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Hunter Brokers Sale of 295-Room Delta Hotel in Virginia Beach

by John Nelson June 22, 2022

VIRGINIA BEACH, VA. — Hunter Hotel Advisors has brokered the sale of Delta Hotel by Marriott Virginia Beach Bayfront Suite, a 295-room hotel located on the north shore of Virginia Beach. The beachfront hotel was renovated in 2020 and features three food and beverage options, including Tin Cup Kitchen + Oyster Bar, as well as a fitness center and outdoor pool. Lingerfelt CommonWealth Partners sold Delta Hotel to a joint venture between BlackPearl Capital and an affiliate of Paceline Equity Partners for an undisclosed price. Trey Scott and Spencer Davidson of Hunter Hotel Advisors represented the seller in the transaction.

June 22, 2022

Acquisitions Life Sciences Michigan Midwest

MI-HQ Acquires Former Eastern Michigan University College of Business Building

by Kristin Harlow June 21, 2022

YPSILANTI, MICH. — Michigan Innovation Headquarters (MI-HQ), a provider of life sciences and technology workspaces, has entered into a purchase agreement for Eastern Michigan University’s former College of Business headquarters building in downtown Ypsilanti for $2.6 million. The buyer plans to undertake $10 million in renovations to build shared workspaces for science, technology, engineering and mathematics (STEM) companies. Plans call for free onsite parking, research and development wet labs, medical offices, a 160-seat auditorium, exterior courtyard, café, gym and food truck area. Formerly known as the Gary Owens Building, the asset spans 130,000 square feet and is located at 300 W. Michigan Ave. The renovated building is slated to open in the first quarter of 2023 and will serve as MI-HQ’s fourth location.

June 21, 2022

Acquisitions Multifamily Northeast Rhode Island

CBRE Brokers $37M Sale of Apartment Community in Middletown, Rhode Island

by Taylor Williams June 21, 2022

MIDDLETOWN, R.I. — CBRE has brokered the $37 million sale of Northgate Apartments, a 179-unit multifamily complex in Middletown. Built in phases between 1969 and 1972, the property offers one-, two- and three-bedroom units with an average size of 888 square feet. Amenities include a pool, fitness center and a leasing office. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based Eden Properties, in the transaction. The team also procured the buyer.

June 21, 2022

Acquisitions Arizona Retail Western

Phoenix Commercial Advisors Negotiates $18.4M Sale of Paloma Village Shopping Center in Tucson

by Amy Works June 21, 2022

TUCSON, ARIZ. — Phoenix Commercial Advisors has arranged the sale of Paloma Village Center, a retail property located within the Catalina Foothills in Tucson. The asset traded for $18.4 million, or $480 per square foot. The names of the seller and buyer were not released. Situated on the 4.5 acres on the southeast corner of Campbell Avenue and Skyline Drive, the 38,347-square-foot property was 94 percent occupied at the time of sale. Current tenants include Starbucks Coffee, CVS/pharmacy and Fleming’s Steakhouse. Chad Tiedeman and Danny Gardiner of Phoenix Commercial Advisors represented the seller in the transaction.

June 21, 2022

Acquisitions Louisiana Retail Southeast

Howard Hughes Sells Outlet Collection at Riverwalk in New Orleans for $34M

by John Nelson June 20, 2022

NEW ORLEANS — The Howard Hughes Corp. has sold the Outlet Collection at Riverwalk, an outlet mall near the Port of New Orleans. An entity doing business as Rockstep Riverwalk LLC purchased the property for $34 million. Outlet Collection at Riverwalk spans 264,000 square feet of open-air retail space and houses retailers such as Calvin Klein, Carter’s, Crocs, Gap Facory, Kate Spade, Levi’s, Nordstrom Rack, Polo Ralph Lauren, Samsonite, Tommy Bahama Outlet and Under Armour. Food-and-beverage tenants include Auntie Anne’s, Café Du Monde, Fat Tuesday, Green Leaf’s, Häagen-Dazs, Mandarin Express, Raising Cane’s, Smoothie King and Villa Italian Kitchen. Tom Salanty of NAI Robert Lynn represented Howard Hughes Corp., a publicly traded real estate owner and developer based in Houston, in the transaction.

