Acquisitions

Palomar Group Brokers $8.1M Sale of Ashland Junction Retail Property in Metro Richmond

by Julia Sanders July 22, 2021

ASHLAND, VA. — The Palomar Group has brokered the sale of Ashland Junction, a 141,701-square-foot retail property located in Ashland. The buyer, Peck Properties, was based out of Richmond and the seller, Phillips Edison & Co., was based out of Cincinnati. The sales price was $8.1 million. Ryan McArdle, Steve Collins and David Rivers of Palomar brokered the sale. Located at 167 Junction Drive, Ashland Junction is approximately 19.4 miles north of Richmond. The property, which was built in 1989, was 92 percent occupied at the time of sale to tenants including Roses, Anytime Fitness, CVS/pharmacy and Food Lion.

July 22, 2021

Acquisitions Colorado Multifamily Western

Manulife Investment Acquires TriVista on Speer Multifamily Property in Denver for $144.5M

by Amy Works July 22, 2021

DENVER — Manulife Investment Management, on behalf of a third-party managed account, has purchased TriVista on Speer, a multifamily property located at 1350 Speer Blvd. in Denver’s Golden Triangle neighborhood. An undisclosed seller sold the community for $144.5 million. Completed in 2019, the seven-story TriVista on Speer features 322 apartments with an average unit size of 985 square feet. All units include designer kitchens with granite and quartz countertops, in-home washers/dryers, high ceilings and oversized windows with mountain and city views. Community amenities include a rooftop pool and spa; two courtyards with firepits and bocce ball courts; a chef’s kitchen; a two-story fitness center with a yoga/spin studio; and a pet spa/grooming station. Brady O’Donnell and Jill Haug of CBRE arranged an acquisition loan through MetLife for the buyer.

July 22, 2021

Acquisitions Multifamily Nevada Western

Western Wealth Capital Enters Las Vegas Market, Buys 216-Unit San Michele Apartments

by Amy Works July 22, 2021

LAS VEGAS — Western Wealth Capital has purchased San Michele Apartment Homes in Las Vegas for an undisclosed price. The transaction marks the investor’s entrance into the Las Vegas market. Originally constructed in 1997, San Michele Apartment Homes features 216 units. The community is situated approximately eight miles from the Las Vegas Strip and five miles from the city’s Summerlin neighborhood. The seller was not disclosed.

July 22, 2021

Acquisitions Industrial Net Lease Nevada Western

Newmark Arranges $16.6M Sale of Cold Storage, Ice Production Facility in Las Vegas

by Amy Works July 22, 2021

LAS VEGAS — Newmark has brokered the sale of a cold storage and ice production plant in Las Vegas. ZNZ Enterprises sold the asset to an undisclosed buyer for $16.6 million. Located at 1201 Searles Ave., the 100,991-square-foot property is fully triple-net leased to Reddy Ice Corp. The facility has operated as an ice production and cold storage facility since 1983. Reddy Ice has operated at the facility since 1999. Michael Zobrist, Lauren Tabeek and Jeffrey Price of Newmark represented the seller in the deal.

July 22, 2021

Acquisitions Colorado Restaurant Retail Western

Cushman & Wakefield Negotiates $9.8M Sale of Three-Building Retail Portfolio in Westminster, Colorado

by Amy Works July 22, 2021

WESTMINSTER, COLO. — Cushman & Wakefield has arranged the sale of a retail portfolio comprising three inline shop buildings located within Westminster Crossings shopping center in Westminster. Colorado-based Coco’s Place acquired the asset from Centre Point Properties for $9.8 million. Totaling 28,705 square feet of gross leasable space, the multi-tenant property was 100 percent leased to a mix of regional and national tenants. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield’s Capital Markets team in Denver represented the seller in the deal.

July 22, 2021

Acquisitions California Industrial Office Western

Kennedy Wilson Acquires Three Office/R&D Buildings in Campbell, California for $147.2M

by Amy Works July 21, 2021

CAMPBELL, CALIF. — Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson (NYSE: KW), has purchased 267,000 square feet of office and R&D space within Vasona Technology Park in Campbell. An undisclosed seller sold the assets for $147.2 million. The transaction includes 220 E. Hacienda Ave., occupied by Kaiser Permanente for medical offices; 240 East Hacienda Ave., occupied by ChargePoint Inc. as its corporate headquarters; and 1359 Dell Ave., occupied by Imperative Care as its corporate headquarters. Stephen Etheredge, Max Shapiro, Keith Pollock, Marc Young and Max Rawn of Allen Matkins represented Kennedy Wilson Fund VI in the acquisition.

