Acquisitions

Dornin Investment Group Sells 138,771 SF Highland Place Office Property in Centennial, Colorado

by Amy Works February 18, 2022

CENTENNIAL, COLO. — Orange County, Calif.-based Dornin Investment Group has completed the disposition of Highland Place I, an office building located at 8085 Chester St. in Centennial. Bridle Dale LLC acquired the asset for $22.2 million. Jon Hendrickson, Aaron Johnson, Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the transaction. Built in the 1980s, Highland Place I features 138,771 square feet of office space on 6.2 acres within the Panorama/Highland Business Park, a 115-acre master-planned business park in Denver’s Southeast Suburban submarket. The property features a full-height atrium lobby, fitness center, outdoor seating area and Rocky Mountain views.

February 18, 2022

Acquisitions California Office Western

Buck Design Acquires Creative Office Building in Downtown Los Angeles for $26.5M

by Amy Works February 18, 2022

LOS ANGELES — Buck Design, a global creative agency, has acquired a creative office property in Los Angeles for its West Coast operations. Brickstar Capital sold the asset for $26.5 million. Located at 120 S. San Pedro St., the building features 79,249 square feet of creative office space. Brickstar Capital purchased the property in 2017 and transformed it into a creative campus in 2020 with an updated lobby, private patio and new gym. The building was originally built in 1985 and includes ground-floor retail and subterranean parking. Jack Cline, Doug Cline and Even Jurgensen of Lee & Associates represented the buyer, while Taylor Watson, Brad Chelf, Phillip Sample, Chris Caras, Michael Shustak and Ryan Phillips of CBRE represented the seller in the deal.

February 18, 2022

Hampton-Inn-Phoenix-Airport-North-Phoenix-AZ

Acquisitions Arizona Hospitality Western

CBRE Negotiates Purchase of 106-Room Hampton Inn Phoenix Airport North

by Amy Works February 18, 2022

PHOENIX — CBRE has arranged the acquisition of Hampton Inn Phoenix Airport North, a hotel located near Phoenix Sky Harbor International Airport in Phoenix. A private, California-based investor acquired the asset from a Washington, D.C.-based real estate investment firm for an undisclosed price. Located at 601 N. 44th St., the hotel features 106 guest rooms, three meeting rooms, 2,024 square feet of event space, a fitness center and outdoor pool. Jennifer Bergamo, Rick Rush and Cater Gradwell of CBRE Hotels Capital Markets represented the buyer and seller in the transaction.

February 18, 2022

Acquisitions Multifamily Oregon Western

Brinkman Enters Oregon Market with Acquisition of Willow Tree Place Apartments in Salem

by Amy Works February 18, 2022

SALEM, ORE. — Brinkman Real Estate has purchased Willow Tree Place Apartments, a multifamily community in Salem, for an undisclosed price. The transaction is Brinkman’s first acquisition in the Oregon multifamily market. Built in 2021, Willow Tree Place features 96 two- and three-bedroom garden-style apartments with Class A interior finishes. Brady O’Donnell, Jeff Halsey, Alex Scott and Jill Haug of CBRE Capital Markets’ Debt & Structured Finance group in Denver arranged a bridge loan through Ladder Capital for the buyer. Gabe Johansen of SMI Real Estate represented the undisclosed seller in the deal.

February 18, 2022

Acquisitions Company News New York Northeast Retail Southeast Top Stories Virginia

Ares Management Acquires Capital Automotive for $3.8B, Including 250 Net-Leased Car Dealerships

by John Nelson February 18, 2022

NEW YORK CITY AND MCLEAN, VA. — Ares Management Corp. (NYSE: ARES) has acquired Capital Automotive LLC, a McLean-based firm that specializes in the sale-leaseback of car dealerships under new triple-net leases. Ares purchased the company through its alternative credit strategy division and real estate group for $3.8 billion. The seller was a private real estate fund managed by Brookfield Asset Management (NYSE: BAM). Capital Automotive owns more than 250 real estate assets in the United States and Canada that are structured under long-term, triple-net leases to various car dealers. The names and locations of the properties were not disclosed. Ares purchased Capital to expand and diversify its net-lease investment strategy. Including the recent investment in Capital Automotive, Ares’ funds have invested in over 1,200 real estate assets totaling approximately $7.2 billion of gross asset value in North America and Europe over the past 15 months. These net lease investments include retail, industrial and office properties leased to tenants with varying credit profiles. Ares’ real estate group had approximately $41.2 billion of assets under management as of year-end 2021. Ares Management’s stock price closed on Thursday, Feb. 17 at $79.01 per share, up from $52.02 a year ago, a nearly …

