Acquisitions

River Bank Plaza Office Building in Downtown Milwaukee Trades Hands

by Kristin Harlow May 14, 2021

MILWAUKEE — CBRE has arranged the sale of River Bank Plaza, an 81,865-square-foot office building in downtown Milwaukee. The sales price was undisclosed. The multi-tenant property is located at 740 N. Plankinton Ave. along the Milwaukee River. Originally constructed in 1912, the eight-story building features 61 parking spaces in an adjacent surface lot. The building’s ground floor is home to restaurant tenant Rock Bottom Brewery. Patrick Gallagher and Matson Holbrook of CBRE represented the seller, Riverbank Plaza LLC. The buyer, 740 Plankinton LLC, plans to redevelop the upper floors into multifamily units.

May 14, 2021

Acquisitions Office Oregon Western

ScanlanKemperBard, WHI Real Estate Partners Sell 43,151 SF Office Building in Portland

by Amy Works May 13, 2021

PORTLAND, ORE. — ScanlanKemperBard and WHI Real Estate Partners have completed the sale of 5550 Macadam, an office building located in Portland. The name of the buyer and acquisition price were not released. Renovated in 2019, the three-story, 43,151-square-foot building features updated common areas, locker rooms and restrooms; a modern, light-filled lobby; and lush landscaping. The property offers 14,000-square-foot floor plates and was 89 percent leased at the time of sale. Buzz Ellis, Logan Greer and Adam Taylor of JLL Capital Markets represented the seller in the transaction.

May 13, 2021

Acquisitions Arizona Industrial Western

MAG Capital Partners Buys 38,300 SF Cold-Storage Facility in Phoenix in Sale-Leaseback Deal

by Amy Works May 13, 2021

PHOENIX — Fort Worth, Texas-based MAG Capital Partners has acquired a cold-storage warehouse property located at 2721 W. Willetta St. in Phoenix. Lin’s Distribution Corp. sold the property for an undisclosed price in an off-market, sale-leaseback transaction. Built in 1980 on 1.7 acres, the 38,300-square-foot facility features five truck wells and two industrial GL doors. The multi-tenant property is fully occupied by Lin’s Distribution Corp., Red Bird Farms Distribution Co. and Bon Suisse. Concurrent with the sale, Lin’s signed a long-term leaseback deal to continue to occupy the property. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented the buyer, while Oscar Lopez and Steve Lowe of Matthews Real Estate represented the seller in the transaction.

May 13, 2021

Acquisitions California Net Lease Restaurant Retail Western

Marcus & Millichap Brokers $2.2M Sale of Rally’s-Occupied Restaurant Space in Rialto, California

by Amy Works May 13, 2021

RIALTO, CALIF. — Marcus & Millichap has brokered the sale of a restaurant property located at 466 E. Foothill Blvd. in Rialto. A limited liability company sold the asset to an undisclosed buyer for $2.2 million. Rally’s occupies the 1,086-square-foot property, which was built in 2020, under a new 15-year absolute triple-net lease. The property features double drive-thru lanes. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Matthew Luchs of Marcus & Millichap’s Ontario, Calif., office served as broker of record in the transaction.

May 13, 2021

Acquisitions Affordable Housing Multifamily Seniors Housing Texas

SLIB Negotiates Sale of 170-Unit Lakeland Hills Senior Living Community in Dallas

by Taylor Williams May 13, 2021

DALLAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lakeland Hills Senior Living, a 170-unit community in Dallas. The asset was originally constructed as an independent living community. An assisted living wing was added along with cosmetic renovations in 2013. However, the assisted living units were subsequently de-licensed, and the entire building was again operated as independent living. The seller, Valstone, purchased the asset in November 2020. Valstone then elected to sell it to an out-of-industry buyer that plans to convert the property to affordable housing for seniors. The sales price was not disclosed. Bradley Clousing and Matt Alley handled the transaction for SLIB.

