Acquisitions

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

Acquisitions Multifamily South Carolina Southeast

Excelsa Acquire Multifamily Community in Goose Creek, South Carolina for $52.7M

by Julia Sanders February 17, 2022

GOOSE CREEK, S.C. — Bethesda, Md.-based Excelsa Properties has acquired Coventry Green Apartments, a 256-unit multifamily property located in Goose Creek. The undisclosed seller sold the property for $52.7 million. Coventry Green Apartments includes two- and three-story buildings. Built in 2001, the property offers one-, two- and three-bedroom floorplans. Community amenities include a car care center, saltwater pool, washer and dryer connections, billiards room, café with Wi-Fi and stainless steel appliances. Excelsa Properties intends to invest more than $5 million to upgrade the property. Located at 104 Gainsborough Drive, the property is situated 13.9 miles from North Charleston, 15.6 miles from Charleston International Airport and 22.7 miles to Charleston. The property is also close to major employers including Joint Base Charleston, The Medical University of South Carolina, The Boeing Co. and Volvo Car USA.

February 17, 2022

219-Rockingham-Road-Londonderry-New-Hampshire

Acquisitions Industrial New Hampshire Northeast

Provender Partners Buys Two Cold Storage Facilities Totaling 316,000 SF in New Hampshire

by Taylor Williams February 17, 2022

LONDONDERRY, N.H. — California-based investment firm Provender Partners has acquired two cold storage facilities totaling roughly 316,000 square feet in Londonderry, located south of Manchester. The 191,836-square-foot facility at 219 Rockingham Road features 24,000 pallet positions and 30-foot clear heights, while the 124,100-square-foot warehouse at 6 Rockingham Road offers 14,000 pallet positions and 30-foot clear heights. Both facilities house freezer, refrigerated dock and office space. Kevin Griffiths of Newmark represented Provender Partners in the off-market sale. Brian Pinch, also with Newmark, represented the seller, an undisclosed, New York-based investment firm.

February 17, 2022

Acquisitions Florida Multifamily Southeast

Thompson Thrift Sells 328-Unit Multifamily Community in Metro Orlando

by Julia Sanders February 17, 2022

DAVENPORT, FLA. — Thompson Thrift Residential, an affiliate of Indianapolis-based Thompson Thrift, has sold Thrive, a 328-unit multifamily community in Davenport. Minneapolis-based Timberland Partners purchased the property for an undisclosed amount. Scott Ramey, Brad Downing and Paul Grant of Newmark represented Thompson Thrift in the transaction. Thrive offers one-, two- and three-bedroom floorplans in 12 two-story and two four-story buildings. Unit features include a fireplace, stainless steel appliances, island kitchen, vinyl flooring and double vanities. Community amenities include an outdoor kitchen, swimming pool with cabanas, fitness center, yoga room, a dog park and pet spa. Completed in 2021, the property was 93 percent occupied at the time of sale. Located at 141 Thrive Road, Thrive is situated 11.8 miles from the Walt Disney World Resort and 37 miles from downtown Orlando. The property is also 27.5 miles from Orlando International Airport.

February 17, 2022

Acquisitions Industrial New York Northeast

Realterm Acquires 112,791 SF Warehouse in Armonk, New York

by Taylor Williams February 17, 2022

ARMONK, N.Y. — Global logistics operator Realterm has acquired a 112,791-square-foot warehouse in Armonk, located in Westchester County. The facility sits on a total of 5.5 acres, including 1.5 acres of undeveloped land for future expansion. Additional building features include 10,391 square feet of office space, 15 dock-high doors and two drive-in loading positions. Charlie Luce and John Meador of Casco Real Estate Partners represented Realterm in the transaction. The seller and sales price were not disclosed.

February 17, 2022

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