MINNEAPOLIS — Walker & Dunlop has arranged the sale of five Class A seniors housing communities in Minneapolis. Minnetonka-based Roers Cos. developed the communities, which Walker Methodist and Jaybird Senior Living operate. The communities opened between 2018 and 2021. The portfolio consists of 567 independent living, assisted living and memory care units. The buyer, an affiliate of Lone Star Funds, will utilize Grace Management to oversee daily operational responsibilities. The sales price was not disclosed. Alex Vice, Joshua Jandris, Brett Gardner and Mark Myers of Walker & Dunlop provided advisory services and facilitated the disposition of the portfolio.
LOS ANGELES — Stockdale Capital Partners has purchased Los Angeles Athletic Club, a 186,000-square-foot club in downtown Los Angeles, for an undisclosed price. The name of the seller was not released. The 12-story club, which opened at its current location at the corner of Seventh and Olive streets in 1912, features Beaux-Arts architecture, 72 hotel rooms, 17,200 square feet of ballrooms, meeting and event space and rooftop facilities. The property also includes an indoor swimming pool, track, basketball court, racquetball courts, handball courts, squash courts, yoga, kickboxing, aerobics, Pilates studios and spa and wellness facilities. Since 2015, the property has undergone $29.3 million in capital improvements. The acquisition includes the adjacent Olive Park Garage, an eight-story structure with 421 parking spaces, 12,000 square feet of office and retail space and a 114-space surface parking lot.
MOUNT PLEASANT, S.C. — Baltimore-based Continental Realty Corp. (CRC) has acquired Sweetgrass Landing Apartments, a multifamily community in Mount Pleasant, about 9.1 miles from Charleston. Tai Cohen of Cushman & Wakefield represented the seller, Chaucer Creek Capital, in the $55.5 million sale. CRC purchased Sweetgrass Landing on behalf of Continental Realty Fund V LP, a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. The firm acquired 175 of the 200 apartment units, with the remaining 25 consisting of privately owned condominiums. Sweetgrass Landing is a two-story, 14-building apartment community developed in 2001. The property offers one-, two- and three-bedroom floorplans ranging from 787 to 1,596 square feet in size with open kitchen areas with a dining room, extra-large kitchen sinks, tile backsplashes, walk-in closets, stainless steel appliances, master bedrooms that can accommodate a king-sized bed, in-unit washers and dryers, garden tubs, screened patios and private balconies The property was 96 percent occupied at the time of sale. Community amenities include an outdoor swimming pool with fountain and sundeck, clubhouse with fireplace, fitness center, automotive care center and a pet park. Located at 1100 Legends Club Drive, the property is …
WILKESBORO, N.C. — JLL Capital Markets has arranged the $7.4 million sale of an 80,000-square-foot, single-tenant industrial facility in Wilkesboro that is triple net leased to InterFlex Group, a provider of flexible and sustainable packaging solutions. Pete Pittroff, Patrick Nally, Dave Andrews, Zach Lloyd, Michael Scarnato and Josh McArdle of JLL represented the seller, Effingham, Ill.-based Agracel Inc., in the transaction. McLean, Va.-based Gladstone Commercial Corp. acquired the property, which was a build-to-suit in 2014 for InterFlex. With 12.7 years of remaining on the lease term, the tenant uses the facility for its manufacturing and distribution of packaging products. Situated on 9.2 acres at 251 Industrial Drive, the facility is adjacent to US-421, which connects to North Carolina’s Triad region. The location is also proximate to Interstates 77 and 40, providing connectivity to Charlotte and Raleigh, as well as Interstate 85. The property is also located less than two miles from InterFlex’s North American headquarters.
AUSTIN, TEXAS — Atlanta-based hospitality brokerage firm Hodges Ward Elliott (HWE) has arranged the sale of the 319-room Hotel Van Zandt in downtown Austin. The luxury hotel, which opened in 2015 and is part of the Kimpton International family of brands, offers rooms ranging in size from 330 to 1,100 square feet and includes 52 suites. Amenities include two food and beverage outlets, 25,000 square feet of meeting and event space and a pool with views of Lady Bird Lake. Daniel Peek, John Bourret, Austin Brooks and David Auer of HWE advised the undisclosed seller in the negotiations.
