center, meeting rooms, 18-hole golf course and on-site dining. The hotel is located in downtown St. Petersburg near Tropicana Field, the Dali Museum, Florida Aquarium, North Straub Park, Vinoy Park and Spa Beach.
RALEIGH, N.C. — CBRE | Raleigh has brokered the sale of WestChase Office Park, a three-building, 312,544-square-foot office park in the Triangle’s West Raleigh submarket. The sales price was not disclosed, but the Triangle Business Journal reports the property sold for $56.3 million. Ben Kilgore, Brad Corsmeier, John Brewer, Chandler Hawkins and Leslie Holmes of CBRE | Raleigh arranged the transaction on behalf of the seller, Real Estate Alternatives Portfolio 4 MR LLC. The Brookdale Group acquired the buildings. The assets are located at 4000, 4011 and 4020 WestChase Blvd. The office park is home to tenants such as Hazen & Sawyer, Howard Green & Moye, Northwestern Mutual, Quanta Technology LLC and Qualys.
