SANTA BARBARA, CALIF. — Shopoff Realty Investments and Praelium Commercial Real Estate, in partnership with an affiliate of Dune Real Estate Partners, has acquired the former Nordstrom property at the Paseo Nuevo mixed-use shopping center in downtown Santa Barbara. Terms of the transaction were not released. The three-story, 175,000-square-foot retail property is connected to the north end of the Paseo Nuevo mixed-use shopping center, which offers more than 450,000 square feet of open-air mixed-use space. Originally constructed in 1924, the property underwent a wholesale redevelopment between 1989 and 1994 into its current form and more recently underwent a $20 million renovation to enhance the outdoor lifestyle shopping experience.
POMONA, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of Pomona Business Park, an industrial property located on 3.9 acres in Pomona. A private investor sold the asset to a local investor for $6.8 million. The buyer plans to implement a value-add renovation program at the 60,032-square-foot property, which is located at 201 N. Palomares St. At the time of sale, the property was 95 percent leased to multiple tenants. Dennis Sandoval and Kevin Sandoval of DAUM represented the seller, while Ryan Campbell of NAI Capital represented the buyer in the deal.
HENDERSON, NEV. AND SALT LAKE CITY — Colliers International Las Vegas has arranged two separate land parcel sales totaling $6.6 million in Henderson and Salt Lake City. In the first deal, EOE Volunteer LLC sold an 0.84-acre land parcel at 3495 Volunteer Blvd. in Henderson. AutoZone Development LLC acquired the asset for $1.2 million. Steven Haynes of Colliers represented the seller in the transaction. In the second deal, an undisclosed buyer acquired a 0.48-acre land parcel at 3215 E. 3300 South in Salt Lake City for $5.4 million. The name of the seller was not released. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the buyer in the transaction.
IRVING, TEXAS — A joint venture between affiliates of national hospitality management firm Highgate and New York City-based private equity firm Cerberus Capital Management have agreed to acquire CorePoint Lodging (NYSE: CPLG) in a deal valued at $1.5 billion. The transaction is expected to close in the first quarter of 2022. CorePoint Lodging is a hospitality REIT based in Irving that is focused on select-service hotels that was spun off from La Quinta Holdings Inc. in 2018. The company’s portfolio comprises about 170 properties throughout the country, the majority of which are operated under the La Quinta brand. Under the terms of the merger agreement, Highgate and Cerberus will acquire all outstanding shares of CorePoint common stock at $15.65 per share in an all-cash transaction. The price represents a premium of approximately 42 percent to CorePoint’s closing share price on July 13, 2021, the last trading day prior to the company’s public announcement of its strategic alternatives process. In addition, the purchase price reflects the joint venture’s assumption of CorePoint’s corporate debt and a $160 million buyer liability reserve for a matter involving the Internal Revenue Service (IRS). On Friday, Nov. 5, CorePoint received a settlement offer from the IRS related …
KING OF PRUSSIA, PA. — Morgan Properties has purchased two separate multifamily portfolios in the Southeast totaling 4,724 units. The portfolios comprise 18 communities in four states: Georgia, Florida, North Carolina and South Carolina. The King of Prussia-based investor acquired the portfolios from Charleston-based Middle Street Partners (MSP) and Massachusetts-based Northland Investment Corp. for a combined $780.5 million. The MSP portfolio comprises 4,102 units spread across 15 Class B and workforce housing communities in the following markets: Columbia, S.C.; Fayetteville, N.C.; Jacksonville, Fla.; Augusta, Ga.; Greenville, S.C.; and Charlotte. The Northland portfolio comprises Windward at the Villages, The Royal St. George and Village Place, all located in West Palm Beach, Fla. Berkadia Institutional Investors brokered the $132.5 million portfolio sale. Morgan Properties plans to execute a $47.5 million value-add repositioning strategy throughout both portfolios that includes washer and dryer installations; kitchen upgrades such as new backsplashes, granite countertops and stainless steel appliances; Amazon Hub package rooms; bike-share programs; new fitness equipment; and upgraded outdoor amenity spaces with grills, new furniture and fireplaces. The firm also plans to hire more than 90 new employees from the portfolio of acquired properties, which will drive Morgan’s total employee count to over 2,600 nationwide.
