sales_and_leases

Cushman & Wakefield Brokers $24.3M Sale of Retail Property in Manhattan

by Amy Works July 2, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail condominium located in Manhattan’s East Village. The 15,311-square-foot property sold for $24.3 million, or $1,590 per square foot, and features more than 200 feet of wraparound frontage. The property is currently divided into three separate spaces on the ground floor and basement. Additionally, the property is undergoing renovation to include an additional 1,314 square feet of retail space. James Nelson and Bob Knakal of Cushman & Wakefield negotiated the transaction. The seller was Benchmark, but the name of the buyer was not released.

July 2, 2015

Industrial Texas

Sealy & Co. Acquires 101,983 SF Industrial Asset in El Paso

by Haisten Willis July 2, 2015

EL PASO, TEXAS — Sealy & Co. has acquired a 101,983-square-foot industrial asset located at 9500 Plaza Circle in El Paso on behalf of the company’s investment offering, SSEP. The single-tenant building, developed in 2000, is a cross-dock facility that offers above average clear heights for the market and a large amount of excess trailer parking. The building is located 1.7 miles from the Zaragoza Bridge, a commercial international port of entry between Mexico and the United States.

July 2, 2015

Georgia Hospitality Southeast

Square Mile Capital-Led Partnership Sells W Hotel Atlanta Downtown to Ashford for $56.8M

by John Nelson July 2, 2015

ATLANTA — A partnership led by Square Mile Capital Management LLC has sold the W Hotel Atlanta Downtown to Ashford Hospitality Trust for roughly $56.8 million. The 237-room hotel anchors the Allen Plaza mixed-use complex in downtown Atlanta and is within walking distance of the MARTA Civic Center Metro station, Georgia Aquarium and the World of Coca-Cola. The partnership acquired the W Hotel in 2010 via deed in lieu of foreclosure. Since 2010, the hotel’s net operating income has tripled, with average occupancy currently at 73 percent and the average daily room rate above $200. Concurrent with the completion of the acquisition, Ashford Hospitality Trust financed the hotel with a $40.5 million non-recourse mortgage loan. The hospitality REIT has also retained Starwood Hotels to manage the property.

July 2, 2015

California Multifamily Western

Park Grove Apartments in San Diego Sells for $9.6M

by Nellie Day July 2, 2015

SAN DIEGO – The 98-unit Park Grove Apartments in San Diego has sold to 3635 College Ave LLC for $9.6 million. The community is located at 3635-75 College Ave. Park Grove is situated just two miles from San Diego State University. The buyer plans to rebrand the multifamily property after it completes major interior and exterior upgrades. Peter Scepanovic and Corey McHenry of Colliers International’s San Diego Multifamily Advisory Group represented both the buyer and the seller, the William R. Mundt Trust, in this transaction.

July 2, 2015

Retail Texas

M&M Arranges Sale of 13,925 SF Retail Property in Metro Houston

by Haisten Willis July 1, 2015

SUGAR LAND, TEXAS — Marcus & Millichap has arranged the sale of Creekside at Town Center, a 13,925-square-foot retail property located at the southeast corner of Highway 6 and Southwest Freeway in Sugar Land. Tenants in the property include TDECU, Verizon Wireless, Mattress Firm and an orthodontist office. The immediate area is the focal point for Fort Bend County’s retail and office developments. The asset had a list price of $7.4 million. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Goldstein also secured and represented the buyer, a partnership. Creekside at Town Center is located at 2109 Highway 6 S.

