Acquisitions

Joint Venture Acquires 1,156-Bed Value-Add Student Housing Community Near Brigham Young University

by Amy Works April 2, 2021

PROVO, UTAH — A joint venture between investment affiliates of Redstone, MJW Investments and MHE Enterprises has acquired The Lodges at Glenwood, a 1,156-bed student housing community located near Brigham Young University in Utah. The community offers a mix of studio, one- and three-bedroom units. Communal amenities include a study area, swimming pool and spa, volleyball court, gaming tables, cabanas and barbecue grill. Brian Eisendrath and Cameron Chalfant of CBRE secured acquisition financing for the property through a prominent life insurance company. Significant renovations are planned for the community, details of which were undisclosed. The seller and price were also undisclosed.

April 2, 2021

Acquisitions Retail Washington Western

CBRE Negotiates $25M Sale of Safeway-Anchored Retail Center Near University of Washington in Seattle

by Amy Works April 2, 2021

SEATTLE — CBRE has arranged the sale of a 1.82-acre retail property located at 3020 NE 45th St. in Seattle’s University District. Albertsons Cos., parent company of Safeway, acquired the asset for $25 million. The asset is ground leased to Safeway, which has operated as a tenant at the site since 1976. Albertsons Cos. owns the surrounding 2.2 acres, with the transaction bringing its total holdings to more than 4 acres, creating one of the largest contiguous development sites in Seattle. The site is zoned for a range of uses, including market-rate housing, student housing, medical office, hotel, retail, assisted living or entertainment. Additionally, the property is located on at the eastern end of the University of Washington campus and adjacent to the U-Village shopping center, an 800,000-square-foot open-air lifestyle center. Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners in Seattle represented the seller, a private family trust, in the deal.

April 2, 2021

Acquisitions California Retail Western

Lion Real Estate Sells Retail Property in Los Angeles to Luzzatto Co. for $22.5M

by Amy Works April 2, 2021

LOS ANGELES — Lion Real Estate Group (LREG) has completed the sale of 3317 Exposition Place, a retail property in Los Angeles, to Luzzatto Co. for $22.5 million. Situated in Los Angeles’ West Adams District, the asset is a two-story, dual-building site comprising 29,759 square feet of retail space. TheRealReal, an online luxury retailer, currently occupies the property. Newmark served as financial advisor to LREG in the sale to Luzzatto Co. LREG first acquired the property in a $7.3 million co-investment deal alongside The Borman Group in December 2017. Since that acquisition, the companies have invested in renovations to the convert the former industrial space into a modern creative office location, increasing its value and curb appeal. Renovations included upgraded mechanical systems; refurbished bathrooms, kitchens and conference rooms; new seismic and green building standards in line with city codes; and the reactivation of rooftop parking.

April 2, 2021

Acquisitions Arizona Retail Western

Grossman/Robson Associates Divests of 111,532 SF Park at Chandler Shopping Center in Arizona

by Amy Works April 2, 2021

CHANDLER, ARIZ. — Arizona-based Grossman/Robson Associates, a 40-year partnership between Grossman Company Properties and East State Street LP, has completed the disposition of The Park at Chandler, a grocery-anchored shopping center in Chandler. An undisclosed buyer acquired the asset for $12.4 million. Located at the southwest corner of Alma School Road and Chandler Boulevard, The Park at Chandler features 111,532 square feet of retail space. At the time of sale, the property was fully occupied. The asset encompasses 20.9 acres. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

April 2, 2021

Acquisitions Industrial Massachusetts Northeast

Stream Capital Partners Arranges $34.4M Industrial Sale-Leaseback in Chicopee, Massachusetts

by Taylor Williams April 2, 2021

CHICOPEE, MASS. — Stream Capital Partners has arranged a $34.4 million industrial sale-leaseback for National Convenience Distributors, which serves the convenience store industry, in the western Massachusetts city of Chicopee. The transaction encompassed five properties totaling 381,355 square feet. Daniel Macks, Chelsea Mandel and Jeff Lizzo of Stream Capital Partners represented National Convenience Distributors, the seller and tenant, in the transaction. The buyer was an undisclosed REIT.

