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Marcus & Millichap Arranges Sale of 150-Room DoubleTree by Hilton Hotel in Winston-Salem

by Julia Sanders January 4, 2022

WINSTON-SALEM, N.C. — Marcus & Millichap has arranged the sale of DoubleTree by Hilton Hotel Winston-Salem University, a 150-room hotel property in Winston-Salem. Jack Davis, Joce Messinger and Josh Williams of Marcus & Millichap represented the seller, an undisclosed private investor. The listing team also secured and represented the buyer, another private investor. The sales price was also not disclosed. Located at 5790 University Parkway, the DoubleTree by Hilton is situated within four miles from Wake Forest University and about nine miles from Salem College, Hanes Mall and Bowman Gray Stadium, a NASCAR racetrack. Built in 1987 and renovated in 2015, the hotel’s amenities include complimentary Wi-Fi, laundry facilities, a restaurant and bar, event center, 24-hour fitness center, outdoor pool and a fire pit.

January 4, 2022

Acquisitions Industrial New Jersey Northeast

Faropoint Acquires Industrial Portfolio in Northern New Jersey for $132.5M

by Taylor Williams January 4, 2022

HOBOKEN, N.J. — Locally based investment firm Faropoint has acquired a portfolio of 10 industrial buildings totaling 654,633 square feet in Northern New Jersey for $132.5 million. The portfolio was 98 percent leased at the time of sale. Four of the properties are located in Whippany, and four are located in Oakland. The other two are located in Fair Lawn. Marc Duval, Jose Cruz, Michael Oliver, Jordan Avanzato and Nick Stefans of JLL represented the seller, Kushner Cos., in the transaction. Faropoint will implement a capital improvement program that will include fresh paint jobs, replaced roofs and new lighting and sustainable features.

January 4, 2022

Acquisitions Industrial Midwest Missouri

NewLake Purchases 70,000 SF Cannabis Facility in Chaffee, Missouri

by Kristin Harlow January 4, 2022

CHAFFEE, MO. — NewLake Capital Partners Inc. has purchased a 70,000-square-foot cannabis cultivation and processing facility in the southeastern Missouri town of Chaffee. NewLake’s total investment in the property will be $21.1 million, which includes $16 million at closing and a $5.1 million commitment to fund tenant improvement allowances and building renovations. Organic Remedies is the tenant.

January 4, 2022

Acquisitions Colorado Multifamily Western

Berkadia Brokers $24.7M Sale of Eleven13 Apartments in Fort Collins, Colorado

by Amy Works January 4, 2022

FORT COLLINS, COLO. — Berkadia has arranged the sale of and acquisition financing for Eleven13 Apartments, a garden-style multifamily property in Fort Collins. California-based Bridge Partners sold the asset to Colorado-based Trailbreak Partners for $24.7 million. Located at 1113 W. Plum St., Eleven13 Apartments features 107 two- and three-bedroom floor plans with air conditioning and washer and dryer connections. Community amenities include a clubhouse, fitness center, game room, laundry facilities and a picnic area. Nick Steele, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the deal. Brian Huff of Berkadia Denver arranged a $20 million acquisition loan for the buyer. CorAmerica Capital provided the three-year, non-recourse loan, which features a 75 percent loan-to-cost ratio, 3.85 percent interest rate and an interest-only payment schedule.

January 4, 2022

Acquisitions Multifamily South Carolina Southeast

Trion Properties Acquires Latitude at West Ashley Apartments in Charleston for $51.8M

by Jeff Shaw January 3, 2022

CHARLESTON, S.C. — Los Angeles-based Trion Properties has acquired Latitude at West Ashley, a 312-unit multifamily community in Charleston, for $51.8 million. The seller was not disclosed. Constructed in two phases in 1968 and 1973, Latitude at West Ashley offers one-, two- and three-bedroom floorplans averaging 954 square feet with approximately half of the units set up as townhomes. The apartment community includes 22 two-story wood-framed buildings. Community amenities include a pool deck with BBQ grills and cabanas, a fitness center and onsite laundry facilities. Located at 1735 Ashley Hall Road, Latitude at West Ashley is situated by the Ashley and Stono rivers. The property is also situated seven miles west of downtown Charleston, 2.8 miles from Citadel Mall, the area’s only indoor mall, and near Interstate 526.

January 3, 2022

Acquisitions Indiana Midwest Office

NAS Investment Solutions Buys 82,064 Office Building in South Bend, Indiana

by Kristin Harlow January 3, 2022

SOUTH BEND, IND. — NAS Investment Solutions has purchased an 82,064-square-foot office building in South Bend for an undisclosed price. Constructed in 2021, the building serves as the national headquarters for Press Ganey, a provider of performance measurement and improvement services to U.S. healthcare providers. The property includes 408 surface parking spaces and a 4,800-square-foot rooftop lounge. National Asset Services will serve as property manager.

January 3, 2022

Acquisitions Oklahoma Retail Texas

First National Realty Partners Buys 166,552 SF Summit Square Shopping Center in Tulsa

by Taylor Williams January 3, 2022

TULSA, OKLA. — New Jersey-based investment firm First National Realty Partners has purchased Summit Square Shopping Center, a 166,552-square-foot retail power center in Tulsa. A 66,455-square-foot Reasor’s Supermarket anchors the property, which was 96 percent leased at the time of sale. Margaret Caldwell, Gill Warner and Patrick Kelley of locally based brokerage firm Stan Johnson Co. represented the undisclosed seller in the transaction. The price was not disclosed. Jon Scott of Keybank originated an undisclosed amount of fixed-rate acquisition financing for the deal.

January 3, 2022

Acquisitions Multifamily Nevada Western

Kennedy Wilson Acquires 528-Unit Apartment Community Near Las Vegas for $155M

by Amy Works January 3, 2022

HENDERSON, NEV. — Kennedy Wilson (NYSE: KW) has purchased 3001 Park, a multifamily property located in Henderson, for $155 million, excluding closing costs. The company invested $56 million of total equity in the acquisition of the property and secured a $102 million loan. At the time of sale, the 528-unit community was 95 percent occupied. This acquisition brings Kennedy Wilson’s Las Vegas multifamily presence to more than 2,300 market-rate units. The name of the seller was not released.

January 3, 2022

Acquisitions Massachusetts Northeast Retail

Sterling Organization Buys Metro Boston Retail Center for $44.3M

by Taylor Williams January 3, 2022

BRAINTREE, MASS. — Sterling Organization, a Florida-based private equity real estate firm, has purchased Tedeschi Plaza, a 174,344-square-foot retail center in the southern Boston suburb of Braintree, for $44.3 million. A 66,124-square-foot Stop & Shop grocery store anchors the property, and other tenants include CVS, Crunch Fitness, Sherwin Williams, Dunkin’ and Citizens Bank. JLL represented the seller, Denver-based Black Creek Group, in the transaction.

January 3, 2022

Acquisitions Colorado Healthcare Office Retail Western

DPC Development Co. Sells Retail, Medical Office Property Near Denver for $10.2M

by Amy Works December 23, 2021

WHEAT RIDGE, COLO. — DPC Development Co. has completed the disposition of Wilmore Center, a mixed-use building located at 7615 and 7777 W. 38th Ave. in Wheat Ridge. T-2 Ventures acquired the asset for $10.2 million. Originally built in the early 1980s, Wilmore Center features 52,743 square feet of retail and medical office space. At the time of sale, approximately 93 percent of the property was occupied by a mix of service and medical-oriented businesses. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield’s Denver office represented the seller in the transaction.

December 23, 2021

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