July 1, 2015

District of Columbia Hospitality Southeast

Hodges Ward Elliott Brokers Sale of St. Regis Washington, D.C.

by John Nelson July 1, 2015

WASHINGTON, D.C. — Hodges Ward Elliott has brokered the sale of the St. Regis Washington, D.C., a 182-room luxury hotel located at the intersection of 16th and K streets, roughly two miles from the White House. Mark Elliott and Rudy Reudelhuber of Hodges Ward Elliott represented the seller in the transaction. The firm also advised the buyer, Al Rayyan Tourism Investment Co. (ARTIC), on procuring acquisition financing from Goldman Sachs. St. Regis Washington, D.C., will continue to operate under the St. Regis brand. ARTIC’s purchase also includes an adjacent parcel that is zoned for 22,000 square feet of hotel, office, retail, parking and/or residential use. Qatar-based ARTIC is the international hospitality subsidiary of Al Faisal Holding Co. ARTIC owns 32 hotels in the Middle East, Africa, Europe and North America, including the Radisson Blu Chicago and The Manhattan at Times Square.

July 1, 2015

California Retail Western

Foremost Companies Acquires Two Retail Centers for $23M

by Nellie Day July 1, 2015

DIAMOND BAR, CALIF. — Foremost Companies has acquired two adjacent shopping centers in Diamond Bar totaling more than 120,000 square feet of leasable commercial space for $23 million. The Ranch Center and Oak Tree Plaza cover 10.4 acres of property with a tenant roster including restaurants, medical offices, a bowling alley and retail. Foremost acquired The Ranch Center in an off-market acquisition from Preferred Bank, which foreclosed on the center in October 2014. Foremost acquired and consolidated the interest of a long-term ground-lease tenant at Oak Tree Plaza while restructuring a new lease with the anchor tenant. Preferred Bank provided acquisition financing, and Stonewood Properties will act as property manager for both centers.

July 1, 2015

California Retail Western

Buchanan Street Buys Rowland Plaza in San Francisco Bay Area for $25M

by Nellie Day July 1, 2015

NOVATO, CALIF. — Buchanan Street Partners has acquired Rowland Plaza, a 143,444-square-foot office project in Novato for $24.9 million. The two-building development is located at 75 and 88 Rowland Way. The plaza is 73 percent occupied. The tenant mix includes public accounting, technology, healthcare, professional services, and governmental and social services firms. Buchanan plans to make improvements to the plaza’s common areas and landscaping. This will include a complete lobby renovation, with redesigned landscaping to increase the curb appeal of the project. Renovations are scheduled to be complete by mid-2016. This is Buchanan Street’s second acquisition in the San Francisco Bay area this quarter. Buchanan Street represented itself in this transaction, while Grant Lammersen and George Eckard from Cushman & Wakefield represented the seller, a joint venture between Barker Pacific Group and Rockwood Capital.

July 1, 2015

Industrial Texas

Sealy & Co., AEW Arrange Sale of 1.48M SF Texas Industrial Portfolio

by Haisten Willis June 30, 2015

DALLAS, HOUSTON AND SAN ANTONIO — Sealy & Co. has arranged the sale of an industrial portfolio that consists of 19 assets totaling 1.48 million square feet located in Dallas, Houston and San Antonio. The portfolio was part of Sealy’s joint venture holdings with global real estate investment management firm, AEW Capital Management. AEW owned the portfolio on behalf of AEW Partners VII LP, the seventh in AEW’s opportunistic fund series. The portfolio is 91 percent leased and consists primarily of multi-tenant, net-leased industrial facilities.

June 30, 2015

Illinois Midwest Multifamily

354-Unit Riverwood Apartment Homes Sells for $23M in Lansing, Ill.

by Amy Works June 30, 2015

LANSING, ILL. — Marcus & Millichap has brokered the sale of Riverwood Apartment Homes, an apartment complex located at 3647 173rd Court in Lansing, a southern suburb of Chicago. The 354-unit asset sold for $23 million, or $65,000 per unit. Built in 1974, the property features six 48-unit mid-rise building and three two-story buildings totaling 66 units. On-site amenities include a clubhouse with party room, an outdoor pool with sun deck, a fitness center, basketball court, sport court, dog walk area, on-site laundry and on-site storage. Eric Bell of Marcus & Millichap’s Chicago O’Hare office represented the seller and buyer, both of which were not disclosed, in the transaction.

June 30, 2015

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