KANSAS CITY, MO. — Northmarq has brokered the sale of Province at Briarcliff in Kansas City for $23.8 million. The 120-unit multifamily property, built in 2002, is located at 1282 Northwest Vivion Road within the Briarcliff West neighborhood. Amenities include a business center, clubhouse, fitness center, pool and sundeck. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Forum Real Estate Group, and the buyer, Peak Capital Partners.
LITCHFIELD, MINN. AND MONROE, WIS. — MAG Capital Partners LLC has acquired two industrial facilities totaling 205,410 square feet in Minnesota and Wisconsin in a sale-leaseback transaction with Monroe Truck Equipment Inc. The sales price was undisclosed. One of the properties totals 162,170 square feet and is located in Litchfield, Minn. The other spans 43,240 square feet and is situated in Monroe, Wis. Founded in 1958 in Wisconsin, Monroe Truck Equipment specializes in snow and ice control equipment, towing and service bodies. In 2021, the company joined Aebi Schmidt Group, a Switzerland-based infrastructure and terrain maintenance firm. Daniel Macks and Jonathan Wolfe of STREAM Capital Partners represented the seller. Led by Dax Mitchell and Andrew Gi, MAG Capital Partners is based in Dallas.
LOS ANGELES — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Rehabilitation Centre of Beverly Hills, a 150-bed skilled nursing facility in Los Angeles. The Rehabilitation Centre of Beverly Hills is a premier, state-of-the-art, all-Medicare nursing facility located near Cedars-Sinai Medical Center, one of the most prestigious hospitals in the United States. A private, high-net-worth owner-operator based in Los Angeles was the buyer. The seller and price were not disclosed.
MORENO VALLEY, CALIF. — Dalfen Industrial has purchased Moreno Valley Logistics Center, an industrial property situated less than three miles from Interstate 215 in Moreno Valley. Terms of the transaction were not released. Moreno Valley Logistics Center features 95,922 square feet of industrial space. The asset is in close proximity to State Route 60 and State Route 91, enabling east-west connectivity including to the Port of Long Beach and Port of Los Angeles.
EVERETT, WASH. — Hanley Investment Group Real Estate Advisors has arranged the sale of a retail building located at 1031 SE Everett Mall Way in Everett. An Orange County, Calif.-based private investor company sold the asset to a Seattle-based private investor for $2.8 million. Pacific Dental Services and Coldwell Banker occupy the two-tenant 3,816-square-foot building, which was built in 1975 and renovated in 2017. Jeff Lefko and Bill Asher of Hanley Investment Group, in association with ParaSell, represented the seller, while Michael Finch of CenturyPacific represented the buyer in the deal.
The mere flipping of the calendar to mark a new year has done nothing to inject certainty into the next 12 months. The higher cost of credit that muted commercial real estate investment sales in the second half of 2022 and the attitude of some sellers who refuse to recognize the new pricing reality remain in place in the new year. Many eyes are on the Federal Reserve, hoping for a respite in interest rate hikes after the central bank raised the effective benchmark federal funds rate some 400 basis points to 4.33 percent in less than a year, according to the Federal Reserve Bank of New York. Some investors are even hoping for a rate cut. Neither of those is likely, at least in the short term, observes Arthur Milston, a senior managing director of NAI Global in New York City. While inflation has cooled to an annual rate of 6.5 percent from a high of 9.1 percent in June, that’s still far off from the roughly 2 percent annual target that the Fed desires, he adds. That should translate into continued tightening, Milston says, although the question is, how long will the central bank keep raising rates, and …
LAKE MARY, FLA. — Legacy Realty Group Advisors has negotiated the $46 million sale of Griffin Farm at Midtown, a 125,000-square-foot, grocery-anchored shopping center in Lake Mary, a suburb of Orlando. Jacob Baruch, Daniel Baruch and Jonah Warshaw of Legacy Realty represented both the buyer and seller in the transaction. Both parties requested anonymity, but Orlando Business Journal reports the seller was Unicorp. Griffin Farm at Midtown is anchored by Winn-Dixie and also houses a 24-Hour Fitness location. The shopping center is part of a new mixed-use development that also features 263 luxury apartments and 138 David Weekly Homes.
WOODBRIDGE, VA. — CBRE National Senior Housing’s investment properties team has arranged the sale of HarborChase of Prince William Commons, a Class A seniors housing community in Woodbridge, a suburb of Washington D.C. Built in 2018, HarborChase of Prince William Commons is a three-story building with 127 units of assisted living, transitional memory care and memory care units. John Sweeny, Aron Will, Garrett Sacco and Scott Bray of CBRE represented the sellers, Silverstone Senior Living and Lionstone Investments. Although the price was not disclosed, CBRE National Senior Housing’s debt and structured finance team consisting of Aron Will, Tim Root, and Michael Cregan arranged acquisition financing on behalf of the buyer, Artemis Real Estate Partners. CBRE secured a five-year, $31.3 million, fixed-rate loan from a regional bank with 24 months of interest-only payments. The Arbor Co. will operate the community following the acquisition.
EVERETT, WASH. — Woodinville, Wash.-based Formost Fuji, a manufacturer in the packaging industry, has purchased a manufacturing and industrial building located at 905 80th St. SW in Everett. MTorres America sold the asset for $20 million. Situated on 14.9 acres, the property features a 65,344-square-foot building with capacity for warehouse expansion of up to 32,000 square feet. MTorres America, an aerospace manufacturing company, previously occupied the building. Zach Vall-Spinosa and James Leptich of Kidder Mathews represented the buyer in the deal.
MUKILTEO, WASH. — Sienna Technologies has acquired an industrial property located in the Harbour Pointe neighborhood of Mukilteo, approximately 25 miles north of Seattle. UMC Inc., a medical contractor, sold the asset for $8.2 million. Zach Vall-Spinosa and Ryan Foster of Kidder Mathews represented the buyer in the deal. Located at 11611 49th Place W., the property features 36,000 square feet of standalone industrial flex space on two acres. Based in Woodinville, Sienna Technologies manufactures aluminum nitride ceramics, including some used for electric propulsion in space exploration appliances.