SAVANNAH, GA. — Charleston-based Blaze Capital Partners has purchased Spoke Savannah, an extended-stay hotel in Savannah, for an undisclosed price. In partnership with Argosy Real Estate Partners, Blaze Capital plans to convert the hotel into a 106-unit multifamily community and to invest $3.2 million in capital improvements to reposition and rebrand the property. Spoke Savannah was originally constructed in 1990 as an extended-stay hotel. The property has undergone recent material renovations with the additions of a remodeled clubhouse, gym, sport court and pool area with grilling capabilities. Unit interiors have been upgraded to feature solid-surface countertops and stainless steel appliances. The two firms plan to make additional interior unit upgrades, including new plank flooring, renovated light fixtures and paint touch-ups, as well as property and common area improvements, including a clubhouse and leasing office renovation, outdoor amenity space upgrades, an expansion of the onsite laundry facility, rebranded signage and exterior paint. Located at 5820 White Bluff Road, Spoke Savannah sits in Midtown, just four miles south of the city’s historic downtown district. The property is less than three miles away from the Memorial University Medical Center and St. Joseph’s Hospital. The property is also located near Savannah Technical College and …
NORTON SHORES, MICH. — Mid-America Real Estate Corp. has brokered the sale of Lakeshore Marketplace in Norton Shores, a city in western Michigan near Muskegon. Milwaukee-based Berengaria Development purchased the 333,329-square-foot shopping center for an undisclosed price. Tenants include T.J. Maxx, HomeGoods, Burlington, Hobby Lobby, Dunham’s Sports, Petco, Dollar Tree, Barnes & Noble, Old Navy and Five Below. Ben Wineman and Daniel Stern of Mid-America represented the seller, a joint venture between an affiliate of Atlanta-based RCG Ventures LLC and a New York City-based partner.
AVONDALE, ARIZ. — Los Angeles-based SAM Residential Group has acquired 1408 Casitas at Palm Valley, a value-add apartment property located at 1408 N. Central Ave. in Avondale. Chicago-based 29th Street Capital sold the asset for $36 million. Built in 1984, 1408 Casitas at Palm Valley features 168 apartments in a mix of one-, two- and three-bedroom layouts with an average unit size of 929 square feet. Units feature open-concept floor plans, large private patios and yards, faux hardwood flooring, full-size washers/dryers, outdoor storage and skylights in every unit. Community amenities include a fitness center, cornhole/bocce ball, a fire pit, swimming pool, bark park with agility course and dog washing stations, community playground, barbecue grilling stations, and an outdoor resident lounge with cabanas and sunning deck. Brett Polacheck, Chris Canter, Brad Goff of Newmark represented the seller in the transaction. Kevin Mignogna, Charlie Haggard and Peter Griesinger of Newmark’s Debt and Structured Finance team helped secure acquisition financing for the buyer.
NASHVILLE, TENN. — Monarch Alternative Capital LP has acquired an eight-acre development site in Nashville’s Midtown district for $110 million in partnership with locally based GBT Realty Corp. The site is currently zoned for 1.8 million square feet of mixed-use real estate. Currently home to Beaman Toyota and directly west of Interstates 40 and 65, the site provides immediate access to the Gulch, Music Row, Vanderbilt University and downtown Nashville. The site’s zoning allows for the possible development of residential, retail, hospitality and office use. Construction plans are still in the works and haven’t been released yet.
DALTON, GA. — Atlanta-based Tamarack Investments has bought 1505 Coronet Drive, a vacant 212,740-square-foot warehouse in Dalton. David Nixon and Rob Kruer of CBRE represented the seller, Victory Carpet, and procured the buyer. The sales price was not disclosed. Built in 1996, the building features 31-foot clear heights, 50-foot by 60-foot column spacing, 25 dock positions and 6,000 square feet of open-plan offices with floor to ceiling glass. Extensive renovations are already underway on the building. Upon completion, the facility will become the new home of Florida-based Q.E.P. Co. Inc., a global provider of flooring and flooring installation solutions.