ENUMCLAW, WASH. — An unnamed buyer has acquired the 23-suite Alta Crystal Resort at Mount Rainier in Enumclaw for an undisclosed price. The hotel is located at 68317 SR 410 East. The upscale select-service resort is situated near the Cascade Range ski area in Northwest Washington. Joseph Kennedy of Crystal Investment Property represented the seller in this transaction. Crystal Investment is a member of Hotel Brokers International.
CHARLOTTE, N.C. — Emma Capital Investments Inc. has acquired two multifamily communities in Charlotte: the 240-unit Grand Terraces Apartments, located at 6000 Regal Estate Lane, and the 310-unit Stanford Reserve, located at 1207 Kelson Ave. The Toronto-based company purchased the properties for $53 million. The garden-style communities, located across the street from each other, will be rebranded as one property known as Avalon Heights Apartments. Community amenities include a swimming pool, clubhouse, business center, fitness center, tennis court and a picnic area with grilling station. The acquisition marks Emma Capital’s fourth and fifth investments in North Carolina.
BATON ROUGE, LA. — Atlanta-based Audubon Communities, in conjunction with New York-based RCG Longview, has purchased St. Jean, a 624-unit apartment complex in Baton Rouge, for $33.3 million. The property will be renovated and renamed The Reserve at White Oak following significant damage from a flood in 2016. Constructed in 1997, the property comprises 66 buildings on 49 acres and includes two- and three-bedroom units averaging 1,100 square feet. Planned capital improvements include the complete renovation of damaged first-floor units, upgrades to second-floor units, the addition of granite countertops and stainless steel appliances in some units, a new standalone leasing office and two amenity buildings, energy efficient windows, new exterior doors and a new fitness center. A select number of units will be offered as affordable housing.
JOHNS CREEK AND ALPHARETTA, GA. — SG Property Services, an Atlanta-based real estate firm, has acquired Johns Creek Medical and The Swan Building for a combined $11.9 million. The properties are located at 6918 McGinnis Ferry Road in Johns Creek and 4165 Old Milton Parkway in Alpharetta, respectively. Both properties are roughly 30 miles north of Atlanta, and together total 55,664 square feet. Jodi Selvey of Colliers International represented the physician owner of Johns Creek Medical and Lee Asher of CBRE represented the owner of the Swan Building. At the time of sale, Johns Creek Medical was 100 percent leased to a single tenant. The Swan Building was leased to a mix of medical practices including a plastic surgery center. SG Property Services plans to fill remaining vacancies at The Swan Building with medical users and renew existing tenants with long-term leases.
TULSA, OKLA. — CBRE has brokered the $4.1 million sale of Town West Shopping Center, a 162,396-square-foot retail development located at the intersection of South 49th West Avenue and West Skelly Drive in Tulsa. The property was 93 percent leased at the time of sale to tenants such as Big Lots, Dollar General and Harbor Freight Tools. Austin-based Freestar Investments LLC purchased the property from Tulsa-based Case & Associates. Jason Little and Justin Brannon of CBRE represented the seller in the transaction.
WEST ORANGE, N.J. — Rockledge Realty has sold Crest Ridge Apartments, a 178-unit garden-style apartment community in West Orange to Sela Realty Investments for $40.5 million. Built in 1964, the property is located at 200 Mt. Pleasant Ave., which offers views of the Manhattan skyline. The property features one-, two- and three-bedroom units with private entrances. Community amenities include a free-form swimming pool, clubhouse and sundeck. Greg Pine and Adam Zweibel of Gebroe-Hammer Associates represented the seller, which was the original developer/owner, and procured the buyer in the transaction.
LAKE ELSINORE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $11.6 million sale of Oak Grove Crossing, a 22,577-square-foot shopping center located in Lake Elsinore. The Target shadow-anchored property is home to tenants including McDonald’s, Starbucks Coffee, GameStop, GNC, H&R Block, Pacific Dental, Papa John’s Pizza, Subway, Supercuts, Verizon and Yogurtland. Kevin Fryman of Hanley Investment Group represented the seller, a Murrieta, Calif.-based private investment partnership. Jeff Lefko and Bill Asher, also of Hanley, represented the buyer, an Orange, Calif.-based family trust.
SAN DIEGO — Shea Properties has signed seven new tenants to open at Mercado del Barrio, a mixed-use center located in the Barrio Logan neighborhood of San Diego. Tenants set to open include Actitude Cerveceria, a first-to-market gastropub and brewery; Barrio Bros, a craft beer and pizza restaurant; Oi Asian Fusion, a cooked-to-order concept influenced by Filipino, Korean, Japanese, Taiwanese, Chinese and American soul food cuisines; Partners Personnel, a staffing agency; Pho Bo, a Vietnamese rice noodle soup café; Taqueria Revolucion, a local street taco restaurant; and Posh & Polished Nail Lounge. The property is anchored by a 36,000-square-foot Northgate Market, and home to tenants including Mariscos el Pulpo, Little Caesars, T-Mobile, Asia Wok, Fade Factory, Iron Fist Brewing Co., National Laundry & Dry Cleaning, Sally Beauty and Tocumbo Ice Cream & Tortas.
HOUSTON AND DALLAS — Gramercy Property Trust, a New York-based, publicly traded REIT, has entered into an agreement to buy nine industrial properties located throughout the Houston and Dallas areas. The assets are part of a 41-property, 7.8 million-square-foot portfolio purchased from Core Logistics for approximately $479.1 million. The 41 properties, which are also located in Chicago, Atlanta, Memphis and Columbus, are 93 percent leased collectively.
CONROE, TEXAS — The Woodlands-based Pisula Development Co. has acquired Brightpointe at Rivershire, a 62,000-square-foot healthcare facility situated on three acres at 601 S. Conroe Medical Drive in Conroe. Completed in 2016 and financed by Woodforest National Bank, the facility offers 150 beds for patients requiring medical and physical rehabilitation after being hospitalized.
