BOSTON — Pebblebrook Hotel Trust, a publicly traded real estate investment trust (NYSE: PEB), has sold the 112-room Onyx hotel located at 155 Portland St. near downtown Boston for $58.3 million. The buyer was not disclosed, but the sales price represents a capitalization rate of 5.9 percent. Pebblebrook will use proceeds from the sale for general business purposes, including paying off existing debt. The Onyx Hotel offers guests amenities such as a 24-hour fitness center, bike rental services, spa products and services that are delivered directly to guestrooms.
SCOTTSDALE, ARIZ. — Sunrise Luxury Living has completed the sale of The CORE, a newly built Class A multifamily property in Scottsdale. An undisclosed buyer acquired the 282-unit asset for $80.4 million. Situated on 4.5 acres at 15333 N. Hayden Road, the property features a mix of studio, one- and two-bedroom layouts with nine-foot ceilings, quartz countertops, Whirlpool stainless steel appliances and gas cooktops. Community amenities include a rooftop pool, modern fitness center with yoga/spin room, electric vehicle charging stations and a package locker system. The seller, who owned the land since 2015, completed construction The CORE in 2018. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the deal.
WESTMINSTER, CALIF. — Marcus & Millichap has brokered the sale of Westminster Golden Center, a shopping center located at the southwest corner of Westminster Boulevard and Swan Avenue in Westminster. A private investor acquired the property from another private investor for $7 million. Situated on 1.5 acres in the Little Saigon submarket, the shopping center consists of three buildings offering a total of 16,480 square feet of space spread across 11 retail suites. Michael Matter and Aveesh Singroha of Marcus & Millichap’s South Bay office represented the seller and buyer in the deal.
ELK GROVE VILLAGE, ILL. — Marcus & Millichap has brokered the sale of a 2,331-square-foot building net leased to Wendy’s in Elk Grove Village for $1.5 million. The property is located at 900 Busse Road. Brian Parmacek of Marcus & Millichap marketed the property on behalf of the seller. Calvin Lee of Marcus & Millichap secured and represented the buyer.
SAN LUIS OBISBO, CALIF. — Evans Senior Investments (ESI) has arranged the sale of The Manse on Marsh, an 87-unit independent living and assisted living community in San Luis Obispo. An independent owner-operator sold the property to a California-based owner-operator for $12.8 million. The buyer is a turnaround specialist, and acquired the property as a value-add opportunity. The property was partially encumbered by a ground lease and included multiple cottages that were rented to residents at the community. Both the fee simple interest and leasehold interest were transferred to the buyer with the transaction. At the time of the sale, the community was 75 percent occupied and 100 percent private pay.
HARVARD, ILL. — A joint venture of Brennan Investment Group LLC and a client of Arch Street Capital Advisors LLC has acquired a 1.3 million-square-foot distribution facility occupied by True Value Co. in Harvard, located approximately 30 miles northeast of Rockford, Ill. The purchase price was not disclosed. True Value, a hardware wholesaler, has occupied the property since 1998. This is the final acquisition in a portfolio owned by Brennan and Arch Street, but the companies plan to launch another venture to continue to seek single-tenant, net-leased industrial properties. David Berglund and Tom Shepherd of Colliers International represented the seller, Industrial Realty Group LLC.
MADISON AND MILWAUKEE, WIS. — Cushman & Wakefield | Boerke has arranged the sale of a building formerly occupied by Babies ‘R’ Us in Madison and a building formerly occupied by Toys ‘R’ Us in Milwaukee. The 45,451-square-foot Babies ‘R’ Us sold for $3.2 million. The 38,000-square-foot Toys ‘R’ Us sold for $2.6 million. John Kuhn, Nathan Powers and David Tighe of Cushman & Wakefield | Boerke represented the sellers.
WINSTON-SALEM, N.C. — Eller Capital Partners has purchased Ashton Oaks, a 288-unit apartment community in Winston-Salem, for $16.4 million. The seller was not disclosed. Built in 1988, the property offers one- and two-bedroom layouts and is situated within one mile of Wake Forest University’s campus. Chapel Hill, N.C.-based Eller Capital plans to renovate Ashton Oak’s exteriors, build new amenities and upgrade the interior finishes. Affiliate firm Eller Residential Living will manage the property and oversee the construction project.
NEW ORLEANS — Easterly Government Properties Inc. has acquired a 137,679-square-foot Federal Bureau of Investigation (FBI) Field Office in New Orleans. The seller and sales price were not disclosed. FBI-New Orleans is a four-story, single-tenant facility located on a 6.6-acre site. The FBI’s New Orleans Division oversees federal operations in all of Louisiana, including six satellite offices in Baton Rouge, Alexandria, Lafayette, Lake Charles, Monroe and Shreveport. This build-to-suit construction was originally completed in 1999 and renovated in 2006. The project is now 100 percent occupied by the FBI until August 2029 under a non-cancelable remaining lease term. Additionally, the FBI has an option to renew the lease for an additional 10-year term, expiring in 2039. The building has numerous security features such as a security crash traffic barrier, 24/7 security, visitor screening center and bullet-resistant interior walls, doors and a roof. Easterly Government Properties now owns nine of the nation’s 56 FBI field offices and is the single-largest private owner of FBI field offices in the country.
PLOVER, WIS. — KW Commercial has negotiated the $3.5 million sale of Village Park at Plover, a 44,911-square-foot retail center in Plover near Stevens Point in the center of the state. The property, located at 3012 Village Park Drive, is home to a variety of retail, restaurant and office tenants. Matthew Klein of KW represented the buyer, Amsden LLC. Jeff Rowlett of Marcus & Millichap represented the undisclosed seller.