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NorthMarq Brokers $56.7M Sale of Park at Deer Valley Apartments in Phoenix

by Jeff Shaw July 5, 2019

PHOENIX — NorthMarq has brokered the sale of Park at Deer Valley Apartments, a multifamily community located near 19th Avenue and Bell Road in Phoenix, for $56.7 million. The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in the transaction. Tides at Deer Valley Owner LLC, an entity formed by Los Angeles-based Tides Equities, was the buyer. Tides acquired the asset with a $49.1 million bridge loan arranged by James DuMars and Griffin Martin of NorthMarq’s debt and equity team. Park at Deer Valley LLC, an entity formed by Billah Khan of Chandler, Ariz., was the seller. Built in 1984, the 436-unit apartment community feature studio, one- and two-bedroom apartments, along with two swimming pools, five playgrounds, a dog park and multiple sport courts.

July 5, 2019

Acquisitions Connecticut Northeast Office

Marcus Partners Sells Two Office Buildings in Westport, Connecticut for $30M

by Taylor Williams July 5, 2019

WESTPORT, CONN. — Investment firm Marcus Partners has sold two office buildings in Westport for $30 million to New York-based Waterway Capital. The newly renovated buildings, located at 8 & 19 Wright St., total 83,964 square feet and are situated within walking distance of the Saugatuck River, as well as high-end retail and dining options. The buildings were 94 percent leased at the time of sale to tenants such as UBS, Regus Corp., Berkowitz, Energy Income Partners and Ameriprise Financial. CBRE’s Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie represented the seller and procured the buyer.

July 5, 2019

Acquisitions Hospitality Midwest Ohio

Commonwealth Hotels Acquires 147-Room Courtyard Hotel in Dublin, Ohio

by Kristin Harlow July 5, 2019

DUBLIN, OHIO — Commonwealth Hotels has acquired the Courtyard Columbus-Dublin for an undisclosed price. The 147-room hotel is located within five miles of the Muirfield Village Golf Club, a Jack Nicklaus-designed course that is home of the Memorial Tournament, a yearly PGA event. It is also situated 17 miles from downtown Columbus. The hotel includes three meeting rooms spanning more than 1,200 square feet. Guests have access to a fitness center, pool and free Wi-Fi. The seller was not disclosed. Marriott operates the Courtyard brand. Commonwealth Hotels currently manages 48 properties with nearly 5,600 rooms.

July 5, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5.8M Sale of Retail Center in Willowbrook, Illinois

by Kristin Harlow July 5, 2019

WILLOWBROOK, ILL. — Marcus & Millichap has brokered the $5.8 million sale of Willow Commons in Willowbrook, about 25 miles southwest of Chicago. The 58,497-square-foot retail center is situated on 75th Street. At the time of sale, the property was 98 percent leased to a mix of tenants, a majority of which have occupied space at the shopping center for more than 15 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller and represented the buyer.

July 5, 2019

Acquisitions Industrial Midwest Wisconsin

Colliers Brokers Sale of 71,931 SF Industrial Facility in Saukville, Wisconsin

by Kristin Harlow July 5, 2019

SAUKVILLE, WIS. — Colliers International has brokered the sale of a 71,931-square-foot industrial facility in Saukville, about 25 miles north of Milwaukee. The property is located at 300 Dekora Woods Road. Bill Langhoff and Tom Shepherd of Colliers brokered the sale. Dekora Woods 13 LLC purchased the asset for an undisclosed price.