May 13, 2021

Acquisitions Multifamily Texas

Rastegar Property Acquires 70-Unit Velo Flats Apartments in East Austin

by Taylor Williams May 13, 2021

AUSTIN, TEXAS — Locally based investment firm Rastegar Property Co. has acquired Velo Flats, a 70-unit apartment complex in the Windsor Park neighborhood of East Austin. The 56,780-square-foot property was built on three acres in 1972. The new ownership is underway on a capital improvement program. The seller and sales price were not disclosed. With this acquisition, Rastegar now owns four properties totaling more than 200 units in the Windsor Park area.

May 13, 2021

Acquisitions Florida Multifamily Seniors Housing Southeast

JLL Brokers $64M Sale of Seniors Housing Portfolio in South Florida

by Julia Sanders May 13, 2021

ORLANDO, FLA. — JLL Capital Markets has brokered the $64 million sale of a five-property seniors housing portfolio in South Florida. Mike Garbers and Cody Tremper of JLL represented the undisclosed seller in the portfolio sale. Allison Holland of JLL also arranged acquisition financing for the buyer, an affiliate of Fortress Investment Group LLC. Florida-based Sonata Senior Living, which has operated the communities for more than three years, is being retained to manage the properties going forward. The seniors housing portfolio includes five Sonata properties totaling 444 units. The locations of the properties include Delray Beach, Boynton Beach, Boca Raton, Coconut Creek and Vero Beach. The previous owner spent over $13 million in capital investments over the past four years, including exterior building improvements, furnishing upgrades, new flooring, roof repair, conversions from assisted living to memory care and new generators to comply with Florida regulations.

May 13, 2021

Acquisitions Florida Office Southeast

Forefront Collier Venture Purchases Office, Flex Property in Naples, Florida for $13.1M

by Julia Sanders May 13, 2021

NAPLES, FLA. — Forefront Collier Venture LLC has purchased an approximately 75,875-square-foot office, warehouse and flex property located at 1030, 1035 and 1040 Collier Center Way in Naples. The sellers were Star Investments Inc., Collier Center Way Development Inc. and Business Lane Development Inc. David Stevens of Investment Properties Corp. and Clay Winfield of WBDC Inc. represented the sellers in the transaction. Brock Rasmussen of Lee & Associates represented the buyer.

May 13, 2021

Acquisitions Georgia Retail Southeast

Skyline Seven Arranges $12.4M Sale of Rivermont Square Shopping Center in Alpharetta, Georgia

by Julia Sanders May 13, 2021

ALPHARETTA, GA. — Skyline Seven Real Estate has arranged the $12.4 million sale of Rivermont Square, a 102,800-square-foot, Goodwill-anchored shopping center in the northern Atlanta suburb of Alpharetta. Kenny Holzer, Elliott Kyle and Chase Murphy of Atlanta-based Skyline Seven represented the undisclosed seller in the transaction. Wes Allen with Pinnacle Leasing & Management LLC represented the undisclosed buyer. Rivermont Square includes a freestanding Starbucks, as well as a vacant outparcel previously occupied by Verizon Wireless. The 12-plus acre property is located at 8560 and 8514 Holcomb Bridge Road and is shadow-anchored by Kroger.

May 13, 2021

Acquisitions Hospitality New York Northeast

JLL Negotiates Sale of 156-Room Allegria Hotel in Long Beach, New York

by Taylor Williams May 13, 2021

LONG BEACH, N.Y. — JLL has negotiated the sale of the 156-room Allegria Hotel, a luxury beachfront property in Long Beach. Originally built as a seniors housing facility, the property was converted to a hotel in 2009 and now offers a rooftop pool, fitness center and multiple food and beverage options. Jeffrey Davis, K.C. Patel, Nikhil Chuchra and Desmund Delaney of JLL represented the seller, Stabilis Capital Management LP, in the transaction. Greg Labine and Martha Nay of JLL arranged fixed-rate acquisition financing on behalf of the buyer, Linchris Capital Partners LLC.

May 13, 2021

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