Acquisitions

Driftwood Capital Buys 111-Room Wylie Hotel in Atlanta’s Old Fourth Ward

by Julia Sanders October 7, 2021

ATLANTA — Coral Gables, Fla.-based Driftwood Capital has bought The Wylie Hotel, a 111-room boutique hotel in Atlanta’s historic Old Fourth Ward neighborhood. The property, which opened in May 2021, is the only independent boutique hotel in Midtown Atlanta, according to Driftwood Capital. Kim King Associates and WHI Real Estate Partners were the sellers. The sales price was not disclosed. Located at 551 Ponce De Leon Ave. NE, The Wylie Hotel is situated adjacent to Ponce City Market, a mixed-use destination along the Atlanta BeltLine. The hotel is also just 1.5 miles from Georgia Tech, one mile from the North Avenue MARTA station and 12 miles from Hartsfield-Jackson Atlanta International Airport. The Wylie Hotel was formerly 551 Ponce, a 1920s-era hotel. The renovation and expansion of the property added a glass-enclosed sunroom on the first floor, which is home to Mrs. P’s Kitchen & Bar, along with a second-floor outdoor terrace and 11 restored guestrooms. The expansion project also included a five-level addition to the rear of the historic building, which added 100 guestrooms, administrative offices and a fitness center. Guestrooms on the fifth floor have private terraces with views of Ponce City Market.

October 7, 2021

Acquisitions Michigan Midwest Retail

Continental Realty Corp. Acquires Two Retail Centers in Michigan for $34M

by Kristin Harlow October 7, 2021

TROY, MICH. — Continental Realty Corp. (CRC) has acquired Oakland Plaza and Oakland Square, two shopping centers totaling nearly 392,000 square feet in Troy. The combined purchase price was $34 million. Together, the properties were 87 percent leased at the time of acquisition. Tenants include TJ Maxx, HomeGoods, Kohl’s, Bed Bath & Beyond, DSW, Michaels and Planet Fitness. Amy Sands and Clinton Mitchell of JLL represented the undisclosed seller. This was the first acquisition for CRC’s Opportunistic Retail Fund, a private equity fund formed this year to acquire value-add retail properties throughout the country. Completed in 1979 and renovated in 1994 and 2014, Oakland Plaza consists of three buildings and three outparcels comprising 171,518 square feet. It is 71 percent leased to 16 tenants. Delivered in 1986 with additional construction completed in 1997, the three-building Oakland Square spans 220,226 square feet. The asset is fully leased to seven tenants. Baltimore-based CRC now owns and manages more than 5 million square feet of commercial space across nine states.

October 7, 2021

Acquisitions Multifamily Washington Western

Abacus Capital Acquires Ridgedale Apartments in Bellevue for $144M

by Amy Works October 7, 2021

BELLEVUE, WASH. — An affiliate of New York-based Abacus Capital Group has purchased The Ridgedale Apartment Homes, a multifamily property located at 14111 SE Sixth St. in Bellevue. A Calabasas, Calif.-based company sold the asset for $144 million. Originally constructed in 1970 and fully renovated in 2017, The Ridgedale features 25 two-story buildings on a 13.4-acre site. The property features 334 units in a mix of one-, two- and three-bedroom layouts with an average size of 865 square feet. Community amenities include a fitness center, clubhouse, two swimming pools and 520 parking spaces. Eli Hanacek, Jon Hallgrimson, Kyle Yamamoto and Byron Rosen of CBRE represented the seller in the transaction.

October 7, 2021

Acquisitions Arizona Industrial Western

Hercules Industries Buys 140,777 SF Manufacturing Building in Phoenix for $18.2M

by Amy Works October 7, 2021

PHOENIX — Hercules Industries has acquired Santa Fe 44, an industrial building located at 4524 N. 44th Ave. in Phoenix. BC5 LLC sold the asset to the owner/user for $18.2 million. Built in 2006 on 6.9 acres, Santa Fe 44 features 140,777 square feet of industrial space, 32- to 36-foot clear heights, 9,000 square feet of office space, heavy power, ESFR sprinklers, ample dock- and grade-level loading, 108-foot concrete truck court and active BNSF rail service with 240-feet of rail dock and platform loading. Hercules Industries, the buyer, is a national manufacturer and wholesale distributor of HVAC sheet metal products and equipment. Phil Haenel, Will Strong, Andy Markham and Mike Haenel of Cushman & Wakefield’s Phoenix office represented the seller, while Bill Douglass of Upland Group Inc. represented the buyer in the deal.

