MOBILE, ALA. — Cushman & Wakefield has brokered the sale of Mobile Midtown, a multifamily portfolio in Mobile. The portfolio consists of three properties — Bel Air, Estates at Lafayette Square and Pine Bend & The Hamptons — totaling 1,329 units. Cushman & Wakefield’s Jimmy Adams represented the seller, Toronto-based Morguard North America Residential REIT, in the sale to New York-based Lightstone. The sales price was not disclosed.
BRUNSWICK, GA. — Marcus & Millichap has arranged the sale of Merritt Landing, a 128-unit multifamily community located at 5700 Altama Ave. in Brunswick, approximately seven miles west of St. Simons Island. Francesco Carriera, Michael Regan, Kurt McGarry and Rich Merryman of Marcus & Millichap represented the seller, a financial institution, and the buyer, a private investor. Michael Fasano of Marcus & Millichap also assisted in the transaction.
HUMBLE, TEXAS — CBRE has arranged the sale of two multifamily properties totaling 512 units in the Houston metro of Humble. The properties are Eagle Crest, a 200-unit community located at 5303 Atascosita Road, and Timberlakes at Atascosita, a 312-unit community located at 18551 Timber Forest Drive. Both properties were built about 15 years ago and feature pools, fitness centers and clubhouses. Clint Duncan and Matt Phillips of CBRE represented the seller, Gaia Real Estate. Houston-based Mosaic Residential purchased both assets for undisclosed prices.
SEABROOK, TEXAS — Lloyd Jones Capital, a Miami-based investment firm, has acquired Regatta Bay Apartments, a 240-unit multifamily complex located at 2555 Repsdorph Drive in Seabrook, a city about 35 miles southeast of Houston. Built in 2003, the three-story property features a mix of one-, two- and three-bedroom units, as well as a resort-style pool, fitness center and business center. FRBH Regatta Bay LLC sold the asset for an undisclosed price.
SAN ANTONIO — San Antonio Commercial Advisors (SACA) has brokered the sale of Oak Grove Square Shopping Center, an 8,890-square-foot shopping center located at 3203 Nacogdoches Road in San Antonio. The property was 75 percent leased at the time of sale to tenants such as Lefty’s Barbers, Primo Tax and Mobilex USA. Bradley Suttle of SACA represented the buyer, a California-based investor, in the transaction. Other terms of sale were not released.
NEW YORK CITY — Savanna has purchased a 12-story, 144,500-square-foot office and retail building located at 31 W. 27th St. in Manhattan’s NoMad District for an undisclosed price. Originally constructed in 1910, the building features 11,578-square-foot open floorplates, 12-foot to 16-foot barrel-arched ceilings and abundant natural light. Savanna plans to implement a comprehensive capital improvement plan at the property. The scope of the plan includes renovations of the lobby, building systems, façade, roofs and sidewalk vault, as well as the reposition and renovation of the retail storefront. Will Silverman, Paul Gillen and Daniel Parker of Hodges Ward Elliott represented the undisclosed seller in the transaction. Aareal Capital Corp., a subsidiary of Germany-based Aareal Bank AG, provided acquisition financing. Lawrence Britvan, Matt Jacobs and Michael Straw, also of Hodges Ward Elliott, arranged the financing for Savanna.
MIAMI — Miami-based investment firm Mast Capital, in a joint venture with Angelo, Gordon & Co., has purchased Conrad Miami, a mixed-use development located at 1395 Brickell Ave. in Miami, for $72 million. The tower includes 267,000 square feet of Class A office space, 203 hotel units and 116 residential units. The portion purchased by the joint venture includes the hotel units, rooftop amenity deck and a rental program with 41 out of 116 residential units participating. Renovations are planned for individual rooms and public spaces. Christian Charre, Paul Weimer and Natalie Castillo of CBRE Hotels facilitated the transaction. Kimberly LeCompte, Joel Maser, Iris Escarra, Nancy Lash, Nelson Migdal, Andrew Sharpe and Brian Dombrowski of Greenberg Traurig represented Mast Capital in the purchase, and Lauren Giovannone and Michael Bradford of Paul Hastings acted as co-counsel with Greenberg Traurig. Suzanne Amaducci-Adams and Alexander Roitman of Bilzin Sumberg Baena Price & Axelrod LLP represented the seller. Following the sale, the joint venture will enter into a franchise agreement with Conrad Hotels & Resorts. HEI Hotels & Resorts will manage the property.
GLEN ALLEN, VA. — The Peterson Cos. has opened the first Publix in Virginia at Nuckols Place, a shopping center located at Nuckols Road and Twin Hickory Drive in Glen Allen, about 13 miles north of Richmond. Connie Jordan Nielsen and Alicia Farrell of Cushman & Wakefield | Thalhimer represented Peterson Cos. in the lease negotiations. In addition to Publix, Chipotle, Hair Cuttery, Lee Nails and PetValu joined the shopping center. Zaxby’s, Sedona Taphouse, MOD Pizza, GNC and Dynamic Dental will open their shops at Nuckols Place in the fall.
LEWISVILLE, TEXAS — Stream Realty Partners has negotiated a 78,847-square-foot industrial lease at 301 Leora Lane in Lewisville. Blake Kendrick and Eric Crutchfield of Stream represented the landlord, EastGroup Properties. ESRP represented the tenant, Infinite Electronics Inc., an Irvine, Calif.-based supplier of engineering-grade wired and wireless connectivity products.
PHOENIX — Rivendell Global Real Estate has acquired the 112-unit Santa Rosa apartments in Phoenix for $19.5 million. The community is located at 3425 E. Chandler Blvd. Santa Rosa was built in 1997 within the 720-acre Lakewood Master Plan. CBRE’s Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch represented the seller, Baron Properties, in this transaction.
