Acquisitions

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

Acquisitions Massachusetts Northeast Office

MCRE, Taconic Capital Buy Downtown Boston Office Building for $23M

by Taylor Williams May 13, 2021

BOSTON — A joint venture between owner-operator MC Real Estate Partners LLC (MCRE) and an affiliate of New York City-based Taconic Capital Partners LP has acquired 11 Avenue de Lafayette, a 57,000-square-foot office building in downtown Boston. Scott Dragos and Tim Mulhall of CBRE represented the seller, nonprofit educational travel organization Elderhostel, in the transaction. As part of the deal, Elderhostel will now occupy a full floor of the five-story building via a sale-leaseback. The remaining 40,000 square feet of space is available for lease.

May 13, 2021

Acquisitions Illinois Industrial Midwest

Clear Height Properties Sells 100,000 SF Industrial Building in Arlington Heights, Illinois

by Kristin Harlow May 13, 2021

ARLINGTON HEIGHTS, ILL. — Clear Height Properties has sold a 100,000-square-foot industrial building in Arlington Heights, a northwest suburb of Chicago. The buyer and sales price were undisclosed. Located at 3456 N. Ridge Road, the property was occupied by three tenants at the time of sale. Clear Height owned the asset since May 2018. Pat Turner and Brendan Green of Colliers International represented Clear Height in the sale. Clear Height is a real estate investment and management company headquartered in Oak Brook, Ill. Its portfolio totals 2.8 million square feet across 32 properties.

May 13, 2021

Acquisitions Michigan Midwest Restaurant Retail

Hanley Investment Group Brokers $2.4M Sale of Olive Garden Ground Lease in Metro Detroit

by Kristin Harlow May 13, 2021

CHESTERFIELD TOWNSHIP, MICH. — Hanley Investment Group Real Estate Advisors has brokered the $2.4 million sale of an Olive Garden ground lease in Chesterfield Township, about 30 miles north of Detroit. The 7,757-square-foot restaurant property, located at 27169 23 Mile Road, opened in the fall of 2020. The single-tenant building is situated on an outparcel directly in front of a Meijer supermarket. Jeff Lefko and Bill Asher, in conjunction with ParaSell Inc., represented the buyer, a Southern California-based 1031 exchange buyer. Phil Sambazis of Marcus & Millichap represented the seller, a Detroit-based investor. There are 10 years remaining on the ground lease.

May 13, 2021

Acquisitions California Multifamily Top Stories Western

Blackstone Group to Acquire 66 Multifamily Communities in San Diego for $1B

by Katie Sloan May 13, 2021

SAN DIEGO — Blackstone Group (NYSE: BX), in partnership with TruAmerica, plans to acquire 66 multifamily communities in San Diego County for more than $1 billion. The sale is one of the largest real estate transactions in county history, according to reports by The San Diego Union-Tribune. The seller, Conrad Prebys Foundation — a philanthropic organization created by local real estate owner Conrad Prebys — began shopping its multifamily portfolio in February, according to KPBS, a public broadcasting service in San Diego. The assets largely feature below-market-rate rents for low-income renters. The report by KPBS lists that the portfolio includes Conrad Villas apartments in Spring Valley, alongside communities located in San Ysidro, Imperial Beach, Chula Vista, National City, Lemon Grove, Lakeside, Spring Valley, Pacific Beach, Ocean Beach, El Cajon, Escondido, Ramona and Santee. The 5,800-unit, market-rate portfolio is set to undergo $100 million in renovations under the new ownership, according to the Union-Tribune. Blackstone also plans to partner with the nonprofit organization Pacific Housing to provide services for residents, including after-school tutoring, financial literacy classes, and health and wellness initiatives at no cost. The deal will add to Blackstone’s existing portfolio of $4.5 billion worth of assets in San Diego …

May 13, 2021

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