July 5, 2019

Acquisitions Hospitality Northeast Pennsylvania

Gehr Hospitality Acquires 129-Room Hyatt Place Hotel in King of Prussia

by Taylor Williams July 3, 2019

KING OF PRUSSIA, PA. — A partnership between two Los Angeles-based firms, Gehr Hospitality and Oakhurst Advisors LLC, has acquired the 129-room Hyatt Place hotel in King of Prussia, a northwestern suburb of Philadelphia. The hotel, which was renovated in 2018, is located near numerous employment hubs as well as the King of Prussia Mall, Valley Forge National Historical Park and Valley Forge Casino Resort. The Plascencia Group represented the undisclosed seller in the transaction. Thuong Luong and Molly Caccamo of Gehr Hospitality represented the buyer on an internal basis. Wells Fargo provided acquisition financing for the deal, the sales price of which was not disclosed.

July 3, 2019

Acquisitions California Office Western

Harvest Properties, New York Life Real Estate Investors Sell One Bay Plaza in Bay Area for $75.3M

by Jeff Shaw July 3, 2019

BURLINGAME, CALIF. — Harvest Properties and joint-venture partner New York Life Real Estate Investors, on behalf of McMorgan Northern California Value Add Development Fund I, have sold One Bay Plaza in Burlingame to local developer/operator Woodstock Development for an undisclosed amount. The 196,000-square-foot, nine-story office tower was originally purchased in 2016. Paul Nelson, Stephen Van Dusen, Cartter Berg and Cameron Palmer of Eastdil Secured represented Harvest and New York Life Real Estate Investors on the transaction. Sources close to the sale confirmed a price of $75.3 million.

July 3, 2019

Acquisitions Idaho Multifamily Seniors Housing Western

CareTrust REIT Buys Skilled Nursing Facility in Nampa, Idaho

by Jeff Shaw July 2, 2019

NAMPA, IDAHO — CareTrust REIT has acquired Cascadia of Nampa, a newly constructed, 99-bed transitional rehabilitation facility in Nampa. The facility was added to CareTrust’s existing master lease with Idaho-based Cascadia Healthcare LLC, bringing the total facility count under the Cascadia master lease to 12 facilities with 1,013 licensed beds. CareTrust participated in the facility’s development, making a preferred equity investment with Cascadia’s development affiliate in 2016 to construct the asset. In conjunction with the investment, CareTrust obtained an option to purchase the facility at a formula-based price upon stabilization of the operations. Cascadia completed construction and opened the facility in November of 2017. CareTrust’s investment for Cascadia of Nampa was approximately $12.8 million, inclusive of transaction costs and after receiving credit for CareTrust’s original equity investment and preferred returns thereon. Initial annual cash rent will be approximately $1.5 million. The master lease carries annual CPI-based escalators and has approximately twelve years remaining on the initial term, plus three five-year renewal options. The acquisition was funded using cash on hand.

July 2, 2019

Acquisitions Office Washington Western

EQ Office to Reposition Seattle Office Towers

by Kristin Harlow July 1, 2019

SEATTLE — EQ Office, an office portfolio operating company wholly owned by the Blackstone Group, has acquired U.S. Bank Centre and 999 Third Ave. in Seattle. The acquisitions increase EQ’s investment to 3.1 million rentable square feet of Class A office space in the city. EQ will manage both properties and plans to reposition them to accommodate Seattle’s evolving workforce. Both buildings are located in Seattle’s central business district. Tenants include U.S. Bank, DocuSign and Wells Fargo. EQ currently manages two properties in Seattle, The Exchange and 800 Fifth Ave. According to EQ, upon renovation U.S. Bank Centre will feature a retail marketplace catering both office tenants and area residents, while 999 Third Ave. will feature an improved exterior plaza area.

July 1, 2019

Acquisitions Colorado Office Western

RMR Office Property Fund Purchases Belleview Corporate Plaza in Denver for $39.1M

by Kristin Harlow July 1, 2019

DENVER — RMR Office Property Fund LP has acquired Belleview Corporate Plaza, a two-building, 172,220-square-foot office property in Denver, for $39.1 million. Belleview Corporate Plaza is situated close to several retail and dining amenities and is near a light rail station. The property is 98 percent leased with a weighted average lease term of 6.5 years.

July 1, 2019

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