Acquisitions

Tailwind Investment Buys 168-Unit Vista Grande Active Adult Community in Rio Rancho, New Mexico

by Amy Works August 17, 2022

RIO RANCHO, N.M. — California-based Tailwind Investment Group has acquired Vista Grande, an active adult community located at 4101 Meadowlark Lane in Rio Rancho. Aspen, Colo.-based Cooper Street Capital sold the asset for an undisclosed price. Built in 1972 on 10.9 acres, the 107,216-square-foot Vista Grande features 168 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 456 square feet to 807 square feet. At the time of sale, the community was fully leased. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s Investment Sales team represented the seller in the deal. The transaction marks Tailwind Investment Group’s first purchase in New Mexico.

August 17, 2022

6010-N-Carefree-Circle-Colorado-Springs-CO

Acquisitions Colorado Retail Western

CBRE Arranges Sales of Two Shopping Centers in Colorado Springs for $13.8M

by Amy Works August 17, 2022

COLORADO SPRINGS, COLO. — CBRE has arranged the sales of two shopping centers in Colorado Springs for a total consideration of $13.8 million. Park Brown, Matthew Henrichs and Brad Lyons of CBRE’s National Retail Partners represented the sellers in each transaction. A Colorado-based private investor acquired the Springs Ranch Shopping Center for $8.3 million, and a San Diego-based 1031 exchange investor purchased Peterson Square for $5.5 million. Located at 6010-6080 N. Carefree Circle, Springs Ranch Shopping Center features 40,331 square feet of multi-tenant retail space. Springs Liquor Outlet anchors the fully leased property. A Denver-based private partnership sold the asset. Located at 6809 Space Village Ave., Peterson Square offers 14,182 square feet of fully occupied retail space. A Denver-based private fund sold the center.

August 17, 2022

Acquisitions California Retail Western

Hanley Investment Group Brokers $5M Sale of Two-Tenant Outparcel in Palm Desert, California

by Amy Works August 17, 2022

PALM DESERT, CALIF. — Hanley Investment Group has arranged the sale of a two-tenant outparcel property located at 72306 Highway 111 in Palm Desert. Newport Beach-based Sage Investco sold the asset to a Salt Lake City-based private investor for $5 million. Mattress Firms occupies 3,800 square feet and Club Champion occupies 3,016 square feet at the asset on a net-leased basis. The property is an outparcel to a Walmart Neighborhood Market. Eric Wohl and CJ Kiehler of Hanley Investment Group represented the buyer and seller in the deal.

August 17, 2022

Acquisitions Oregon Retail Western

Norris & Stevens Negotiates $2.1M Sale of Former Elks Lodge in Gresham, Oregon

by Amy Works August 17, 2022

GRESHAM, ORE. — Portland-based Norris & Stevens has arranged the sale of a retail property located at 16321 SE Stark St. in Gresham. Gateway Elks Lodge No. 2411, Benevolent & Protective Order of Elks of The United States of America, sold the asset to an undisclosed buyer for $2.1 million. Built in 1926 on 2.3 acres, the 14,689-square-foot building features plenty of natural light, an atrium dining area and more than 100 parking spaces. Greg Nesting and Gabe Schnitzer represented the buyer and seller in the deal.

August 17, 2022

Acquisitions Multifamily Texas

Castle Lanterra Sells Two Multifamily Properties Totaling 570 Units in Corpus Christi

by Taylor Williams August 17, 2022

CORPUS CHRISTI, TEXAS — New York City-based investment firm Castle Lanterra has sold two multifamily properties totaling 570 units in Corpus Christi. Baypoint is a 350-unit waterfront community that was originally built in 1998 and offers boat parking, a dog park, pool, sports court and a fitness center. Azure is a 220-unit garden-style community that was originally built in 1997 and offers one-, two- and three-bedroom units, as well as a similar suite of Class A amenities. Castle Lanterra acquired the assets in 2018 and 2016, respectively, and implemented value-add programs. The buyer and sales price were not disclosed.

