sales_and_leases

GAIA Real Estate Acquires 1,214-Unit Apartment Portfolio in Stamford, Connecticut

by Amy Works December 13, 2016

STAMFORD, CONN. — GAIA Real Estate and its institutional partners Menora Mivtachim Insurance, Amitim Senior Pension Funds, Psagot Investment House and CAPSSA have acquired a five-property multifamily portfolio at Harbor Point in Stamford from a joint venture between Building and Land Technology and the Lubert-Adler Real Estate Funds. The 1,214-unit portfolio consists of Postmark, 111 Harbor Point, Vault, The Key at Yale & Towne and The Lofts at Yale & Towne. The acquisition price was not released.

December 13, 2016

Office Southeast Tennessee

Angelo, Gordon’s Net Lease Group Acquires Office Tower in Memphis for $58.3M

by John Nelson December 13, 2016

MEMPHIS, TENN. — New York-based Angelo, Gordon & Co.’s net lease group (AG Net Lease) has purchased an office tower within International Paper Co.’s global headquarters campus in Memphis for $58.3 million. AG Net Lease’s purchase from Century Park Partners LLC includes the office building and the assumption of International Paper’s existing 10.5-year lease. Situated in the East Memphis business district, Tower III spans 214,060 square feet and is one of four office buildings on International Paper’s campus.

December 13, 2016

North Carolina Office Southeast

Vision Ventures to Develop New Office Building in Charlotte’s South End

by John Nelson December 13, 2016

CHARLOTTE, N.C. — Charlotte-based Vision Ventures plans to develop a four-story, 83,000-square-foot office building located at 2100 S. Tryon St. in Charlotte’s historic South End neighborhood. The property will be situated within walking distance of the East/West Boulevard light rail station, Camden Road and the Rail Trail, a four-mile trail that winds through downtown Charlotte. Vision Ventures has selected Tom Fitzgerald of JLL to market and lease the building, which will feature ground-level retail space. BB+M Architecture is the architect for the project.

December 13, 2016

Hospitality Midwest Ohio

CBRE Hotels Brokers Sale of Crowne Plaza in Columbus, Ohio

by Kristin Harlow December 13, 2016

COLUMBUS, OHIO — CBRE Hotels has brokered the sale of the Crowne Plaza in Columbus for an undisclosed amount. The 300-room hotel is located at 6500 Ave. The hotel, which underwent a renovation in 2013, features 20,000 square feet of flexible event space, a full-service restaurant, indoor and outdoor pool, fitness center and business center. Eric Belfrage and Michael Shirey of CBRE represented the seller, VWI Columbus LLC, a joint venture of Varde Partners, Waramaug Hospitality and Interstate Hotels and Resorts. Florida-based TJM Properties Inc. was the buyer.

December 13, 2016

Midwest Missouri Restaurant Retail

The Roasterie Signs 1,538 SF Lease at Corrigan Station in Kansas City, Missouri

by Kristin Harlow December 13, 2016

KANSAS CITY, MO. — The Roasterie has signed a 1,538-square-foot retail lease at Corrigan Station, a mixed-use project under construction in Kansas City. Copaken Brooks and 3D Development are the project’s co-developers. The Roasterie Café, which offers coffee, tea and pastries, will be located on the first floor. Construction of the café is slated for completion in March 2017. This is the second retail tenant announced for the historic building since construction began on the project. Corvino Supper Club and Tasting Room, a new concept by chef Michael Corvino, was announced earlier this summer and will be the only other tenant occupying the first floor. The Corrigan Station project includes the redevelopment of the historic 10-story, 110,000-square-foot Corrigan Building and approximately 40,000 square feet of new office and retail space with an adjacent parking structure. The mixed-use property is located on 19th Street connecting Walnut and Main streets in the heart of the Crossroads, the city’s art district.

December 13, 2016

Michigan Midwest Retail

Mid-America Arranges Sale of 273,254 SF Shopping Center in Benton Harbor, Michigan

by Kristin Harlow December 13, 2016

BENTON HARBOR, MICH. — Mid-America Real Estate Corp. has arranged the sale of Fairplain Plaza in Benton Harbor. The 273,254-square-foot shopping center in Southwest Michigan is located at the southeast corner of Napier Avenue and Scottdale Road. Tenants include Ulta, TJ Maxx, Dollar Tree and more. Ben Wineman and Bran Rosenberg of Mid-America represented the seller, an institutional real estate fund managed by Coventry Real Estate Advisors. Bloomfield Hills, Mich.-based Lormax Stern Development Co. was the buyer.

December 13, 2016

Georgia Office Southeast

Preferred Apartment Communities Agrees to Purchase Trophy Office Building in Atlanta

by John Nelson December 12, 2016

ATLANTA — Preferred Apartment Communities Inc. has agreed to purchase Three Ravinia, an 813,748-square-foot trophy office building located at 3 Ravinia Drive in Atlanta’s Central Perimeter office submarket. Built in 1991 by Hines, the 31-story office building was 98 percent leased at the time of sale to tenants such as InterContinental Hotels Group (IHG) and State Farm, with an average remaining lease term of approximately 10 years. Last summer IHG renewed its lease to keep its corporate headquarters at Three Ravinia. PAC’s operating partnership, Preferred Apartment Communities Operating Partnership LP, committed to acquire Three Ravinia pursuant to a signed agreement of purchase and sale with the current owner, SPUS6 Three Ravinia LP. The sales price was undisclosed, but the property traded for $145 million in 2013, according to media reports. PAC plans to fund the transaction using a combination of cash on hand, borrowings from its senior secured credit facility with KeyBank NA, proceeds from stock issuances and proceeds from selling other assets. PAC also applied for a non-recourse loan with John Hancock for 55 percent of the purchase price.

December 12, 2016

Multifamily New York Northeast

SDG Management Acquires 68,178 SF Multifamily Building in Manhattan for $18M

by Amy Works December 12, 2016

NEW YORK CITY — SDG Management has purchased a six-story multifamily building located at 66-72 Fort Washington Ave. in Manhattan’s Washington Heights neighborhood. David Katz sold the property for $18 million, or $264 per square foot. Built in 1920, the 68,178-square-foot building features 44 apartment units and a ground-floor commercial space. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and seller in the deal.

December 12, 2016

Hospitality Midwest Missouri

Midas Hospitality Acquires Staybridge Suites in Independence, Missouri

by Kristin Harlow December 12, 2016

INDEPENDENCE, MO. — Midas Hospitality has acquired the Staybridge Suites Kansas City-Independence for $9.8 million. The 102-room hotel is located at 19400 E. 39th Place South on I-70. Renovations totaling $1.6 million will begin in January and include a complete interior renovation along with exterior landscape updates. The hotel will remain open during renovation. Midwest Bank of Poplar Bluff is the lender for the renovation project.

December 12, 2016

Hospitality Texas

HFF Arranges Sale of Independent Hotel in Central Dallas

by Amy Works December 12, 2016

DALLAS — HFF has brokered the sale of Magnolia Dallas Park Cities, a full-service independent hotel located at 6070 N. Central Expressway in central Dallas. Trigate Capital sold the 292-room hotel to 6070 NCX LLC for an undisclosed price. The new owner has retained Stout Street Hospitality to manage the hotel. Originally constructed in 1972 and last renovated in 2015, the hotel features 12,000 square feet of function space, a fitness center, indoor pool and restaurant and lounge. John Bourret and Austin Brooks of HFF represented the seller in the deal.

December 12, 2016

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