July 21, 2021

Acquisitions California Multifamily Seniors Housing Western

TMG Negotiates $7.2M Sale of Bernardine Senior Independent Living in San Bernardino, California

by Amy Works July 21, 2021

SAN BERNARDINO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Bernardine Senior Independent Living in San Bernardino, approximately 57 miles east of downtown Los Angeles. A Los Angeles-based private investment group sold the community for $7.2 million, which equates to $102,000 per unit and $206 per square foot. The buyer was a private investment group based in the San Gabriel Valley. Bryan LaBar and Otto Ozen of TMG represented the seller. “Due to the low price per unit and high-quality construction, the buyer pool was large,” says LaBar. “To maximize the value of this community, we aggressively marketed it to our robust pool of 1031 exchange buyers as well as an expansive network of private and high-net-worth investors, we were able to drive the value.” Built in 1984, Bernardine Senior Independent Living is a four story, 71-unit apartment community. The property comprises 36,200 square feet of rentable space on a one-acre site.

July 21, 2021

Acquisitions California Industrial Western

Westcore Expands Southern California Portfolio with $20M Industrial Acquisition in Camarillo

by Amy Works July 21, 2021

CAMARILLO, CALIF. — Westcore has purchased a warehouse building located at 201 Flynn Road in Camarillo. Southern California-based Decker-Goetsch Properties sold the asset for $20 million. The 117,342-square-foot facility is currently fully leased for more than eight years. Darla Long, Barbara Perrier and Eric Cox of CBRE National Partners represented the seller, while Westcore represented itself in the transaction.

July 21, 2021

Acquisitions Florida Office Southeast

CBRE Arranges $99.5M Sale of One Town Center Office Tower in Boca Raton

by Julia Sanders July 21, 2021

BOCA RATON, FLA. — CBRE has arranged the $99.5 million sale of One Town Center, a 191,294-square-foot office tower located in Boca Raton. Christian Lee, José Lobón, Amy Julian, Andrew Chilgren and Royce Rose of CBRE represented the seller, a joint venture between CP Group (formerly Crocker Partners) and Siguler Guff & Co. Michael Erickson from Tower Commercial Real Estate is the leasing broker for the property. The buyer is Singapore-based Prime US REIT. KBS serves as the U.S.-based asset manager for Prime’s portfolio, which included identifying and sourcing One Town Center on Prime’s behalf. Additionally, CP Group will continue to manage the tower. One Town Center is a 10-story building with an adjacent 435-space parking garage and 274 surface parking spaces. Located on Lennox Drive, the property is situated in Boca Raton’s Midtown district near Interstate 95 and Boca Raton Airport. Originally developed in 1991 as the worldwide headquarters for WR Grace, One Town Center was developed by Tom Crocker. WR Grace vacated the property in 2001 and the space was reabsorbed by Tyco, a national security systems company. MetLife purchased the building in 2007 and Tyco vacated it in 2012. The property was sold to Crocker Partners (now …

July 21, 2021

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $54.6M Sale of National Dollar General Store Portfolio

by Julia Sanders July 21, 2021

ATLANTA — Marcus & Millichap’s Taylor McMinn Retail Group in Atlanta has brokered the $54.6 million sale of a portfolio of 35 Dollar General-leased stores across 12 states. Don McMinn of Taylor McMinn represented the seller, CMK Properties, a privately held real estate investor and syndicator based in Brentwood, Tenn., in the sales transaction. The buyer was Realty Income, a net lease REIT based in San Diego. All the Dollar General leases were triple net lease and had around 10 years of term remaining. “This transaction illustrates the current peak demand for Dollar Generals in the market today from both private and institutional investors. Due to the limited supply these stores are trading at historic levels both individually and on a portfolio level,” says McMinn.

July 21, 2021

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