Acquisitions

CMCT Acquires Rolf K. McPherson Office Building in Los Angeles for $51M

by Amy Works February 21, 2022

LOS ANGELES — CMCT has purchased the Rolf K. McPherson building, an eight-story office property located at 1910 W. Sunset Blvd. in the Echo Park neighborhood of Los Angeles. Foursquare Church sold the asset for $51 million. Situated on 1.2 acres, the building features 99,761 square feet of office space, ground-floor retail and on-site parking. Built in 1965, the property features floor-to-ceiling windows offering 360-degree views of Echo Park and downtown Los Angeles. CMCT plans to upgrade the property into a creative office space catering to entertaining, media and technology companies. Lee Black and Veronica Black of Keller Williams Commercial represented both the buyer and seller in the transaction.

February 21, 2022

Acquisitions Multifamily Texas

TMG Arranges Sale of 137-Unit Country Place Apartments in Killeen, Texas

by Taylor Williams February 21, 2022

KILLEEN, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Country Place Apartments, a 137-unit complex located in the Central Texas city of Killeen. Built in 1996, the property offers four different types of two-bedroom units and amenities such as a pool, playground, basketball court, fitness center and a dog park. Jon Krebbs of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

February 21, 2022

Acquisitions Nevada Retail Western

Sahara Development Divests of 37,499 SF Shopping Center in Las Vegas for $57M

by Amy Works February 21, 2022

LAS VEGAS — Sahara Development has completed the disposition of The Gateway on The Strip, a retail center located in the heart of the Las Vegas Strip. KB Gateway on the Strip LLC acquired the property for $57 million. Constructed in 2015 at 2427 S. Las Vegas Blvd., Walgreens anchors the property with a long-term lease through 2040. At the time of sale, the asset was 42 percent occupied. The 1.8-acre center features a freestanding parking garage, additional income via electronic billboard contracts, an upper-deck patio and an unrestricted gaming license. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the deal.

February 21, 2022

Acquisitions California Industrial Western

Walton Street Capital Affiliate Buys 183,000 SF Manufacturing Facility in Woodland Hills, California

by Amy Works February 21, 2022

WOODLAND HILLS, CALIF. — An affiliate of Walton Street Capital has purchased the former Catalina Yachts headquarters, a manufacturing facility located at 21200 Victory Blvd. in Woodland Hills. Terms of the transaction were not released. Developed in the 1960s, the 183,000-square-foot asset consists of two structures with low coverage, ample vehicular access and flexibility, and 31.5-foot clear heights. The buyer plans to improve the main existing structure to a Class A industrial building with the intention of accommodating multiple users and uses. With access to CA-27 and US-101, the property services a population base of 5.4 million people within a 25-mile radius.

February 21, 2022

Acquisitions Healthcare Northeast Pennsylvania

Joint Venture Acquires Constitution Health Plaza in South Philadelphia for $77M

by Taylor Williams February 21, 2022

PHILADELPHIA — A joint venture between locally based investment firm BG Capital, New Jersey-based Hampshire Cos. and Saudi Arabian investment firm Arbah Capital has acquired Constitution Health Plaza, a 295,000-square-foot medical office complex in South Philadelphia, for $77 million. The seller was not disclosed. The property, which is currently undergoing a renovation, also includes a 425-space parking garage. Major tenants include the City of Philadelphia, Malvern Behavioral Health, University of Pennsylvania Medicine, Mercy Health Systems and the Kidney Center of South Philadelphia.

February 21, 2022

Acquisitions Multifamily New Hampshire Northeast Seniors Housing

Covenant Living Buys 222-Unit Seniors Housing Community in Keene, New Hampshire

by Taylor Williams February 21, 2022

KEENE, N.H. — Covenant Living Communities & Services has acquired Hillside Village Keene, a continuing care retirement community (CCRC) in Keene, located about 20 miles north of the Massachusetts-New Hampshire border. Covenant acquired the community out of bankruptcy and has renamed it Covenant Living of Keene. The property opened in 2019 and features 141 independent living units, 43 assisted living units, 18 assisted memory care units and 20 nursing care suites.

February 21, 2022

Acquisitions Hospitality Indiana Midwest

Mumford Co. Negotiates Sale of 180-Room Sheraton Hotel in Jeffersonville, Indiana

by Kristin Harlow February 21, 2022

JEFFERSONVILLE, IND. — Mumford Co. has negotiated the sale of the Sheraton Louisville Riverside Hotel in Jeffersonville, just north of Louisville along the Ohio River. The 180-room hotel rises 10 stories. Affiliates of Sotherly Hotels Inc. sold the property to Riverside Hotel LLC, a partnership of two multi-unit hotel ownership groups with holdings across the eastern half of the U.S. The buyer plans to continue operating the hotel under the Sheraton brand and undertake a renovation program. Our Town Hospitality will be retained as property manager. David Mumford, Burton Brooks and George Arvanitis of Mumford Co. brokered the transaction.

February 21, 2022

Acquisitions Illinois Industrial Midwest

Barber Murphy Brokers Sale of 16,800 SF Warehouse in Mount Vernon, Illinois

by Kristin Harlow February 21, 2022

MOUNT VERNON, ILL. — Barber Murphy has brokered the sale of a 16,800-square-foot warehouse with office space in Mount Vernon, a city in southern Illinois, for an undisclosed price. The property is located at 5111 Lake Terrace. Clear Sky Commercial purchased the building from Nealy Glenn Revocable Trust. Barber Murphy represented both parties in the transaction.

February 21, 2022

Acquisitions Northeast Pennsylvania Retail Top Stories

JLL Arranges $162M Sale of Providence Town Center Retail Property in Metro Philadelphia

by Taylor Williams February 21, 2022

COLLEGEVILLE, PA. — JLL has arranged the $162 million sale of Providence Town Center, a 759,945-square-foot retail center located in the Philadelphia suburb of Collegeville. Regional grocer Wegmans has been the anchor store for Providence Town Center since the property was developed in 2009. Brandolini Cos. sold the asset to a partnership between Maryland-based Finmarc Management Inc. and New York City-based KPR Centers. The property is the fourth-most-visited open-air retail center in the state, according to the brokerage team that handled the sale. Nearly 65,000 vehicles drive by Providence Town Center via State Route 422 on a daily basis, and an additional 20,000 vehicles pass the site on U.S. Highway 29 each day. At the time of sale, Providence Town Center was 92 percent leased to Wegmans, Old Navy, Dick’s Sporting Goods, HomeGoods, Michaels, LA Fitness and Movie Tavern. The brokerage team also notes that the acquisition of Providence Town Center marks the largest open-air retail transaction in the Philadelphia area since the trade of East Gate Square in 2015. The property drew interest from private and institutional investors alike. James Galbally, Christopher Munley, Colin Behr and Chris Angelone of JLL represented the seller and procured the buyer in the …

February 21, 2022

Acquisitions Illinois Midwest Net Lease Retail

Brauvin Sells Net-Leased Retail Portfolio for $185M

by Kristin Harlow February 18, 2022

CHICAGO — Chicago-based Brauvin Real Estate has sold a portfolio of 59 net-leased retail properties for $185 million. The properties are located in 18 states across the country and are leased to 16 tenants. John Morse and Andrew Hahn of Patzik, Frank and Samotny represented Brauvin in the transaction. The buyer was undisclosed. The sale completes the investment cycle of Brauvin’s 17th investment fund. The company now plans to acquire another $200 million in assets for its 18th fund.

February 18, 2022

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