October 7, 2021

Acquisitions California Net Lease Retail Western

Stanford Hotels Group Sells Walgreens-Occupied Retail Building in Huntington Beach for $11.3M

by Amy Works October 7, 2021

HUNTINGTON BEACH, CALIF. — Stanford Hotels Groups has completed the sale of a single-tenant retail property located at 19001 Brookhurst St. in Huntington Beach. A private 1031 exchange investor acquired the asset for $11.3 million. Walgreens occupies the 11,838-square-foot building on a triple-net, long-term lease. The tenant has occupied the property, which sits on 1.3 acres, since it was constructed in 2007. Daniel Tyner and Gleb Lvovich of JLL Retail Capital Markets represented the buyer in the transaction.

October 7, 2021

58132-Twentynine-Palms-Hwy-Yucca-Valley-CA

Acquisitions California Retail Western

Progressive Real Estate Brokers $2M Sale of Multi-Tenant Retail Pad in Yucca Valley, California

by Amy Works October 7, 2021

YUCCA VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail pad located at 58132 Twentynine Palms Highway in Yucca Valley. The asset traded for $2 million in a 1031 exchange transaction. Tenants at the 6,518-square-foot property include Gamestop, Verizon Wireless and Metro PCS. The building is an outparcel to a 212,000-square-foot shopping center that is anchored by Stater Bros. Greg Bedell of Progressive Real Estate represented the seller, while Victor Buendia, also of Progressive Real Estate, represented the buyer in the transaction.

October 7, 2021

Acquisitions Healthcare Northeast Rhode Island

Montecito Buys 60,000 SF Medical Office Building in East Greenwich, Rhode Island

by Taylor Williams October 7, 2021

EAST GREENWICH, R.I. — Nashville-based owner-operator Montecito Medical has acquired a 60,000-square-foot medical office building in East Greenwich, about 20 miles south of Providence. Built in 2013 and renovated in 2020, the multi-tenant property was fully leased at the time of sale, with University Orthopedics occupying 61 percent of the space as the anchor tenant. Other occupants include Coastal Medical Group, Velocity Clinical Research and Providence Behavioral Health.

October 7, 2021

Acquisitions California Industrial Western

Alere Property Group Acquires 422,000 SF Saddle Ranch Business Park in Norco, California

by Amy Works October 6, 2021

NORCO, CALIF. — Alere Property Group has purchased Saddle Ranch Business Park, located at 3300-3390 Horseless Carriage Drive in Norco, from CapRock Partners for an undisclosed price. Saddle Ranch Business Park consists of four buildings ranging in size from 81,000 square feet to 158,000 square feet with clear heights from 30 feet to 32 feet. The concrete tilt-up structures feature dock-high and grade-level loading, ESFR sprinklers, ample power, large truck courts and 5.6 percent office space. Goli Nutrition, a vitamin and nutrition company, fully leases the 422,000-square-foot industrial warehouse complex. The company uses the facility for its corporate headquarters and manufacturing and distribution of its products. Darla Longo, Barbara Perrier, Rebecca Perlmutter, Joe Cesta and Eric Cox of CBRE represented the seller and buyer in the deal. Paul Earnhart, Jeff Ruscigno, Brian Pharris and Ryan Earnhart of Lee & Associates consulted on the transaction.

October 6, 2021

Acquisitions Multifamily New Mexico Western

TriWest Buys 312-Unit Monterra Apartments in Albuquerque

by Amy Works October 6, 2021

ALBUQUERQUE, N.M. — TriWest Multifamily has purchased Monterra Apartments, a 312-unit multifamily community located at 4217 Louisiana Blvd. NE in Albuquerque. Vukota Capital Management sold the asset for an undisclosed price in an off-market transaction. Built in 1972, Monterra Apartments features 132 one-bedroom/one-bath units, 96 two-bedroom/one-bath units and 84 two-bedroom/two-bath units. Each unit features stainless steel appliances, dishwashers, granite countertops, washers and dryers and air conditioning. Community amenities include a clubhouse, pet play area, business center, lounge and playground. David Suah of Sub Sahara Group represented the seller, while TriWest Multifamily was represented in-house.

October 6, 2021

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Brokers Sale of 37-Unit Countryside Living Memory Care Community in Canby, Oregon

by Amy Works October 6, 2021

CANBY, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Countryside Living, a memory care community in Canby, approximately 21 miles south of Portland. The asset features 37 units and 55 beds. The community was originally built in 1959; gutted, remodeled and expanded in 2007; and had its most recent renovations and expansion in 2011. The facility is approximately 21,746 square feet and is situated on approximately 0.78 acres of land. The seller was a local owner that has multiple different business interests. The buyer is an Oregon-based owner-operator with extensive senior living development and operations experience. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “Countryside Living is a strategically located community in downtown Canby,” says Punzel. “The community has had historically high occupancy and overall did very well through COVID. The new owner-operator is expanding their Oregon portfolio.”

October 6, 2021

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