April 2, 2021

Acquisitions Healthcare Massachusetts Northeast Retail

Newmark Brokers $11.9M Sale of Retail, Medical Office Building in Boston

by Taylor Williams April 2, 2021

BOSTON — Newmark has brokered the $11.9 million sale of a 27,930-square-foot retail and medical office building located at 226 Harvard Ave. in the Allston neighborhood of Boston. The property was 94 percent leased at the time of sale to Urban Outfitters, Steward Medical Group and Unleashed by Petco. Robert Griffin, Geoffrey Millerd, Frank Nelson, Michael Greeley, Jonathan Martin, Paul Penman, Mathew Adler, Christopher Huesgen and Coley Cannon of Newmark represented the seller, National Development, in the transaction. The team also procured the buyer, Charlotte-based investment firm Asana Partners.

April 2, 2021

Acquisitions Florida North Carolina Retail Southeast

Westwood Financial Acquires Two Publix-Anchored Shopping Centers in Metro Charlotte, Orlando

by Julia Sanders April 1, 2021

LOS ANGELES — Westwood Financial LLC has acquired Prosperity Village Square and Fountains West, two Publix-anchored shopping centers in the Southeast. Prosperity Village Square was developed in 2016 and is located in the Highland Creek suburb of Charlotte. Fountains West is a neighborhood center located in the western Orlando suburb of Ocoee, Fla. Westwood Financial acquired the assets in a single transaction from one undisclosed, private seller. CBRE acted as lead broker on the deal, the price of which was not disclosed. The Los Angeles-based investor financed the purchase of Prosperity Village using a combination of existing cash on hand and proceeds from its unsecured credit facility. Westwood completed the closing of Fountains West subsequent to assuming an existing loan on the property and funded the remaining portion of the purchase price with cash on hand. Prosperity Village was 96 percent occupied at closing, while Fountains West was fully occupied and experienced little turnover during 2020.

April 1, 2021

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 97-Room Hotel in Houston

by Taylor Williams April 1, 2021

HOUSTON — Marcus & Millichap has brokered the sale of OYO Townhouse Houston, a 97-room hotel located at 12701 North Freeway in Houston. The four-story property was built in 1996. Andrew Frosch, Louis Dan, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a private investor, in the transaction. Frosch, Gomes and Miller also secured the buyer, a local individual/personal trust that plans to convert the independent hotel into a national franchise brand.

April 1, 2021

Acquisitions Industrial Kansas Midwest

SparrowHawk Acquires Four-Building College and Renner Business Center in Lenexa, Kansas

by Kristin Harlow April 1, 2021

LENEXA, KAN. — Houston-based SparrowHawk LLC has acquired College and Renner Business Center in Lenexa for an undisclosed price. The 226,009-square-foot light industrial portfolio consists of four buildings ranging in size from 44,700 to 76,200 square feet. There are also 13 additional acres of developable land that SparrowHawk can utilize to expand the business center. At acquisition, the property was 91 percent leased to tenants such as GEICO, CVS Caremark, Mortgage Residential Center, SAFC BioSciences and US Foods. There is one vacancy of 19,871 square feet in Building A. SparrowHawk has selected JLL to manage the portfolio and the JLL brokerage team of Phil Algrim, Kevin Wilkerson and Erik Lund as the leasing agents. John Huguenard and Ed Halaburt of JLL represented the seller, BentallGreenOak.

April 1, 2021

Acquisitions Hospitality Illinois Midwest

Mumford Co. Brokers Sale of 40-Room Hotel in Southern Illinois

by Kristin Harlow April 1, 2021

ULLIN, ILL. — Mumford Co. has brokered the sale of an Americas Best Value Inn hotel in Ullin within southern Illinois. The sales price was undisclosed. The two-story property is home to 40 rooms along with a pool and video gaming area. George Arvanitis of Mumford represented the seller, which completed a 1031 exchange. North Carolina-based IAH Hotels LLC was the buyer. The hotel will retain its Americas Best Value Inn brand.

April 1, 2021

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