WEST HEMPSTEAD, N.Y. — RIPCO Real Estate has brokered the $5.6 million sale of a 10,125-square-foot retail building located in the Long Island community of West Hempstead. The property is leased to CVS through 2032. A partnership between two locally based limited liability companies sold the asset to private investor Kenny Mauer. Stephen Preuss, Kevin Louie, Gene Spiegelman, Kevin Schmitz and Andreas Efthymiou of RIPCO brokered the deal.
DENVER — Stockbridge has acquired an eight-building industrial portfolio in Denver. The name of the seller and acquisition price were not released. Totaling more than 1.3 million square feet of infill industrial space, the portfolio includes: Table Mountain Commerce Center, 16163 W. 45th Drive West 53rd Place, 445 W. 53rd Place Leyden I, 4735-4795 Leyden St. Leyden II, 4725 Leyden St. Denver Business Center 5, 11175 E. 55th Ave. Denver Business Center, 11605 E. 55th Ave. Moline Distribution Center, 4865 Moline St. Moncrieff Distribution Center, 14303 E. Moncrieff Place Built between 1971 and 2009, the buildings offer clear heights ranging from 22 feet to 32 feet. At the time of sale, the portfolio was fully leased to 25 tenants in variety of industries, including electrical supplies; warehouse and distribution; manufacturing; construction and building materials; technology; and consumer goods. Jim Bolt, Tyler Carner, Jeremy Ballenger and Jessica Ostermick of CBRE’s Denver office represented the seller in the deal.
SAN DIEGO — JLL Income Property Trust has purchased South San Diego Distribution Center, a three-building industrial portfolio in San Diego. Affiliates of Murphy Development Co. sold the asset for $158.5 million. Totaling 665,000 square feet, the three properties were 96 percent leased to eight tenants at the time of sale. The investment was acquired through the assumption of an in-place, $72.5 million first mortgage at a 3.18 percent fixed interest rate. The financing features interest-only payments for another four years with maturity in 2031. The acquisition also includes the issuance of $75 million in operating partnership units to the sellers. The balance of the purchase was funded with cash.
CALIFORNIA AND WASHINGTON — A joint venture between owner-operator Merrill Gardens and publicly traded REIT National Health Investors (NYSE: NHI) has acquired six independent living communities located on the Pacific Coast. The communities were formerly managed by Holiday Retirement, and more recently, Atria Senior Living. The price and seller were not disclosed. The communities will be rebranded as part of the Truewood by Merrill brand. The properties include: Truewood by Merrill, Fig Garden; Fresno, Calif.; 103 units Truewood by Merrill, Modesto; Modesto, Calif.; 120 units Truewood by Merrill, Pinole; Pinole, Calif.; 98 units Truewood by Merrill, Roseville; Roseville, Calif.; 117 units Truewood by Merrill, West Covina; West Covina, Calif.; 110 units Truewood by Merrill, Vancouver; Vancouver, Wash.; 103 units NHI was already the owner of the communities and leased them to third-party operators. The acquisition brings in Merrill Gardens as the new operator under a joint-venture structure rather than a lease.
SAN BERNARDINO, CALIF. — Presidio Property Trust has completed the sale of World Plaza, a multi-tenant retail property in San Bernardino. A Los Angeles-based private investor acquired the asset for $10 million. Located at 1535 E. Highland Ave., World Plaza features 55,810 square feet of retail space. The property was remodeled in 2018 to accommodate a 36,000-square-foot Chuze Fitness and was 100 percent leased at the time of sale. Matt Burnett of Hanley Investment Group represented the seller, while Brian Heron of Modesto-based Commercial Retail Associates represented the buyer in the transaction.
DENVER, COLO. — NAI Shames Makovsky has brokered the sale of an industrial building located at 4101 and 4201 E. 48th Ave. in Denver. Jeremy Fein sold the asset to 48th and Colorado LLC and East 48th LP LLC for $8.7 million in an off-market transaction. The property consists of 95,300 square feet of industrial space. The buyer plans to hold the asset as a long-term investment with significant value-add improvements. Paul Cattin and Adam Hubschman of NAI Shames Makovsky represented the buyer in the deal.
NEW YORK CITY AND AUSTIN, TEXAS — Blackstone Inc. (NYSE: BX) has agreed to acquire American Campus Communities (NYSE: ACC) in a deal valued at $12.8 billion, including the assumption of debt. ACC is the largest publicly traded owner, manager and developer of student housing in the United States. Blackstone plans to take the company private through Blackstone Real Estate Income Trust Inc. and Blackstone Property Partners, which unlike its traditional private-equity funds can hold properties as long-term investments, according to media sources. This move comes as the price of public equity has been more expensive than private institutional capital over the past few years, according to Bill Bayless, co-founder and CEO of ACC, in a letter to employees. During that time, many of the private players in the sector were able to acquire and develop more aggressively than the cost of public equities permitted. The purchase price represents a premium of 22 percent against ACC’s 90-day, volume-weighted average share price as of April 18, and a 30 percent premium over the company’s closing stock price on Feb. 16, the day prior to ACC disclosing an indication of willingness from Blackstone to acquire the Austin-based firm. This transaction marks Blackstone’s largest investment …
AUBURN, ALA. — Marcus & Millichap has brokered the sale of the Auburn Summit Portfolio, three apartment communities with a total of 187 units in Auburn. Josh Jacobs, Andrew Jacobs, Matthew Prozzillo and Benjamin Skinner of Marcus & Millichap represented the undisclosed seller and procured the Utah-based buyer in the transaction. The sales price was $19 million, or about $101,500 per unit. The Auburn Summit Portfolio includes the following: • The Summit at Glenn is a 72-unit multifamily property located at 516 E. Glenn Ave. that was built in 1974. • The Summit at Dean is a 54-unit multifamily property located at 555 N. Dean Road that was built in 1977. • The Summit on Ross is a 60-unit multifamily property located at 650 N. Ross St. that was built in 1964. The properties are locally managed assets located less than two miles from Auburn University.
ELMENDORF, TEXAS — Marcus & Millichap has arranged the sale of a 232,406-square-foot office and industrial campus located in the southeastern San Antonio suburb of Elmendorf. Built in 2012, the property consists of 11 buildings on a 108-acre site. At the time of sale, the campus, which includes outdoor storage space, was fully leased to oilfield services company Weatherford International (NASDAQ: WFRD). Patrick Doherty, David Houston and James Stewart of Marcus & Millichap represented the seller, Atlanta-based Stonemont Financial Group, in the transaction and procured the undisclosed buyer.
SUGAR LAND, TEXAS — JLL Income Property Trust has purchased Sugar Land Medical Plaza, 37,000-square-foot medical office building located on the southwestern outskirts of Houston, for $18.4 million. The property was built in 2020 and was fully leased at the time of sale to a roster of local healthcare providers that have a weighted average remaining lease term of nine years. The seller was not disclosed.