Acquisitions

Avison Young Brokers $14.2M Sale of Retail Center in Alexandria, Virginia

by Julia Sanders June 28, 2021

ALEXANDRIA, VA. — Avison Young’s Capital Markets Group has brokered the sale of a retail center in Alexandria. An entity doing business as Santay Realty of Alexandria LLC purchased the property, known as 6001 Kingstowne Village Parkway, from The Halle Cos. for $14.2 million. Jonathan Hipp, Richard Murphy, Chip Ryan and Matt Weber of Avison Young represented the seller in the transaction. Michael Patz of KLNB represented the buyer. The center is fully leased to Aldi, La-Z-Boy furniture and a newly opened Ashley Furniture HomeStore. Built in the late 1990s, the property spans approximately 72,000 square feet of retail space.

June 28, 2021

Acquisitions Florida Mixed-Use Multifamily Southeast

BTI Partners, Bridge Investment Acquire Hollywood Bread Building in South Florida for $11M

by Julia Sanders June 28, 2021

HOLLYWOOD, FLA. — Fort Lauderdale-based BTI Partners, along with equity partner Bridge Investment Group, has acquired the Hollywood Bread Building located at 1747 Van Buren St. in downtown Hollywood. MG3 Hollywood LLC sold the property to BTI and Bridge for $11 million. BTI plans to replace the existing Hollywood Bread Building with a 25-story high-rise totaling 362 market-rate apartments and approximately 16,000 square feet of retail space. Construction is slated to begin later this year. The Hollywood Bread Building used to be a landmark, but over the years has fallen into disrepair. BTI Partners plans to demolish the building this summer, but will preserve the original “Hollywood Bread Building” sign on the property. The developer is also planning to replace a rundown strip mall located close to the Bread Building with two modern towers on the east side of Young Circle. The project will include residential living, shops, restaurants, office space and a skywalk connecting the two towers. Both projects together will represent a direct investment of over $500 million in Hollywood’s Young Circle neighborhood. Steve Kohn, Chris Moyer, Brad Capas, Zachary Kraft and Ricky Giles of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented BTI in the …

June 28, 2021

Acquisitions Office Texas

Newmark Negotiates Sale of 241,378 SF Granite Tower in North Dallas

by Taylor Williams June 28, 2021

DALLAS — Newmark has negotiated the sale of Granite Tower, a 241,378-square-foot office building in North Dallas. The 10-story, recently renovated building offers amenities such as a tenant lounge, conference center and fitness center. Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen of Newmark represented the undisclosed seller in the transaction. The buyer was also not disclosed. Granite Tower was 92 percent leased at the time of sale.

June 28, 2021

Acquisitions Multifamily New Jersey Northeast

Universe Holdings Acquires Multifamily Property in Toms River, New Jersey, for $60M

by Taylor Williams June 28, 2021

TOMS RIVER, N.J. — Multifamily investment and management firm Universe Holdings has acquired Mariners Cove, a 225-unit townhome community in the coastal New Jersey city of Toms River, for $60 million. Built in 1972 and renovated in 2013, the waterfront property features two-bedroom units, about 90 percent of which offer water views. Amenities include a fitness center, playground and a pet play area, according to Apartments.com. Spencer Yablon of CBRE represented both Universe Holdings and the undisclosed seller in the transaction. Mariners Cove was 98 percent occupied at the time of sale.

June 28, 2021

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

CBRE Negotiates Sale of 140,913 SF Life Sciences Building in Philadelphia

by Taylor Williams June 28, 2021

PHILADELPHIA — CBRE has negotiated the sale of a 140,913-square-foot life sciences building located at 3701 Market St. in Philadelphia. Built in 2000, the property was leased to Penn Medicine and Drexel University at the time of sale. Robert Fahey, Jerry Kranzel, Bruer Kershner, Erin Hannan and Jack Corcoran of CBRE represented the seller, University City Science Center, in the transaction. Steven Doherty and Nick Harris of CBRE arranged an undisclosed amount of acquisition financing on behalf of the buyer, San Francisco-based GI Partners, which purchased the eight-story building for an undisclosed price.

June 28, 2021

Acquisitions Affordable Housing Massachusetts Multifamily Northeast

Michaels Organization Buys 201-Unit Mixed-Income Housing Property in Springfield, Massachusetts

by Taylor Williams June 28, 2021

SPRINGFIELD, MASS. —The Michaels Organization has purchased Bergen Circle Apartments, a 201-unit mixed-income housing property in Springfield, located in the western part of the state. MassHousing provided Michaels with a $13.3 million construction loan along with a $7.9 million repair loan to fund a renovation program that will include HVAC upgrades, new flooring and appliances and new window installation. The community offers two-, three- and four-bedroom apartments, 118 of which are restricted to households earning up to 50 percent of the area median income (AMI). Fifty-two units restricted to those earning up to 80 percent of AMI. The remaining units are rented at market rates. The general contractor for the renovation program is Michaels Construction; the architect is Urban Practice.