NEWTON, MASS. AND HOLMDEL, N.J. — Industrial Logistics Properties Trust (ILPT) has agreed to acquire all the outstanding shares of Monmouth Real Estate Investment Corp. (NYSE: MNR) for $21 per share in an all-cash transaction valued at approximately $4 billion. The agreement includes the acquisition of $409 million of debt and all of Monmouth’s industrial properties. The transaction is slated to close in the beginning of 2022. Under the agreement, ILPT will add Monmouth’s 126 Class A, single-tenant industrial properties totaling more than 26 million square feet to its portfolio. The Monmouth assets have an average remaining lease term of approximately eight years. The portfolio is over 80 percent leased to tenants that generate yearly rental revenue of $169.4 million. ILPT cites geographic diversity and tenant diversity as benefits of the acquisition. Also, the merger will allow ILPT to improve its tenant base with renters such as Home Depot, Mercedes Benz and Ulta. “This accretive transaction more than doubles the properties in ILPT’s mainland portfolio and this scale is expected to expand ILPT’s growth opportunities and access to capital, which we expect will drive cash flow growth and long-term value for our shareholders,” says John Murray, chief executive officer of …
CULVER CITY, CALIF. — A partnership between Irvine-based Pendulum Property Partners and Boston-based Long Wharf Capital has acquired an office building in Culver City. Watt Properties and Edge Principal Advisors sold the asset for $55.9 million in an off-market transaction. Located at 3000 S. Robertson Blvd., the four-story building features 111,384 square feet of office space. Current tenants include Kaiser Permanente and WeWork. Mike Longo, Todd Tydlaska, Sean Sullivan and Greg Grant of CBRE represented the seller. The CBRE team also procured acquisition financing for the buyer from a regional bank.
LAS VEGAS — IYK Realty has purchased a retail property in Las Vegas for $26.2 million. Situated within Sahara Pavilion South at 2520-2650 S. Decatur Blvd., the asset features 158,394 square feet of retail space. Current tenants include Chase, Chipotle, Einstein Bros. Bagels and Starbucks Coffee. Additionally, the new, 48,000-square-foot anchor tenant will be a supermarket. Al Twainy and Jennifer Lehr of Colliers represented the buyer in the deal. The name of the seller was not released.
LAS VEGAS — RealComm Advisors has arranged the acquisition of an industrial property located at 7175 Belcastro St. and 7255 W. Arby Ave. in Las Vegas. Credi Gramercy LLC, Reinhardt LLC, Roman Crescentini Family Trust and Chiara Crescentini Family Trust purchased the asset for $13.9 million. The facility offers 73,468 square feet of industrial space. Greg Pancirov, Mike De Lew and Paul Hoyt of RealComm Advisors represented the buyer in the deal.
OKLAHOMA CITY — Salt Lake City-based investment firm GreenLight Equity Group has acquired Chula Vista and Villa Verde, two multifamily properties totaling 192 units in Oklahoma City. The properties are located on the city’s south side. According to Apartments.com, Chula Vista was built in 1970, totals 60 units and offers amenities such as a playground, picnic area and onsite laundry facilities, while Villa Verde was built in 1968 and features studio and one-bedroom units ranging in size from 470 to 690 square feet. New York-based North Point Capital and Assured Realty Capital Inc. both contributed preferred equity investments of undisclosed amounts to the deal, which traded off market. The seller was also not disclosed. The new ownership plans to implement a value-add plan. The deal marks the first collaboration between the partnership of North Point Capital and Assured Realty Capital.