Acquisitions

MedCore Sells 60-Unit Birchview Memory Care in Sedro-Woolley, Washington

by Amy Works September 17, 2021

SEDRO-WOOLLEY, WASH. — MedCore Partners has sold Birchview Memory Care, a 60-unit senior living community in Sedro-Woolley, approximately 72 miles north of Seattle. The community was part of a seven-property portfolio that MedCore purchased in July 2020 with locations in Washington State and Southern California. The buyer and price were not disclosed. “We are pleased with our investment in Birchview and the success in operations during the 14 months MedCore owned it,” says Brian Bollich, partner with MedCore. “There were several milestones accomplished in the past year, including occupancy stability during COVID-19 and meaningful capital improvements.” Tacoma, Wash.-based Senior Services of America (SSA) will continue to manage the property for the new ownership. SSA also manages seven other MedCore assets in Washington State, Oregon and California. MedCore currently operates 15 seniors housing communities in Texas, Arizona, Utah, California, Washington and Oregon. In addition, the company has two senior living projects under construction, both of which are slated to open in 2022.

September 17, 2021

Acquisitions New Mexico Restaurant Retail Western

Marcus & Millichap Brokers Sale of 9,000 SF Retail Property in Farmington, New Mexico

by Amy Works September 17, 2021

FARMINGTON, N.M. — Marcus & Millichap has arranged the sale of Starbucks Shops at Largo Square, a retail center located at 4337 E. Main St. in Farmington. An unnamed limited liability company sold the asset to an undisclosed buyer. The acquisition price was not released. Austin Snedden, Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller in the transaction. Matthew Reeves, also with Marcus & Millichap, served as broker of record. Starbucks Shops at Largo Square feature 9,000 square feet of retail space.

September 17, 2021

Acquisitions California Retail Western

Chartwell Real Estate Acquires Iconic Balboa Fun Zone in Newport Beach

by Amy Works September 16, 2021

NEWPORT BEACH, CALIF. — Chartwell Real Estate Development has purchased Balboa Fun Zone, a mixed-use entertainment development in Newport Beach. Discovery Cube, a Southern California children’s science museum, sold the property for an undisclosed price. The new owners plan to restore the historic landmark and continue to operate the property as the Balboa Fun Zone, one of Southern California’s oldest amusement park dating to the early 1900s. Located at 600 E. Bay Ave., the 34,500-square-foot property offers 212 feet of waterfront space, the Edgewater Place boardwalk, the Balboa Ferris Wheel, a more than 25-boat marina with 775 linear feet of docking, Fun Zone amusement park rides and attractions, 16,000 square feet of mixed-use improvements, and a 58-stall subterranean parking garage. Lars Platt, Joseph Lising and Matthew Godman of Cushman & Wakefield represented the seller, while Bob Thagard of Cushman & Wakefield represented the buyer in the transaction.

September 16, 2021

Acquisitions California Retail Western

Progressive Real Estate Partners Negotiates $8.8M Sale of Los Compadres Plaza in Inland Empire

by Amy Works September 16, 2021

COLTON, CALIF. — Progressive Real Estate Partners has arranged the sale of Los Compadres Plaza, a retail property located in Colton. A Southern California-based buyer acquired the asset from a Los Angeles County-based seller for $8.8 million. Located at 1035 S. Vernon Ave., Los Compadres Plaza features 47,090 square feet spread across four buildings, which were built in two phases in 1977 and 1980. The unanchored property is 93 percent occupied with 82 percent of the center’s tenants being independent, internet-resistant businesses, including restaurants, medical users, beauty and other services. The property recently underwent renovations, including painting, roof replacements and parking lot improvements. Brad Umansky, Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the seller in the deal.