June 28, 2021

Acquisitions Connecticut Northeast Retail

O,R&L Commercial Brokers Sale of 62,722 SF Retail Center in West Haven, Connecticut

by Taylor Williams June 28, 2021

WEST HAVEN, CONN. — O,R&L Commercial LLC has brokered the sale of Savin Rock Plaza, a 62,722-square-foot retail center in West Haven, located in the southern coastal part of the state. The sales price was $3 million. Phil Marshall of O,R&L represented the buyer, DeLaurentis Management Corp., which plans to implement a capital improvement program, in the transaction. The seller was not disclosed.

June 28, 2021

Acquisitions Company News Illinois Midwest New York Northeast Seniors Housing Top Stories

Ventas Agrees to Acquire Independent Living Owner New Senior Investment Group in $2.3B Deal, Including 103 Properties

by John Nelson June 28, 2021

CHICAGO AND NEW YORK CITY — Ventas Inc. (NYSE: VTR) has entered into a definitive merger agreement to acquire New Senior Investment Group (NYSE: SNR), a New York City-based owner of independent living communities across the country. The deal between these two seniors housing real estate investment trusts (REITs) is valued at $2.3 billion, including $1.5 billion of debt. The transaction will bolster the number of independent living communities for Ventas, which as of March 31 owned (fully or partially) 1,200 properties. As of first-quarter 2021, 48 percent of Ventas’ portfolio was classified as independent living. Post acquisition, Ventas expects independent living will comprise 58 percent of its portfolio. New Senior currently owns 103 properties across 36 states, with a large concentration clustered in California, North Carolina, Florida and Oregon. The portfolio was a little more than 80 percent occupied as of May 31, and the average age of residents was 81. The only New Senior property that isn’t independent living is Watermark at Logan Square, a continuing care retirement community located in Philadelphia. The acquisition will deepen Ventas’ relationship with seniors housing operators such as Atria Senior Living and Holiday Retirement, which announced last week their plans to merge …

June 28, 2021

Acquisitions California Industrial Western

Rexford Industrial Acquires Five Industrial Properties in Southern California for $188.9M

by Amy Works June 25, 2021

LOS ANGELES — Rexford Industrial Realty expanded its Southern California portfolio by purchasing five industrial properties for an aggregate acquisition price of $188.9 million. The facilities total 660,254 square feet. The transactions include: – The $93.6 million, or $363 per square foot, acquisition of a 257,976-square-foot repositioned industrial campus at 2425-2535 E. 12th St. in Los Angeles. The property is 96 percent leased and features 24-foot warehouse clearance and dock-high loading. – The $27.4 million, or $307 per square foot, purchase of an 89,272-square-foot facility at 19951 Mariner Ave. in Torrance. Situated on 4.2 acres, the property offers 27-foot warehouse clearance, dock-high loading and an oversized yard. – The $13.5 million, or $174 per square foot, acquisition of a two-building, 77,758-square-foot industrial property located at 2555 E. Del Amo Blvd. in Rancho Dominguez. – The $27.3 million, or $87 per land square foot, purchase of a single-tenant, 100,000-square-foot property situated on 7 acres in the Los Angeles – Greater San Fernando Valley submarket. – The $27.1 million, or $200 per square foot, acquisition of a two-tenant, 135,258-square-foot industrial building at 29120 Commerce Center Drive in Valencia. The property features 30-foot clear heights, dock-high loading and proximity to freeway access. The …

June 25, 2021

Acquisitions California Healthcare Office Western

Angelo Gordon & Co. Sells Medical Office Building in Northern California to Morgan Stanley for $64.4M

by Amy Works June 25, 2021

BURLINGAME, CALIF. — Angelo Gordon & Co. has completed the disposition of a medical office building located at 1720 El Camino Real in Burlingame. Morgan Stanley acquired the asset for $64.4 million. The 106,018-square-foot building is immediately adjacent to the 241-bed, acute-care Sutter Health Mills-Peninsula Medical Center. The medical office building is anchored by Sutter Health, Stanford Health Care and DaVita. The property features recently renovated common areas and extensive medical buildouts, including a 10,300-square-foot endoscopy center in the Sutter Health space. The property also includes a five-story, 396-stall parking garage that provides direct access into the building from each floor. Steven Golubchik, Seth McKinnon, Ben Appel and Darren Hollak of Newmark’s Northern California Capital Markets team represented the seller in the deal.

June 25, 2021

Newer Posts

Older Posts