CRESTON, IOWA — Condor Hospitality Trust Inc. is under contract to sell its 121-room Super 8 hotel in Creston, about 70 miles southwest of Des Moines, for $5.1 million. The transaction is expected to close in the third quarter. Condor is a REIT based in Maryland that specializes in the investment and ownership of select-service, extended stay and limited-service hotels. The company currently owns 17 hotels in nine states.
SEATTLE — LaSalle Investment Management has purchased 202 Westlake, an office building located in Seattle’s South Lake Union neighborhood, for an undisclosed price. Developed in 2013, the six-story, 131,000-square-foot property is a multi-tenant building that caters to technology and life science users. Amazon occupies the building’s entire office component. The balance of the property is leased to four ground-floor retail tenants, including Chipotle Mexican Grill, Umpqua Bank, Kigo Kitchen and Homegrown. On-site amenities include subterranean parking, bike storage, showers, lockers and quick-service food retailers.
SOUTH PASADENA, CALIF. — Genton Cockrum Partners has completed the disposition of Six25 Fair Oaks, a creative office building located at 625 Fair Oaks Ave. in South Pasadena. Greenbridge Investment Partners acquired the property for $31 million. Genton Cockrum Partners originally acquired the property in 2014 for $20 million and repositioned the three-story, 92,547-square-foot property into a creative office space. Chalvis Evans of CBRE handled the transaction.
PORTLAND, ORE. — ScanlanKemperBard Cos., in partnership with Tryba Architects and the principals of Lorentz Brunn Construction, has acquired a vintage industrial property located at 1805 SE MLK Blvd. in Portland’s Central Eastside district. The partnership purchased the property for $6.3 million, or $136 per square foot, and it plans to invest $8.9 million in renovations for a total project cost of $15.2 million. Originally the home of Morehouse Glass, the two-story, 46,000-square-foot property is 1960s vintage concrete construction with 20-foot ceilings, original glulam beams and concrete floors. The project will be rebranded The Glass Lab.
MEDFORD, ORE. — Savills Studley has brokered the sale of WinCo Plaza, a regional shopping center located in Medford. Larkspur, Calif.-based Argonaut Investments purchased the 147,943-square-foot property from a private family office for an undisclosed price. Located at Barnett Road and Interstate 5 Freeway, the property is anchored by WinCo Foods, which occupies 94,500 square feet. Additional tenants include Dollar Tree, McDonald’s, Payless ShoeSource and Valley Immediate Care. Maurice Nieman of Savills Studley handled the transaction.
MARIETTA, GA. — StoneBridge Investments has acquired Avia East Cobb, a 200-unit apartment community located in the northwest Atlanta suburb of Marietta, for $23.5 million. Kevin Geiger of CBRE arranged the transaction on behalf of the seller, an entity controlled by Harbor Group International. The community includes a mix of one- to three-bedroom units and features a resort-style pool, outdoor grills and a renovated clubhouse in a historic stone mill. In addition, the community is located roughly three miles from SunTrust Park, the home ballpark of the Atlanta Braves. StoneBridge will invest $3.2 million in capital improvements, renaming the property Landry at East Cobb Apartments. Planned renovations include enhanced community amenities, conversion of the existing dog park into an artificial grass sport court, exterior paint, façade renovation and upgraded unit interiors. ZRS Management will manage the community.
WEST PALM BEACH, FLA. — Marcus & Millichap has arranged the $18.4 million sale of Okee Square, a 124,000-square-foot retail center located at 2021-2031 Okeechobee Blvd. in West Palm Beach. The center includes 103,690 square feet of inline retail space, two outparcels, a 16,010-square-foot Rooms To Go Kids and a 4,300-square-foot PDQ restaurant. Douglas Mandel, Barry Wolfe, Alan Lipsky and Elon Gerberg of Marcus & Millichap arranged the transaction on behalf of the seller, a partnership. Konover South procured the buyer, Myron Vogel.
ATLANTA — Greystone Brown Real Estate Advisors has arranged the sale of the Presidential Tower, a 15-story commercial building located at 4001 Presidential Parkway in Atlanta. Taylor Brown of Greystone Brown arranged the transaction on behalf of the seller, Hays Financial Consulting LLC. Known for its cylindrical shape, the building is visible from one of the city’s main traffic corridors — Spaghetti Junction, which is situated at the intersection of Interstates 285 and 85. Originally constructed in 1973, Presidential Tower was the former Presidential Hotel. Over the last several years, the property fell into disrepair. Peacock Partnership Inc. acquired the building for an undisclosed price, with plans to convert the property into a seniors housing community. Once complete, the complex will be one of the largest seniors housing communities in Atlanta, according to Greystone Brown. A construction timeline for the project was not disclosed.
CHESAPEAKE, VA. — Steadfast Apartment REIT III Inc. (STAR III) has acquired Cottage Trails at Culpepper Landing, a 183-unit multifamily community in Chesapeake, for $30.1 million. The name of the seller was not disclosed. Completed in 2015, the Hampton Roads property include eight, three-story buildings with a mix of one-, two- and three-bedroom units. Community amenities include a community clubroom with catering kitchen, saltwater pool, fitness and yoga studio, dog park, playground, residential storage units, cyber café and grilling areas. STAR III plans to replace laminate countertops with quartz countertops in the kitchens and bathrooms, as well as renovate and update some of the common amenities.
LOS ANGELES — Madison Partners has arranged the sale of an office building located at 5955 De Soto Ave. in the Warner Center submarket of Los Angeles. Majestic Asset Management sold the property to a private trust for $14 million, or $262 per square foot. Situated at the corner of De Soto Avenue and Oxnard Street, the two-story building features 53,410 square feet of Class B office space. At the time of sale, the property was 97 percent leased. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, while Chuck Wilson and Brian Chastain of Colliers International, along with Brian Forster of Pacific Partners Commercial, represented the buyer in the transaction.