August 17, 2022

Acquisitions Industrial Self-Storage Texas

Berkshire Hathaway Brokers Sale of 278-Unit Self-Storage Facility in Amarillo

by Taylor Williams August 17, 2022

AMARILLO, TEXAS — Berkshire Hathaway has brokered the sale of Create Space Storage, a 278-unit facility in Amarillo. The property spans 31,912 net rentable square feet. A private ownership group sold the property to a REIT for an undisclosed price, with both parties requesting anonymity. Cameron Vale, Parker Sweet and Josh Cato of Berkshire Hathaway brokered the deal.

August 17, 2022

Acquisitions Healthcare Texas

Coldwell Banker Arranges Sale of 61,000 SF Medical Office Building in Edinburg, Texas

by Taylor Williams August 17, 2022

EDINBURG, TEXAS — Coldwell Banker Commercial has arranged the sale of a 61,000-square-foot medical office building in the Rio Grande Valley city of Edinburg. The three-story property was built on three acres in 2003 within Cornerstone Medical Park. Daniel Galvan and Michael Pacheco of Coldwell Banker Commercial represented the buyer and seller, both of which requested anonymity, in the transaction. The building was 99 percent leased at the time of sale.

August 17, 2022

Acquisitions Hospitality Massachusetts Northeast

Mission Hill Hospitality Acquires Two Hotels Totaling 171 Rooms in Lenox, Massachusetts

by Taylor Williams August 17, 2022

LENOX, MASS. — Denver-based Mission Hill Hospitality, a division of private equity firm KSL Capital Partners, has acquired two select-service hotels totaling 171 rooms in the western Massachusetts city of Lenox. Courtyard Lenox Berkshires totals 92 rooms and was built on 6.7 acres in 2017. The Hampton Inn & Suites Berkshires-Lenox comprises 79 rooms and was constructed on a 6.6-acre site in 2008. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the locally based seller, Toole Cos., in the transaction.

August 17, 2022

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Partners Negotiates Sale of 95,886 SF Retail Building Leased to At Home in Metro Boston

by Taylor Williams August 17, 2022

PEABODY, MASS. — Locally based brokerage firm Atlantic Capital Partners has negotiated the sale of a 95,886-square-foot, single-tenant retail building in the northern Boston suburb of Peabody that is fully leased to Texas-based home improvement retailer At Home. The property is located just west of North Shore Mall and adjacent to a grocery-anchored shopping center. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

August 17, 2022

Acquisitions Hospitality Massachusetts Northeast Top Stories

Electra America Hospitality Group Acquires Historic 225-Room Loews Boston Hotel

by Kristin Harlow August 17, 2022

BOSTON — Electra America Hospitality Group (EAHG) has acquired the 225-room Loews Boston Hotel in the heart of Boston’s Back Bay neighborhood. The purchase price was undisclosed. The buyer plans to rebrand the upscale asset as Hotel AKA Back Bay, marking hospitality operator AKA’s debut in the city. Built in 1925 and located at 154 Berkeley St., the historic stone and masonry building served as the headquarters of the Boston Police Department from 1926 to 1990. The property is situated near many of Boston’s cultural attractions as well as its colleges and universities. The new owner plans to invest roughly $20 million in design upgrades and renovations, which will be undertaken while the hotel remains open. The 222 guestrooms, two suites and penthouse suite will undergo a soft design update. The lobby will feature a library with an intimate seating area. Additional enhancements include a second-floor fitness center, spa, theater and a newly imagined rooftop. Renovations will also be made to the hotel’s restaurant, Precinct Kitchen+Bar, which serves classic American dishes and New England seafood. The restaurant will feature a whiskey cellar, wine tasting room and a new private dining room with a spiral staircase. The acquisition marks EAHG’s sixth …

August 17, 2022

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