DETROIT — Friedman Real Estate has brokered the sale of the Westin Book Cadillac hotel in downtown Detroit. A joint venture between Oxford Capital Group LLC and Taconic Capital Advisors LP assumed debt owed by the previous owner, which faced foreclosure. The joint venture assumed $77 million in commercial mortgage-backed securities debt owed by Cleveland-based Ferchill Group, according to Crain’s Detroit Business. Located at 1114 Washington Blvd. within the city’s Washington Boulevard Historic District, the hotel rises 32 stories with 453 rooms. The property served as Detroit’s tallest building and the world’s tallest hotel when it opened as the Book-Cadillac hotel in 1924. The hotel was redeveloped and branded as Westin in 2008. The new ownership plans to make improvements to the common areas, amenities and guest rooms over the next two years. Jared Friedman of the brokerage negotiated the sale.
MOONACHIE, N.J. — Denver-based EverWest Real Estate Investors has purchased three industrial buildings totaling 190,032 square feet in Moonachie, located in Bergen County, for $65.8 million. The buildings at 135, 137-141 and 170 W. Commercial Ave. feature a combined 26 loading positions and 243 parking spaces and are fully leased to Loomis Armored US, Paris Baguette and Toy Wonders. Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema of Cushman & Wakefield represented the undisclosed seller in the transaction. Stephen Feinberg handled the transaction for EverWest on an internal basis.
GERMANTOWN, MD.— An affiliate of The Carter Funds has purchased The Park at Kingsview Village Apartments, a 326-unit, Class A multifamily community in Germantown. Washington, D.C.-based PRP LLC sold the property for $103 million. Built in 2001, the Park at Kingsview features 12 three- and four-story buildings totaling 343,980 square feet with an average unit size of 1,055 square feet. Community amenities include a swimming pool, clubhouse, fitness center, conference room, business center and a children’s playroom. In addition, the property offers walking, jogging and biking trails, tennis courts, playgrounds, a picnic pavilion and a dog park. The property is situated close to the Kingsview Village Shopping Center, a Giant Food-anchored neighborhood shopping center. The property is also located within a mile of the Germantown Soccerplex and the Germantown Indoor Swim Center. Major employers in the vicinity include the National Institutes of Health, the US Food and Drug Administration, Marriott International and Lockheed Martin. PRP implemented $3.5 million in renovations at the property that included a completely revamped clubhouse and pool area, as well as in-unit renovations featuring new kitchens, stainless steel energy-efficient appliances, quartz countertops, new lighting, new bathrooms and wide plank flooring.
NAPLES, FLA. — JLL Capital Markets has brokered the sale of Granada Shoppes, a 307,000-square-foot shopping center in Naples. Danny Finkle and Eric Williams of JLL represented the sellers, Miami-based Courtelis Co. and Barron Collier Cos., in the transaction. New York-based Brixmor Property Group acquired the property for $97 million. Anchored by Trader Joe’s, Granada Shoppes was 98 percent leased at the time of sale to a tenant lineup including Marshalls, Haverty’s Furniture, Dollar Tree, Tuesday Morning, Xfinity, First Watch, Jersey Mike’s, Sports Clips, Visionworks, Men’s Wearhouse, Petland of Naples, Hobby Lobby and P.F. Chang’s. Located at 10940 Tamiami Trail N. on more than 39 acres, Granada Shoppes is 3.5 miles west of the Interstate 75, 11 miles from Naples Beach and about 27 miles from Fort Myers.
CHARLESTON, S.C. — Fort Lauderdale, Fla.-based Stiles has sold Point Hope Commons, a 75,000-square-foot neighborhood shopping center in Charleston, to an undisclosed buyer for $29 million. Located at 1679 Clements Ferry Road, Point Hope Commons is situated about 20 miles from the College of Charleston, 13.6 miles from Charleston International Airport and 20 miles from the South Carolina Aquarium. The property was developed by Stiles in 2019. Anchored by Publix, the property was 92 percent leased at the time of sale to tenants including Roper St. Francis Healthcare, Heartland Dental and Cainhoy Veterinary Hospital. Point Hope Commons serves as the primary retail center for Cainhoy, a new mixed-use community that is planned to have up to 9,000 single-family homes and over 500 acres of retail, restaurants, multifamily and office projects. The property is under development and will be managed by the Daniel Island Development Co.
ENTERPRISE, ALA. — Stan Johnson Co. has arranged the sale of a 54,500-square-foot shopping center located at 913 Rucker Blvd. in Enterprise. Brett Puckett of Stan Johnson Co. represented the seller, a Mississippi-based private investor, in the transaction. The buyer, an individual investor based in New Hampshire, acquired the property for $3.2 million. The shopping center is situated on nine acres about 6.4 miles from Enterprise Municipal Airport and nine miles west of Fort Rucker. Anchored by Planet Fitness, the shopping center was 78 percent occupied at the time of sale to seven additional tenants. The property was built in 1973.
SAN ANTONIO — Dallas-based Westmount Realty Capital has sold Joule Apartment Homes, a 300-unit multifamily community in San Antonio. Westmount acquired and rebranded the community, which was built on 9.5 acres in 1974, in early 2019. Units come in one- and two-bedroom floor plans and average 682 square feet. Amenities include two pools, a 24-hour fitness center, resident clubhouse with a full kitchen, laundry facility and a dog park. Joule Apartment Homes was 96 percent occupied at the time of sale. Brandon Baksh and Brian Yee of New York City-based Dwight Capital provided a $24.4 million acquisition loan for the undisclosed buyer. Patrick Short of Walker and Dunlop arranged the debt.
PORTSMOUTH, N.H. — Atlantic Capital Partners has brokered the sale of Durgin Square, a 133,924-square-foot retail center in Portsmouth, located in southern New Hampshire. Durgin Square was originally built in 1995. A 41,980-square-foot Whole Foods Market anchors the center, which was 96 percent leased at the time of sale. Other tenants include T.J. Maxx and HomeGoods. Justin Smith, Scott Black, Sam Koonce, Molly Lynch and Ben Starr of Atlantic Capital Partners represented the seller and buyer in the off-market deal. Both parties requested anonymity.
BRIGHTON, COLO. — Phoenix-based NexMetro Communities has completed the disposition of Avilla Prairie Center, a purpose-built single-family-rental community in Brighton. Chicago-based Inland Real Estate Group of Cos. acquired the asset for $63.1 million, or $464,000 per unit. Located at 2103 Peregrine Drive, Avilla Prairie Center features 136 homes. Inland has purchased two other Avilla Homes communities from NexMetro. Dave Potarf, Matt Barnett, Dan Woodward and Jake Young of Walker & Dunlop handled the transaction.
TEMPLE, GA. — Atlanta-based Ackerman & Co. has acquired a 102,856-square-foot distribution and manufacturing facility located at 134 Janus International Blvd. in Temple, about 40 miles west of downtown Atlanta. The sales price was $6.8 million. Daniel Levison of CRE Holdings represented Ackerman & Co. in the acquisition, and Neal Shiver of King Industrial Realty/CORFAC International represented the undisclosed seller. The 134 Janus International Blvd. facility is fully occupied by Janus International Group, a Temple-based manufacturer of self-storage and commercial industrial doors and storage facility components. Brett Buckner of Ackerman completed a 10-year lease extension with Janus International Group. Built in 2001 on 12 acres, the building features 24-foot clear heights. The property is located next to Janus’ 217,050-square-foot global headquarters. Janus also has other locations in the United States including in Arizona, California, Florida, Indiana, Texas and Washington.