June 20, 2022

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Partners Arranges $32.8M Sale of Boston Retail Center

by Taylor Williams June 20, 2022

BOSTON — Atlantic Capital Partners, a division of brokerage firm Atlantic Retail, has arranged the $32.8 million sale of The Shops at Riverwood, a 78,484-square-foot retail center in Boston’s Hyde Park neighborhood. Developed in phases by Finard Properties, the center was fully leased at the time of sale to tenants such as Burger King, Starbucks, Boston Medical and Planet Fitness. Justin Smith, Chris Peterson, Sam Koonce, Cole Van Gelder and Ben Starr of Atlantic Capital Partners represented the buyer, Urban Edge Properties, and the seller in the transaction.

June 20, 2022

Acquisitions Midwest Multifamily Seniors Housing Wisconsin

SLIB Negotiates Sale of Eight-Property Seniors Housing Portfolio in Metro Milwaukee

by Kristin Harlow June 20, 2022

MILWAUKEE — Senior Living Investment Brokerage (SLIB) has negotiated the sale of eight seniors housing properties in metro Milwaukee for an undisclosed price. The communities feature a total of 449 units. Occupancy averages 84 percent. Jason Punzel, Ryan Saul and Bradley Clousing of SLIB handled the transaction. The seller was a private owner that acquired the communities as value-add deals. The buyer was an experienced assisted living company with an existing portfolio in the Southeast that was looking to expand in the Midwest.

June 20, 2022

Acquisitions Arizona Multifamily Western

Pro Residential Sells The Waterfront Apartments in North Phoenix to Rise48 Equity for $75.3M

by Amy Works June 20, 2022

PHOENIX — Los Angeles-based Pro Residential has completed the disposition of The Waterfront, a multifamily community in North Phoenix. Arizona-based Rise48 Equity acquired the asset for $75.3 million, or $261,458 per unit. Located at 11459 N. 28th Drive, The Waterfront features 228 apartments spread across 14 three-story residential buildings. The one-, two- and three-bedroom units range in size from 527 square feet to 899 square feet. At the time of sale, the community was 91 percent occupied. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq Phoenix’s Investment Sales team represented the seller in the transaction. Brandon Harrington, Bryan Mummaw, Tyler Woodard and Bryan Liu of Northmarq Phoenix’s Debt & Equity team arranged a $61.7 million acquisition loan, as a debt fund execution, for the buyer.

June 20, 2022

Acquisitions Florida Hospitality Southeast

Pebb Capital, LeaseFlorida Sell Hampton by Hilton Hotel in Miami Beach for $43.9M

by John Nelson June 17, 2022

MIAMI BEACH, FLA. — A partnership between investors Pebb Capital and LeaseFlorida has sold Hampton by Hilton at The Continental, a historic hotel located at 4000 Collins Ave. in Miami Beach. The undisclosed buyer, a privately held limited liability company, purchased the 100-room hotel for $43.9 million. According to the sellers, the transaction marks the second-highest price per room sale in Hampton’s portfolio. The sellers invested $25 million to renovate the five-story property in 2016. The renovation included repositioning the property back to lodging and restoring its historic façade, the pool and its original reception desk. Built in 1948 as the Continental Hotel, the property served as a condominium community in the early 1990s before converting back to its original use. Situated one block from the Atlantic Ocean, the Hampton by Hilton hotel features a pool, fitness center and business center, as well as complimentary breakfast and to-go breakfast bags for guests.

June 17, 2022

Acquisitions Retail Southeast Tennessee

Drapac Capital Sells 23,362 SF Retail Property in Downtown Memphis Leased to Walgreens

by John Nelson June 17, 2022

MEMPHIS, TENN. — Drapac Capital Partners, a real estate investment firm based in Australia, has sold a 23,362-square-foot retail property located at 2 N. Main St. in downtown Memphis. A flagship Walgreens occupies the bottom two levels of the property, and the top level is vacant space. Studio Capital, an investor and developer based in California, purchased the multi-story property for $2.7 million. Drapac Capital purchased the property in 2015 for $715,000. St. Bourke, a community placemaking and development firm, refurbished the property last year that included new windows, facades, finishes, paint, signage and entryways.

June 17, 2022

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