sales_and_leases

Moody National REIT I to Buy Embassy Suites Nashville for $66.3M

by John Nelson May 5, 2015

NASHVILLE, TENN. — Moody National REIT I Inc. has entered into a purchase contract to acquire the Embassy Suites Nashville for $66.3 million. The 208-room hotel opened on a 1.25-acre lot in 2001 in Nashville’s West End-Midtown district near Vanderbilt University. The hotel features an indoor swimming pool, fitness center, business center and meeting space. Moody National REIT I owns select-service hotels in major markets across the United States. The REIT is sponsored by Moody REIT Sponsor LLC, an affiliate of the Moody National Cos.

May 5, 2015

Industrial Texas

KFG Acquires Eight-Building Industrial Portfolio in Metro Austin

by Haisten Willis May 4, 2015

AUSTIN AND ROUND ROCK, TEXAS — KFG Investment Co. has acquired an eight-building, 271,060-square-foot industrial portfolio in metro Austin. The company’s flex industrial portfolio in the area now includes 598,900 square feet. The acquisition includes Techni Center 6 and 7, located at 3714 Bluestein Drive in Austin, totaling 124,390 square feet; the five-building flex project known as Cameron Center, located at 8200 Cameron Road in Austin, totaling 94,770 square feet; and Amorron 6, located at 800 Paloma Drive in Round Rock, totaling 51,900 square feet. The portfolio is 96 percent leased. TA Associates and Clarion were the sellers. Tenants in the portfolio include Chip Semiconductor, Action Box Co., GTECH Corp., and Busch Semiconductor Vacuum Group.

May 4, 2015

California Multifamily Western

Long Beach Apartment Building Sells for $2.8M

by Nellie Day May 4, 2015

LONG BEACH, CALIF. – A 24-unit apartment building in Long Beach has sold to Keely Partners for $2.8 million. The community is located at 138 Elm Ave. in the city’s East Village Arts District. It was built in 1914. Robert Stepp of Stepp Commercial represented both the buyer and seller, a local private investor, in this transaction.

May 4, 2015

California Retail Western

Shoe Palace Signs on at Primestor’s Azalea Regional Shopping Center in Los Angeles

by Nellie Day May 4, 2015

LOS ANGELES – Shoe Palace has leased 3,500 square feet of space at Azalea Regional Shopping Center in the Los Angeles submarket of South Gate. The center is located at 4827 Firestone Blvd. It is owned by Primestor Development. Shoe Palace is a Northern California-based casual and athletic shoe retailer.

May 4, 2015

Multifamily North Carolina Southeast

MHA Brokers Sales of Two Apartment Communities in Charlotte for $39.9M

by John Nelson May 4, 2015

CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered the sales of two apartment communities in separate transactions totaling $39.9 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions. The deals included Meridia selling the 202-unit Tryon Park at Rivergate to White Point Partners and Wellington United selling the 254-unit Wellington Farms to JEM Holdings.

May 4, 2015

Florida Multifamily Southeast

Colliers Arranges $30M Sale of Central Florida Apartment Community Via Auction.com

by John Nelson May 1, 2015

ORANGE CITY, FLA. — Colliers International has arranged the $30 million sale of Grandeville on Saxon, a Class A, 316-unit apartment community located at 741 Saxon Blvd. in Orange City. The buyer, Northland Grandeville LLC, doing business as Northland Investment Corp., purchased the asset through the online auction forum Auction.com. The community was 96 percent occupied at the time of sale. According to Colliers, more than 580 prospective bidders reviewed the sales materials online before the sale. George Pjevach and John Stone of Colliers International represented the seller, WBCMT 2006-C24 Saxon Boulevard LLC. LNR is the special servicer on behalf of the seller, and John Mitchell of LNR oversaw the liquidation process. Grandeville on Saxon is Northland Investment’s 21st property in Florida, bringing its nationwide portfolio to more than 21,000 apartment residences.

May 1, 2015

California Multifamily Western

Waypoint Property Group Buys the Waterfront in Newport Beach

by Nellie Day May 1, 2015

NEWPORT BEACH, CALIF. — Waypoint Property Group has purchased the Waterfront, a 64-unit apartment community in Newport Beach, for $25.5 million. The community is located at 919 Bayside Drive. The Waterfront is situated across from Balboa Island. The property, which was built in 1964, overlooks Newport Harbor. Common-area amenities at the property include private single-car garages, a salt-water pool, a poolside lounge and a clubhouse. Select units feature stainless-steel appliances, fireplaces, new wood-style floors, quartz countertops and recessed lighting. The seller, BT Real Estate Group, was represented by Stewart I. Weston of Institutional Property Advisors.

May 1, 2015

Arizona Office Western

Select Income REIT Buys Farmers Insurance Building in Phoenix

by Nellie Day April 30, 2015

PHOENIX – Select Income REIT has purchased the Farmers Insurance Building, a 106,397-square-foot office building in Phoenix, for $16.8 million. The building is located at 16001 N. 28th Ave. in the Arizona Business Park. The property will be managed by Reit Management & Research LLC. The seller, Sabal Financial Group, was represented by CBRE’s Barry Gabel, Chris Marchildon, Ashley Brooks, Jim Bayless and Jenny Aust. Sabal purchased the property through its Granite Twenty Eighth Holdings entity.

April 30, 2015

California Office Western

Los Angeles Office Building Sells for $3.8M

by Nellie Day April 30, 2015

LOS ANGELES – A 12,453-square-foot office building in Los Angeles has sold to 3211 Cahuenga LLC for $3.8 million. The building is located at 3211 Cahuenga Blvd. West. It is fully occupied. The LLC was represented by Roger L. Beck of Charles Dunn Company. The seller, a local private investor, was represented by Stacy Vierheilig-Fraser of the same firm.

April 30, 2015

Colorado Retail Western

Glowgolf Opens at the Promenade Shops at Centerra in Loveland

by Nellie Day April 30, 2015

LOVELAND, COLO. – Glowgolf has opened a 36-hole miniature golf course at the Promenade Shops at Centerra in Loveland. The indoor, glow-in-the-dark course also has an area for birthday parties and group events. The Promenade is located at 5971 Sky Pond Drive. It is managed by Poag Shopping Centers LLC.

April 30, 2015

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