February 18, 2022

Acquisitions California Multifamily Western

29SC Buys Sunterra Apartments in Oceanside, California from Ideal Group for $97.5M

by Amy Works February 17, 2022

OCEANSIDE, CALIF. — 29th Street Capital (29SC) has acquired Sunterra Apartments in Oceanside from Ideal Group for $97.5 million. Built in 1974, Sunterra features 240 apartments, a resort-style pool, two playgrounds, a sundeck with an outdoor fireplace and a fitness center. 29SC plans to implement a community improvement plan including installing stainless steel appliances, quartz countertops, oval soaking tubs and modern white cabinetry. Exterior improvement will include updating the roof, wrapping balconies in wood paneling and replacing windows and glass doors. Haven Residential, 29SC’s in-house property management company, will oversee management and leasing. Hunter Combs of Walker & Dunlop’s San Diego office brokered the off-market transaction. John Montakab and Mark Grace of Walker & Dunlop arranged the financing.

February 17, 2022

Acquisitions Arizona Healthcare Mixed-Use Office Restaurant Retail Western

Woodside Health Buys 44,680 SF Il Palazzo at Arrowhead Ranch Mixed-Use Project in Glendale, Arizona

by Amy Works February 17, 2022

GLENDALE, ARIZ. — Cleveland, Ohio-based Woodside Health has purchased Il Palazzo at Arrowhead Ranch, a 44,680-square-foot mixed-use retail and medical office property in Glendale. An undisclosed seller sold the property for $12.5 million. Consisting of five one- and two-story buildings, the asset was 96 percent leased at the time of sale. Approximately one-third of its occupancy comprises retail and restaurant tenants, including a national bank branch, and the remaining space is occupied by medical, wellness and professional office tenants. Alexandra Loye, Steve Lindley, Eric Wichterman and Mike Coover of Cushman & Wakefield’s capital markets and private capital teams in Phoenix negotiated the sale.

February 17, 2022

Acquisitions California Retail Western

Progressive Real Estate, Newmark Broker $6.1 Sale of Bank of America-Occupied Property in Rancho Cucamonga

by Amy Works February 17, 2022

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners and Newmark have arranged the sale of a single-tenant retail building located at 8700 Baseline Road in Rancho Cucamonga. A private, Northern California-based investor acquired the property from WM Capital for $6.1 million. Brad Umansky of Progressive Real Estate Partners and Glenn Rudy of Newmark represented the seller in the transaction. Bank of America has occupied the 9,195-square-foot drive-thru property since 1976. The building is located within Country Village shopping center.

February 17, 2022

Acquisitions Industrial Texas

Fort Capital Acquires 80,230 SF Industrial Property in Northwest San Antonio

by Taylor Williams February 17, 2022

SAN ANTONIO — Fort Worth-based investment firm Fort Capital has acquired an 80,230-square-foot industrial property located at 6103 Farinon Drive within the University Park master-planned community in northwest San Antonio. The Class B property was fully leased at the time of sale. The seller and sales price were not disclosed.

February 17, 2022

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Arranges $86.6M Sale of Industrial Portfolio Across North Carolina

by Julia Sanders February 17, 2022

CHARLOTTE AND WINSTON-SALEM, N.C. — Cushman & Wakefield has arranged the $86.6 million sale of the North Carolina Interstate 40/Interstate 85 Industrial Portfolio, a group of 22 industrial buildings located in the greater Charlotte and Triad regions. Nolan Ashton, Rob Cochran and Bill Harrison of Cushman & Wakefield represented the seller, Charis Cos. Tom Sullivan, Richard Henry and Ross Fishman of Cushman & Wakefield also secured an undisclosed amount of acquisition financing for the buyer, Boston-based SVN Parsons Commercial Group. Cushman & Wakefield, led by Bobby Finch, will handle leasing efforts for the portfolio. The North Carolina Interstate 40/Interstate 85 Industrial Portfolio includes the following properties: • Nine buildings in Winston-Salem located at 4303 Idlewild Industrial Drive, 4965 Indiana Ave., 5160-5190 Indiana Ave., 4320 Enterprise Drive, 4415 Providence Lane and 1330 Ivy Ave. • Four buildings in Clemmons located at 6220-6295 Clementine Drive • One building in Lexington located at 111-113 Woodside Drive • One building in Salisbury located at 1335 Litton Drive • Seven buildings in Newton located at 1523/1527 7th St. SE, 2309 N College Ave. and 2855-2859 and 2875 Nathan St. The portfolio features a total of nearly 1.6 million square feet and was 98 percent leased …

February 17, 2022

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