September 16, 2021

Acquisitions Florida Retail Southeast

SRS Arranges Sale of 101,392 SF Shopping Center in Lake Mary, Florida

by Julia Sanders September 16, 2021

LAKE MARY, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Heathrow Square, a Winn-Dixie-anchored, 101,392-square-foot shopping center in Lake Mary. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. The buyers, Equinox Development and Harbour Retail Partners, were self-represented. The sales price was not disclosed. Heathrow Square was nearly 97 percent leased at the time of sale to tenants including CVS/pharmacy, Pure Barre, Quest Diagnostics and Subway. Winn-Dixie has occupied the store at Heathrow Square for 29 years. The center is situated on 11.9 acres at 120 International Parkway at the signalized intersection of West Lake Mary Road and International Parkway. The property is situated only a quarter-mile from Interstate 4.

September 16, 2021

Acquisitions Multifamily Texas

Hamilton Zanze Sells 530-Unit Point at Cypress Woods Apartments in Metro Houston

by Taylor Williams September 16, 2021

CYPRESS, TEXAS — San Francisco-based Hamilton Zanze has sold The Point at Cypress Woods, a 530-unit apartment community located in the northwestern Houston suburb of Cypress that was originally built in 1983. Units offer one-, two- and three-bedroom floor plans, and amenities include two pools, a fitness center, playground, outdoor grilling stations and onsite laundry facilities. The Point at Cypress Woods was 94 percent occupied at the time of sale. The buyer and sales price were not disclosed. Hamilton Zanze purchased the property in 2014 and implemented a range of capital improvements during its seven-year holding period.

September 16, 2021

Acquisitions Retail Southeast Tennessee

Palomar Group Brokers $7.8M Sale of Portland Village Shopping Center Near Nashville

by Julia Sanders September 16, 2021

PORTLAND, TENN. — The Palomar Group has brokered the sale of Portland Village, an 84,250-square-foot, grocery-anchored shopping center in Portland, about 40.2 miles north of Nashville. The undisclosed buyer, a private investor based in Greenville, S.C., bought the property for $7.8 million. The seller was Cincinnati-based Phillips Edison & Co. The Palomar Group represented the buyer and the seller in the transaction. Located at 112 W Knight St., Portland Village is about 11.3 miles from Franklin, Ky. The center was 94 percent leased at the time of sale to tenants including Cash Saver, Planet Fitness and Family Dollar. Built in 1975, Portland Village has had the current tenants for an average of 11.7 years. Cash Saver has been the anchor tenant since 1997.

September 16, 2021

Acquisitions Office Texas

Behringer, Orangestar Acquire 120,234 SF McKinney Corporate Center Office Building

by Taylor Williams September 16, 2021

MCKINNEY, TEXAS — A partnership between two locally based firms, Behringer and Orangestar, has acquired McKinney Corporate Center, a 120,234-square-foot office building located within the Craig Ranch master-planned community on the northern outskirts of Dallas. The three-story building was fully leased at the time of sale. The seller was not disclosed, but Kansas City-based VanTrust Real Estate originally developed the property.

September 16, 2021

Acquisitions Kansas Midwest Office

LANE4 Purchases 83,000 SF Office Building in Overland Park, Kansas

by Kristin Harlow September 16, 2021

OVERLAND PARK, KAN. — A group of private investors led by LANE4 Property Group has purchased an 83,000-square-foot office building in Overland Park for an undisclosed price. Located at 4551 W. 107th St., the three-story property is fully leased. Allied National Inc., a third-party administrator in the health insurance and benefits industry, occupies the majority of the building. Kessinger Hunter represented the undisclosed seller in the transaction.

September 16, 2021

Acquisitions Connecticut Multifamily Northeast

FPA Multifamily Buys 192-Unit Hillcroft Village Apartments in Danbury, Connecticut

by Taylor Williams September 16, 2021

DANBURY, CONN. — California-based FPA Multifamily has purchased Hillcroft Village, a 192-unit apartment complex in Danbury, about 70 miles north of New York City. The property was built on 10.5 acres in 1971. Units feature an average size of 988 square feet, as well as individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, playground and a resident clubhouse. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, a venture partner of Timberline Real Estate Ventures LLC, in the transaction. The team also procured FPA Multifamily as the buyer.

September 16, 2021

Newer Posts

Older Posts