LOGAN TOWNSHIP, N.J. — Atlanta-based investment firm Stonemont Financial Group has purchased a 67,000-square-foot industrial service facility in the Southern New Jersey community of Logan. The facility sits on a 32-acre site at 300 Progress Court within the Pureland Industrial Complex and features seven drive-in doors, two dock doors, office space, outdoor storage space and onsite rail access. KBC Advisors is marketing the facility for lease. The seller and sales price were not disclosed.
NEW YORK CITY — Rithm Capital Corp., a global alternative asset manager, has entered into a definitive agreement to acquire Paramount Group Inc. (NYSE: PGRE), a vertically integrated real estate investment trust (REIT) that owns, operates, manages and redevelops Class A office properties in New York City and San Francisco. The purchase price is approximately $1.6 billion. New York City-based Paramount’s portfolio includes 13 owned and four managed office assets totaling more than 13.1 million square feet, 85.4 percent of which was leased as of June 30. Under the terms of the agreement, which has been approved by the boards of directors of both companies, Rithm will acquire all outstanding shares of Paramount common stock for $6.60 per fully diluted share. Paramount’s stock price closed at $7.38 per share Tuesday, Sept. 16, up from $5.08 per share one year ago, a more than 45 percent increase. Rithm expects to fund the transaction with a combination of cash and liquidity from its balance sheet and potential opportunities from co-investors. New York City-based Rithm says the addition of the Paramount portfolio will create new opportunities for investors to access its real estate platform and bolster its asset management business. “We believe the …
RICHARDSON, TEXAS — San Diego-based investment firm MG Properties has purchased Ovation at Galatyn Park, a 361-unit apartment community in the northeastern Dallas suburb of Richardson. Designed by WDG Architecture, Ovation at Galatyn Park offers one-, two- and three-bedroom units that range in size from 500 to 1,700 square feet and are furnished with quartz countertops and various smart-home technologies. Amenities include a pool, fitness center, sky lounge, outdoor game room, arcade, billiards room and a podcast studio. Daniel Baker, Johnathan Makus, Kevin O’Boyle and Chandler Sims of CBRE represented the seller, a partnership between San Francisco-based Legacy Partners and Bridge Investment Group, which completed the project last spring, in the transaction.
THE WOODLANDS, TEXAS — Metro Philadelphia-based CenterSquare Investment Management has purchased Commons at Harper’s Preserve, a 21,777-square-foot retail strip center located north of Houston in The Woodlands. The center was 91 percent leased at the time of sale to tenants such as Five Guys, Jeremiah’s Italian Ice, Little Caesar’s, Dunkin’ and Next Level Urgent Care. The seller and sales price were not disclosed.
TAMPA, FLA. — Rockpoint and Newbond Holdings have acquired Westin Tampa Waterside, a waterfront hotel in downtown Tampa. The seller and sales price were not disclosed. The 309-room property is situated on a 1.5-acre site and is the only hotel on the city’s Harbour Island. Westin Tampa is within walking distance of the Tampa Convention Center, Water Street District, Sparkman Wharf and the University of Tampa. Amenities include a fitness studio, heated outdoor pool, multiple dining and bar options and meeting and social event space. Rockpoint and Newbond Holdings plan to renovate Westin Tampa’s guest rooms, lobby and meeting space.
BRADENTON, FLA. — An affiliate of Miami-based CORE Investment Management has acquired Cortez Plaza, a 260,000-square-foot shopping center in Bradenton. The seller and sales price were not disclosed, but the Business Observer reported that an affiliate of Richmond-based Hackney Real Estate Partners sold the property for $39.4 million. Cortez Plaza’s tenant roster includes LA Fitness, Sprouts Farmers Market and Burlington, along with newly developed outparcels occupied by Chick-fil-A and Starbucks Coffee.
BOONE, N.C. — Walker & Dunlop has arranged the sale of Mountaineer Village, a 576-bed student housing community located near the Appalachian State University campus in Boone. Chris Epp, Matthew Chase, Craig Miller, Holden Penn, Ben Sarna, Sarah Foronda and Naomi Bludworth of Walker & Dunlop represented the seller, a joint venture between Coastal Ridge Real Estate and Heitman, in the disposition. The buyer and terms of the transaction were not released. Mountaineer Village offers three-bedroom units with bed-to-bath parity. Shared amenities include a study lounge, fitness center, resort-style pool, business center, basketball court, barbecue area, game room, sand volleyball court, pickleball courts and a fire pit.
NEWTOWN, CONN. — A partnership between an affiliate of Benchmark Senior Living and National Development has purchased Church Hill Village, a 71-unit seniors housing property in Newtown, located in southern Connecticut’s Fairfield County. The facility offers independent living, assisted living and memory care services. Amenities include several dining venues, a creative studio, entertainment room, hair salon, physical therapy room and a putting green. Webster Bank financed the acquisition. The seller and sales price were not disclosed. The new ownership has rebranded the facility as Benchmark at Newtown.
MEDFORD, ORE. — Bear Creek Partners I LLC has completed the disposition of Bear Creek Plaza, a shopping center in Medford. Bear Creek CV LLC acquired the asset for $25.2 million. Built in 1977 on nearly 17 acres, Bear Creek Plaza offers 189,670 square feet of retail space. Current tenants include Bi-Mart, Dollar Tree, Crunch Fitness, McDonald’s, Wendy’s, Carl’s Jr., First Interstate Bank, OneMain Financial, Metro PCS, Papa Murphy’s and Sally Beauty Supply. Clayton Brown and Ruthanne Loar of Marcus & Millichap represented the seller and procured the buyer in the deal. David Tabata of Marcus & Millichap served as broker of record in Oregon.
SOUTH JORDAN, UTAH — Fort Street Partners has purchased Daybreak Corporate Center, a multi-tenant office building in South Jordan. Situated within the 4,000-acre master-planned Daybreak community, Daybreak Corporate Center offers 177,000 square feet of office space. Built in 2008, the asset features a 512-stall structured parking garage, a rooftop patio and walkable access to restaurants, retail, trails and the Daybreak Beach Club. At the time of sale, the property was 95.4 percent occupied. Current tenants include Rio Tinto, Travelpass Group and Enova. Fort Street Partners plans to renovate and lease the remaining space within the building.
